Being thrifty can pay off
Tips from an expert on how to save money, spend less
Dear Money Lady Readers
Many of you have sent me emails asking about ways to save and have wondered how others are doing during the pandemic — so here you go!
Spending choices really do shape the world we live in. We have seen bottled water and toilet paper shortages, not to mention a shortage on cleaning products, hand sanitizers and face masks with the fear-based buying fuelled by COVID-19. There really is no actual need to hoard products at this point, but nonetheless, it is hard not to feel the pressure to do so when you see others doing it.
It goes without saying that we really need to cut back on paid services and just try to do more things for ourselves. The pandemic has essentially made us rethink our need to always have someone else do things for us and helped most of us get back to the basics.
Yes — I know we still want to support all our local businesses — but that doesn’t mean you need to order takeout every night. Consider some of these savings tips and challenge yourself to come up with more. Think about how you spend your money every day and how you could make a difference that not only keeps the money in your wallet but also helps the environment by being a little more “green.”
• Stop buying new clothing and household items. Adopt a more “vintage” and eclectic style. Visit thrift stores (when they re-open). They offer fabulous items at a great price for items that can be “re-homed” and kept out of the landfill.
• Drive your car longer. Have regular maintenance and repairs done instead of trading it in just because the mileage is high or you have lost interest in it. Why not make new seat covers for it and get it professionally painted. Voila — a new car!
• Think about what you eat and drink. Limit the specialty drinks and expensive snacks — your wallet and your waistline will thank you! Why not start a garden and learn to freeze and can your fruits and vegetables?
• Try to cut back the amount you spend on your pets. They honestly don’t need fancy toys and would prefer your attention — which, by the way, is free. Consider cutting your pet’s hair and nails yourself. Buying the right grooming tools is a one-time investment that will lead to future savings.
Now it’s your turn — what can you clean out of that closet, basement or attic that you could sell or re-use? Send me your ideas and I will share it with all our readers.
I will start with myself: I have actually never purchased a tea-towel for the last 30 years. Instead, I have used my old towels and cut them down to size or my children’s old T-shirts (with the neck and sleeves cut off). They are great for cleaning rags and it doesn’t matter if they get stained. I even tried weaving strips of old clothing into a wonderful rainbow-coloured door mat (that was a challenge!)
I haven’t purchased a traditional plant pot in the last 10 years — and I love to have lots of plants in my house.
Instead, I have purchased old vintage teapots, creamers and sugar containers from thrift stores at a fraction of the cost. Even old wooden boxes and tins can be used to decorate your home inside and out.
Now it’s your turn: Email your ideas to info@askthemoneylady.ca
Good luck and best wishes, ATML — Christine Ibbotson
Christine Ibbotson is author of three finance books, including the Canadian best-selling book, How to Retire Debt Free & Wealthy. Visit www.askthemoneylady.ca or send a question to info@askthemoneylady.ca. Go online: Check out the Money Lady’s podcast at SaltWire.com.