Frugal Kick

Frugal Breakfast: Carrot Bran Muffins

I've been on a muffin kick lately and discovered a wholesome, easy recipe that even my toddler likes. I kid you not, I've gotten her to eat carrot bran muffins! Muffins are a great alternative to cold cereal and my usual go-to quick fixes like Eggo waffles and the dreaded Pop Tart. They are loaded with sugar and quite pricey relative to the low nutritional value. Plus I love the smell of fresh-baked muffins filling the house in the morning.

This carrot bran muffin recipe is from the book "The 250 Best Muffin Recipes" by Esther Brody. In frugal fashion, I checked it out from my local library.

1 cup All-Bran cereal
1 cup buttermilk
1 egg, beaten
3/4 cup finely shredded carrots (approx. 2 medium)
3 tbsp oil
1 cup all-purpose flour
1/4 cup packed brown sugar
2 tsp baking powder
3/4 tsp cinnamon or allspice
1/2 tsp baking soda
1/2 tsp salt

1. Preheat oven to 400 degrees and line or grease a 12-cup muffin tin.
2. In a bowl, combine bran cereal and buttermilk. Let stand for 5 minutes. Add egg, carrots, and oil; mix well.
3. In another bowl combine flour, brown sugar, baking powder, cinnamon, baking soda, salt and bran mixture; stir just until blended.
4. Spoon batter into prepared muffin tin, dividing evenly. Bake in preheated oven for 15 to 20 minutes or until browned.

These muffins freeze exceptionally well. They are sturdy and remain moist inside. Allow the muffins to cool completely then place them in a Ziploc freezer bag. To serve warm, microwave briefly or reheat in a toaster oven.

 

Yes, Virginia, it IS a recession

On December 1, 2008 the National Bureau of Economic Research (NBER) finally brought up the rear and announced that the United States has been in a recession since December 2007. The full announcement and analysis is available as a PDF here: Download NBER Dec 11 2008.

So now we can move on and start debating, is a depression next?

From where I stand, there do not appear to be any signs of the economy improving. In fact, I am hearing of more companies planning layoffs, more companies going out of business, and more people hunkering down even further to endure what 2009 may bring.

Five Frugal Tips for Surviving a Recession

It's pretty clear we're in a recession that's going to drag on longer than any of us originally expected, as I wrote about here and here. There's no time like the present to assess your current financial situation and prepare for the long, drawn out recession ahead. I don't think it'll get as bad as the Great Depression because of the safety nets put in place after that economic catastrophe, but the fact that our economic woes are spreading to other countries like a flu in winter is a sign that we're a long way from the road to recovery.

1. Cash is king. Strive to be cash-based and avoid using credit cards, taking out loans, or financing anything other than income-generating expenses like a college education or necessary and sound investments like a home that you will live in.
2. If you have no savings, make it a priority to start saving. The general rule of thumb is three months worth of expenses. But, honestly, if you're living paycheck to paycheck (or recently unemployed), winning the lottery seems more likely. So do what you can. Starting a savings plan is like starting an exercise regiment. It's painful at first, but becomes easier and even enjoyable once you develop the habit.
3. Scale back your expenses in meaningful ways. There are lots of frugal tips out there calculating how much you can save in a year by not getting your coffee at Starbucks, going to the library instead of buying books or magazines, and bringing lunch to work once a week. But when you're first getting started on being frugal, a meaningful cutback that results in noticeably more money in your pocket at the end of the month can be more motivating than an extra $100 bucks because you gave up your daily Starbucks. Plus one sizeable cut is less irritating than a small cut every single day.
4. Don't panic. Now is not the time to liquidate your investments or move your 401(k) money to cash and bonds. As long as you're not within a few years of retiring your portfolio should recover eventually (certainly well before you retire). You should also continue contributing to your 401(k) because with stock prices as low as they are right now, each dollar you contribute is going a lot further than it used to. It's always a good idea to evaluate your personal risk tolerance and investment goals and make sure your investments are in sync with your needs.
5. Keep spending modestly on the things you really need. In order for the economy to claw back to normalcy, we must keep the economy going by spending as needed. So while it's admirable and oh so frugal to grow your own vegetables in your yard, sensible spending is what our economy needs and what will enable all of us to survive the recession.

This list is just a start. How are you surviving this recession? Post a comment and I'll include your tip on the next list.