Posts tagged budget buster
8 Money Saving Tips for BBQ
Jul 28th
One of my favorite summer activities is hosting a BBQ. Sitting out in the backyard on a nice sunny day and enjoying a few beers with some well-cooked steak in the company of a few of my closest friends … I try to host a few BBQ’s a year, unfortunately this year have not been able to host as many as we’d like. BBQ’s don’t have to be a budget buster; you can host a fun and entertaining BBQ without breaking your bank account, how? [This is an updated version of a previously published post]
Avoid Prepared Foods
Pre-pared food maybe more convenient, but this convenience comes with a higher price tag. Plan to make your own side dishes for your bbq. Purchasing your own ingredients and taking some time to make the side dishes may require a little more time, but can save you in extra costs.
Bring Your Own Meat
Not everyone seems to agree with this one, some believe it is rude to ask your guests to bring their meat, but it works great. This has several benefits. First of all, it saves you money. Second, you do not have to worry about who likes what. I have friends from various backgrounds some eat beef, some only chicken, others do not eat pork, etc. By asking them to bring their own meat I am sure there will be a variety of everything for everyone. If the purpose of the party is just to get together and have fun, this should not be a problem.
Stock up on Charcoal
It maybe a little too late for this, but if you are planning on hosting BBQs than stock up on charcoal when they are on sale, there really isn’t an expiration date for Charcoal so you can keep them for next year if needed. This is if you use a charcoal grill.
Bring Your Own Drinks
If you provide the meat than ask your guests to bring the drinks, it’s similar to bringing their meat. Everyone may have different preferences this way you will be sure that there is something to drink for everyone.
Use Plastic Dinnerware
This maybe a little counter-intuitive at first, but paper plates are a waste. Paper plates may seem like a good idea, and although they are easy to clean – garbage them – they are not the cheapest way to go. If you will have regular BBQs than I suggest you purchase some plastic dinnerware from a department store and keep it for years coming. This will not only save you money in the long run but will also save the environment.
Buy in Off Season
Again it maybe too late for this, but something to keep in mind for next year. This can apply to many things in life; make your equipment purchases during the off season. Between November- April is a good time to purchase BBQ equipment it will save you some money.
Have Snacks and Ice-Cream for Kids
If you going to a park for BBQ than make sure you have some ice-cream and snacks for the kids. No matter how much you feed kids they always want ice- cream so having some with you will ensure you do not have to purchase from ice-cream trucks for triple the price.
Purchase Bone-In Cuts of Meat
If you’re looking for money saving ideas that let you do more with your budget, purchase bone-in cuts of meat. Bone-in meat will not only save you money but the bones help keep the meat from drying out on the grill and add additional flavor.
Here are some tips from our readers and twitter followers.
@JoeTaxpayerBlog Buy Chicken Breasts/ Steak Tips on sale. Put in Ziplock, add sauce/dressing, suck out air. Freeze. No air eliminates fzr brn [Joe Taxpayer]
@JeremyVoh Smoke a butt! A pork butt that is. Very cheap cut of meat, feeds a crowd, and is super delicious. [Gen X Finance]
@debtblackhole Ask guests to bring a dish/food. It helps make the cost to each person small. Most people won’t be offended by the request!
@lecanardzero to save money you should use fattier cuts of meat slow cooked. Cheaper and will taste much better.
@FourPillars Don’t burn the burgers!
Planning for Budget Busters: Home Ownership
Jul 15th
This video post is the third of a four-part series from staff writer Adam Baker. Baker previously featured a post on his own blog entitled Cost of Living Abroad: Dozens of Bloggers Share Their Expenses.
Last week, I introduced the concept of a Budget Buster, which is any irregular expense that I fail to plan for. These are’t true emergencies, but rather expenses that pop up to surprise me, even though I should have easily seen them coming.
This week, I’m concentrating on the largest budgeting category for these surprise expenses: home ownership. When looking for housing Budget Busters, those of us making the transition from renting to home ownership need to be especially wary; lack of experience leaves us exposed to a barrage of these expenses in the first few years.
Most of us are familiar with paying a mortgage (including interest), property taxes, and homeowner’s insurance. In fact, many times these are lumped into a single monthly payment by your mortgage or processing company. But in addition to these routine costs comes a host of irregular — but nonetheless inevitable — expenses.
In this video, I concentrate on three main areas where Budget Busters strike hardest: routine maintenance, repairs/improvements, and transactions costs.
Here’s a run-down of the contents:
- Recap of the definition of a Budget Buster [0:12]
- Defining routine maintenance vs. repairs/improvements [1:05]
- Brainstorming examples of routine maintenance [1:45]
- Brainstorming examples of repairs/improvements [2:20]
- Hidden expenses related to buying and selling a home [3:25]
The enormous costs associated with the repairs and improvements — remodeling a kitchen, replacing a furnace, tearing out a tree — are apparent. However, the combined costs of routine maintenance — yardwork, cleaning carpets, painting a room — can add up quickly too.
As we talked about in part one, the key to planning for these Budget Busters is embracing the fact that irregular expenses will almost always be more than we expect. It’s been my experience that just when I think I have it figured out, something new comes along to bust me! I’ve learned the best strategy is to overestimate my costs to ensure a cushion.
I know there many of you have owned homes for decades! Which expenses have shocked you most over the years? Which ones should those of us who are new to home ownership watch out for?
Note: We’ve heard you on the video posts. There’s one more scheduled for next week, but after that they’ll only be an occasional thing. Thanks for the feedback!
Be Wary of Warehouse Clubs
Jun 30th
Many money savers are big fans of warehouse club stores and/or buying in bulk. While the author of Miserly Moms: Living Well on Less in a Tough Economy
- Take along your price book (collected prices of various grocery items) so you can see for yourself if an item is a better deal at a warehouse club.
- While name-brand items at a warehouse club my be better priced than name-brand items at a grocery store, store-brand items at a grocery store are better priced than them both.
- Warehouse clubs are featuring more of their own store-brand items, and these can be good deals. But you must compare unit prices to make sure.
- Shopping at warehouse clubs tempts people to over-buy food they don’t really need, and this can be a big budget buster.
- She said that in general joining a warehouse club is worth the membership cost. She is careful about what she buys there and as such saves more than her annual fee each year.
And to wrap up, here’s a direct quote from the book:
After comparing prices of many like items at our local warehouse clubs with local grocery store prices, I have shortened the list of what I buy at warehouse clubs to only ten or fifteen items. This list changes as they change their prices.
Here’s my take on this issue:
- It’s “saving money common sense” to compare prices and never assume. Of course, many people still do neither of these.
- I found that health and beauty store brands at warehouse clubs are cheaper than store brands at Walmart (and here’s round 2)
- Consumer Reports says that you’ll save more money being a grocery store store brand shopper than a club store shopper. Then again, if you shop at both, you can save even more.
- What you buy matters. I’ve covered the fact that some publications have listed things to buy in bulk and things not to buy in bulk.
- Buying in bulk is not always a deal. You MUST calculate the per unit/use cost.
- It’s not just groceries. Sometimes you can save on big ticket items at warehouse clubs.
What are your thoughts/suggestions on shopping at warehouse clubs?
Affordable Health Plans in Ohio
Apr 29th
Ohio Health insurance does not have to be a budget buster. Even with soaring medical costs, several companies in Ohio have found ways to hold down the price of insurance while still protecting you and your family from the bills that go with a catastrophic illness. There are a number of options available for coverage and by shopping around you can find a plan that will match your needs.
Top 5 Budget Busters-What Are Yours?
Mar 25th
Budgeting is one of the major cornerstones of financial planning. You set up a budget and try to stick to it, but every now and then you…well things happen. What are some of the biggest budget busters?
1. Too Little Savings
The most common and dangerous budget buster is not having sufficient money in your emergency fund. It is generally recommended to have 3-6 months of income in an emergency fund for unforeseen events. If you do not have a sufficient amount saved in your emergency fund, any small-unexpected event can throw off your budget and send your finances in the wrong direction.
2. Too Much on Credit
Yup, the good old credit card. I am not against using credit cards, they can often be a good part of your financial plan, but putting too many purchases on credit and then only paying a small portion of the balance spells disaster. Overloading credit cards is one of the biggest budget busters and its long-term consequences can be devastating to your finances.
3. Too Much Gift
I often advice people to set aside a small amount every month in their “Gift fund” and use it as needed. This can help you stay within budget when buying gifts. If gifts are stretching your budget then consider cutting back a little bit, there is no need to impress others with expensive gifts when you cannot afford it.
4. Too Much House
Should you buy a home or rent? This debate will continue for another few decades. Buying a home is usually not a big deal as long as one remembers to take into account all the carrying costs of a homeownership such as maintenance, taxes, repairs and so on. Buying too much house can be a big blow to your budget, the bigger the house the higher the carrying costs. Buy a house you can live in comfortably and fits within your budget.
5. Too Much Car
Very similar to too much house, too much car is another very common budget buster. A car is often like a child, it needs constant attention and expenses can easily consumer a large portion of your budget. Insurance, repairs and gas costs should be a primary concern when purchasing a car. Buy a small used vehicle that will not blow your budget.
My Personal Budget Busters:
Above are the five most common budget busters, however none of them made it on my personal budget busters list. I try to stick to my budget as much as possible, but like most people every now and then it goes …bust! Here are my top three budget busters:
1. Poker Night
Ones or twice a month my friends and I get together for a few “friendly” poker games, sometimes I just get carried away and blow my budget. Although this does not happen often, when it happens it’s pretty deep.
2. Going Out
Going out is another one of my personal budget busters. Although I know what my budget is for going out, when with friends I just forget about the limit I have set and…boom.
3.Gadgets
Got to love electronics! I can easily walk into an electronic store and walk back out with a few hundred (maybe thousand) dollars spent. Now I stay as far away as possible from electronic stores.
What are your budget busters? How do you avoid them?
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