Unclaimed Money

In this world geared to instant gratification, patience can be hard to come by. We have the world at our fingertips, and it tells us that we can have what we want now. In most cases exercising patience works to our benefit. Patience, after all, is a virtue, and this is especially true when it comes to our finances.

When I look back at our financial history I see many purchases that were made impulsively. Most of those impulsive buys were made with credit cards. Some of those items seemed like deals to good to pass on at the time. When we were unable to pay the balance of the credit card at the end of the month, the interest charges made those good deals quite expensive.

Some of our impulse purchases were things we convinced ourselves we deserved. We worked hard, and lived frugally most of the year. Didn’t we deserved that three day cruise that we got the good price on? The plain and simple fact was that these items were beyond our means.

Some of these impulse purchases were things we really did need, but maybe did not need right this minute. These purchases were not planned for, nor were they well researched. Taking the time to plan (and save) ahead, and to find the best deal could have saved us a lot of money.

Over the years we have learned to be patient when it comes to our finances and purchases. Things still come up, and we still are tempted to buy impulsively, but where we have exercised patience we have consistently seen three results.

The desire goes away.
Sometimes in the heat of a moment you can convince yourself that you really need something or that a particular item is too good of a deal to pass up. Waiting often shows you that you truly do not need the item, or that the deal really isn’t that good.

One example from our life is our computer. Our computer is old, and a few months ago I was really frustrated by it. I had myself convinced I needed a new one. I went to a local store, and started picking one out. Then I went home to think about it. I am still using the old one. A new one would be nice, but there really isn’t room in the budget, and this one really is adequate.

You find a better deal.
Knowing that you want (or need) to make a purchase, but choosing to wait gives you time to research, and find the best deal. Often, by waiting, we have found the items we were wanting to buy used at a fraction of the cost. In the best cases we have found free items to fit our needs on Freecycle or from acquaintances.

The latest example of this in our lives is bunk beds for the kids. We have four kids; two boys and two girls. They share rooms. We had one set of bunk beds. The youngest two were in a crib and toddler bed. Several months ago we realized that we were going to need another set of bunk beds soon. A few weeks ago my husband’s co-worker mentioned his daughter wanted to give away a set of bunk beds. Score! Now we have a second set, and only need to purchase mattresses.

You find an alternative.
Sometimes when there is a need or want patience breeds creativity, and you find another item that will serve the purpose for less money.

Recently, our microwave died. It was the third one in as many years. I really was ready to go out and buy another one, but wrote about my frustrations at another place. I was surprised by the responses I got from people who do without a microwave. They offered alternatives to some of my most common uses for our microwave. I decided to wait on that purchase. I have found that those alternatives really are almost as convenient, and have decided not to buy a microwave, for now anyway.

Patience really is a frugal virtue, and I hope that the examples above have helped show that. So, how do you develop patience in this world of instant gratification? Here are some things that have worked for us:

Look to the future.
Many times you can see upcoming needs. Prepare for them now by saving money and researching now.

Impose a waiting rule.
If you really want to buy something self impose a three day rule, or whatever time period you feel is sufficient.

Cash only.
Don’t carry your credit cards. Then you can only buy what you can pay for.

Make it a team effort.
If you are married, hopefully, this is something you and your spouse are doing together. If you are single you can partner up with a like minded friend or family to encourage each other in your frugal endeavors, or start a blog. It really does help keep you accountable.

Instant gratification may be the way of the world, but it really is not the best way for your finances. Patience is a frugal virtue. Developing and exercising patience will save you money, and help you to reach the financial goals that are most important to you.

Food waste is a large problem in the developed world. Depending on the country and source of the statistics, it is estimated that one quarter to one half of food produced ends up in the trash. There are huge concerns about the environmental and moral implications of these figures, not to mention the economic impact of this waste. An interesting article on the topic can be found at CNN - All About: Food Waste.

Much of this waste occurs pre-consumer, but we, as consumers, certainly contribute to this problem. Throwing away food is essentially throwing away money. Can we really afford to do that? If you regularly find yourself throwing away food, it is time to take a look and find ways to stop this siphon of your budget. Here are some ideas to get you started.

Buy less
Maybe this seems obvious, but if you buy less you will have to use what you have, and you will be able to use it in a more timely manner.

Get Your Produce Ready
Fresh produce is so appealing in the store, and then it sits in your refrigerator drawer for a week, and it isn’t so appealing any more. Another week, and it is in the trash. Prevent this waste by cutting up the vegetables all at the same time. That way they are ready when you want a quick snack.

Eat Your Leftovers!
Take them to work. Eat them for dinner. Use them to make something else. If there are a lot of leftovers freeze them for a quick and easy meal later. Don’t throw them in the trash. Our favorite way to clean up the leftovers is to create a buffet from them. Everyone gets to pick what they want, and the leftovers disappear.

Get Chickens
You’ll never ever have to put food scraps in the trash again. They will eat every last shred of food, and give you fresh eggs in return. Maybe chickens aren’t practical for everyone, but how about the next one?

Make Compost
Meat or greasy foods aren’t good for your compost, but just about all other food scraps are.

Wasting food is a problem. There are concerns about its effect on the environment, and about the people that food could be feeding. Wasting food is also a drain on your finances. Cut back and use up what you have to save money, and maybe help to keep the planet a little cleaner too!

Ah February, and the cabin fever has set in. The holidays are well behind us, and even the groundhogs can’t decide if spring will be here soon or not. It is the perfect scenario for the winter doldrums. A break in the routine is called for, but you don’t want to break your budget. Here are some ideas:

1. Head to the library.
Check out a juicy book, or a movie. It is free!

2. Look for free days at the museum.
If they don’t have free days, consider a membership. They usually pay for themselves in a couple of visits, and you will have an activity to do year round!

3. Go play outside.
Really! Pick a sunny day, and go play, even if there is snow. Go sledding with the kids, take a walk, or go ice skating. The fresh air and sunshine will be truly invigorating!

4. Do it yourself spa.
Take some time alone, or maybe with a friend, and do your nails, color your hair, or something else that makes you feel pampered and pretty.

5. Learn something new.
Always wanted to learn a craft or a skill. Take the time now, when life tends to be a little slower.

6. Don’t go window shopping.
Unless you have a lot of will power, don’t tempt yourself. At worst you’ll come home with a lot of stuff you don’t need. At the least you will find things you wish you could buy, and be frustrated because you can’t.

7. Enjoy nature, from the house.
Put out a bird feeder near a window. Get a field guide from the library, and keep track of how many birds come to your feeder.

8. Turn off the T.V.
Resist the temptation to just veg in front of the tube in the winter. There isn’t much good on anyhow. Break out the cards or a board game, and enjoy something that makes you use your brain.

9. Connect with family and friends.
Pick up the phone, type an email, or write a letter to someone you haven’t connected with for a long time. If possible you could even go visit. Nothing beats the doldrums like rehashing the good old days with an old friend.

10. De-clutter.
It may not sound like the most exciting option, but you will feel good when it is done. Clean out that closet. Rearrange a room. Organize your desk. Sell things you don’t need anymore on eBay, or donate them to charity. It is a win-win!

Don’t let February leave you with the winter doldrums. Spring really will be here soon, and until then you have plenty of things to keep you active while keeping to your budget.