Hello Hello Lions

Pull up a chair for a couple of minutes, but first answer me this if you would please ...

What does Economics mean to you?

Yes if say Economics, what do you think about.

It could mean a variety of things.

But what about our very own @leoglossary
There are two relevant terms in there, namely:

• Economy

A large set of inter-related activities that revolve around production, consumption, and exchange activities.

• Economic

Relating to the economy. This can be concerned with the production, distribution, and consumption of goods and services.

To me a good definition of Economics is mine ...

An economy can be big or small, it could be your country your town or your house and economics are how we make money and spend it in our economy.

That definition leads me nicely into this post. Since February 2022 when Putin decided to invade Ukraine we have all felt the repercussions, and so I will take some time to discuss household economics.

What is household economics?

Many people say that Economics is the study of how people make choices under conditions of scarcity.

I don't know about you, but we have plenty examples of scarity since Feb 2022 and we will focus on five examples of household economics in action.

1 Making a budget.

Being a Project Manager I love project controls and that includes budgets and cost schedules! When you make a budget you should be trying to allocate your limited resources (money, time, and energy) in the most efficient way possible. We all have heard of the expression time is money? Yes? So when you make a budget take this into account. Is your time best spent elsewhere?

2 Shopping for groceries.

I am the cook of the house and the shopper, well of groceries anyway.
Mrs T cannot stand shopping for groceries, I remember one time when we were living in Spain and I had shingles, which meant I could not go out and buy the groceries. So Mrs T took a friend, and I gave her a shopping list with the product and price down to the penny, the friend could not believe I knew how much things were exactly!

When you shop for groceries, you are trying to get the most value for your money. I love the discounted food that needs to be eaten that day. I often buy it and put it in the freezer.

Look at that, 60% discount! Now that is what I call value

Was £3.19 and I bought for £1.28, I actually managed to get two of them, so when I got home I put one in the freezer. That was to meals for less than the normal price of 1!

Shop around and always keep an eye open for shops advertising sales.

Since the war of Putin, money is tight, the cost of food has soared! So check and see if there are cheaper payment methods for goods.

I remember when we were living in America, they used to have coupons, I never did get the hang of that as I found it too fluffing fiddly, but now there apps on your phone, that do the same thing!

There can often be bargains to be had if you take advantage of deals such as BOGOF Buy One Get One Free, although I think they were banned in the UK for doing that as so much food was being wasted!

Bulk buying though can be great, do you have a wholesaler near you?

3 Making house repairs.

You might laugh about this one. DIY we call it Do It Yourself and traditionally at bank holiday weekends in the UK and this long weekend is one people would run the the DIY shops and buy stuff to allegedly fix their house or garden!

It used to be that you just pay for a tradesman to do the work, not though they can bee expensive and by doing the work yourself you will save money (in theory). With the advent of YouTube and other Social Media sites you can pretty much find out how to do anything on Google or online!

4 Thinking about Transportation

Do you have a car? Do you need a car?
We used to have a car, but when we came backfrom Spain, we took the decision to helpthe climate andget ridof ourcar andrely on public transportation. We are lucky as we live in the UK where public transport is pretty good.

But, it is often an inconvenience I am not going to lie. Money wise though it actually saves us money. We did not go into debt buying a car so don't have a loan to repay. Nor do we have fuel, insurance or a whole host of maintenance costs to pay!

If you really have to have a car then get something that meets your needs and fits your budget. Look for fuel-efficient cars or would an e-bike work for you?

5 Saving & Saving for retirement

The hardest thing to do is save. Trust me I know this. However, we all have heard about saving for a rainy day, and we are only one paycheck away from disaster. Of course your crypto portfolio might be considered as your savings, and that is great, but you need to think about saving and no matter what age you are, you absolutely need to think about saving for your retirement.

I mean if the right coins moon, you might be taking your retirement early! So get saving...

My favourite place to save right now?

Go on, have a guess... yes it's on Hive!
Before I show you where ... Did you read Why you should Save and how easy it is with Saturday Savers? If you have not, then it might be worth your while!

Okay back to my question!

Yes, that 20% APR for your HBD savings, that is insane, and I urge you to grab some of that action while it is still at 20% APR. Don't say that you were not told!

That post I shared explains how by doing the penny a day challenge I have almost three hundred dollars saved!

When you save for retirement you are looking after yourself and knowing that you will have enough money to live (comfortably) in your later years.

Are you paying attention?

I live in Kirkcaldy, who is the Father of Economics?
Drop in the comments and something will come your way!

Thanks for visiting and enjoy the rest of your day!

All images and ramblings are from me, the mad Scotsman TengoLoTodo unless identified in the post text.
@tengolotodo.leo for (@tengolotodo) May 29th 2023

DO WHAT YOU LOVE AND DO IT OFTEN

Haste Ye Back!

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