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5 Ways to Be Responsible with Money - Do you get sticker shock at the grocery store, too?

Posted by on Feb. 12, 2013 at 3:40 PM
  • 11 Replies

5 Ways to Be Responsible with Money

Posted by The Stir Bloggers

moneyI went to the grocery store yesterday and was shocked. How could five bags of stuff possibly cost that much? I freaked. I got sweaty, and my heartbeat was fast and heavy. The line was long, so I couldn't put things back without looking ridiculous. Besides, I needed baby food, meat and something to feed the cat.

I need to be more careful with my money. I am hoping to save more this year if at all humanly possible.

Since saving money is one of the most popular New Year's Resolutions, I thought I'd share these tips I just received from Citi. Here are 5 ways to be more responsible with our money.

Tips are from Dara Duguay, Director of Citi’s Office of Financial Education:

  1. Don’t treat money as taboo. Whether managing finances yourself or with a spouse/partner, avoiding money issues in the hopes that they will just go away or until you have a financial crisis only guarantees stress and arguments. Set aside time every month--or schedule regular monthly “money meetings” with your partner--to review the bills, money goals, investment portfolio, college savings and any other money topic that is relevant. This monthly review could coincide with bill paying or when your bank statement arrives.
  2. Create an emergency fund. Emergency savings are, in effect, a form of insurance. It will protect you from life’s curve balls. Open a savings account and don’t stop contributing until you have saved enough to cover at least three months of monthly expenses. If you can save six months worth, even better. This will prevent you from having to take cash advances, which while helpful in emergencies, come with fees and interest rate charges that are usually higher than your credit card purchases.
  3. Pay more than the minimum on your credit cards whenever you can.  Even a small amount more than the minimum can make a big difference in the time it takes to pay off your balance. Also, be sure to make your monthly payments on time, every time. Even one late or missed payment can be recorded in your credit report and affect your credit history. 
  4. Contribute the maximum to a retirement savings plan. Approximately 50 percent of Americans who have the opportunity to contribute to a company retirement plan, choose not to. In many cases, contributions are matched by the company. This is free money that is being thrown away by opting out. Remember that your contributions will reduce your taxable income and will only be taxed when you start to withdraw them at retirement age. 
  5. Get adequate insurance protection. There is nothing like an emergency to wipe out your savings or add to your debt level. Protect yourself financially from as many emergencies as possible by ensuring adequate insurance for health, life, auto and home. Confronting these issues can be difficult since no one likes to think about possible illness or death, but you have to be realistic.

Do you get sticker shock at the grocery store, too?

by on Feb. 12, 2013 at 3:40 PM
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Replies (1-10):
lillucky8
by Jen on Feb. 12, 2013 at 3:55 PM
I do feel sticker shock. Especially when i send dh with a small list and he comes home w a huge total. But we know money is tight so i choose not to spend it in other places, i buy sales items, stock up on great deals, and use coupons
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michiganmom116
by Rhonda on Feb. 12, 2013 at 5:19 PM

LOL  I'm not sure how being responsible with money in the 5 ways listed has anything to do with sticker shock.

I have had sticker shock only once in the past year, when the price of cauliflower more than doubled in a week.  Otherwise, I keep track of prices and trends and I make adjustments to our diet/meal plan if needed.

AzariahsMother
by on Feb. 12, 2013 at 6:46 PM

TFS

hopealways4019
by Member on Feb. 12, 2013 at 7:21 PM
You make valid points. Especially the insurance one. Yesterday at grocery store wanted to spend 75. Ended up spending 114. I was very disappointed.
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nmaxwell816
by on Feb. 12, 2013 at 8:32 PM
1 mom liked this

No I always plan my trip and know about how much I will spend if that

KenzieQsMommy
by Heather on Feb. 12, 2013 at 9:46 PM

I do get sticker shock. Little things, like the cost of mayonnaise, keeps going up up up and it stinks

KenzieQsMommy
by Heather on Feb. 12, 2013 at 9:47 PM

I tend to stick to my list though. But its tough to stay in budget when regular items keep increasing in price.

Cafe Steph
by Head Admin on Feb. 13, 2013 at 8:57 AM
1 mom liked this

The blogger isn't real clear on that but she starts out by saying she had sticker shock at the supermarket, so I'm thinking she intended the list to help you cut back on the other things you can more easily budget for than groceries. :)


Quoting michiganmom116:

LOL  I'm not sure how being responsible with money in the 5 ways listed has anything to do with sticker shock.

I have had sticker shock only once in the past year, when the price of cauliflower more than doubled in a week.  Otherwise, I keep track of prices and trends and I make adjustments to our diet/meal plan if needed.



aneela
by 80sTardisGirl4Gore on Feb. 13, 2013 at 9:28 AM

sometimes when things have gone up...

oddfox
by Bronze Member on Feb. 13, 2013 at 10:05 AM

As prices are incresing, yes I do get sticker shock. We are trying to keep the food budget a little under what we spent last year to save a bit more, and it's getting harder. We also notice huge differences in non food items.

 

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