3 Hacks In 1: Save Money, Time and the Planet?

 As someone who is often caught in the dilemma of saving money vs. saving time, I appreciated this post by Laura Vanderkam about her top 10 Frugal Hacks.   These tips are meant to save you money, but not at the expense of taking away your time.  

Her post got me wondering if I could come up with my own “3-in-1″ tips for those who are more financially strapped and/or want to be “green.”   In other words, can you save money, save time and save the planet?

Here are my Top 10, some adapted from Laura’s list, some new, and some which I may have written about before:

1) Streamline your errands: Plan out your day so that you can finish at least two errands in one trip.  If you’re going to the gym, stop at the market on the way home.  Getting a hair cut? Is there a drycleaner near by?  Do you need to get gas? Think it out a bit and I guarantee that you will save time and gas.  I also recommend keeping a shopping list with you at all times (by paper or on your phone) so that you can just pull it out once you’re at the store.  Bonus tip: Many retailers let you take out cash when you pay with a debit card, saving you a trip to the bank.

2) Learn to cook a few dishes well, and focus on recipes that are very adaptable with ingredients.  To me, this would include Italian rice salad, Chinese stir fry, frittatas, fajitas/tacos/burritos, and omelettes.  As an example, if you make frittata, all you need are eggs, olive oil, salt, pepper and some cheese, ideally parmigiano.  The list of possible ingredients include bell pepper, onions, spinach, leeks, sausage, ham, mushrooms, and so forth.  The same principle applies to stir fry, which you can whip up quickly with a variety of vegetables and one protein.  The green angle? Versatile recipes are also great for reducing food waste. 

3) Shop Sales and What’s In Season:  In general, if you buy fruits and vegetables that are in-season, it’s both fresher and cheaper (and better for the environment).  Not coincidentally, what’s in season is often what’s on sale at supermarkets.  This doesn’t only apply to seasonal items.  As Laura mentioned, if pork is on sale, buy the pork.

4) Use your local library:  Borrowing books or DVDs is obviously  a money-saving choice, too.   However, it’s not simple or green if you have to drive far to get to a library.  I’m including this because I assume that most people don’t have to drive far out of their way to get to their local branch.   The Los Angeles public library system (www.lapl.org) even allows you to reserve books from any of its branches.  You log into your library account, put books on hold, and get an email when the books arrive at your local branch. You can pick these up at your convenience (within a two-week timeframe).

5) For Travel, Think Local and Flexible: While I love traveling far from home, there’s no doubt that international flights exact a heavy environmental toll.  If you stay closer to home, you won’t have to shell out big bucks on airline tickets.  Hotels will still cost money but sites like www.priceline.com can save you a lot if you’re not set on exact dates or a certain hotel.  Another helpful booking website is www.backbid.com.  I tend to scour several sites for the best deal but that takes up precious time.  What I love about backbid.com is that it allows you to post up your hotel reservations and then get competing bids from nearby hotels.  If you like the new offer, you can book it and cancel your existing reservation.   

6) Use Amazon.com:  If you’re into coupon clipping and drugstore deals, Amazon.com might not offer the lowest prices on household goods.  However, if you want to save both time and money, many items like diapers and wipes are reasonably cheaper via Amazon’s Subscribe & Save option.  With Amazon Mom or a $79/year Prime membership, diaper and wipe prices even beat Costco and drugstore deals.  I’ve also found great deals on selected cosmetics, coffee and a host of other items, so it’s definitely worth comparing prices on Amazon before buying elsewhere.  I think the environmental cost of shipping is offset by fewer trips to a physical store.

7) If you must clip coupons, use www.couponmom.com:  Coupon sites like www.couponmom.com does the hard part for you by making it easier to match up sales with coupons at drugstores and supermarkets.  However, remember that driving around to get the lowest price or stocking up on things you don’t need is not good for the environment.

8) Check in on your smartphone:  I’m a bit of a techno-phobe but I had a chance to try out a fancy smartphone recently.  Most people know about free apps for scanning product bar codes and coupon apps, but the most useful app for me was Yelp.  With Yelp’s free app, I got 15% off just for checking in at a restaurant.  Checking in can be a pain if you are wrangling kids, but I often use Yelp anyway so this wasn’t a time-consuming step. This app can also save you time.  If you’re running errands and suddenly realize you need cash, you can look up nearby banks instead of driving around.  Smartphones are not necessarily a green choice, especially if you upgrade constantly, but there are tons of other apps that can help you save both time and money.  Do you have any favorite apps that save you time/money and the planet?

9) Buy and Sell Used, the Smart Way: I like the idea of buying used because I’m keeping something out of the landfill. The only downside is that it’s often simpler to dump things in the trash.  However, even if you’re short on time, you can call the Salvation Army and schedule a free pick-up.  What if you’re short on time but could use the extra cash?  I recommend listing items on ebay or Craigslist at bargain basement prices.  If you list items at very low prices, you can usually find an eager buyer quickly.  This is a nice compromise between donating and selling to make a profit.  Extra tip: Have a buyer meet you at work if your home is not centrally located.

10) Buy Organic, the Smart and Cost-Efficient Way: Buying organic is expensive but good for you and better for the environment.  If you can’t afford to, focus on avoiding the dirty dozen, i.e. fruits and veggies that retain pesticides.  In general, if the peel is thin and you’re likely to eat it, go organic (ex: apples, strawberries, potatoes, sweet bell peppers).  For thicker-skinned fruits and vegetables, you can stick with non-organic (ex: avocados, bananas).

Bonus Tip: Streamline your local deals:  I am a fan of Groupon-like deal sites, but there are so many similar sites nowadays that it’s time-consuming to keep track of deals.  I also don’t have time to read multiple emails from Groupon, Tippr, Living Social, and other deal sites.  That’s why I use www.dealery.com , a site that aggregates daily deals for your selected city or cities.  So much easier!  Note: This tip doesn’t really save the planet but I just wanted to share…

Do you have any tips to add?

Money Books: YMOYL vs. All The Money In The World

There is no real “battle” between the much-acclaimed “Your Money or Your Life (YMoYL)” and the recently published ”All The Money In The World (ATM)”.  In fact, they probably spring from the much of the same philosophy and focus on our relationship with money.  However, I think reading these back-to-back inspired me in completely different ways.

First some background…My natural frugal tendencies is often in conflict with some entreprenuerial impulses.  In general, frugality wins.  It’s not to say I  haven’t ventured out into more entreprenuerial territory but it’s definitely outside my comfort zone.   I have enough on my plate with my full-time job, commute, family, and other priorities in life.  Excuses aside, I sometimes wish I devoted more energy and money to earning more instead of just saving money via sales, negotiating and couponing.

“Your Money or Your Life” resonated with me because it largely supports an ‘alternative’ view of living, one  that is miles away from the rat race.  After finishing this book, I felt strongly that we should move to Italy with our kids.  I am ready for the next phase of my life, whatever that may be.  My husband is tired of life in the U.S. and we have always wanted to raise our kids in Europe, with Italy being the logical location.  While there are many cons, from economic woes to healthcare crisis, we felt that our kids would benefit from Italian culture and heritage.  

“All the Money in the World” appealed to my long dormant entrepreneurial side.   It made me question my choices and wonder if I should have been or become more focus on earning more, even if that means staying in the rat race.  That’s not to say ATM is the opposite of YMoYL.  In fact, ATM’s author is very entrepreneurial and has found her dream career, one that is lucrative enough and flexible for her and her family.  Much like YMoYL, she asks us to re-examine our choices in spending and questions whether our spending is aligned with our values.   The difference, is in the details.  While she cites examples from readers and other sources, I was most struck by examples from her own life.  In the chapter “Ode to a Ziploc bag”, she talks about our tendency to spend more as we get used to higher standards of living.  In one example, she recounts splurging on a $21.99 toy train for her son.  He has more than enough trains just as so many of us have enough shoes, clothes, electronics and other “toys”.   At what point is it enough?  However, what struck me more most about this example was that she could afford to spend that amount.  I want to spend on my kids without worry.  Would we be able to do that if we move to Italy and essentially start over?

My conflicting responses to these two books is probably more indicative of my state of mind than the intended messages.  I think both books have value and will make you examine your own money beliefs.

My Perfect Weekend

A Chapter of Laura Vanderkam’s book “All The Money In The World” focuses on a reader’s perfect weekend.  For most people, the perfect weekend involves spending money, even if it doesn’t have to be high amounts.  Even if you focus on quality time with friends and family, there is usually some spending on food, entertainment or other expenditures.

This got me thinking about my perfect weekend.  While the book and most people would lay it out by time, I thought I would just list ideas and categorized by costs:

No-Cost

• Sleep, Sleeping In, Napping.
• Sex.
• Play with kids. 
• Go to the park with family. 
• Go to a friend’s house and watch DVDs.
• Read a library book or a favorite old book. 
• Stay up late.
• Take a long, leisurely walk in a park, preferably by a pond

Low-Cost

• Exercising (can be a DVD or using the gym membership, which is a cost). 
• Watch a marathon of a favorite show (netflix or already owned)
• A nice meal at home (cooked by my husband)
• Starbucks cappuccino or latte
• Calling in sick (I’m counting this as a “cost” since this would deduct from my sick days.  For some reason, things that are a bit off the straight and narrow really appeal to me!)
• Massage ( from husband)
• Taco or Tamales night

High-Cost

• Hire a personal assistant to tackle all the things I hate doing, like help clean out the garage, mopping, getting oil change, handwashing clothes, washing dogs, washing dog mats at the laundromat, etc..the list goes on! (Or I could just switch places with some A-List celebrity for a day?)
• Massage and Facial (can be fairly inexpensive if you get a good deal on Groupon or LivingSocial; also see low-cost option above!)
• Expensive dinner out – sushi?
• Baby sitter for one night (can also barter this if you have a trustworthy friend/neighbor/family member)
• Hotel stay near the beach
• Drinks at a bar (something we rarely/never get to do!)

How would you plan out your perfect weekend? It starts Friday evening!

Book In Progress: All The Money In The World

After finishing “Your Money Or Your Life” (YMOYL), I felt the need to continue my mental shift toward money and decided to read All The Money In The World by Laura Vanderkam.  The author herself was kind enough to email me a PDF of the book despite knowing that I jot down my ongoing thoughts rather than write a full review.  Note to self: I would like to write a wrap-up of my thoughts on YMOYL but that may not be happening soon, or ever!

Here are my random thoughts after reading the first few chapters.

I like her clear, concise writing style.  ”Your Money or Your Life” felt more warm and fuzzy; the tone of this book is more like your most practical best friend.

Chapter 1 “What Else Can That Wedding Ring Buy?” – The author  uses the cost of a wedding ring as a springboard to discuss “opportunity costs”‘; in other words, what can you do with the same amount of money.  Is it more worth while to buy a $5,000 ring but can’t afford cleaning help or date nights when you have kids years later?  Obviously some people can do both, but as someone who is now carefully watching household expenses after kids,  I’m 100% sure that the wiser decision for us was to skip the diamond ring and have the money to get cleaning and nanny/babysitter help!

Chapter 2 “Don’t Scrimp More, Make More” – The main point of this chapter is to illustrate how you can make a bigger difference in your quality of life if you focus on making more money instead of scrimping every penny.  I generally agree, however with huge caveats.    I think go-getters and people who have ”succeeded” often make the assumption that savers have less ambition; if they would only build up their skill set, they could make more money instead of clipping coupons and cutting cable, etc..  While I can see the reason for that assumption, I also think that it’s not the complete picture.  I have good friends in both camps — those who are more natural go-getters/entrepreneurial and those who are not.  While both can have similar educational backgrounds, go-getters are usually more skilled at two very socially-valuable skills: networking and selling themselves.  Time and time again, I see my go-getter friends succeed while the others lose out on jobs, deals, etc… Does this mean you shouldn’t try if you’re not a natural at these socially-valued skills? Of course not. It is very possible to greatly improve at these skills and it is possible to compete and “win” since a variety of factors also come into play in any given situation.

For those who succeeded or are more entrepreneurial, it’s hard to imagine why anyone would “waste time” and scrimp through life.  What I think gets forgotten is that it gets extremely disheartening to be second-choice or third-choice. After a certain number of years, it’s better (for some people) to focus on other things besides job/career/money success and focus on saving money, even it is doing something as mundane as coupon clipping (!) And while I still can’t imagine going to extremes for couponing, saving money is something within everyone’s control and hence more appealing to many.

I do have a tip to add for those who lean towards scrimping. Learn to negotiate!  Negotiate your salary is most important but you can also save when you shop, buy a house, buy a car, on cable bills, on medical expenses, etc.. Doing this often and doing this well will make a bigger difference than cutting coupons.

This book can be helpful to many but I think it’s most useful for those in their 20s/30s with entrepreneurial leanings.  If you find ways to make more money and be smarter with your financial resources, you’ll go a long way and the sooner you learn those lessons the better!

Back to reading…

Financial Independence And Co-Dependence

As I get close to the end of ”Your Money or Your Life”, I alternate between feelings of inspiration and depression, for lack of a better adjective.  Chapter 8 of YMOYL focuses on the cross-over point, when you reach financial independence and reap the rewards.  There are many success stories which are inspiring. Some people quit their jobs to volunteer, spend time with family and friends, and/or travel.  Those are the kinds of stories that I expected to read.  However, many people take a sabbatical and then go back to work.  The point is that choosing to work is very different than having to work. 

At the same time, I get somewhat depressed, or deflated, when I think of taking that next step and the consequences.  The big “What ifs” pop in my head.  I’m ready to move on to the next phase of my life but I can’t imagine feeling so free mentally in regards to finances.  I am used to a steady paycheck with paid vacations;  I imagine that financial worries would seep into my muddled head.  We’ll see how this plays out….

Financial independence is harder to achieve when your spouse is not onboard.  My husband is just not interested in reading or discussing finances.  I have told him about my readings but I doubt he’ll ever read the book himself. 

Like it or not, our financial lives are intertwined.  I don’t believe in separate finances, other than some fun spend money, because it all comes out of the same pot in the end.  When we don’t jointly focus on our household spending now, we both end up spending more.  Luckily he has adjusted to my frugal tendencies over the years even though he thinks I’m a bit obsessed.  Our backgrounds are so different that it’s hard for him to imagine a life where you can’t fall back on your parents as a last resort.  Even when he worries about money, I feel that he believes things will work out.  I don’t think like that.  I imagine worse-case scenarios.

I guess I really need to pay attention to Chapter 9, which talks about managing your finances.  I also lined up another finance/lifestyle book for reinforcement and ideas. Next up: All The Money In The World.. I really hope that I can reach a place where I view money as a tool and not be so paranoid.

Have you crossed over to true financial independence? If so, what’s your story?

Random Bits Of Good Advice

By the time you’re 40ish, or been around long enough, you’ve been on the receiving end of tons of advice — some good, some not so good or at least not applicable to your life.  I thought that I would compile some of the best advice I’ve ever heard.  Maybe you’ll gain something from these “words of wisdom” too.

• “Never get into credit card debt” – My Mom, delivered in such a severe and foreboding tone that I didn’t even ask her why and I never racked up any debt)
• “If your kids fall or bump into something and you know they’re not hurt, just distract them.  ” – Male co-worker.  This tactic also works if they’re fighting over toys or cry for no reason.  You can distract them with funny faces, loud noises or other shiny toys.
• “You can only change your reaction to people.”  – A friend, after hearing me complain one too many times about the same people.
• “Money buys freedom.” – I can’t remember who said this but I think it was a rock musician. 
• “Don’t lean back ahead of time“ – Wandering Scientist, who has written a million good posts about balancing work and motherhood.  Lots of practical tips as well as thoughful posts.  I’ve written about this too and the most important thing is to not feel guilty.
• “Forget balance. Choose Flexibility” – The Happiest Mom blog. This is good advice for anyone with interests outside of work.
• “If someone tries to abduct you, fight back and don’t let them take you away to an isolated place.” – High school teacher, to the whole class.  This stuck with me because it had no context in terms of the school subject.  This teacher was also male and he was so sincere and heartfelt that it made me take more notice for some reason.  I now wonder if he experienced any personal tragedy.
• If you only have a few minutes to clean before guests arrive, clean the bathroom (clean toilet, wipe sink, quick sweep of the floors).  Drop an Alka Seltzer in the toilet bowl.” – Probably a Martha Stewart or Real Simple magazine tip, i.e. clean what people will notice most.
• “To find a good, affordable restaurant in a foreign country, take a peek inside and see if most of the customers are local.  If yes, it’s a good bet the food is authentic and reasonably priced.” — Rick Steves, of the PBS travel series.  That’s not an exact quote but I followed this advice in Europe and it really made a difference in my travel experiences.
• “Focus on your strengths.” I forget where I read this but as someone who tend to focus on improving my weaknesses, this was a bit of a revelation.  While I do continually try to improve myself, I do my best work when I take on projects that play to my strengths.
• “Rock your baby up and down with energy, like this.” – A Nurse, who showed us that many babies prefer a vigorous up-and-down rocking motion rather than the gentle back-and-forth motion.  It sounds strange and sometimes it felt like our babies were hanging on for dear life, but it worked!

Advice is a funny thing. After I wrote down the above list, I realized that most of the advice I take to heart come from strangers or acquaintances (blogs, books, famous people), not people I’m close to in real life.  I don’t know if that’s common or if I’m more dismissive of advice I hear from family and friends, or if most advice given are nothing more than well-meaning clichés. 

Another thing about advice is that timing comes into play.  Sometimes two people can give you the exact same advice, phrased differently, and you just don’t pay attention until you’re ready to hear it.

What are some unforgettable, and good, advice you’ve received or read somewhere?

Waste Not, Want Not?

Earth Day is around the corner (April 22nd) which always makes me confront my horrible wasteful ways.   While many people connect simple living with green living, that hasn’t been my personal experience. I just find being wasteful much easier.  Isn’t it easier to just dump those batteries and cans in the trash? It’s definitely easier to use the dryer than hang things on a line.  

Every so often though, I try to be more “green”.  For me, that isn’t not only about buying organic cotton or recycled goods; it’s about consuming and wasting less.

The Good:

• Recycling plastic / cans:  My husband and I used to recycle regularly.  In recent years, we’ve been giving our recyclable cans/bottles to a cleaning person at my work or cleaning person/nanny.  We don’t get the money but we don’t have to haul it away either and it’s win-win for all.
• Paper: I am trying to write notes/lists on the back of used office paper. 
• Baby Clothes/Stuff:  We’re good at donating gently used baby stuff to other parents.  We also buy used clothes in general.
• Using What We Have:  I’ve had some success with using containers and bags that we already have around the house.   Also,  reading Your Money or Your Life has encouraged me to think before I buy.
• Recycling home batteries (like Duracell, etc):  Most businesses only accept rechargeable batteries for recycling.  We were lucky that several Jiffy Lubes in Southern California actually accept and recycle these (AA,  AAA, C and D cell).  Battery toxins include mercury, nickel and leadI just think it’s important to recycle these; when they’re dumped in the trash, these toxins pollute water systems and increase levels of lead and acid in the environment.
• Buying Organic:  We can’t afford to go all-organic but we do try to buy organic meats, eggs, milk and some fruits/vegetables.
• Less meat?:  We don’t feel like we have to eat meat at every meal.  However, this is not something I’m actively tracking so I’m not quite sure how we do on this.
• Green cleaning: We find that vinegar and baking soda does the job in most cases.  We also use greener laundry detergent.  We can still improve on this but I’m happy that we are breathing less/no toxic fumes!
• Magazine recycling: I’ve been reading way too many fashion and design magazines. However, I give them away pretty quickly. That way, I am not too tempted.  I figure that sharing them among a few co-workers or friends prolongs their shelf life at least.

The Bad & Ugly

• Paper (again):  We use paper plates.  My love of pretty notebooks is fighting with my desire to not waste paper.  I print things out way too much.
• Recycling Medications: Not doing this even though I know that improper disposal of medications are a major environmental problem. I read that CVS pharmacy offers an environmentally sound disposal system but I have never seen any signage when I’m there.  Must check this out (and remember to do this…)
• Diapers: No cloth for us!
• Gas: No carpool partner in sight + long commute.
• Dryer:  We dry clothes all the time.
• Plastic bags: We used to be better about bringing our own grocery bags to stores.
• More Pre-made foods = more trash?  I would assume that when you cook less and use more pre-packaged goods, you end up with more waste.

Are you very environmentally conscious?  I’d love to hear your best green living tips.