The sky may truly be falling in the economy. Rich individuals and the conglomerates yield their swords, battling each other, putting blows against and weakening the strings that tether us mere plebs financial life. So what's an older than middle age woman like myself trying to do about it? Nothing really. Other than Money Monday and Thrifty Thursday, which is more just my personal approach to saving or at least not wasting, I don't want to get sucked into the doomsday panic.
Sure, there's practical things I'm doing. Though, if the crap really dies hit that hard, I'm not sure it matters that much. Watching waste, saving surplus income in a variety of ways, both tangible like a savings account and what feels like the wizard behind the curtain, our 401K. I'm weighing different retirement dates for myself, as delaying my retirement has less quality of life implications than DH delaying his but yields deep financial benefits, mainly health insurance and adding to my pension plan. We're not taking on debt in our later years, nor living large. We're trying to stay healthy, which in and of itself is a means to help ease the financial burden of aging. Ahead of saving money, preserving our health is the #1 goal.
My January 2 holiday aside, this starts Money Monday 2023. I hope I use this corner to share our journey, decisions, rational, and pose questions you might be a help for answers. I know little to nothing, and my experience is just my own, but it's useful to me to muse about here. I'll leave the ever present moaning about the price of eggs* to others. I'm not going to use it to yell that it's financial Armageddon out there, even if it is.
*Egg prices seem to be the marker used to lament on how high groceries and other aspects of every day life prices have risen. This is not directed at anyone in particular.
Mr. D told me about the price of eggs going up. Whichever side of the aisle you're on, the current inflation is the result of multiple errors in judgement from several administrations. Trickle down economics does not work, but neither does government mega-spending. I'm afraid it's going to get worse before it gets better.
ReplyDeleteThe balance is out of whack for sure. Corrections seem too late.
DeleteYour approach to money is pretty similar to mine. We save everything we can, create no debt and live simply with little waste. That is about all I can control and there's no need to get bent out of shape about something I have no control over. I prepare as well as I can for the future but there are some things you can never prepare for.
ReplyDeleteIt's not healthy to live in perpetual doom mindsets. If we all just push back by not panicing, which I think the volatility are thrives on, things will ease.
DeleteDaddy used to say the price of milk was the marker as gas would equal or be close to the same price. Used to be that way.
ReplyDeleteBoth seem to be up and down right now.
DeleteEgg prices are crazy. I look at recipes and determine if I want to make it by the number of eggs required. However, I do like using apple sauce, bananas and chia seeds as substitutions.
ReplyDeleteI used to throw away the aquafaba (liquid in canned beans) but now know it can be used as a substitute for egg whites so I freeze it.
Baking alternatives to eggs helped a lot this past fall and holiday season. Using every resource is smart.
DeleteRegarding eggs, hope whatever that avian flu was/is will dissipate soon.
ReplyDeleteExactly. The price of eggs is all about chickens and the avian flu, not the president or politics.
DeleteThere's a bit of gauging too, which may be greed or politics. But, definitely the same flu issues that impacted turkey and chicken impacted egg production.
DeleteDo you have an idea of when it might be possible for you to retire or is it still too far away as yet?
ReplyDeleteMy target was when I turn 62, which is five years This past November, but using up vacation to my anniversary date of Match 3, 2028. Every month I extend that date saves both cash savings and gives more time for markets to rebound on our retirement accounts. My pension also would increase a smidge.
DeleteThere was an interesting article in the local online newspaper where the interviewed a few farmers and a grocery store manager. The farmers said eggs are up because the price of chicken feed has gone up dramatically and the grocery store manager says he expects the price of eggs to come down in the next few weeks. We’ll see if that’s true. But the price of everything in general is borderline scary. I obviously work retail and we are dead. I think a combination of people being broke and sick has cut down on traffic and with the Covid outbreak once again in China, we are anticipating supply chain issues once again. My company specifically has us packing and holding merchandise that we can sell again next season instead of marking down. Which means less clearance in stores, less product in general, higher prices and less options. Not a good feeling going forward. All this on top of not getting Christmas bonuses….between my husband and I, we expect at least one of us to lose our job this year. Or both of us. Which could be a blessing because neither of us is particularly happy where we are. JoAnn
ReplyDeleteI always winder d why things like novelty socks, hats etc. Clearance so low so assumed it was due to storage space. You've confirmed that.
DeleteMy husband went to his financial advisor last week, and it looks like we have 5.5 years to go before retirement, not even including my own income and savings (not saying this to brag, but it was a pleasant surprise after many years of frugality and socking away money).
ReplyDeleteForget eggs - let's talk cauliflower, which was 8.99 a head a couple of weeks ago. It was on sale for $4.99 last week. Crazy...
I paid 8.99 also for a cauliflower!! I'm in Canada.
DeleteIt's not bragging but facts. We all have to plan long term not just the moments. That's incredible for vegetables. Ouch.
DeleteThe smartest thing you can do is stay healthy because medical problems (and costs) usually get worse as you age. Also, take care of your home and replace things now while you have a good income. I know a couple who has a house that is literally falling apart around them and they have zero funds to pay for anything to be fixed. They have health issues, so they don't get out and do things. They are 8 years older than I am and this morning I decided that was not going to be me. Stay active, (mentally and physically), stay healthy and take care of your home the best you can or move to something easily maintainable. We are spending more on groceries mostly because we are trying to eat healthier and those options tend to cost more. We are not eating/buying cheaper items that can stretch meals like pasta, rice, and bread because of their high carb content. We eat a lot of nuts to replace chips and those are expensive as well as lots of chicken. Hopefully the trade off of better health is worth it in the end.
ReplyDeleteI see our groceries going up too- more vegetables, fresh, more lean meat and fish for DH. It's hard to get good health back. I think I'm roughly 8 years younger than you, so closely watching how your handling your now retirement. The point about the house is crucial too. Thanks, Lorraine.
Delete