The Frugal Me

Over the past year, I've had a lot of time to whittle down our expenses and to make budgetary and lifestyle choices that would support my $30K/cycle habit. We've cut corners and we've really changed the way that we do things in order to economize. We're down to one income, our savings are gone and we don't have the 8 month contingency fund that Suzy Ormond likes to preach about. In this economy, I thought that it would be fun to share some of the things that we've done to economize b/c we're all in the same boat and no matter how you slice it, $30K/cycle is no small pill to swallow on one or even two incomes.


Here are some things we've done in no particular order:

1. Changed automobile & home insurance policies to a group insurance plan - both my DH and I are Chartered Accountants and for the longest time, we've been getting ad mail about a group insurance policy that was specific to our profession. I guess statistically speaking, a group of accountants doesn't pose as much of a risk! I shopped around after my last insurance company tried to raise our rates again and turns out, the group insurance through our profession actually DOES cut our insurance cost. It actually cut our cost in half!


2. Buy our meat 50% off - the day before the best before date on the packaging is when many grocery stores slash prices by 50%. We call it trolling for cheap meat at our local grocery store (haha). The meat is still good and hasn't changed colours or smell funny. We simply freeze it if we're not using it right away.
   
   
3. We've stopped giving each other gifts that cost money. For Christmas, my DH gave me some coupons that I could "cash in" at any time. There are the ones that I can't share publicly and the others like where he volunteered to reassemble Daisy's doggy fold out couch after I've washed the cover (it's not fun - it comes in one piece and it always takes me a minimum 30 minutes during which I get incredibly hot and frustrated trying to stuff the foam back into the cover. Did you know that you can't slide cotton over foam without it sticking??


4. Buy hormone and antibiotic free meats instead or organic - organic is great but it is super expensive and I can't afford to eat it all the time. One 4lb certified organic chicken can cost more than $20 and that is just too much with our budget. Instead, there are a lot of grocery stores that offer hormone and antibiotic free meats, which is better for us and easier on the pocket book. A 4lb hormone & antibiotic chicken cost about $14 - or $7 if you get it 50% the day before the best before date :)


5. Buy in bulk or buy wholesale - for items that we seem to consume lots of (i.e. OPK, HPT, vitamins), I have researched and found wholesalers where we can get a volume discount. Also, there are a lot of online retailers who also give you a break on the cost such as Save On Tests and you get better prices because they have lower operating costs since they don't have retail stores and often skip the fancy packaging.
   
   
6. Buy only what you need - there is a store called the Bulk Barn here in Canada where everything is sold in big bins and you scoop yourself what you want. I am lousy at estimating how much I need and have often bought too much in the past which goes to waste because I don't use it. Now when I go, I bring a measuring cup with me so if I only need 1 cup, I only buy 1 cup. Also, don't buy the stuff in bulk that you use infrequently - although the unit price of one will be higher, the total cost of one is usually less than the total cost of two.
   
   
7. Buy financial software and track expenses - I have found this very useful for projecting out cash flows and juggling our money around. It also tells us how much we've been spending on things and where we can perhaps economize a little further. How else would you know where you're spending your money and where there is room to cut? Sometimes you don't want to know but I think that we've reached the poing where we have to know and this is one way to find out!
   
   
8. Eat more vegetables with a little meat vs. large serving of meat and a side of vegetables - I find that vegetables are generally cheaper to eat than meat so what I do often is to make a stir fry (for example) and throw in a lot of vegetables and then chop up some meat to put in it as one component of the dish. That way, we split a chicken breast (for example) rather than each eating one. Besides, aren't we all supposed to be eating more vegetables??
   
   
9. Buy less expensive cuts of meat - I often buy bone in, skin on meat like chicken breasts/thighs, especially when they're on sale and I debone the meat myself. It's not hard and I'm sure there are lots of videos on youtube about how to do it. I then wrap it up in plastic wrap in individual or double portions so that I can thaw only what I need. The best part is that I save the bones for stock and can make a better quality stock that contains less sodium. Tip: roast your bones for a deeper, richer tasting stock.


10. Rediscover your public library - you can now borrow the latest DVDs from the library for FREE and I have rediscovered my love for reading. I also have perused through the magazine section where they always have the most recent issue on the shelf.
    
    
11. Install water aerators for taps and shower heads - I resisted this one for a long time but with the focus these days so much on the environment, I figured it was time to save us a little water and $ and it is also the environmentally friendly way to go.


12. Trade time for services - some organizations will allow you to volunteer your time in exchange for their services. I looked into this at my yoga studio and they had an energy exchange program where you would work 4 hours/week cleaning the studio and then you would get unlimited free yoga the following week. I didn't end up doing this since my TCM doctor has recommended against Bikram (hot) yoga for me but I've filed that in the back of my mind for the future.
    
    
13. Got a credit card with rewards - when I knew we were cycling in the US, I upgraded my VISA to a Gold Card so I would get more rewards faster and so for each cycle I charge to the card, I get my flight for free. Even with the increased annual fee, it is still better for me to have the card than to buy a ticket.

Those are the many things we've done to cut our costs down. I'd be interested to hear if you have any innovative or new cost saving tips you'd like to share.