Financial Advisor

8 Tips to Save Money on Meat

Buy It in the Morning

Looking for deals on meat? Hit up the supermarket in the early morning. That’s when they’ll be restocking the meat case, and you’ll have the best bet at finding a deal.

Buy in Bulk

Ask at the deli counter of your supermarket for “bulk ends,” and ask if there’s a discount! These end bits of sliced meats are too small to slice in the machine, but can be sliced or cubed at home. They’re often offered at half off!

Befriend the Butcher

When does your supermarket mark-down meat? It’s as easy as asking the butcher. Especially if you’re friendly, he or she will usually be happy to let you know this valuable savings secret.

Market Watch

Supermarkets have started using their own wording on meat packages to make you think that the product you are buying is a better grade than it really is. Most of the major chains are buying more select-grade beef, but may call it by any number of fancy names such as “top premium beef,” “prime quality cut,” “select choice,” “market choice,” or “premium cut.” Be aware that these titles don’t actually mean anything!

Ask for Discounted Cuts

Grocery stores make a lot of money on meat, so it’s not surprising that they display the priciest cuts in the case! Experience dramatic savings by instead asking the butcher to slice different cuts for you from the same primal (or section) of the cow or pig. These cuts can be as little as one-fifth the cost of the expensive, pre-packaged cuts, and they’ll be just as tender and tasty. Here are a few discounted (yet delicious) cuts you can ask for: Instead of buying ground beef, ask the butcher to grind up a bottom round roast for you. If you’re looking for rib eye steak, request chuck eye. (You may need to ask the butcher to cut a 4-inch roast off the front of the boneless chuck, then to peel out the chuck eye and cut it into steaks.) Instead of pork tenderloin, buy an entire loin roast and ask the butcher to cut it up for you.

Buy Bigger Hams

If you’re going to buy a canned ham, purchase the largest one you can afford. Most smaller canned hams are made from bits and pieces glued together with gelatin. Cured hams are injected with a solution of brine salts, sugar, and nitrites. The weight of the ham will increase with the injection, and if the total weight goes up by 8 percent, the label will usually say “ham with natural juices.” If the weight of the ham increases by more than 10 percent, the label must read “water added.”

Make Your Own Patties

Never buy meat that’s already been shaped into patties (unless it’s on sale). Instead, buy your own and shape into patties yourself. Place a sheet of waxed paper between each, then place the entire stack in a resealable plastic bag and put in the freezer.

Leaner Isn’t Always Better

Even if you want to prepare low-fat meals, you don’t always need to buy the leanest (and most expensive) ground beef. If you’re preparing hamburgers on a grill or on a broiler rack, most of the fat will be lost during the cooking process, so stick with the moderately lean varieties.

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Retained Earnings vs. Net Income

Companies have several different types of earnings, each of which provide different information about their revenues and insight into their financial health. On a company’s balance sheet—which is a key piece of information in evaluating a company’s stock value—it will report details about its expenses and earnings, including retained earnings and net income. Net income […]

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The Ultimate List of More Than 50 Budget Categories You Must Use

The post The Ultimate List of More Than 50 Budget Categories You Must Use appeared first on Penny Pinchin' Mom.

It is no secret that you need a budget.  But, it is imperative that it includes everything.  Take the time to review your spending and don’t leave anything off of it.  Below you will find a list of household budget categories you need to include. Forgetting even one off might be a big mistake. It … Read More about The Ultimate List of More Than 50 Budget Categories You Must Use

The post The Ultimate List of More Than 50 Budget Categories You Must Use appeared first on Penny Pinchin' Mom.

Math Tips for Smart Shopping

I recently ran across a 2012 article from The Atlantic called The 11 Ways That Consumers Are Hopeless at Math. The title of this article hooked me, and as I began reading I found that there are indeed a few ways in which consumers misunderstand math – and pay the price as a result.

But I also found that most of the so-called “math tricks" that people get caught up in are really better described as number-based psychological hacks, which marketers use to extract every last penny from us that they can.

So it's not so much that consumers are hopeless at math as they are susceptible to being tricked. Which is precisely what a savvy shopper knows how to avoid.

What are some of these mathematical misunderstandings that you should be aware of? And what are some of the most common number-based psychological hacks? Those are exactly the questions we’ll be looking at today, as we finish up the year with a resolution to become even smarter shoppers in the new year.

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How Much Bang For Your Buck?

The article I mentioned from The Atlantic begins with an anecdote that nicely points out one of the biggest flaws in the way the average consumer shops. Namely, that when it comes to pricing and deals, most people go with their gut instead of taking a few seconds to think things through.

Here's the story: Imagine you walk into a coffee shop, take a look at the day’s specials, and see a sign that says, “Today only, your choice—get 33% more coffee for the regular price, or pay 33% less for the regular amount of coffee!” If you were presented with these two options, which would you choose?

In truth, choosing the best deal isn't always just a question of numbers. For example, if you really wanted more than your regular amount of coffee that day, then the extra coffee option would be a fine choice. But that’s not really what I’m talking about here, so let’s rephrase the question a bit to focus on the math.

The real question is this: Which option is the better deal in terms of dollars spent per ounce of coffee? After all, that’s what we’re really talking about when we speak of being a savvy shopper—getting the most bang for your buck.

Most people's gut instinct is that the two deals are about equally as good.

Most people’s gut instinct is that the two deals—33% more coffee for the same price or the same amount of coffee for 33% less money—are equally as good. After all, they both have the same 33% in them. But let’s do the math to see if this assumption is really true.

Imagine your usual 8 oz. cup of coffee costs $2. In this case, the first option gives you about 1.33 x 8 oz. = 10.6 oz. of coffee for $2, while the second option gives you your usual 8 oz. of coffee for a price of 0.67 x $2 = $1.34. That means you pay $2 / 10.6 oz. = 18.9 cents/oz. with the first option, but only $1.34 / 8 oz. = 16.8 cents/oz. with the second.

So, clearly, the second option is a better deal. While it's tempting to get something "free" for the same amount you usually pay (the first option), in this case, getting the amount you actually want for less money is a better deal—especially if you don't really need that extra coffee anyway. And, as always, the math is there to back you up.

What’s the Best Deal?

People prefer to make choices between similar and easily-comparable options.

As I mentioned at the outset, most savvy shopping skills are really less about math and more about avoiding the number-based psychological hacks that marketers (would love to) play on you. While perusing the news this week, I found an article discussing a perfect example of this kind of sneaky hackery.

This example was originally described in Dan Ariely's book Predictably Irrational, in which he talks about running across an advertisement to subscribe to the magazine The Economist. The advertisement lists 3 possible deals:

  1. Web-only subscription for $59/year
  2. Print-only subscription for $125/year
  3. Print + web subscription for $125/year

If confronted with these options, which would you choose? If you’re anything like the 100 MIT students that Dan Ariely posed this question to, you’d pick the print + web subscription for $125/year; 84% of the MIT students chose that offer, while 16% chose the cheaper web-only subscription.

Not surprisingly, nobody chose the middle print-only option. After all, it’s a pretty bad deal compared to the third option, which gives you the same thing plus something extra, all for the same price. But if that middle option is such a bad deal, why did the marketers even bother to include it?

To answer this question, Dan Ariely removed the second option from the list and presented the two remaining options to another group of 100 MIT students. This time, with just the $59 web-only and $125 print + web subscriptions to choose from, 68% chose the cheaper web-only subscription and 32% chose the print + web subscription. Remember, when all three options were available, 84% of students chose the more expensive option and only 16% chose the cheaper subscription.

So why did the marketers include that strange print-only subscription option? Because they also figured out that more people would choose the more expensive subscription if the print-only option was there.

What’s the math behind this? There isn’t any—this one is purely psychological. Sure, there are numbers involved, but all they’re really doing here is pointing out that people prefer to make choices between similar and easily-comparable options – so when they’re given the opportunity to do so, they will.

It may not be rational, but it is very real. And knowing how to spot this kind of trick is a big part of learning how to use math—or at least numbers—to be a more savvy shopper.

Wrap Up

Okay, that’s all the math we have time for today.

For more fun with math, please check out my book, The Math Dude’s Quick and Dirty Guide to Algebra. And remember to become a fan of The Math Dude on Facebook, where you’ll find lots of great math posted throughout the week. If you’re on Twitter, please follow me there, too.

Until next time, this is Jason Marshall with The Math Dude’s Quick and Dirty Tips to Make Math Easier. Thanks for reading, math fans!

Calculator-in-a-shopping cart image courtesy of Shutterstock.

5 Online Learning Platforms to Help Bolster your Resume

Being a lifelong learner is one of the best ways to stay engaged in your job, whatever field you’re in. There are a lot of ways to exemplify curiosity and a penchant for learning new skills: meeting regularly with your boss, attending professional development days and taking classes to hone a professional skill. It has […]

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

5 Ways to Not Get Divorced During the Homebuying Process

Even the most level-headed couples can go a little crazy when hunting for a home. If not careful, stress levels can suddenly shoot through the roof.

This shouldn’t come as a surprise. Most homebuying decisions swirl around major life changes: marriage, a new baby, job relocation, retirement, and downsizing. Those are tectonic shifts in one’s life, and adding a hefty down payment and a 30-year mortgage to the mix doesn't ease the burden.

Tensions don’t end there. A home isn’t just an investment; it’s a place you’re tethered to for years. You’re literally shaping your future by the neighborhood you choose.

In such an emotional situation, people easily become overwhelmed. In fact, a U.K. report found that 70 percent of respondents thought buying a home was a critically stressful time in their lives. Only one other life event was ranked worse: getting a divorce.

Yet it’s not practical to live in the same place forever. In other words, it’s up to every couple to rethink the way they handle the house-seeking experience, starting with preparing themselves for the reality of the situation.

Decisions, Decisions, and More Decisions!

Any homebuying newbie can relate to how complicated the process can be. When two people are involved, however, the strain amplifies. Luckily, knowing a few upfront expectations and being prepared to make tough decisions can ease the pressure.

First, understand the substantial financial burden. You must openly talk about your expenditure expectations with your partner. Partners can have significantly different ideas of what they are willing to spend to have a comfortable, safe home.

You must also accept that both of your priorities won’t necessarily align. For example, you drive east for work, and your spouse drives west. Whose work is more important if you can’t find a house centralized between the offices? In addition, what if the new home allows your partner to be 10 minutes from relatives, while you have a two-hour trek to visit yours? Until these considerations are aired out, a couple will be far from acing the homebuying process.

5 Ways to Keep Your Marriage Intact During Homebuying

Overall, communication is essential. In fact, with a few steps, you can turn looking for the perfect house into a way to strengthen — not wreck — your relationship:

1. Stick to a budget

Ironically, people often discuss stretching their budgets before they’ve even set them. Take a pragmatic approach, and know your budget first. A fast way to figure out your top monthly payment is by multiplying your combined monthly income by 0.25. For example, if you two make $10,000 a month, your mortgage payment with taxes and insurance shouldn’t be more than $2,500.

At that point, you can work backward. Use a mortgage calculator, like the one provided by Zillow, to figure out that a $2,500 monthly payment equates to a $500,000 house. Don’t even consider asking your mom to co-sign a loan to get more money. Instead, acknowledge the fact that you two can only afford what you can. Accepting this will help you both make decisions logically.

2. Start with the “good,” and work up to “best”

You know you can afford a $500,000 house, but don't initially schedule showings in that price range. The first three homes should be listed at about 20 percent below your budget. As you walk through the homes, notice what you like and what you don’t. For your next house, go up to the $450,000 level. Jot down what you love and hate. Finally, step into a $500,000 home. Is it tremendously better than the $450,000 one? Are its advantages worth an additional $50,000?

By starting at “good” options and moving toward “best” choices, you gain control over the process, and both partners have a chance to air out their objections. But be warned: If you flip the order and start with a $500,000 listing, anything less would seem subpar.

3. Quantify what’s important

Try to quantify preferences to put a more rational tenor on the process. An example is weighing the objective value of school districts and home prices. Typically, a home in a stellar school district will cost up to 25 percent more than comparable homes. Thus, for your money, you would have to get a smaller home to live in a preferred community.

Talk about this not as a way to “steal” opportunity from your kids but as a way to look at the pros and cons of each decision. For example, if you have 15 percent less of a house, your kids could attend a better school. This is a more rational approach than blaming your partner for not caring about your children's education. Quantifying priorities allows both of you to look at the big picture.

4. Speak magic words

Couples involved in buying homes often forget to incorporate productive, positive phrases into their conversations. Even if it doesn’t come naturally, emphasize how grateful you are for your partner throughout the process. Talk about how you appreciate that he or she has helped make it possible to look at better homes. Or admit that you’re blown away by the flexibility you’re seeing in your partner’s willingness to incur a longer commute to work.

While it isn’t an easy feat to be affirmative, you'll end up with better long-term results. You’re starting a new chapter together, after all. Don't you want your partner to know you are here for him or her in this journey? All it takes is a sprinkling of gratitude.

5. Invest in a little reflection

Whether or not you’re religious or spiritual, make time for reflection before signing on the dotted line. This will ground you and your partner and create a sense of much-needed calm. Ask yourself: “Is this really the direction for us? Is this where we’re supposed to be?”

In addition, vow not to bicker about dollar amounts after making your choice. Rather, use your home as a launching pad for the next page of your relationship.

Who has time to heap additional stress into their lives? Avoid the price of a divorce lawyer, and focus on the exciting possibilities ahead that come with buying a new home. The homebuying process might not be a cake walk, but your marriage doesn't have to pay for it.

An entrepreneur at heart, CEO Mike Kalis leads the team at MarketplaceHomes.com, a Detroit-based brokerage that specializes in new construction sales and property management. If you purchase a new home through Marketplacehomes.com, we'll agree to buy yours. Marketplace Homes has sold more than $3 billion in new construction homes through its unique home trade-in system and manages more than 3,500 single-family properties for investors who have 1 to 10 properties. It also offers new-construction homebuyers a guaranteed lease on their previous properties for up to six years.

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