Our Priorities

Spending money should reflect our priorities.  But first we need to know what those are.
Image by Naypong

So, moving along in the Planner.

After we dreamt about having a million dollars, our next job was to think about our top five priorities.  Gavin, Elias and I all worked on this, with fairly different results. 

I think Elias was probably the most honest in his priorities.  I know what my priorities should be, but sometimes I forget, especially when something tantalizing is in sight.  Gavin didn’t even list “fun” as one of his priorities, but I know that isn’t true.  I also noticed that each of us interpreted the question slightly differently.

Without further ado, here are our lists:

Amee

1. Family
2. Friends
3. Having Fun
4. Responsibility
5. Health

Gavin

1. Being a good husband/father
2. Being a good friend
3. My job
4. Money
5. Myself

Elias

1. Having fun
2. Reading
3. Learning science
4. Colors (his fish)
5. Maddie

I should probably be worried that he considers Colors to be higher priority than his sister, but he is, after all, only 11.  I also don’t think it’s necessarily true.  This morning, he made breakfast for Maddie, but I had to remind him to feed the fish.

So, on to the next question.  How did spending our million reflect our priorities?  Elias’s spending decisions clearly reflect his desire to have fun above everything else.  Because he has Asperger’s, he is also limited in his ability to look past himself and his own desires. 

Gavin felt that using the million to take care of the bills and other responsibilities freed him from stress, which would in turn allow him to be a better father.

I felt like my desire to have a house represents my need to put my family first. 

Our assignment for the next week is to track our money that we spend.  This is where things always tend to fall apart, but we’ve done alright for the first couple of days.  I don’t think it will be a fair representation of our spending habits, though, since Gavin is in between paychecks and we’re trying to cope with Christmas being right around the corner.  We’ll report the results when they are in, though.  The goal is to see if our spending habits reflect our priorities. 

What are your top priorities?  Do your spending habits reflect them?

My Favorite Charities

No matter where we stand, we should continue to help others.
Image by David Castillo Dominici

I’ve read my share of “manage your money” books.  And one of the major tenants of any program involves giving to those in need.  I believe in this completely.  Even when I am not in a position to donate money, I still make the effort to donate time. 

For example, I am currently donating my time and editing talent to DailySource.org.  This nonprofit provides an unbiased collection of news from different sources, providing a brief summary and a link to the source.  The site strives to stay free of left/right politics, and I respect that.  Additionally, it has been a fantastic place to hone my skills, and I have learned a lot about website editing and AP style. 

With the holiday season here, many people are in a very giving mood.  Before spending money on more stuff that you don’t need, consider making a donation to a charity that is actively working to make lives better.

Gavin and I support several charities.  Some of our favorites include:

• American Cancer Society – Not just about finding a cure, ACS works to help patients affected by cancer and their families.
•  Autism Speaks – I have participated in the walking event, raising money for this organization.  Autism has deeply touched our family, and this charity is working to find solutions.
• Boy Scouts of America – Elias is a Scout and it has done wonders for him. 
• Child’s Play – This charity was founded by gamers.  The goal is to make gaming systems available to kids I hospitals so they have something fun to do to take their minds off treatment.
• Humane Society – We got our Minerva from the Humane Society.  Before buying a pet from a pet store, check here to see if you can give one of these wonderful animals a home.
• Make-A-Wish – I think everyone knows this charity and its goal.  Make-A-Wish does phenomenal work.
• Northwest Harvest – A local charity that helps put food on the tables of people who need some extra help.  We have been fortunate enough to not have to use this service ourselves, so we will continue to donate food to this program.
• Northwest Hope and Healing – I did a 5K for this charity.  They work to provide help to women undergoing treatment for breast cancer, from providing financial support during the times they can’t work and even helping with child care during chemotherapy.
• World Vision – I am hoping to participate in child sponsorship one day, although I have supported this program financially.  I know people who have sponsored through this charity and they were very happy with it. I think this would be good for teaching Elias more about the world, as well.

If I Had a Million Dollars....

BNL back in the day....

This was a fun assignment in the Planner.   Each person in the family has an opportunity to create a list of what they would do if they had a million dollars.  There’s obviously more to this assignment, but we’ll take it one piece at a time.  I created my list, and I asked Gavin and Elias to create lists as well.  Maddie is exempt…

My list:

• Buy us a new home, nothing too fancy.
• Buy a newer car.
• Pay off all of our debt.
• Help out family members and friends who need it.
• Donate to charities.
• Set up an investment plan, including 401k.
• Finish school and go for my Bachelors, and maybe a Masters.
• Take a nice long vacation, maybe do some travelling.

Gavin’s list:

• Pay off medical bills and all other debt we owe.
• Get Elias into the school that specializes in working with autistic children.  (This is a really good one and I wish I’d thought of it).
• Buy a home (about 300K).
• Place enough money in the bank for the kid’s college (about 60K).
• Send Amee back to school so she can get the degree she wants.
• Buy new vehicles outright.
• Place a good amount of money (about 300K) in the bank for our retirement.
• Donate to a charity like Child’s Play (or another children’s charity).
• Host a thank you party for family and friends to thank them for all the past help.
• Buy new PCs for the home.
• Invest the rest into accounts to protect it, while still having dividends to use as we may need them.

Something interesting I observed about both of our lists:  Neither of us said that we would stop working.  We would use the money as a buffer, but we still plan to earn our keep. 

Elias’s list:

• Buy a house that I don’t have to keep paying bills on.
• Buy myself some new clothes.
• Buy a car like the one we have now.
• Buy an indoor movie theater.
• Buy my own Xbox 360 with Halo and Fable.
• Buy a desktop PC.
• Buy a widescreen TV.
• Donate to the army.
• Donate to some hospitals.

Spoken like a true 11-year-old boy, I guess.  Looks like we’ll need to keep working on that whole “materialism” thing with him.  The last two came only after I prompted  him with “Is there anything else you would do with it that doesn’t involve buying things?”  I’m not entirely sure what he means by “donate to the army,” but I didn’t press for details. 

Coming up next – a discussion about values.

What would you do with a million dollars?

Catching up on the Financial Peace Planner: Stuffitis

The problem with wanting the best
Image by Danilo Rizzuti

Have I been procrastinating on keeping up with the Planner program?  You bet I have.  One of the goals of this blog is to make myself accountable and practice building good habits.  But it’s so darn easy to fall back into the old habits.  Procrastinating, pretending my bills don’t exist, putting off the hard work.  It’s a lot easier to write fun blog posts about chicken recipes and try out new and cheaper ways of doing things than it is to face up to the major problems. 

Major Problem Number One:  According to the Planner, I have “stuffitis.”  I try not to.  But I do.  Apparently if you check more than one statement in the little quiz, you have it.  I checked two, so it’s only a slight case and, most likely, curable.  Gavin has this condition far worse than I do.  That’s not me placing blame; he’s totally upfront about it. 

Here’s the statements I checked:

1.  “It’s not unusual for me to say ‘It’s only a few dollars extra’ when I’m shopping for something I want.”
2.  “So I spent $100 on a pair of running shoes.  The top of the line lasts longer.”

I can sit here and try to justify those responses (and believe me, I can justify damn near anything), but I’m not going to.  I’m going to accept that this is a problem.  It does no good to catch a great deal on chicken if I go out and blow $40 on a dinner out because I didn’t feel like cooking.  I have several bills piled up on my desk that I could be putting that $40 towards, and there’s really no excuse. 

I do like to have nice things.  When I can get nice things at a lower price, it can sometimes be seen as a justification to purchase something I don’t really need.  This time of year is especially difficult.  I don’t just like to have nice things, I like to give nice things.  It’s fun to have someone unwrap something you got them and see a big smile on their face because it’s just what they wanted. 

If you look around our place, you might say “How can these people be in financial trouble?”  We have two desktop PCs, our son has a laptop, we have a flat-screen TV, an Xbox, a Wii… and that’s just the living room.  Well, the PCs have been mostly cobbled together (it’s nice to have a hubby who knows his way around a computer), the laptop was purchased several years ago and is no longer of much use other than as a word processor, the Wii was purchased as a family Christmas gift quite some time ago, and the Xbox and the flat-screen were both donations from people who had more than one. 

So why don’t we just sell these items and pay off the darn bills?  Well, I work online, and Gavin sometimes has to communicate online with his job, and we both really like our games.  So, come to think of it, I actually meet one more of the criteria for “stuffitis”:  “I can’t get rid of my boat/truck/Andy Warhol print.  That would leave a huge hole in my life.”  Just substitute TV/computer/Xbox for the other items.

I’ll keep working through Chapter 2.  This is usually the point where most debt plans make you actually pull out all your bills and figure out your debt.  I have to confess:  I’m pretty scared of that part.

Cheap and Easy Meals with Chicken

Stir-fry is a great way to use chicken breasts.
Photo by Sura Nualpradid

Today we scored a really good deal on chicken breasts.  We got a 10-pound bag of frozen chicken breasts for $1.66 per pound.  That’s a lot of chicken at a really good price.  So, what are our plans for all that chicken?

Chicken Tacos

• 1 lb. chicken breasts (frozen is okay)
• 1 cup chicken broth
• 1 packet taco seasoning
• Soft or hard taco shells
• Favorite taco toppings

Place the chicken breasts in the crockpot.  Mix the taco seasoning and chicken broth together.  Pour over the chicken.  Set to low and cook for 6 to 8 hours. 

When chicken is ready, shred with forks.  You can add in another pound of chicken breasts to have leftover meat for nachos or enchiladas.

Poor Man’s Cordon Bleu

• 1 lb chicken breasts
• Laughing Cow cheese wedges, or cream cheese
• Ham lunch meat
• Shake ‘n’ Bake or bread crumbs

Flatten the chicken breasts using a meat mallet.  Spread each breast with a cheese wedge, or about 2 tbsp. of cream cheese.  Place a slice or two of the lunch meat over the cheese.  Roll each chicken breast and secure with a toothpick.  Cover outside of the chicken in Shake ‘n’ Bake mix or bread crumbs.  Place in a baking dish that has been sprayed with cooking spray.  Bake at 375 F for 45 minutes or until done.

Mexican Chicken Soup with White Beans

• 1 lb. chicken breasts
• Onion
• Minced garlic
• 1 tsp. dried oregano
• 1 tsp. dried cumin
• 2 15-oz. cans white kidney beans
• 3 cups chicken broth
• Cheddar cheese

Cook chicken breasts in a nonstick skillet with about 2 tbsp. of olive oil until they are no longer pink on the outside.  Place in a slow cooker.  Add a little more olive oil to the pan and cook onion (however much you like, I use about ¼ of a sweet onion), a clove or two of minced garlic, oregano and cumin, just until the onion is soft.  Add this mixture to the slow cooker. 

Drain and rinse the kidney beans, then add to the slow cooker, along with the broth.  Stir well. 

Cook on low for about 8 hours.  When cooking time is complete, use forks to shred the chicken.  Mash beans against the side of the crockpot with a large spoon to thicken the soup.  Garnish with shredded cheese.

Chicken Stir-Fry

• 1 lb. chicken breasts, cut into bite-size pieces
• Assorted fresh vegetables, we like carrots, snow peas, celery, mushrooms, sliced
• Canned, sliced water chestnuts

Sauce ingredients:

• ¼ cup soy sauce
• 1 tbsp. minced garlic
• 1 tbsp. rice vinegar
• 1 tbsp. ketchup
• 2 tsp. minced ginger
• 1 tsp. sesame oil

In a large skillet or wok, cook chicken in 1 tbsp. vegetable oil or wok oil over medium-high heat until cooked through.  Add vegetables and cook until desired texture is reached.  Add water chestnuts.  Mix sauce ingredients together and add to pan.  Cook a minute or two until sauce thickens slightly.  Serve over hot rice.

What are your favorite ways to use chicken breasts?

How to Teach the Value of the Dollar to Kids

Money management is the key to being successful.  It doesn’t matter if you make $25K or $250K a year.  But how do you instill these skills into your kids?  How do you make them realize just how much work goes into each dollar that goes away, and that the new video game they want with a price tag of $50 is actually a “big purchase”?  Here is one possible way to handle it...

With our oldest, we are trying a lot of tactics to get this through to him.  He has very expensive tastes, but they aren’t far from the average “tween.”  Video games, movies, and other expensive interests seem to rule his world.  When he gets a gift card for a store as a present (or any money), it burns a hole in his pocket.  Now, being who I am, I love gadgets and other stuff as well, so I know this feeling. I have had to learn the hard way in the past, and I am trying to get him to learn without the “growing pains” I had.  Here are a couple of possible ideas….

• Have him sit in and see just how much goes to help the family get day-to-day expenses paid. Show your child the power bill, cable bill, how much groceries are, etc. 
• Price out a trip to the movies for the family, right down to the popcorn.  Show them just how much of the family’s budget goes poof for a 2-hour trip to the cinema. 
• Take your child shopping at the grocery store, and show them what the food portion of the budget goes to. See if maybe they can help plan meals that are within a specific budget, to get them thinking of concepts like the price per serving.
• Have them make a wish list.  Then have them prioritize it, and use the web or go to a store to get the pricing for these items.  Assuming your kids have an allowance, it will make them aware that once money is gone, it is gone. 
• Have them take over the costs of some of their interests.  If they want that amazing new video game, maybe have them pay some or all of the cost.   The goal there is not for you to save money, but to have your child start to take responsibility for their own money. 

These are just some ideas to help make your child aware of what things cost.  Once that gets through to them, they can start making choices and saving money as well.  Not just for items they want, but for the future.

Getting Deals at the Grocery Store

Comparison shopping pays off.
Photo by Ambro

Okay, so we’ve established that I don’t rely on coupons to whittle my grocery bill down to nothing.  However, I do make an active effort to get our food bill as low as I can.  At the same time, I don’t want to eat beans and chicken soup every day. 

I use a combination of several tactics to lower my grocery bill.  I plan meals, shop the ads, shop different stores, use coupons WHEN PRACTICAL, and buy in bulk when I get a good deal.  Here’s my weekly approach to shopping:

1. Scan the ads.  My go-to store is Fred Meyer.  Not only is it practically in my back yard, it seems to have better sales and lower regular prices than Safeway or Albertsons.  I can occasionally catch a really good meat deal at Albertsons and I’ll go for that, but as a general rule, if it isn’t on sale at Albertsons, it’s going to be more expensive than anywhere else.  Unfortunately, Winco doesn’t have a weekly ad so I never know what the sales are going to be, although they do make a point of beating other sales.  They also don’t have a great selection of lower-fat foods and their produce can sometimes be crummy, so we don’t go there all the time. 
2. Look for stock-up items.  What am I looking for in the ads?  Deals on the proteins that I’m going to build my meals around.  I’m looking for really good meat sales.  If I can spot a really good one, I plan to buy several pounds so that I can get a few meals out of it.
3.  Plan my meals.  The goal is to always have enough meat for meals in the freezer (from previous stock-ups) that I can pull meals straight from the freezer and never have to buy meat that isn’t a good deal.  I see no reason to ever pay more than $1.99 for chicken breasts.  This doesn’t mean that I have to have 7 days’ worth of meat – we don’t have meat in every meal.  To keep Gavin and the kids happy, though, we usually have it four to five days per week.  Spaghetti nights or breakfast for dinner (pancakes and eggs) can fill in the blanks. 
4.  Look for coupon deals.  Once I’ve made my main meal list and built my grocery list around that, this is when I look for coupon deals.  I go through the ad with my coupon binder and look for “matches.”  This is the only way to use coupons.  Combine them with a sale and you can get a really good deal, especially on stuff like bath wash, toothpaste, baby wipes and stuff like that.  Normally I would also add detergent and household cleaners to that list, but I don’t know of any coupons that knock detergent down to a penny per load!
5. Fill in the blanks.  Some items we need pretty much every week:  Milk, eggs, yogurt, veggies, fruit, bread… These are our regular staples.  Occasionally we need some cereal, cheese, peanut butter and stuff like that.  I try to catch bread when it’s on sale and stock it in the freezer.  I need to get Gavin baking more bread! 

What’s your shopping technique for keeping costs down?