Money Musings 💭 Some accountability (for me) 😆
Back in July of 2020, I wrote in this newsletter about a large purchase we made - a lawnmower. Here’s what I shared:
“This summer, J and I decided to purchase something that cost hundreds of dollars but would save us money in the long-run - a lawnmower.
We live in Hoboken which is a far cry from the burbs but we have a small yard and it cost us $40 every other week from April through October to have someone come and mow it. I think the hassle of getting to our lawn with all the equipment accounted for most of the cost.
With some extra time on our hands, quarantined at home, we started to wonder if it would make sense to purchase a lawnmower. The lawnmower itself would cost $600 and then we would need a place to keep it. We would probably get a $150 storage house for the lawnmower to live in (the things you don’t think of…). 😂
The $750 “investment” would pay off in 19 lawn mows ($750 / 40) and we probably have our lawn mowed 17 or 18 times per year. It would probably pay off in a little over a year.
Where am I going with this? 😂
It’s almost 3 years later and while it’s been a good run, J and I are talking about hiring the gardener again. We have less time and as a result our yard is not looking great. There are a lot of weeds, probably 5 different types of grass growing, and the bushes are all overgrown.
I spend a lot of time thinking and talking about making smart financial and life decisions but it’s also important and “fun” to look back and see how they went.
Buying the lawn mower saved us around $1,500 because there were two years after we broke even that we mowed our own lawn. Worth it. 💰💰
While it would be great to continue to make this lawnmower purchase work for us, we want to enjoy our yard and are probably ready to pay for some support to make that happen.
Have you ever looked back on any bigger purchases you made to save money in the long run? How did they pan out?
P.S. If you are looking for some tips to boost your credit score, check out this post on credit score yoga.
MONEY MOVE OF THE WEEK
MONEY SAVVY TRAVEL SERIES - #2 - GET CLEAR ON WHAT MATTERS.
In order to make our trips (you made your list here) fabulously frugal (i.e. maintaining the fabulousness of something while decreasing the cost), we want to be intentional about what we spend money on.
We can create win-win situations for our happiness and our financial well-being by spending on the things that matter and letting go of the things that don’t. This lowers the overall cost of the trip without sacrificing our enjoyment.
Here’s how to do it:
STEP #1: Start with the first trip on your list. What’s most important to you about it? Maybe you are looking forward to quality time with friends / family, are really excited to explore a new area or want to learn about a different culture.
Whatever is most important to you about the trip, you want to honor that. Is the neighborhood of the hotel important to you? Do you want to stay with friends? Do you prefer luxury, or do you not really care? Are you more interested in finding local gems rather than going to more expensive restaurants?
Pro Tip: If you are traveling with others, ✈️ ask them these questions too! I shared about my recent conversation with friends leading up to our summer trip here.
STEP #2: Then, think about what is NOT important to you about the trip. What are you okay not spending money on or prioritizing? Maybe you decide you’re more interested in finding local gems than going to more expensive restaurants and sights.
Maybe you realize staying in the trendiest neighborhood is less important to you or that you don’t need the more luxurious hotel. This allows us to decrease the cost of the trip without giving up the things we love.
STEP #3: Repeat steps #1 and #2 for each trip on your list.
You might be surprised that with a little prioritization, you can do more than you thought!
As you go through, remember that this is all adjustable. You can test out what you planned and adjust for future trips.
Maybe you realize the neighborhood is more important than you thought. You can change it for next time. This can be a living process!
YOU GOTTA SEE THIS
TRACKING PERSONAL CARE EXPENSES.
Tracking what we spend on personal care expenses like products, makeup 💄 and even services can get tricky.
You can find an average monthly total by looking back on your spending for the past year, which is very helpful for planning and sometimes all you need.
But I found myself wanting more information to make informed decisions. For example, if I choose to add this new product to my routine, how much will it cost me per year? Or if I upgrade my shampoo, for example, will that make much of a difference as far as my total spending?
While I could always look through old purchase confirmations, what I have found easiest is to label the top of the bottle with the date I started using it. That way when it’s finished, I know how long it lasted.
I also learned that my products last long (and work better) if I actually read the directions. Who would have thought!
I have a face cleanser I LOVE that lasts about a year but when I first got it, I used multiple pumps and hated it because it never sudsed up. When I read the directions I learned that one pump was all I needed because I was supposed to suds it up in my hands.🫧 Simple yet effective!
MY TRAVEL JOURNEY
LEARNING SPANISH FOR OUR TRIP.
One of the reasons we chose to live in Spain this summer is because I wanted our family to get a chance to practice speaking Spanish. My younger son is pretty much fluent because that’s the language he speaks with our au pair (more on her soon) and my older son learns Spanish in school, plus we’re both avid Duo Lingo fans and users.
While I grew up speaking Spanish and can understand a lot of what I hear, I still get really nervous and shy to speak. It can be so hard (and humbling!) to struggle through something.
I decided that the best way for me to learn would be to practice in conversation. I signed up for iTalki and have been working with a Spanish tutor from Spain (because the Spanish is a little different from the Spanish I’ve learned). It’s been an incredible experience and safe space for me to make ALL the mistakes and learn more about the local culture.
If you are trying to learn a language, I highly recommend it.
your weekly money wins
Here are all the amazing money moves you made this week 👏👏👏
Amy H: My husband and I have nearly 90% of our daughter's college fund fully funded, and she just turned 10. If we can keep at this rate, we have the potential to double our financial goal for her by the time she graduates high school, but to also give her a chance to graduate college with zero debt! (PS - Budgets work!)
Kaitlyn: Received a verbal job offer (salary is 30-40K more per year than what I was previously making!)
McKayla: Worked over 11 hour of OT last week alone to try and make extra income to pay off debt
Michele: New job: signed up for a 401(k) and an HSA
Andrea S: Chose to eat in on a holiday which is usually an excuse to eat out
Ari (my sis): I didn't give you the $20 I owe you 😂
Molly J: I am starting a new job soon where I will be more than DOUBLING my salary in my dream location!
Niki C: Utilized $$ from home sale proceeds to fully fund my Roth IRA!