Welcome to Personal Finance Growth - Blogging about personal finance, savings and being frugal
I’m of the age when lots of my friends are having babies; recently I’ve had the occasion to find lots of frugal gifts to give (as well as many sweet-smelling baby bundles to cuddle!). It’s often hard to find good baby gifts when you are on a budget and don’t want to overwhelm the new parent with lots of stuff. I know that for each of my children’s births I got lots and lots of newborn clothes as presents, but those were not the gifts that did me the most good, nor that were the most frugal.
Food and drinks
I almost always give food as a gift. It is not a widely accepted practice in France, surprisingly, and I was so very appreciative when people brought me ready made meals to welcome the new baby, especially after I already had an older kid (or two) running around, clamoring to be fed.
My favorites include any variation on rice and beans, lasagna, chicken vegetable soup, or a pasta casserole. I also like to give something like zucchini bread with a nice hunk of cheese and a mixed fruit salad. The essential is that it requires no effort to prepare or serve, can be reheated at a moment’s notice and preferably, wolfed down in gulps, one-handedly. Whatever food I do give, I package it in reusable aluminimum containers so that the recipient doesn’t have to worry about keeping track of it and giving it back.
One of the things that I always noticed just after having a baby was how thirsty I was. It seemed like I was always forgetting to drink enough. So now I like to give boxes of tea and a bottle or two of nice fruit juice, with a reminder note to not forget to drink something often and regularly.
Diapers (cloth or disposable)
Frugal Babe has great posts on how to make diapers and diaper covers; but whether your friends are choosing to use cloth or disposable, a gift of diapers is a great frugal choice. I received about 30 cloth diapers before the birth of my first son, and used them for my second and third babies as well. Of course you can’t reuse disposables, but a having an extra pack on hand means one less thing for the new parents to think about.
Help
A helping hand is one of the best gifts money can’t buy. While you or your friends might not feel comfortable with you cleaning their house, a play session with the older kids, or better yet, a trip to the local park, is always welcome. If there are no older kids, offer to do something unobtrusive, like addressing baby announcements or holding the baby while the mom takes a nap.
Baby accessories
If you are even the slightest bit crafty, making a simple baby receiving blanket is a good frugal choice for a baby present. 30 x 36 inches makes a perfect size stroller blanket, and 36 x 36 is good for swaddling. Buy old flannel sheets from the thrift store- it’s usually only the middle that is worn, and you will have enough room around the edges to find good quality fabric.
Stitch the wrong sides of the fabric together, leaving a small opening on one of the sides. Turn the blanket inside out, then stitch the opening closed. If you like, you can ‘quilt’ the blanket by stitching tufts of embroidery thread in a coordinating color randomly across the blanket.
Expertise
Do you know a lot about breastfeeding? Offer to be their coach during those early days. I have coached a few friends to a successful breastfeeding relationship simply by being an available ear and sharing my experience as a mom myself. How about making baby food? Make them a how-to guide book with recipes and instructions. Are you a musician? Record yourself playing lullabies.
Welcoming a new baby into the world is a special event and should be celebrated accordingly! But that doesn’t mean that you have to, nor should, spend a lot of money. I’ve shared my favorite frugal baby gifts, now it’s your turn!
What are your favorite frugal gifts for new babies and their parents? If you’re a parent, what was your favorite gift you received when your baby was born? Do you have any special skills or expertise that you can share with new parents?
Today, we find ourselves in an ever deteriorating economic climate. This means that many more people are struggling to meet payments and in turn have large amounts of debt to contend with. Luckily, there are means in which these problems can be eased.
One method is an Individual Voluntary Arrangement (IVA). An IVA is a legally binding contract between you and your creditors which aims to reduce the amount of money you have to repay. You will find that it is a good way to stop any further interest charges and to reduce your monthly payments. Consequently, you will have more money in your pocket at the end of the month in which to spend on other things.
Although IVA’s are an excellent solution for some, they are not always the best for everybody. Therefore, there are criteria which you must meet to be eligible:
• The debt is over £15,000.
• The debt is owed to three or more different creditors.
• You have figured out a sensible, realistic budget that you will be able to stick to in order to make my payments, allowing enough to pay for everyday basic needs, bills and general living costs.
• You are in regular employment with a steady income.
If you do not meet the above criteria then it is likely that an IVA is not the ideal solution for your debt problems. Even for people who do meet the above criteria, it is always advisable that you arrange a meeting with a debt advisor first as they will be able to inform you more about an IVA and any other available options. So there you have it, what is an IVA in a nutshell.
Pocket money is a valuable tool in teaching your children the value of money and can also be used as a way of controlling them. Children gain an interest in money from a very early age as they know that’s what they need to get sweets, lollipops and toys. So when should you start giving your child pocket money?
Most people start to give their children pocket money from the age of six or seven, at this age the amount does not have to be very much say £1 to £2 per week, as age increases so should the amount as the things they’ll want to buy will be more expensive and inflation will mean our money is worth less.
Pocket money should always be dependent on good behaviour! Bad children should not be paid or should be reminded that if they don’t behave they’ll lose their money. This will teach them a lesson they won’t forget as they won’t be able to join their friends in the tuck shop. A great way of keeping them in check is to start the week at pocket money of £5 and for every time they miss behave or don’t do their chores you can subtract £1, so they may get lots of money or get nothing.
An awesome way of teaching children the value of money and get them saving early is to give them a small weekly amount of about £2.50 and tell them if they save it for 4 weeks and not spend any of it you’ll give them interest making their £10 into £15 (very good interest rate). This will give your child a valuable lesson in saving money and thinking about the future.
If you have any techniques of your own or tips on giving pocket money then please share them with everyone.
Everyone wants cheaper fuel bills and many steps can be taken to lower their costs but have you ever thought about dressing differently to reduce those costs and give yourself a bit of cash back. Investing just £20 in some quality thermal underwear can give a massive return on investment and help you save that much needed cash from those ever increasing energy bills in these uncertain financial times.
Wearing thermal underwear can make a profound difference to you heating costs, by simply just slipping on some thermals underneath your clothes can allow you to lower the temperature in your home on the thermostat, even if it’s just by a couple of degrees it can make all the difference. Turning your thermostat down by just 3oC can lower your energy bills by up to 10% that’s a massive saving off such a small change, if your energy bill was more than £200 then you would have already made your money back.
Thermal underwear has had a negative image for a while but having recently seen thermal underwear champions Damart collection was an eye opener, no longer do thermals have to be frumpy and have that awful off white colour to them. The range Damart has to offer is extensive and comes in a great range of bright and fashionable colours. I was surprised when I thought to myself that they could be worn as ordinary tops and be on show as opposed to being hidden behind 2 layers of clothing. If you opt for more serious thermals from mountaineering shops or from Damart’s grade 5 range then you could turn the temperature down even further and save even more.
If you’re are looking to save money on your energy costs in a more conventional way then this is defiantly the easiest most care free method that doesn’t require any will power or sacrifices so get those fashionable new long johns on and start saving.
“When I was young, we had to make our own entertainment …”. That phrase, beloved of grandparents everywhere, may bore the younger generation silly, but in the current economic situation, many people have been forced, or think it wise, to cut back on their entertainment budget. When cinema tickets or drinks out make your wallet scream, and you have to sell your grandma to put petrol in your car to go anywhere (at least you won’t have to listen to ‘when I was young …’), then it’s time to look for ways to find free entertainment.
Of course, the opportunities do depend on where you live. Being lucky enough to live in a major European city (I’m not going to reveal its location in case you all rush here); I have access to a huge variety of entertainment that doesn’t cost a penny. If you live in the country, available entertainment may not be quite so plentiful. Here, cinemas and civic centre’s everywhere offer films, concerts and talks for free, museums are free on the first Sunday of every month, and cultural centres show films and have talks. Libraries even offer free DVD rental.
Now, supposing you’re not quite as lucky as I am (clue: it´s warmer than the UK here). Seek, and ye shall find your free entertainment. Start by checking out your local library. You might have to pay to rent your DVDs, but the books are still free (for now, at least). So get reading, there´s every possible subject available. Depending on your council, you might even be able to borrow talking books or language tapes for free. At the very least, you can read all kinds of fiction, try some self-improvement, or take up a new craft (try scrounging some wool from Granny, and teach yourself to crochet, or ask her to teach you).
While you´re at the library, take a look at the notice boards and see what´s on. You might find a group to join, someone who wants to swap languages, or a free talk. Whenever you´re walking down the street, take a look at any posters you see, they might have something on offer without an entrance fee. Rediscover your own area; assuming you don´t live in a sixties concrete nightmare of a town, be your own tour guide and look around with fresh eyes. Leaflets on local history or walks are often available from, yes, the library. Weather permitting; take a book and a picnic to the park.
If you´re a country dweller, get out and enjoy all that fresh air. Take the kids for a ramble, borrow a friend´s dog, or alternatively, borrow their DVDs and stay indoors. See what´s lurking in the back of the cupboard, make some cakes, and have a cinema night!
When you are struggling financially as most of us are in the present financial climate, even the smallest savings can be of great help. If you have got yourself in a tricky situation with your debts, you are not alone. Many people are putting all their debts in one loan that has a lower interest rate, and for a very good reason. By consolidating your credit card, loan and other debts you could end up with just one low monthly amount. Debt consolidation certainly makes an easier and more manageable way to keep track of your debts.
There are many other ways to save a little bit of cash. Putting small change in a jar is a painless way to save a bit of money for Christmas or perhaps for a birthday present for a member of your family. If you empty your purse and pockets of small change every evening and tip it into a bottle or piggy bank you will be pleasantly surprised how quickly your savings grow. Don’t be tempted to keep dipping into it though!
If you absolutely have to buy something such as a new vacuum cleaner or other essential, check the prices carefully first. It may be cheaper to buy online but watch out for delivery costs that can be high. A price comparison site will help you get the best deal and also consider buying through a cash back site. These list product providers and retailers, and when you click through to visit these websites, they get paid for providing the links. In this way the site can pay you a percentage of the money it receives for this. You can also buy car, home and pet insurance in this way making a considerable amount of money that you can request when you reach a certain threshold.
Going out to clubs and bars socialising can be a huge expense. How about staying at home and inviting some friends round for a couple of bottles of supermarket wine and a rented film. You will still have good company but at little expense.
Petrol or diesel is a huge expensive as every driver knows. To cut down the expense you could consider car sharing. Can you share lifts to work with a colleague, both of you will save on fuel costs, have company for the journey and share the stress of rush- hour driving. Also consider whether you really need a car. How about getting a bicycle?
Food shopping is an essential as we all have to eat! If you usually buy well known products might want to try switching to supermarket brands as they often taste very much the same. Also clip money-off coupons from magazines and newspapers. Take advantage of Buy One Get One Free offers. If you really don’t need twenty four toilet rolls for example can you share the deal with a neighbour so that you both make a saving?
There is a lot of truth in the old saying. “Look after the pennies and the pounds will take care of themselves.” Every penny counts!
If you get in trouble. Good companies to call are Debt Free Direct, CCCS, and Payplan.
When it comes to teaching our children about or how to do anything the best way is always by example. If show our kids that we are sensible with saving money and that we have to work hard to earn the money we spend then they will get a rounded idea about finance and spending/saving.
I have three small children and I am very conscious of how much I spend and on what. I explain very carefully to my children that I have to work hard and that there are bills to be paid and expenses such as food and clothing to be paid for before we can spend on luxuries. Each of my children have savings accounts, which they know about, we have encouraged them to put money into these accounts to save for their future, such as going to university, buying their first home.
In our home we don’t give the children pocket money but we do encourage them to earn money by doing extra jobs in the home and garden. Earning makes the children feel that they have achieved something, usually we let them spend some of this money on treats.
Should children be taught about finance in schools? When I went to secondary school we were taught commerce which was a mixture of economics and personal finance, it was a very useful subject. It can’t all be left to the schools but commerce and accounts does help to formalise the learning they have gained at home.
In our modern society, debt is extremely difficult to avoid. UK residents together owe hundreds of millions of pounds. So, how can we educate the futures generations on how to manage debt and how can we prevent them from falling through the same trap doors.
When it comes to finances, I think it is important to treat children as young adults when it comes to managing finances, you cannot wrap them in cotton wool and hope for the best because debt can put people in very dark places. You should sit down with the children and fully explain what to do and what not to do with their money. It is greatly important that you test the children during their early years and see how they cope with handling pocket money for example, therefore, any problems can be rectified before it is large amounts of money they are dealing with.
Although I think it is important to be taught in schools, sadly, I feel that it is just impossible. The education system is stretched as it is and there simply isn’t enough time or resources to accommodate it.
It looks like all of the educating will have to come from the home!
Debt and money in general is a funny thing. Most people feel incredibly embarrassed about their financial affairs, even when they are solvent. Admitting that you are in debt to a partner of loved one can be particularly traumatic. It often makes the individual in debt feel that they have somehow failed, even when their partner may be part of the reason that they are in debt.
Debt inevitably causes stress. When money is tight, it is not possible to fall back on treats to deal with the annoyances felt on a day to day basis. One of the best ways to deal with this stress is through completely honest and open communication. Sit down and work out a complete budget with all income and outgoings listed. Resist the temptation to think that your partners treats aren’t important, any spare cash should be allocated fairly and with mutual consent or the resentment will soon build up!
Now is not the time to apportion blame, communicate openly and you will soon be debt (or at least stress) free.
Never lied about my debt to my partner but to my parents? then I would have to say yes.
The main reason for this is not wishing to disappoint them or to make them worry.
It is very important that my parents think I am doing well, and I can understand where they are coming from, as no doubt they will have been through it all as well.
I think its a learning process, something you go through on the road to financial security, if you dont, then you will miss a couple life lessons and probably make bigger mistakes based on these later in life.
No doubt when I am a parent myself, I too will be worried about what my children are up to regards their money, and I too will wish to help them where ever I can.
Sometimes it would just be easier to let it all out and confess. It depends on the type of person you are i guess. I prefer to keep these matters private and to myself, others may like to share there problems with friends and family. There are benefits and downsides to each method. But in the end its up to you, and as long as you have it under control then it doesnt matter if you tell or not.