Sunday's Bread

Is Your Latte + Nails Habit Killing Your Financial Future?

by manglade / September 21, 2020

Hello! Welcome to Money Mondays, a series of posts dedicated to women and personal finance. Today, we focus on your financial future (promise…it will be illuminating!). So, let’s start with a surprising thought. What if I told you that by curbing your latte and salon nails habit you could have $34,000 in ten years? And $100,000 in twenty years? Or $208,000 in 30 years!!!!

But I love my latte…. and salon nails are my “me” time!

Before digging in, I would like to say that personal finance is, well, personal. What you choose to spend your money on is up to YOU. The point of this post is to present an example of how one hypothetical woman’s choice can lead to an extra $34K to $200K in her bank account! This savings effort amounts to thousands of dollars that she can use to spend, continue to save or give away.

I am using the nails/coffee example as those are two luxury services that many women I know (including me) spend money on. This is not a judgment but rather an easy example to point out how YOU have choices on how to spend your money. And, those choices have a real impact on your wallet and your life.

If you spend and save intentionally, then you are making good choices with your money and can maximize what you do with that money whether it be to save for a house or a car or that vacation you have been dreaming about…again, every woman is different, and I am not here to judge! Only you can decide what you want your financial future to look like!

Lattes and nails a fun math example!

Math fun? It sure is fun when we are talking about growing your bank account. Spoiler alert: you will have access to a financial calculator that does the heavy lifting for you.

Let’s take a look at how much that designer coffee and professional manicure costs in my corner of Connecticut.

What you spend:

Regular (not spa) manicure $10 plus $2 tip

Fancy coffee at Starbucks $6

Assuming a 30-day month:

Having your nails done once a week is $48 a month and $576 spent in a year.

Daily coffee at Starbucks is $180 a month or $2,160 in a year.

If you add them both up, daily coffee plus weekly manicures cost $2,736 in a year.

So, then do you take $2,736 and just multiply by 10 to get what you would have in ten years? Not quite. (Unless you stuck that money in your mattress and it earned nothing). In that case, you are not taking into account the interest earned and compounded or something finance geeks like me call The Time Value of Money.

Let’s geek out and see how savings over time impacts YOUR financial future.

On day 1 of every finance class (trust me on this topic – I have taken many finance classes in college and grad school) the professor starts out with a concept called the Time Value of Money. Fortunately, you can skip the pain of sitting through a finance class as I am going to explain the idea right here.

The Time Value of Money means that $1 today is worth more than a $1 tomorrow. Why? Because today you can take that dollar and invest it and earn interest on it, thus tomorrow that dollar will be worth more!

Now that Finance 101 is done, let’s move on for the fun part.

How much could you save with DIY nails and coffee?

While on a daily or weekly basis nails and designer coffee do not seem like much of an expense, let’s think about if we changed these two habits over the span of 10, 20 or 30 years (or in other words your financial future!).

First, we need to calculate the true cost of doing it yourself (DIY). You will need to buy yourself some nail supplies and coffee plus creamer/milk/sweetener if you like. Let’s deduct those costs from the savings we calculated above for DIY nails and coffee.

Is your latte killing your financial future?

Coffee: Cost of brewing at home versus Starbucks

Now, according to the Specialty Coffee Association of America, one pound of coffee is enough to make 48 6-ounce cups of coffee. I just bought a pound of coffee at Trader Joe’s for $4.99 on Friday. So at that price ($4.99 divided by 48), the cost per drink is $.10 cents a cup. Because I like milk and sweetener I am adding another 9 cents to my totalling .19 cents per cup. (As a side note, I always heat or froth my milk – and put it in a pretty mug so it is exactly as I like it, and as if I am at Starbucks).

Fancy coffee at Starbucks $6 a day, minus .19 cents so your savings from not going to Starbucks on a daily basis and making your own coffee at home equals approximately $5.81 per day.

Is your nails habit killing your financial future? — DIY nails

Nails: Paint your own or professional manicure

Salon manicures in my area cost $12. If you deduct the cost of buying nail polish and a few supplies which I estimate to be $8 a month (possibly less depending on what you buy) then the cost is roughly $10 a week if you had nails done every week.

With 52 weeks in a year:

Coffee ($5.81 a day $174 a month, and then multiplied by 12 months) = $2,091

Nails = ($10 a week, $40 a month and then multiplied by 12) = $480

So, the savings is $2,091 plus $480 = $2,571 for a year of savings for being an DIY er and not going to a professional barista or manicurist.

Use a financial calculator to see where you end up in 10, 20 or 30 years

Ladies, I hate math. Yes, I majored in finance but the dirty little secret is that you do not have to know much math in business or even finance unless you are trading options. The rest of business math is pretty straightforward, and I had mastered it in middle school (you heard it here…my job to break is it down for you)! Fortunately, there are handy dandy calculators to help you figure all of this out. Here is one I like.

How much money do I have in 10, 20, 30 years?

Plug in $1 to start into “Starting principle” (just fancy for how much money do you have now)

Then plug in your interest rate. Let’s use 6% which is a conservative rate for a long-term investment (more on investing at a later date).

10 is your “n” (or number of years)

$2,571 is your payment (Remember the savings calculated above. This is the amount you would have from DIY coffee and nails)

Voila! The magic number is – $34K (and if you make your payment at the start of the year you have another $2K for $36K)

And in 20 or 30 years? Compound Interest is more fun than you think!

How did that happen? Well, your money earned money through the interest. The larger sum then continued to earn money. You kept putting in more money from doing your nails, brewing your own coffee. Like a snowball that is rolling down the hill, the money gets bigger and bigger and bigger.

Let it snow…

In fact, if you did this for twenty years, you would have approximately $100K. How about 30 years? You would have $200K! All for brewing a cup of Joe at home and doing your own nails, and putting the savings into an account that earns 6%!!!

Ugh…I don’t want to think about my financial future! Why are you picking on my two favorite things to do for myself?

Ladies, I started out by saying that personal finance is personal. I use these examples as illustration only! In my case I really like my double, skinny latte with a dash of mint. I also really like the way the nail salon does my nails! But when I run these numbers I realize that for me, an occasional visit to the nail salon or visit to Starbucks to meet a friend more than satisfies my need. The rest of the time I make it myself or do my own nails. You may be different.

Your Starbucks may be the place you get work done and compared to renting office space, it is downright cheap!

Or the weekly nail salon trip is your time alone and a mental health saver. Certainly much cheaper than therapy.

I am totally fine with that! My non-negotiables are getting my house professionally cleaned every other week. I am sure I could save money doing it myself but honestly those five hours are gold to me…so again, it is not my place to tell you how to spend your money. I would like you to think about how you spend affects your financial future.

My hope is that you will start to think about choices. Maybe you clean your house but heading to the nail salon is your must have. Or maybe like me you like to travel so doing some stuff yourself is a small price to pay for seeing the world.

Plug in your own examples. Maybe you could cut $25 off your grocery bill? Or do you really need to dry clean? What if you bought clothes that were easy to maintain? Take your savings and plug them into the financial calculator. Play around with the interest rate, years you can save and see how you feel. When you see your the “facts” or what you could have making a certain decision it all becomes very interesting.

What do you spend money on? And where do you save? Do you put that savings into an account that earns interest? Please leave a comment below and join me on social media to chat about it too!

DISCLOSURE: Sunday’s Bread and any content in it exists to thought provoke and learn from the community. Your financial decisions are yours alone, and we are in no way responsible for your actions.

Food

Instant Pot Chicken Curry

by manglade / September 17, 2020

Instant pot chicken curry has quickly become a family favorite around here. It is creamy, simple, flavorful and can be made in 30 minutes flat. This recipe is also gluten, dairy free and low-carb so it checks a lot of boxes. I use a mild curry powder (which you can add heat to if you prefer your curry spicier).

What is curry?

Curry means sauce with spice. It also refers to any variety of dishes in a number of countries that uses a combination of spices. The word “curry” was created by the British in the 19th century when India was still a British colony. Curry is actually anglicized for kari, a word that means sauce.

Curries can be found in India, Southeast Asia and the Caribbean. Indian style curry powder dates to the 18th century when it is thought that Indian merchants prepared spice blends for the British Colonial government and army who would return to Britain. The primary spices found in Indian style curry powder are coriander, cumin and turmeric (which gives the blend the signature yellow color). By the way, traditional Indian chefs and cooks do not use curry powder. This recipe is admittedly an Americanized Indian curry (but I am OK with that as it is delicious).

Is curry healthy?

This dish has numerous healthy ingredients. Indian style curry powder typically has turmeric in it. Turmeric has been shown to reduce inflammation. There are over 12,000 peer reviewed studies that show the benefits of turmeric!

Other healthful ingredients include onions which are high in antioxidants. Chicken provides vitamins, minerals and protein. This dish is also versatile so you could add in some peas or other vegetables. Carrots, celery and peppers would all make nice additions.

What do you need to make this Instant Pot Chicken Curry?

Spices are at the heart of any curry, and this Instant Pot Chicken Curry is no different. Toasting the spices in coconut oil extracts the spices’ flavors (please do not skip that step!).

This dish calls for a few spices that you should be able to find at any major grocery store chain. If you can not, I highly recommend Penzey’s spices which are always fresh and delicious.

Here are the spices you will need:

Indian Curry Powder: Make sure you check the spice level. Typically you can find hot or sweet curry powder (or if it is not marked, it is likely on the milder side). The last time I made Indian Chicken Curry I used McCormick’s brand which was not too hot and should be widely available.

Garam Masala: Garam Masala is a warming spice blend which can vary dramatically depending on the location in India. You should add the Garam Masala at the end of a dish.

Ground Cumin: Cumin is from a plant found from India to the Middle East and has a nutty, distinctive taste (it is also often used in Mexican cuisine). I used my local supermarket’s brand which worked well.

A note on other ingredients:

I used Costco’s Kirkland organic chicken tenderloins which cook quickly and are easy to chop and are well priced.

I also use full fat coconut milk (canned). Fresh lime and chopped cilantro add some freshness, and cut the richness of the curry.

How do you make Instant Pot Chicken Curry

I started off by saying how easy this recipe is – and it is! The full recipe is below but here are a few notes.

First you toast the spices (all except Garam Masala) in coconut oil for a couple of minutes which really adds a great flavor dimension. As it is made in the Instant Pot you can simply do this with the saute function (love my Instant Pot…one pan to clean!). Another important step is to deglaze the pan of the brown bits. This is a classic step in many dishes and once again with an Instant Pot it is super easy.

Instant Pot Chicken Curry

Instant pot chicken curry is easy, full of flavor and a recipe the entire family will love. Creamy curry sauce with tender chunks of chicken and vegetables make a go-to weeknight dinner as you can have it on the table in 30 minutes flat.

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Course: Main Course

Cuisine: Indian

Keyword: budget friendly, curry

Prep Time: 10

Cook Time: 15

Servings:

Calories: 375kcal

Cost: $10

Equipment

Instant Pot
Small Bowl
cutting board
Sharp chopping knife

Ingredients

3 Tbsp coconut oil
3 Tbsp curry powder
½ tsp garam masala
2 tsp cumin
1 tsp turmeric
3 tsp fresh ginger
2 cloves garlic finely minced
2 Tbsp tomato paste
½ cup chicken broth
1 yellow onion
2 lb boneless skinless chicken breast or tenderloins I like Kirkland, organic chicken tenderloins
1 tsp salt
1 Tbsp cornstarch
1 can coconut milk full fat
Cilantro and/or parsley chopped to taste
Fresh lime juice to taste

Instructions

Press the “Saute” function on your Instant Pot. Add coconut oil and heat for a minute or two. Add in the curry powder, cumin and turmeric. Stir continuously to toast the spices, 1-2 minutes.
Add the onion, garlic, and ginger. Stir to coat in the spices and saute for 2 minutes. Watch carefully to ensure the mixture does not scald (add a spoonful of water if it seems to be over cooking).
Add the tomato paste and stir with the onions. Cook 1-2 minutes.
Add ½ cup chicken broth to the pot. Stir and scrape up any browned bits.
Add the diced chicken and salt and stir all ingredients.
Press the “Cancel” button to turn off the “Saute” setting. Secure the lid, ensure the pressure valve is set to “Sealing” then program to High Pressure for 5 minutes. It will take 8-10 minutes for the pot to come to pressure. Perform a quick release once the timer goes off.
Mix the cornstarch with one tablespoon of water in a small bowl. Whisk briskly until smooth. Pour the cornstarch mixture and coconut milk into the pot, then stir; simmer 2-3 minutes or until the sauce has thickened. Add the Garam Masala with one minute left.
Add the fresh lime juice and cilantro. Taste for seasoning and add salt if needed. Serve immediately over steamed rice or serve with Naan or pita bread.

Notes

Nutrition

Calories: 375kcal

Travel

Visiting the National Parks with Kids: Expectations Versus Reality

by manglade / September 15, 2020

We have visited over 10 national parks with our girls. Each one has been unique, breathtaking and full of ways to be active in the great outdoors. Today’s post is the first in a series about visiting the National Parks with kids – specifically what our expectations were for our trips, versus reality.

Expectation: Breathtaking scenery

Yes, we decided to travel across the country on several occasions for the pure beauty of the parks. This expectation was met and then some! What we did not expect was the sheer diversity. From the grandeur of the Grand Canyon, the majesty of the old growth forests in Olympic National Park, to the almost surreal scenery of Bryce Canyon, each park has been so unique and gorgeous. None disappointed in any way.

Expectation: The kids might be bored

Wrong. Our girls loved the parks at every age. We started visiting when our youngest had finished second grade and our oldest, fourth. They were the perfect age to become Junior Rangers. The Junior Ranger program has a self guided scavenger hunt, puzzles, and other activities that lead you to explore the park. At the end the girls would receive a badge. Each park has a unique Junior Ranger program, and they are all very educational with lots of science and often history.

Our girls also loved to hike, watch for wildlife and visit the historic sites. Where else could you pick fresh fruit from an orchard originally planted by pioneers (Capital Reef)? Or see the names of pioneers or Native American Hieroglyphs etched into the cliffs? (also Capital Reef).

Many of the places we stayed did not have Internet access. Guess what? We played board games, drew, listened to music and read. We also brought books on CD or used audible (more recently) to listen to books on long car rides. Many of the parks protect the night sky too so star gazing is amazing. Worried about boredom when visiting the National Parks with kids? No need…plenty of old fashioned fun to be had (and everyone is tired at night after hiking, rafting, touring).

Expectation: There would be numerous places to eat and stay outside the parks

Well, this one really depends on where you are visiting. Coming from the East Coast where you can’t throw a stone without seeing a highway exit with restaurant signs – we had a few surprises. After leaving Grand Canyon to drive to Zion we went hours without seeing a restaurant (and fast food would have been fine!). I highly recommend that when you start your tour, go to a store and stock up on snacks as well as a cooler. Fortunately we had done this so our girls were happily munching on fruit and Chex Mix until we found a place to eat. I also like to pack some breakfast items such as granola or muffins to eat when we stayed where breakfast was not included (time and money saving!).

Expectation: The highlight of the day would be the National Park

Hah. So with school age kids, our expectation was that they would be as enthused as we were to see such amazing sights. For the most part they loved it. However, in our case we often stayed outside the parks in chain hotels such as the Hilton Garden Inn, or Marriot Courtyard. These hotels often had a swimming pool and free breakfast. Let’s just say that usually around 3 p.m. our girls could not wait to hit that swimming pool. Oh, and as I do not buy sugary cereals…the hotel free breakfast was usually a hit too. So while I would not say that swimming pools and Fruit Loops were the highlight…they were a close second after the sights in the park.

Expectation: The parks are not really untouched and can be crowded

Ok, so in some of the parks there were crowds. Yellowstone had tour busses filled with tourists from abroad. Yet, 99% of those tourists would descend to see Old Faithful and get back on the bus. One ranger told us that fewer than 2% of visitors ever go beyond a mile or so from the main attractions. This fact presents a great opportunity if you do want to go off the beaten path.

In our case we ventured beyond the main attractions, and then you are really removed from the crowds. We stayed on the hiking trails, had a map, plenty of water and snacks and were able to see some amazing sights such as geysers and waterfalls with either no people around or one or two. In some parks you have to watch out for bears – they do not like surprises so we would often sing as we hiked to give them fair warning! We did see a bear twice but once from afar (a Grizzly mama and her cubs running across the plains of Yellowstone and a brown bear which the Park Rangers shooed away when he was too close to people). The parks do sell bear spray too if you are worried.

In general the parks are very wild and you need to heed all of the precautions. We always checked into the main park ranger station and reviewed the weather reports, spoke to the park rangers and outlined our day. We also followed directions and did not sit too close to the rim at Grand Canyon or at any of the incredible water falls we have visited. I can’t tell you how many people were not following those precautions. My theory is that people are used to visiting Disney and think they are safe like it is a ride. It is not! Heat can also be an issue in the Southwestern parks so you need to bring plenty of water and not stay out too long.

Final thoughts

In general, our expectations were exceeded at all of the National Parks we have visited with our kids. Visiting the National Parks is budget friendly, educational, fun and a great way to make memories with your family. Check back as I continue this series on the National Parks. My next post for Travel Tuesdays will be our two week tour of the Southwest National Parks including Grand Canyon, Bryce, Zion, The Arches, Mesa Verde and more.

Finance

Welcome to Money Mondays!

by manglade / September 14, 2020

So glad you are here. Money Mondays will be our time to chat about money and women (and how you can avoid being one of the statistics!). Sound boring? Scary?

Join me weekly, and I promise to break it down into easy-to-digest steps. Grab a cup of coffee while we chat about how to save money, what to do with your savings, how to set short and long-term goals, budget tips and more.

One of the reasons I started this blog is that I am passionate about money and women. Why? Well, in my own circle, some of my girlfriends and family members seem to struggle with money – whether saving enough for a goal or how to invest.

Some of these women have had unfortunate circumstances such as losing a spouse or being on the short end of a divorce. Or maybe they left the workforce to care for family, and now may be facing a spouse’s job loss. Lastly, attitudes do not help. The patriarchal past that states that men are in charge of money still seems to be alive and well in certain families.

Unfortunately society often tells girls they don’t have to learn about money. It is too hard. Or that their fathers and husbands will take care of them. Ladies, a man is not a financial plan. Make sure you understand how to take care of yourself. If you never have to then knowing how (and taking the steps to ensure you will be fine financially) will just be a nice insurance.

Still not sure you believe me? Read on for a few more stats.

Money and women in America

I started researching women and personal finance, and found my own circle was pretty indicative of the rest of the country.

Here are a few stats:

According to the U.S. Census, women are more likely than men to be single parents
Women live longer with an average life expectancy of 81 years compared to 73 for men
50% of marriages end in divorce
Women are more likely to leave the workforce to care for family. On average women are out of the workforce 15% of their eligible working years compared to 1.6% of men. As a result, women have lower social security benefits and sometimes difficulty earning an income when trying to return (Women’s Institute for a Secure Retirement).
Women occupy the majority of the lower paying, service jobs
According to the U.S. Census the average age of widowhood is 55 years old
80 to 90% of women will be solely responsible for their finances at some point in their lives due to divorce and longer life expectancies than men.

How can I help with money and women?

In my corner of the Internet – I am intent on helping other women succeed with money.

Full disclosure, I am not a professional financial advisor. Certified financial advisors can be excellent support and certain cases warrant one. Here I will be sharing what I have learned.

What is my background? One of my college majors was finance. I then went on to work in banking for five years for one of the largest banks in the country. After that I earned my MBA.

I will not be sharing complex stock option trading strategies. This blog will be focused on basic, practical advice around savings and investing – and my own experiences that have enabled me to reach my financial goals.

A bit more background

My father grew up in the depression and let’s just say Bob imparted a strong understanding of savings, investing and money for his daughters. I realize how lucky I am and how other women were not part of that conversation growing up. He was also very frank about getting a job that would support me financially after college. No basket weaving allowed!

Money is not boring

You see, personal finance may be sort of dry but what you can do with your money is not boring. We women often focus on being caregivers which is a wonderful and admirable trait. However, ladies, taking care of your money can mean taking care of your family, your life – and freedom from worry so you can spend your time doing what means most to you.

How great is it to be able to provide the kind of education for your children that you envision? Or a secure retirement for yourself so you won’t be a burden? Or maybe your dream house or vacation to make those family memories?

Join me for Money Mondays!

So let’s change that…come join me Mondays as we discover the world of personal finance to help you achieve your goals. We will take a topic every week ranging from savings (how to save, budget, where to put your savings) to investing (how you can build a bright future with investments).

How does your circle of female friends fare in the personal finance department? I welcome your comments.

Food

Potato Salad Recipe (No Mayo)

by manglade / September 12, 2020

I prepared this super flavorful, easy potato salad recipe (No Mayo) this morning. It is delicious, full of flavor, and I promise it comes out perfect every time! No mushy, watery potatoes here. The tangy vinaigrette is French inspired with a hint of Dijon mustard and plenty of herbs. This is the sort of potato salad I grew to adore on my many trips to France. I also like mayo sometimes but not on my potato salad.

I serve this potato salad warm, at room temperature or chilled. Furthermore, it will last in the fridge for up to five days (if you do not eat it all at once…it is that good!). And, it is vegan, vegetarian and gluten free so it will please many eaters.

Creamy new (or thin skinned) potatoes are paired with an herby vinaigrette dressing which combines virgin olive oil, wine vinegar and Dijon mustard. Add a crunch of red onion, a bit of chives and a generous dose of herbs and you have a perfect potato salad recipe. And bonus – if you can find a mix of potatoes as I did, the purple variety is particularly healthy!

Where does potato salad originate?

Potato salad is German but varieties also come from France. Americans have embraced potato salad, and there are many varieties both with mayo and no mayo. Historians believe that potatoes originated in South America. Peru is well known for having many varieties of potatoes – up to 400!

Are potatoes healthy for me?

Potatoes have a bad rap as adding to weight gain and being full of carbs. However, the way you prepare them makes a huge difference. Deep fried potatoes for chips and fries are high in carbs, fats and calories, and the deep-frying removes much of the nutrition. Simply boiled or baked potatoes are full of fiber and contain plenty of vitamin C. I used a mix of heirloom fingerling potatoes today, and was happy to find out on Dr. Axe that they are very high in vitamins and antioxidants.

Can I substitute some of these ingredients?

Yes. This potato salad recipe is very versatile. You can add in chopped celery, hard cooked eggs, other fresh herbs such as basil and cilantro. Experiment with what you like best!

Potato Salad Recipe (No Mayo)

Tender, creamy new potatoes are combined with a tangy, French inspired dressing. Finely chopped red onions add crunch and fresh and dried herbs add bold bursts of flavor.

Print Pin

Course: Salad, Side Dish

Cuisine: American, French, German

Keyword: Potato, Salad, Sides

Prep Time: 20

Cook Time: 11

Servings:

Cost: $5