Friday, June 24, 2016

Let's Play What If?

What if you or your spouse lost their job?  What if the economy tanks?  What if the only job you could find is with a company you really dislike and the salary is half of what you used to make?

What is the first to go?  For us, cable right off of the bat.  Then lower the cell phone bill.  Then hit up the grocery budget.

Life would consist of spending money only on essentials and those are food and shelter.  I know there is a third but for the life of me I can't think of it right now.

I am continuing to put extra money to our debt.  In fact, I paid an extra $300.00 towards it today!  YAH!!!!  I will continue to pay extra to get it out of our lives HOWEVER I am not putting every available cent towards it.  I am also putting into various savings accounts.  I know the interest I get for the savings accounts is woeful but I want, no I need a larger cushion.

So what do you do?  Let's also say that your grocery bill has to be cut drastically.  You now have only half of what you used to have to spend.  What do you do?  I really don't coupon but we do buy a lot of generic items.  I guess the old saying of shop the perimeter of the store will play a more important role.   But here's an example.  Say you want lasagna for dinner.  You can buy a Stouffer's lasagna, family sized, for about $8.99 in my area.  Buying all of the ingredients to make it from scratch costs more than that.  What would you do?

Oh well just something to think about on a Friday night!

Have a good one!
this is an old photo

4 comments:

  1. Lee Ann, as you referenced, the food budget is one area that is variable, can usually be dropped. Rent/mortgage is usually a set amount. I've been through having an unemployed spouse. Yes, immediately, all extras as slashed, you rethink every expenditure, every bill, every convenience/luxury-just the basics during that time. I first inventoried what food was on hand. Luckily, I always meal planned dinners, but now had to add breakfasts, lunches, snacks, desserts, beverages. More meatless meals, more soups, more home cooking. RE: your scenario about wanting a $9 lasagna. Yes, it may* be more expensive to make vs to buy. My first thought was, to be frank, "wants" have no impact on decision making when in a frugality fix, whether self imposed to save, or as a result of circumstances such as illness, unemployment. Spaghetti and sauce, perhaps topped with a bit of cheese would have to do. $2 meal vs $9 meal-no question which I would recommend. A special occasion? sure. Pinch back with other meals to absorb the higher cost. Treats can and should be built in. Summer is frugality bootcamp here. Jello or pudding topped with real whipped cream, perhaps topped with chopped nuts/sprinkles is a simple treat. HTH

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    1. thank you and totally agree!

      Hope you are enjoying your new home more and more each day!

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  2. I was unemployed for 6 months in 2014. After having been at my job just under 27 years. I used to joke around by saying that worse case scenario is/was I would be okay on unemployment as long as I didn't eat. Which turned out to be more or less true. My living situation isn't normal, so, I got away with not having to pay for food. I spent more time reading, which never hurts my feelings and going to the gym (which I pay for once a year and had already been paid for before I lost my job) I could have had a job much sooner if I had been willing to take a job at half the pay without health insurance. That wasn't going to happen. I have been told, repeatedly, that I was *lucky* to be out of work for "only" 6 months. I ended up landing a job in my field with similar pay and similar health benefits. I consider myself truly lucky.

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  3. As to what I eliminated, as I said I didn't really have to do too much in that regard. Although I did drop full coverage on my car, it wasn't getting any younger and it would never be replaced in full. I also called the cable and got $50/month knocked off for a year.

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