Financial Friday: Accommodating House Guests

Last weekend, I had eight friends coming from Long Island, New Jersey and Connecticut to my tiny apartment. Z was gracious enough to accommodate the sleeping arrangements at his place (my apartment is almost too small to sleep two people, let alone eight), but it was up to me to feed them. My first thought: How on earth am I going to feed over eight people over the course of two days and not go bankrupt?

With a little list writing and planning ahead, I managed to spend under $30. Here's how:

-Buy in bulk: Since my out of town friends were all people I went to college with, I knew the evening would include drinking in some capacity - and drinking normally leads to snacking. To make sure I was ready for any late-night snacking, I went to Stop and Shop and bought family sized bags of pretzels and Doritos. To be safe, I also picked up two frozen, store brand cheese pizzas at $2 a pop. My total grocery bill was under $10, easily.

-Share dinner: I wanted to show my friends around town, but didn't want to spend a fortune on going out to dinner. Everyone pays for themselves, but I was looking for something fun yet less expensive for all of us to do. After giving them a walking tour of my neighborhood, we all stopped at Not Your Average Joe's for some appetizers and cocktails. We split about five appetizers amongst the group, and spent only about $10 each.

-B.Y.O.B.: I've been to plenty of house gatherings where the host provides the drinks, but I just can't afford to do that, at least not for eight people - and not a few weeks before we leave for Italy. So, since I was providing food anyway, I asked everyone to bring whatever they wanted to drink for the evening. This also ensured everyone was drinking what they wanted to drink, versus having to consume what the host bought for them.

-Celebrate inexpensively: Over the weekend, we were celebrating two of my friends' birthdays, and I had a Betty Crocker Devil's Food cake mix and whipped vanilla frosting in the cabinet. Before everyone came over, I made a batch of cupcakes - which ended up being about 30. A cake mix costs around $3 - that's about 10 cents per cupcake. That's my kind of dessert!

Overall, my friends and I had a wonderful weekend, and I am forever grateful to Z and his roommate for letting everyone stay at their house. It was also great to know that everybody left well fed - but I wasn't left broke.

How do you prepare for a house full of people, without blowing your budget?

Financial Friday: Write it Down

Courtesy of a-debt-free-life.com

When I was in college, I couldn’t remember a thing I learned in class if I didn’t write it down. The same goes for my expenses – if I don’t write how much I spent down, I won’t remember what I spent my money on…until it’s too late.

When I first got a checkbook back in junior high, I used the balance sheet for every single thing I purchased and every single bill I paid. However, as time went on, my expenses became larger and more consistent, and I stopped writing all of my expenses down due to the weighty “chore” it became. But it wasn’t long before I realized that because I couldn’t see, everyday, how much money was left in my account, I was spending more than I actually had – which resulted in overdraft fees, which resulted in (obviously) more unexpected expenses for me.

The point of today’s Financial Friday tip is to encourage you to write everything down. Being able to actually see, on a daily basis, how much you’re spending, what you’re buying, and how much money is in your bank account makes a world of difference – and makes it almost impossible to make any “overspending mistakes.” Keeping track of everything I buy with the checkbook balance sheet just stopped being conducive to my computer-driven lifestyle, although the balance sheet may work better for you – just do what works best for you. Below are some other ways I keep track of my expenses:

               

-Excel spreadsheet: Using Excel is just like using a balance sheet, but electronically. I sit in front of a computer for most of the day, so Excel is a much easier way for me to write my expenses down – and basically has a built-in calculator that shows my account balance after every new expense without me having to do anything.

-Mint.com: I have to admit, I was skeptical of Mint.com at first. A website wants my bank account number? Really? But I’ve discovered it’s a safe and secure site that helps me manage my financial goals, my bank accounts, and will even tell me if one of my accounts is getting low on funds via email.

How do you keep track of your finances? Do you write everything down?

                

Financial Friday: Skip the Meat

As many of you know, my "other half" is a vegetarian, although I'm an omnivore. Z is a lacto-ovo, meaning he doesn't eat meat or fish, but still consumes dairy products and eggs. I've never been a huge meat eater, so I've allowed Z to introduce me to many tasty, meat-free products over time - and I've saved some money doing it.

Before I dive into this post, however, let's get one thing straight: Not all vegetarian-friendly products are cheaper. Not by a long shot. And not all of us want to cut a lot of meat out of our diets. But by going meatless even a small amount of the time, you can end up with more dough in your pocket. Here's how I've done it.

First off: Tofu is cheap. I bought a package of firm tofu at Trader Joe's last week for $1.79, and I got about 6 servings out of it. Most packages of chicken are $3-4+ for four breasts, and ground turkey can be anywhere from $4-5. Tofu was $1.79. I ended up making tofu and black bean quesadillas with it. I just drained the tofu, cut it into chunks, sauteed it in a pan with some olive oil, and Z seasoned the tofu with salt, black pepper, curry, garlic powder, chili powder, and cilantro. I threw in some canned black beans, gave it a stir, and scooped the tofu and black bean mixture into whole wheat tortillas with melted cheese.

I love how tofu also retains the flavors that you add to it - it's like a flavor sponge. 

In addition to tofu, vegetarian lunch "meat" is also a few dollars cheaper than regular pre-packaged cold cuts, or even meat from the deli. I usually go for the Tofurky brand since it's available at just about any grocery store, and the flavors normally range from "bologna" to hickory smoked "turkey" to "ham." To be honest, these deli slices aren't incredible by themselves, but I normally add Dijon and avocado to my sandwiches, or hummus and pickles, and the outcome is delicious. I forget I'm not eating meat! And, the best part: The ingredient lists for these deli slices are short and legible. 

There are so many other ways you can save money by not purchasing meat every once and a while, and it's also a lot healthier for you. Many vegetarian-friendly options on restaurant menus end up being cheaper, too - like portobello or veggie burgers, or some meat-free pasta dishes. If the restaurant doesn't have to pay a few extra bucks to put meat in the dish, neither do you.

Are you a vegetarian? If not, would you consider consuming less meat to save money (or for other reasons)?

Financial Friday: Five Tips for a Better Move

Courtesy of www.apartmenttherapy.com

Moving is one of the least fun things on earth - and can be one of the most expensive. However, from having to move several times during and after college, I have found several simple ways to make moving less hectic and even more affordable. I made sure to apply all of them during my move last weekend, and I wanted to share my top five moving tips with you.

1.) Use trash bags. It may not be the classiest way to transfer your stuff, but instead of using the time to scour for boxes, just use trash bags. Especially for clothes, pillows, blankets, and other belongings that won't get ruined if they aren't packed "perfectly," trash bags are a great go-to for easy packing.

2.) Recruit friends/family. Why hire movers when you can recruit your friends and/or family? Movers are uber expensive, and, sometimes, don't take much care of your belongings. I was fortunate enough to have Z, my parents, three of our friends, and several big cars to help me move, and we all worked together to get everything packed and moved into my new place. To compensate, I bought them all pizza and beer, and we were able to eat our hard-earned meals together in my new place.

3.) Throw it away. I spent a good three days before the move organizing everything I own, and ended up throwing three trash bags full of stuff away. Anything I hadn't touched, looked at or worn in over six months went in the trash. This not only made my load lighter on moving day, but also provided me with more space for the smaller apartment I was moving into.

4.) Break it up. Moving, well, sucks. But it doesn't have to be extremely overwhelming. This last move, I devoted one day to moving all of the "little" stuff; one day to the large furniture, like my couch and mattress; and one day to (begin) unpacking, setting up, etc. It prolonged the process, but it broke the move up into smaller chunks, and made it seem a lot less stressful.

5.) Stock up. The day before moving my big furniture, I made sure to put some essentials in my new apartment, such as toilet paper, paper towels, and hand soap. I also made sure to put water bottles in my fridge, along with milk, butter and beer. Having these essential items already in my new place helped to accommodate everyone on the day of the big move.

What are some of your tips to making moving less hectic/more affordable?

Moving, Not Writing

Happy Friday the 13th! As most of you know, I am in the midst of packing up my life and preparing to move this weekend. With that being said, I have had next to zero time to write up a Financial Friday post for you all. Please forgive my lack of writing.

There are, however, several exciting posts coming up next week, including a recipe for Eggplant Chips with Spicy Aioli, plus my tips to having an organized and inexpensive move.

Also, if you have any money-saving tips you'd like to share on an upcoming Financial Friday, please let me know! Just shoot me an email at theeconomicaleater@gmail.com.

Have a great weekend!

Financial Friday: Learn to Love Your Freezer

If you're sick of throwing away food that's gone bad before you've had a chance to eat it, it's time to make your freezer your best friend.

Let me start off my admitting that frozen food doesn't always taste 100 percent delicious after it's defrosted. Obviously, if you want your food to taste as fresh as possible, you need to eat it at its freshest. However, I also don't believe in wasting perfectly good leftovers - and that's where my freezer comes in.

When I go grocery shopping, I am usually only buying for one or two people. With that being said, I almost always end up with leftovers. Case in point: Last week, I picked up a loaf of sourdough bread from Russo's, and ate about half of it over the course of the week. Due to the humidity in Boston these last few days, I had put the bread in the fridge, and it turned rock hard - but is still useable. Now, it's in my freezer, and I'll be defrosting it next week and making something new out of it. For instance, I can cut it up into cubes and make croutons, by baking the cubes on a cookie sheet with some olive oil, salt and pepper. I could also cut the bread into slices, smear some marinara sauce on top, sprinkle with cheese, and bake it to make little, personal pizzas.

Leftover bread isn't the only thing my freezer saves, though. Soups, lasagna, chicken (cooked or raw), bananas, and many other items can also be frozen and re-used at another time. If you have grapes in your fridge that are days away from going bad, stick them in the freezer. The ice cold gems make an awesome summer time snack.

Using my freezer for leftovers not only acts as a "savings" account for future meals, but it also saves me from taking extra trips to the grocery store to replace rotten food that I recently bought. By consistently using my freezer, I'm saving about $10-20/month, I'd say, just by saving my excess food from going bad.

My only words of caution are that all different types of foods have different "shelf lives" when frozen. This is a good source to use to know how long you should keep certain foods in the freezer until they should be discarded.

Do you freeze leftovers? Why or why not?

Financial Friday: Snack Before Splurging

This tip for Financial Friday may seem obvious to some people - but trust me when I tell you, it will save you a bundle.

I've made a part-time living from eating at restaurants and writing about my experiences for about six years now. I clearly love food and love the experience of dining out. However, when I go out to eat for non-work related meals, I can't spend the money on an appetizer, entree, dessert and drinks. Sure, sometimes I want to splurge and gorge on calamari, a steak, some creme brulee and a cosmo, but that is a once (or twice) in a year kind of situation. When I dine out on a "regular" occasion, I need to watch my wallet.

Since I am almost always hungry, my trick to not overspending (and thus, overeating) at a restaurant is to eat a snack before I go out. Not a huge, complex snack - just a serving of cashews or a banana or something small. Just by having a small snack before heading out to a restaurant prevents my eyes from being larger than my stomach, and thus resulting in me ordering way more food than I need. Whenever I have a snack beforehand, I also enjoy the experience more - I can relax and sip my first drink while I peruse the menu, instead of contemplating eating someone else's arm at the table while I frantically wait for my first course.

When I eat a snack, I usually only order an appetizer or a split an entree at the restaurant - saving me, on average, $5-10+ every time I go out. All those savings of $5-10 add up pretty quickly!

Bonus: By eating a snack beforehand, you're not only saving some money in your wallet - but your also saving your waistline. Most restaurants' entrees are at least two to three times the "normal" serving size.

How do you prevent yourself from overspending at restaurants?

Financial Friday: Iced Coffee Can Make You Bankrupt

Good morning! Sorry for the lack of blogging this week - I was away in Florida, exhibiting at a conference for my day job. However, now I am back and ready to share the second Financial Friday post with you. This week,  it's for the iced coffee drinkers.

Think about it: The average iced coffee at a cafe or Dunkin' Donuts costs about $2-3 (at least). If you go every weekday, that's about $10-15/week or $40-60/month or $480-720/year. You're spending almost $750 a year on iced coffee. That is ludicrous.

The solution: Make iced coffee at home that's just as delicious, if not more so, and much, much cheaper.

The average container or bag of coffee from the grocery store costs about $4-6. I buy for myself, so I probably go through one container a month - about $48-72/year. That's about $648 savings per year, just by making my iced coffee at home.

Here's how I do it: For me, I like semi strong coffee with a hint of flavor, so I usually buy hazelnut or vanilla flavored coffee, and add two cups extra water for the amount of coffee I add to my coffee machine. For instance, since I usually make enough for two generous cups of iced coffee, I add 4 scoops of coffee and 6 cups of cold water. I brew it before I go to bed, pour it into a pitcher, and place it into the fridge. In the morning, I have chilled iced coffee waiting for me.

Tip: Make a little extra iced coffee and pour it into ice cube trays. Using iced-coffee-ice-cubes in your iced coffee helps to prevent it from getting watered down in this humidity. When the iced-coffee-ice-cubes melt, all you have is more iced coffee - not water.

Are you spending too much money on coffee? Or tea? Or some other vice?


Quick side note: I wrote a guest blog for PerkStreet Financial about drinking and buying wine on a budget. You can read it here. 

Financial Friday: The Power of a Piggy Bank

After receiving some great feedback from readers on this post, it's clear we all have some great tips and tricks when it comes to saving money. Because of this, I am introducing a new weekly feature here on The Economical Eater called Financial Fridays. Every Friday, I will post a money-saving tip that I implement in my own life, or that readers use in their own daily lives.

For the first Financial Friday post, I wanted to share a money-saving trick that I've used since I was 7 or 8 years old, at least. Does anyone remember the glass Skippy Peanut Butter jars that were in the shape of a teddy bear? Well, after we went through three jars of the stuff in my house, my mother saved the jars, washed them out, and cut a slit large enough for a coin on the top of the peanut butter jar. Three of my siblings and I then became responsible for saving any money we received and putting it in this jar. No lie: By the time I started babysitting for neighbors at the age of 11, my jar was full - and I already had my very own savings account.

To this day, I still use a piggy bank. Anytime I have loose change, I throw it into the piggy bank immediately. This way, the piggy bank acts as an additional savings account that I can't break into until it's full. Plus, this prevents my wallet from getting bogged down with loose, unnecessary change.

I cash in my coins about once every year, and I usually use the Coinstar machine at Shaw's. However, a reader recently told me that TD Banknorth branches have a similar machine that doesn't charge you the small fee that Coinstar does. I've been meaning to check this out on my own, but have yet to do so.

Do you still use a piggy bank?