Frugal Reflections

Hi friends,

Today I thought I'd write about the delayed gratification factor and it's relationship to frugal living and debt reduction. It might help someone else who is trying to change spending habits.  I've been working on this for quite some time now as my natural inclination is to spend, not save.  It takes lots of practise, reflection and correction for me to get back on track with a disciplined approach to finances but I'm determined to do it. Each year, I add new financial goals to help guide me in staying on track too. This year I've managed to pay off  3 smaller debts related to my home.  I've also managed to slightly increase my regular investment contribution.  There are two things that helped me with this.  The first is wanting to contribute more to Kenyan missions.  The second is the Biblical verse that says "The rich rules over the poor, and the borrower becomes the lender’s slave."Proverbs 22:7  I no longer wish to be a slave to debt.


Earlier this week, I wrote here about several perceived needs I have that were going to cost me a fair bit of money.  The list included:

• duvet covers (2)
• bed skirts (2) to match the covers
• tower fan, and an
• office chair

Like many people these days, I try to think two or three times before spending money on these kinds of items (one of my financial goals).  Generally I do not have to think twice about buying food items or items to help me with my health but I do shop around for the best prices on absolutely everything.  A lot of my thinking about when to spend is connected to debt and the commitment I have to avoid unnecessary debt.  While I know I am not as frugal as some of you,  I am more frugal than many people in my circle and try to more mindful about my spending habits (a hard thing for a natural born spender).

Debt (mine or yours) is often connected to credit cards or lines of credit.  In my case, credit card debt is usually connected to travel and to helping my mom get whatever she might need to be comfortable or address her health issues.  Since I have no where to stay, when I travel to see her, much of the expense is related to hotel and food needs.  When I make the charges, I do try to think about the payments that will have to be made in future to pay them off and try to assess how long it will take. So every month, I examine the credit card charges and pay the maximum I can possibly afford each and every month. Some months I pay much more than other months. It really depends on the household and other expenses in a given month.  I also examine any other debts I have and pay as much as I can, as often as I can.  As for the line of credit, I got the balance fairly low and might move one credit card debt to it in order to pay it down faster and save on the interest rate.

Okay now back to what I've identified as my current needs.  The good news is that I won't be spending much on these after all.  After paying the bills this month and examining spending patterns over the last month or so, and the balance left over, I can better determine that some needs are not so urgent and in fact some are more "wants" than necessities.

My rationale for spending decision went something like this. If my fan gives out by the end of summer, I can wait until next summer to get one.  If my mother's fan gives out before next summer because she uses it virtually every day for hours a day, I can give her my bedroom fan which works perfectly fine.

I do have to get a birthday present for a loved one so I will order 1 (one) of the duvet covers but not the bed skirt. The duvet cover is already reduced and I have a 50% off coupon so the overall cost is minimal. Many truly frugal people do not buy gifts for others. Some frugal people only make gifts for others. I have gone through periods where I buy gifts, make gifts or don't give any gifts.  The duvet cover I wanted for myself is not absolutely necessary so I won't buy it.  This will save me money.  It will also save me the aggravation of not having adequate storage space.

The last thing on my list of needs was a new office chair.  The chair I currently use is perfectly sturdy but the "leather" on the seat is tattered and torn. I can make do with it.  If I get tired of looking at it I can make a seat cover.  I can also look at free items on Craigslist or Freecycle to see if a good office chair is up for grabs.

One thing I've learned in the last few years of working to get a better handle on my overall financial picture, is that it pays to sit down now and then and examine monthly bills and spending habits over a period of time.  In a recent round of self-examination I've noticed a number of things that are costing me money:

I keep current  bills in these plastic folders to help me keep them from spilling all over the place.

• I forgot to submit paperwork for 1 (one) medical item when I submitted paperwork last month. I need to follow up on that. It could mean $80. (Canadian) in my pocket.
• I am consistently late paying my all-in-one (tv/phone/internet bill). Besides shelter, food and charitable giving, this is currently my largest monthly bill and I get a discount for "bundling" the services through one provider.  Though I thought I was up to date with the bill, I got a shock in the mail this week.  To make sure this doesn't happen again, I've set up recurrent, automatic payments.  I've done this for other bills already. I think I'd left this bill out of the automatic payments because I wanted to see how this bundle package was turning out for me.  I'm still undecided but in the meantime, I've scheduled future payments so I'm not late again.  This will save on late charges and nasty surprises. I also need to look into whether to change my services to find a better deal. I examine this possibility every year and have opted to stay with my current service provider each year.  Some day that may change.
• I totally forgot about some charges (spending) incurred in late July. These charges impact my discretionary spending in August. This doesn't usually happen but when I get very busy like I was in June and July, some things get totally forgotten.  When I get too busy I also get anxious about the time I need to go over my accounts carefully to help correct any misspending and make sure all the bills are paid.
• I haven't yet followed up on two sources of money I think is due to me. I have to make time to write some letters and make phone calls. I had followed up on one some time ago but didn't take the next step.  Sometimes these matters really require effort from us and often people overlook these things because they are too busy.
• I need to cancel 2 automatic purchases I make from The Shopping Channel for vitamins and facial products. It is costing too much though it is much cheaper than the regular prices. My improved dietary changes should help balance the need for vitamins and minerals and I have more than enough facial products.  Besides, I've been unhappy with TSC lately. I've been having problems with TSC getting full refunds on items returned and credit for savings coupons. I've decided to block this channel so I no longer have to view what is on offer.  This will eliminate any more temptation to spend, the headache of paying and the hassle of getting properly refunded.

One of my former big spending vices was buying books and magazines.  I stopped buying magazines long ago (like 10 years ago).  I pretty much stopped buying new books a few years ago but once in a blue moon I will purchase one if I really want it.  I love reading and I don't like to wait long to read new books that I've been anticipating reading. Another way of saving money on my reading habit is to use the library.  I had gotten out of the habit of using the library when they built a new one farther away from me but recently reactivated my account.

I put some books on hold and it wasn't too long before the first one, Paris, was ready for pick up. I read the book in the first week of the loan period but delayed returning it.  Last night, I was notified that another book I put on hold, And the Mountains Echoed, is now ready for pick up. So now I can make a drop off and a pick up at the same time.

When I am very bogged down with the cares of day to day life such as I have been since April, it is good to have a break.  Reading and movies are some of the ways I like to take a break.  I also like getting together for fellowship with people, especially people who are from another culture.  Fortunately, I have a few social appointments this week, including one with a young friend who has just returned from Kenya.

I hope your week is going well.