Monica Duffin lives in the San Francisco Bay Area, a geography not known for its cheap real estate. She holds a full time job and also goes to school full time. Monica also lives a Budget Savvy life. We asked Monica a few questions about how she manages to stay so busy, look great and still put money in the bank.
What do you save money on?
I am frugal as a grocery shopper, but I am especially good when it comes to purchasing apparel.
Where are your favorite places to shop?
My first fav’ is Walgreen’s—you wouldn’t believe the deals you can get on grocery items…their canned goods are always on sale. Walgreen’s is also my favorite place to use coupons. Everyone should take full advantage of the sales ads and coupons at Walgreen’s. The money you save on toiletries, makeup, and cleaning products at Walgreen’s is bananas!
I also am a huge fan of Ross, Marshall’s, Burlington Coat Factory, and TJ Maxx (mostly for the name brand items). The only catch to these types of clothing stores is, you literally have to spend about 3-4 hours looking through every rack, just to get the biggest bang for your buck, but trust me it’s totally worth it. They also are a great place to buy quality name brand linen, décor for your home, and clothing accessories!
Before I mention my next place, I have to tell you, I am a proud owner of a very lively Jack Russell and my dog goes through his chew toys in a matter of days. I can never justify shopping for his treats and toys at any other place other than….The Dollar Tree! My dog is also on a monthly cash allowance and The Dollar tree is the best way for him to spend his money. They always have tons of dog toys, treats, collars, flea repellents, etc. If you are a dog owner PLEASE check it out. The Dollar Tree is also my favorite place to buy my office supplies. You will always find paper, envelopes, file folders, staples, pens, etc. for practically nothing.
Are you loyal to a particular brand or product?
I do tend to favor Dove products. They are always reasonably priced and Dove delivers when it comes to quality. I love Dollhouse & Chinese Laundry for their style of shoes, and I’m a huge fan of CoverGirl & Milani for my make-up; otherwise, I usually go for what’s on sale, or for what has a rebate or coupon attached to it.
Do you have any shopping strategies or tips to share with our readers?
Because I was born to shop (as most women are), I have to control my urges to spend every time I have a little “extra money” in my wallet. One way that I’ve learned to calm those urges is by taking the time to clip coupons. Clipping coupons gives you the feel of shopping without physically being at the store; instead you are cutting out pictures of the things you want and putting them aside for future purchases. Coupons also can make for a great (self-control) strategy when you are shopping. When I walk into a store, I only buy the products that I have coupons for. This helps me to not overspend and buy things that I don’t need.
You have a full time job and go to school. Do you find it more difficult to be mindful of your spending with such a busy schedule?
No I don’t find it difficult, but I do find it very tempting to not be mindful. I just think it’s unfortunate that in this day and age, you have to pay more for convenience. People are constantly on the go and it’s a lot easier to turn to fast food for quick meals or Starbucks for a quick pick-me-up, but the truth of the matter is…if you have a hectic life schedule, then organize your time accordingly. It is not logical to me, to spend $5 at a fast food restaurant, just to save 10 minutes of your time. Five dollars a day can add up, and as the saying goes, “If it doesn’t make dollars, then it doesn’t make sense.” You can save time and money by planning ahead, and time and money are both equally precious so they should be treated as such.
I live by my daily planner. I review it every evening before the day ends, leave it open all day on my desk at work, and fill it up with as much as I can throughout the course of the day. I also take breakfast and lunch to work, and cook dinner almost every night, as opposed to going out.
How much time a day/week to you spend on your finances such as balancing your checkbook?
I spend about 2-2 ½ hours per week budgeting, balancing, & monitoring my finances.
Do you use a spending (an account set aside to save money for something in particular, like a vacation) account?
Yes. As a matter of fact I currently have four different bank accounts open, in addition to my retirement & money market accounts. I use each account for different reasons but my ING Direct account is set up for automatic savings. Every month a specified amount is withdrawn from one of my checking accounts. I love ING because it’s free and paperless. This account is set aside for emergencies and big vacations.
What advice would you give to someone who is trying convert from the habit of overspending to conscious spending?
Become your own accountant. Just remember nobody cashes their paychecks without looking at the amount first to make sure it correctly represents the amount of hours you put in at work. So why spend your money without ever really knowing whether or not you can afford to spend it? You have to budget and organize. You have to be aware your financial status at all times, it is absolutely necessary when trying to break the habit of overspending. When in doubt about purchasing something, ask yourself, “Do I need this or do want this?” If you restricted yourself to only spending what you need for about 10 years….you’d be filthy rich!
Were you born Budget Savvy or did someone teach you?
Yes, I’d like to think I was born Budget Savvy, but I haven’t always practiced good spending habits. Everyday, to this day, I have to work at being Budget Savvy and staying aware of where my money goes. So to all of those who can’t say they were born with ‘it’, and have to work extra hard to keep ‘it’…just know once you’ve got 'it', you’ll never lose 'it'!
