The Cost of Convenience

Anyone who's read this blog for awhile knows that I struggle from time to time with keeping my eye on the prize; to get out of debt. Occasionally, it's because I get frustrated, go out on a splurge, and do some serious damage. These are the easiest to see but its actually the convenience factor that does the most damage.

If you live on your own or even if you're cooking for two, it's difficult to keep up the enthusiasm for preparing meals from scratch (or even just preparing meals.) There are tons of new products coming out every year to make our lives "simpler," but do they really?

First, lets take a look at the cost break between some comfort foods.

Spaghetti with Marinara Sauce
From Scratch Conveniently Prepackaged Nuke It
$.69 - Can of tomato paste $2.00 (on sale) Jar of Marinara Sauce $2.50 Stouffer's
$.89 - Can of tomatoes $1.00 (on sale) Spaghetti Noodles ($5.00 for two)
$.25 - Basil, Oregano, Bay Leaf $3.00 TOTAL
$.10 - Clove of Garlic
$1.00 - (on sale) Spaghetti Noodles
$2.93

The cost isn't that different between these two examples and I did choose to use sale prices for the prepared ingredients because honestly, I probably wouldn't buy it at any higher rate. You'll notice I also kept this to the bare minimum, no salad, bread, Parmesan, etc. I also didn't take into account that during the growing season I have access to free oregano and bay leaves in the yard (I can't get rid of them even when I try) and I grow tomatoes and garlic in the garden.

Mac and Cheese
From Scratch Conveniently Prepackaged Nuke It
$.25 - Margarine $3.00 - 2 boxes Annie's Mac and Cheese $2.50 Stouffer's
$.50 - Milk or Half n Half $.25 - Margarine ($5.00 for two)
$1.00 - Cheddar Cheese $.20 - Milk
$1.00 - Mozzarella $3.45 - TOTAL
$.05 - Flour
$1.00 - Elbow Noodles
$.05 - Homemade Breadcrumbs
$3.85 - TOTAL

This one is cheating a bit. I know I'll have leftovers from the scratch dish.

While the homemade always sounds more appetizing than the frozen dinner or even the "conveniently prepackaged," I have to argue for both sides. There are those nights that you get home late after a hard day and the last thing you want to do is cook. Be prepared for those nights just make sure its an exception to the rule rather than the norm. My great aunt taught me to always keep a box of Mac and Cheese in the cupboard just in case.

Did I Make A Mistake?

A month ago I took a good hard look at my credit cards. (Okay, it was actually the bills since I cut up the cards almost a year ago.) I realized that due to a couple of stupid mistakes over the holidays, I've been spending close to $300 a month on interest alone. Fed up I went into my credit union and inquired about options for a consolidation loan. The customer service person told me they don't do consolidation loans, but I could either apply for a new credit card at a low introductory rate of 3.99% or I could apply for an increase in my line of credit at 14%.

Honestly, I didn't think I would get approved because my debt to income ratio is high, but I thought "What the heck?" Its not going to be any worse than paying 26% on the credit card I have now and its cut up so I won't be tempted to use it. Amazingly enough, I was accepted for an amount that was almost enough to cover it.

When I got the card, I was still a bit unsure if I was making the right choice. After all, I've transferred balances before and I'm still struggling with debt. After much debate and a month later, I made the call. Sure enough, it couldn't be that easy. The woman I spoke with today said the interest would be 11%. I asked her about the introductory rate and she said it ended March 15th. Funny, that was about 5 days after I received it. I decided to do it anyway. After all, that is 15% less than what I am currently paying.

So, have I learned from my past? I hope so. To help guarantee my success I've arranged for automatic payments from my account to make sure I don't miss a pay date. I'm closing the other account as soon as its paid off.

Mother's Day is One Week Away... Are You Prepared?

Ahhh... Mother's Day... it's just around the corner and time for a bit of planning. I've been a bit lax lately on putting a lot of thought into gifts. Call it frustration on my financial situation or
attempting to put as much towards my debt repayment as possible. Either way, I have been feeling really guilty about it.

There are certain holidays that I have mixed emotions about... Valentine's Day, Father's Day, and Mother's Day. This is primarily because I believe that we should be celebrating the people we love throughout the year. So with concerted effort, I am looking for a compromise to the greeting card and candy holidays and am looking for meaningful ways to let mom know how much she means to me without spending more than $5-$10, staying environmentally friendly, and ensuring my efforts are memorable rather than put into the next Goodwill donation bag.

I made a pledge some years ago that I will only give gifts that are usable. (No singing trout, Chia pets, or other last minute panic gifts.) Gift wrap must also be reusable or recycled. I work in an office that receives lots of gift baskets during the holidays and I'm known for grabbing seltzer and unwanted baskets for reuse.

So how do I meet my self imposed guidelines and feel good about the gift I give? Here are some ideas:

• While reading through some blogs I stumbled upon this idea, (as soon as I find it again, I promise to give the well deserved credit) take a number of slips of paper and write down things you are grateful to mom for, special memories, or favorite mom sayings. Fold them up and put them in an attractive container. She will enjoy reading them over and over and the cost is next to nothing.
• Go to the local farmers' market to pick up seasonal flowers. Put them in a mason jar or vase picked up at Goodwill for a $1 and tie a ribbon on it. The money paid helps support the local economy and is much more reasonable than the traditional $50 bouquet from a florist.
• Create a coupon book for mom with gifts of your time. Mow the lawn, weed the garden, a home cooked meal that she doesn't have to cook, hugs, etc. anything goes and you are giving her time spent together as well.
• Create a CD of her favorite songs from her collection, yours, or even the library's.
• Scan the newspaper or web for free events in your area and take her. Bump it up a notch and pack a picnic lunch.

Falling Off The Wagon

In my journey to financial independence, I've struggled, stumbled, rededicated myself, and persevered. Like kicking addictions, financial health is all about identifying destructive behavior and building new habits. Unfortunately, like kicking addictions there are stumbling blocks. Do you run for your favorite department store to combat depression? Pick up the last round of drinks because it's "the thing to do?" Buy the expensive gift to impress the giftee? Or, lend that friend or family member your savings because you feel responsible for them? These are all unhealthy habits that keep us in debt, but forgetting to budget for basics like food, gas, or that emergency savings. I think, "If I can just pay off that bill quicker, I'll be free." What really happens is that emergency comes up or there are no groceries left for that last day before payday.
So how do we change these habits? First, identify the triggers. Next, make baby steps until the changes become what feels normal. Then, build in a cushion for those slips. Make sure you also build in rewards along the way so you don't feel deprived and "binge." Most importantly, don't beat yourself up. Acknowledge the set back and get back on track.

The "B" Word... Budget

A few years ago, I created a full spreadsheet budget. This baby has everything down to formulas for income to expense ratio (a truly scary experience when you realize what that is.) Every year I faithfully sit down and figure changes to the budget while trying to tweak it to get the optimal debt repayment plan. And then life happens... the gift you've got to pick up... the dish you're supposed to bring to the potluck but unexpectedly ran out of a crucial ingredient... the long distance drive that brought the gas tank down to empty.

My budgets never give me enough elbow room to deal with the little things. As a result, my progress on debt repayment is more like two steps forward and one step back. Tonight I took two very big steps forward. I cut up all of my credit cards. I haven't abused them like I did when I started this mess, but I still fall back on them when my budget didn't make it. I just solved that problem with a couple of snips. That safety net doesn't exist anymore. The second step was evaluating just how short my budget really is. I figured out that I need to increase my income by $150 per month because I don't have any give until I can pay off two minor debts. Those two are my focus with a plan of taking them off the board in the next two weeks.

Moral of the story... BE REALISTIC.

Alternative Transportation

There was a time when I received assistance with my parking, but after my '84 Olds meet her untimely death, I never asked to have that assistance reinstated. I've been paying my parking ever since. For a time, I had a carpool buddy. Granted we never discussed how much he was going to contribute and I took his age and lack of income into consideration I didn't push the question. When I lost my carpool buddy, I bit the bullet and started taking mass transit. I don't know why I didn't do this sooner except that I was concerned about loosing my parking spot. I knew it would be impossible to get it back.

Confession... I live within walking distance of Fareless Square, an area of town where you don't have to pay for a ticket as long as you stay within "Fareless Square." The walk is about 10 blocks, but I'm enjoying to peace and quiet. It helps me relax before sitting down to my desk. The time on the bus has given me a chance to read, something I haven't had time for in quite awhile. I will have to reevaluate this choice if they get rid of this zone as the rumors have been suggesting.

On the really nice days, I've been walking all the way to work, which is about 2 miles. If they do get rid of Fareless Square, that's always an option and finally have no fear, I have a backup. My bike is tuned and ready to be put into action. I live in a very bike friendly city and am practicing on the weekends.

Finally, when the season changes and the rains come in, I have started networking for a new carpool buddy. I think I've got a good one lined up for the rainy season.

Bottom line, I'm saving $8 per day or $140 per month and I'm happy to say that I've already lost 15 pounds. Consider alternatives. Its good for the earth. Its good for your body. Its good for the pocketbook.

How Many Meals Can You Make Out of 1 Chicken Breast?

As a single person, its difficult to be inspired to cook a meal for one. One of my favorite ways to combat this boredom is to cook chicken breasts to leave in the freezer and fridge to pull out when I don't want to cook. Below are a few suggestions for the simple chicken breast.

Chicken Quesadilla - Take chicken slices and spread out in a tortilla. Add shredded cheese (any kind will do.) Then get wild with all the choices. Italian: Use mozzarella, basil, and tomatoes. Club: Add bacon and blue cheese. Mexican: Sour cream, salsa, and olives.

Chicken and Pasta - Add Parmesan cheese, sun dried tomatoes, mushrooms, olive oil, and a bit of cream. (I cheat with a touch of sour cream for thickness.)

Chicken Shepard's Pie/Pot Pie - Use left over mashed potatoes, biscuits, croissant, etc., gravy or cream of mushroom soup, carrots, peas, and mushrooms.

Chicken Bento - Leftover rice (I tend to make a big batch over the weekend and keep it in the fridge to warm up.) and vegetables with a touch of teriyaki sauce. Heat in microwave.

Chicken Salad - Get creative. Anything goes.

What ideas can you come up with?