Generation X Finance » Frugal Living

Book Review of Leah Ingram’s Suddenly Frugal

Charissa — Mon, 23 Aug 2010 15:08:38 +0000

I consider myself a lifetime learner. Maybe that is one of the reasons why I feel compelled to read anything I can get my hands on. My past experience as a book reviewer for an arts and entertainment magazine put me into contact with nearly every publishing house in the United States. I will be the first to admit how exciting it can be to get a box full of books to read in the mail.

I am really drawn to instructional books on the topics of personal finance, self-sufficiency, and saving. Maybe that is one reason why Leah Ingram’s Suddenly Frugal: How to Live Happier & Healthier For Less appealed to me. As a woman who has seen what kind of devastating effects a recession can have on the economy firsthand, what better way is there to prepare myself for what is yet to come than to pick up some pointers on cutting back and saving more?

Although I like to consider myself a bit of an expert when it comes to living on a dime, I often find there are others out there that can offer a piece of advice or two that can really help me financially. Leah Ingram happens to be one such person. The mother and author made some drastic changes in her life in 2007 in an attempt to secure a better future for her family. Not only did she revolutionize her relationship with money, she had a lot of fun in the process. Rather than do without “luxuries”, she suggests several cost effective alternatives.

For example, did you know that a night at the movies for a family of four can cost over $50? Now talk about a budget buster! Rather than be in the red at the end of the month, many families use Redbox which holds up to 200 different movies. To rent one, it costs $1 a night plus fees which you pay for with your choice of credit or debit card. You can purchase a box of microwave popcorn, a bottle or two of soda, and theatre sized boxes of candy for less than $10. That’s what I call savings!

Suddenly Frugal was written with budget-consciousness in mind. The chapters address most subjects that are of concern in recession-hit households—clothing, transportation, food, entertainment, and special occasions. Although many people associate frugality with being a miser, this book dispels that myth by being informative and insightful. It provides realistic solutions to everyday needs and even provides information about groups and organizations that are designed to help people save.

At $12.95, purchasing a copy of Adams Media’s Suddenly Frugal won’t break the bank. It is a quick read, well-organized, and can help save families up to $25,000 in a year’s time. That’s why I chose to read it and pass its knowledge on. In today’s world, you can never be prepared enough financially.

About the Author: Jeremy is a retirement planning specialist and founder of Generation X Finance and the guide to Financial Planning at About.com. To learn more, follow Jeremy on Twitter.

Book Review of Leah Ingram’s Suddenly Frugal

5 Frugal Ways For You and Your Kids to Spend Summer Vacation

Charissa — Thu, 15 Jul 2010 13:10:17 +0000

Who says you can’t have fun unless you spend money? Here at Generation X Finance, we are full of suggestions on how to stretch your dollars further. Summer vacations are no exception. If you can’t afford to take the kids to Disney World this year, why not opt to find a more frugal type of entertainment? From summer reading programs to free movies, there are plenty of reasons to get out of the house and have some fun no matter how tight your budget may be. A staycation has never been so much fun!

Reasons to Have Some Fun in the Summer

Here are five free summer activities for you to try:

Books, Check Em’ Out. Libraries nationwide have Reading Programs designed to entice readers to expand their horizons and widen the depths of their imaginations. Library Cards are free to obtain and have many advantages. Not only can you check items out, you can also participate in events and attend free classes. You can help your children develop a love for reading by taking them on a trip to your local library.

Get Outdoors. From public parks to city beaches, you can spend your day in the sun—laughing, swimming, and sunbathing for nothing more than the cost of the gas to get there. Pack a picnic lunch and plenty of drinks and snacks. Design an activity book according to your chosen theme of the day and give each child a copy of it with a box of crayons to keep them occupied on the way to the location. Not only will it keep them busy, it also will provide them with a no-cost souvenir that will remind them of their day of fun.

Go See a Film. Many movie theaters have Free Family Film Festivals throughout the months of June, July, and August. You can view a list of the titles being shown by visiting the company’s website. Some communities also do a Movie in the Park. Pop a few bags of popcorn, throw some cold drinks into your purse or mini cooler, and pack up a couple of blankets for your family to sit on. Nothing beats watching your favorite film underneath a bed of stars.

Be a Tourist in Your Own Town. Fire up the ol’ digital camera and explore parts of your city that you have never been to. Try to cover as much ground as you can by foot and stop and take lots of pictures along the way. Visit museums and monuments that do not charge an entrance fee and learn about your hometown’s rich personal history.

Help Others in Need. Find a way to bring joy to other people’s lives. Volunteer to visit with elderly people in your community or help teach a person how to read. There are plenty of opportunities to improve the greater good of humanity. You can start by visiting Volunteer Match and signing up for a free account. Thousands of organizations need your help in one way or another and you will walk away from the experience knowing that your hard work was put to good use.

Living on a tight budget requires creativity and a willingness to try new things. The aforementioned list, although short, gives you plenty of ways to spend your vacation. Now it is up to you to make something magical happen. Grab your spouse and children and get outdoors. Not only will a change in routine brighten your smile, it may be the start of some great family traditions.

Charissa Arsaoui is a freelance writer for ChickSpeak, Buzzine, DisFUNKshion Magazine, Student Stuff, and a guest contributor for Wisebread. She loves thrift related topics and can spot a bargain a mile away.

How Living Like a College Student Can Get You Through Tough Times

Jeremy — Mon, 07 Jun 2010 14:14:35 +0000

College students around the nation know the importance of living within their means. Often given a tight budget to work with, young men and women must consciously account for every cost or sacrifice the time that could be spent studying working a full or part-time job. Think back to your college days. How did you save money and get by on such a limited budget? As long as you weren’t living off of credit cards you probably make sure to stretch every penny as far as possible without even realizing how frugal you were being.

Although it may have been years since you doctored up a package of ramen noodles, there are lessons to be learned from living on a student budget.

Here is some food for thought:

College students are creative. They make use of every resource made available to them. From furnishing their apartment through Freecycle to trading textbooks with peers, students know how to stretch a dollar. Borrow, barter, and buy secondhand before laying down a stack of cash for a new piece of equipment or home furnishing.

College students aren’t afraid to ask for discounts. Why pay full price when there are coupons and specials available everywhere? Summon up the courage to ask for discounts wherever you go and watch your change pile up quickly. You would be surprised to learn the number of establishments that have some kind of offer.

College students know all the places to go for free or cheap entertainment. From outdoor parks to free concerts and advanced movie screenings, students know where to go and when. Scout out your own sources of entertainment by scouring local magazines and newspapers and joining clubs and organizations in your community.

College students often know that the reward is greater than the sacrifice. They give up things now so they can have a better life in the future. In their pursuit for higher education, they learn a lot about financial security and the type of lifestyle that comes along with it. Know what goals you are trying to achieve and then adjust your spending to reach them.

College students don’t mind lending a helping hand to one another. Campus groups and organizations constantly hold events where food is the star of the show. Barbecues and cookouts are commonplace and help hungry students survive with little income. Join forces with the folks in your community and hold weekly or monthly cookouts and potlucks. Not only will these events help you get to know your neighbors better, they will help you lower your food budget, too.

The economy has yet to bounce back fully. Financial disaster lurks around every corner for many families today. Reflecting upon your college years and the lessons that you learned can help you weather difficult financial times. By keeping an open mind and positive outlook on the challenges that face you, the likelihood of you and your family surviving a catastrophic event is significant . Work hard, save money where you can, and if you live like nobody else wants to today you will be living like nobody else can tomorrow.

Save Money and Take a Staycation Instead of a Vacation This Year

Charissa — Mon, 22 Mar 2010 13:31:13 +0000

Budgetary constraints may have you wondering how you are going to be able to afford your next mortgage payment let alone the luxury once-a-year vacation you’re accustomed to. So, what’s a guy or girl to do when his or her finances won’t allow time off for some much needed rest and relaxation? The answer is easy! They go on a staycation, the latest trend in economically-friendly travel.

There is no need to pack your bags or stamp your passport. Staycations are designed to maximize your time away from work or academic pursuits by providing you with ample opportunity to indulge in life’s little pleasures.

Here are a few ways that you can ensure that you get the most out of your time off:

Forward all of your calls to voice mail, use an autoresponder to handle your emails, and only open bills if they come in the mail and require your immediate attention.
Tell your colleagues, friends, family members, and neighbors your intentions. Let know that for a select amount of days you will be unavailable and can only be reached in the case of an emergency.
Make a run to the grocery store prior to your time off. Stock up on the items that you know you will need. Do not spend your entire staycation running errands.

Stumped for ideas on how to indulge? Why not try a few of these ideas on for size?

Pamper Yourself. Take a long, hot bath, give yourself a manicure and pedicure, eat a piece of dark chocolate rich in cancer fighting antioxidants, or spend the day in bed reading your favorite novel or watching your favorite television program.

Be a Tourist In Your Own City. Visit places that you have never been to before. Strap a camera around your neck and snap pictures along the way. Have lunch in a café, deli, or bistro and order a dish that you have never tried before. Go Letterboxing.

Get Outdoors. Take a walk, plant a garden, ride your bike, play Frisbee with the kids, lie in the grass and look up at the stars, build a fort out of cardboard boxes. Do whatever it takes to embrace your inner child.

Improve Yourself. Read up on your favorite topics online, get acquainted with other cultures by listening to their music and cooking their meals, start keeping a journal, play your guitar, hit the gym. There are countless ways that a person can increase their intellect, improve their health, stimulate their creativity, and deepen their spirituality. Investing in yourself can yield significant rewards.

Just because you can’t afford to spend a week in the tropics doesn’t mean that you will miss out on all the fun. Create your own island oasis in your backyard. You can sit poolside with a Pina Colada and think of all the ways to spend your next staycation without spending a dime. Now, how’s that for some frugal fun!

How to Look Like a Million Bucks For Less

Jeremy — Mon, 15 Mar 2010 14:46:23 +0000

Today’s frugal fashionistas know a thing or two about creating an enviable wardrobe at a fraction of the cost of buying retail and they do this in a number of ways. Some shop deep discount outlet malls to pick up their brand name attire while others dig diligently through the racks of the secondhand store in hopes of acquiring the precise type of apparel that they are looking for. Other, more creative types, sit down with a sewing machine and a pattern and whip out designs all their own. College students looking to recycle last season’s fashions, clear out their closet and host clothing swaps where each participant walks away from an evening full of fun with an armload of new attire and accessories to wear. Families with small children shop yard sales and online auction sites to buy lots of gently used clothing for their little ones to wear. Rather than replace items on a whim, these parents wait to buy new clothes until their children wear them out or outgrow them.

Like past generations, a majority of today’s population works hard to reduce, reuse, and recycle the items that they purchase or acquire for free. You can learn a thing or two from these individuals by learning how to look like a million bucks for less. Here are a few secrets that they would like to share with you.

Don’t Overlook the Potential of the Thrift Store

On a regular basis, people find amazing brand name, quality items that are still in the box or have the tags hanging from them while shopping at a thrift store or secondhand shop. I once purchased a brand new pair of Doc Marten boots for less than a dollar at the Salvation Army. And don’t forget the other side of the coin as well. If you have clothes you no longer wear you can basically put money in your pocket by donating it or even selling it at a second-hand store like Plato’s Closet.

Get Your Hair Cut, Colored, and Styled By a Student

Visiting a school that specializes in Cosmetology has its benefits. In addition to helping a student acquire the hours that they need to graduate, you can have your hair cut, colored, and styled for next to nothing. Don’t be afraid of a bad haircut. Chances are you’re going to get a great cut or style and pay a fraction of the cost of going to a regular salon.

Join the Do-It-Yourself Bandwagon and Learn How to Alter and Reconstruct Clothing to Make It Look New Again

Ill-fitting or otherwise unattractive clothing can be cut, sewn, embellished, and repurposed into amazing shirts, pants, skirts, belts, handbags, and headbands. Craft store sell yards of fabric, spools of ribbon, patches, leather fringe, beads, and buttons specifically designed to update the look of old duds.

Buy the Best Items That You Can Afford and Take Advantage of Life-Time Guarantees

Many companies guarantee the items that they sell you. Take advantage of these policies and buy the best garments that you can afford. A high quality item purchased from LL Bean carries a lifetime guarantee. Although the initial cost of a new coat may seem overwhelming, it pales in comparison when you consider the cost of multiple new coats over the course of a few decades.

Familiarize Yourself with Freecycle

Free is the way to be. Get to know your local Freecycle group. Post items that you no longer want and request items that you know you will use. Not only will you reduce costs, you will also help the environment by keeping perfectly good items out of the landfill.

As you can see, you don’t need to blow your budget buying all of the latest designer fashions, getting expensive hair cuts, or buying junk you’ll only use once or twice. Frugal is the new black, and if you’re smart with your money you can look like a million bucks without spending more than a few dollars.