Last week my mom was texting with me and with Mr. PiN. This was a bit of a first, as she much prefers talking on the phone.
Anyway, some of the discussion was about streaming services. We had just signed up for Acorn (7-day free trial, we will see if we keep it), because we were watching a series and impatiently waiting for the next DVD to be ready at the library. When we saw we could get the next episodes streamed to the home, we gave in. My mom texted: it’s a bargain. Just think about all the money you are saving not going to the movies or eating out.
The thing is, even before the pandemic, we hardly ever ate out, and even less often went to the movie theaters. So paying for a new streaming service is not, strictly speaking, saving us money. It’s just more money out the door that we weren’t spending before.
However, my parents love to go out to eat with their friends, and, at least in the winter, went to the movies at least once a week. Even with senior citizen discounts at the movies, I suspect they were spending plenty of money for their entertainment, which they are saving now by staying home. Likely more than enough to pay for 1, or even 3, streaming services.
This brought home to me (again) how important the personal is in personal finance.
I keep reading about the importance of cutting the (cable) cord, and quite a few articles suggest that anyone who keeps cable is throwing money out the window. And possibly rotting their brain as well.
However, we at the PiN household love our cable, if not the bill. We use it to listen to the music channels–classic rock and classical–every night. Not to mention perusing the free movies, CNN, and even broadcast TV. Even so, we might drop cable, except that when we look into that, getting Internet alone isn’t much cheaper. So we might as well keep it and enjoy our favorite channels.
We have cut back in other ways, ways like living as a one-car household.
I totally understand that a one-car household is not possible for many people. If I had a spouse working outside the home: forget it. Kids going to daycare: a definite no. A long commute: doubtful.
So all the savings we have from (1) Not paying for a second car and (2) not insuring a second car and (3) not paying for fuel or parking for the second car–none of those are accessible to a family who needs a second car.
On the other hand, we spend a ton of money on food. Compared to bloggers who post about their frugal food budget, we spend an outrageous amount of money on food. But I like my lactose-reduced milk (so expensive!) and drink plenty of it in a day. Mr. PiN likes to have lots of produce, and doesn’t want to be limited to whatever is in season in the Northern Hemisphere.
What I’m trying to get at is the fact that there is no one true way. Personal finance is personal. Although no one gets a pass on math, and you definitely have to spend less than you earn if you want to get ahead, how you make that gap between earning and spending is up to you.
As long as you are making the effort in a way that suits you and your tastes, this milk-swilling, cable-watching, doctor-blogger will salute you and your efforts.
What’s your favorite way to save money? Your expensive habit you won’t give up?