Remember that scene in the original Star Wars where Luke, Leia, Han Solo and Chewy are being squeeeeezed in the trash compactor? That’s what the economy is doing right now: gasoline, heating, food, health care, and everything else is costing more while wages don’t even keep up with inflation.
Fortunately, I’ve had a chance to hone my frugality skills over the last few years as we tried to homeschool our daughter on a one teacher income. Oh yeah, and we paid off a student loan and moved from Alaska….
I think it’s time we shared our best tips with each other.
Go below for the fall frugal fest…
The absolute best source I found for saving money was the Tightwad Gazette, by Amy Dacyczyn. Do not go buy the series, get them from your library. Use interlibrary loan if you must; they are out there.
The number one savings tip I gleaned from her was the concept of a price book. Keep a small notebook with a page for each item you commonly use. Over the next couple months, write down the prices for these items each time you go the store. By that point you should have a good basis for deciding what is a real sale, and what is a pseudo-sale. When you find an amazing buy, stock up! Use the space under the bed for that case of pineapple. Fill the freezer with the $1.50/ pound London broil. (Yes, I am proud of that one.) This technique does require that you have enough cash to cover a good sale, but the savings over time make it worthwhile.
One of Amy’s best points is to do the actual calculations to determine whether an activity is worth your time. For example, washing your own car may save you $5.00, but take you a 1.5 hours, making your wage
$3.33/ hour. On the other hand, cooking at home may yield a “wage” of $10.00/ hour. Do the math.
I really am concerned about the economy, our pension plans which we will pay into but probably not receive, paying for college, declining wages and the while inflationary caboodle. It seems to me that this is the time to play it close to home, and start saving for any scary things coming our way.
So please share your tips, recipes and concerns. Let’s be ready for anything. (And yes, my grandparents never did really recover from the Great Depression.)