capsule wardrobe
Capsule wardrobes have become yet another icon of simplicity in an overly-consumeristic culture. High-profile executives even like the concept because it frees their “creative energy” for more important decisions than what to wear every day. Downsizing your closet might sound appealing if you:

  • Hate deciding what to wear every day
  • Dislike having to shop every season
  • Wish you had less clothing to maintain
  • Want to spend less on clothing

Building a capsule wardrobe saves both time and money in the long run, but it does require an initial investment. For instance, one of the first steps ‘capsule experts’ suggest is eliminating anything in your closet that doesn’t fit, flatter, or you simply don’t love.

What does that leave?

If you do it right, not much! Unlike high-profile executives, not many of us can afford to go out and replace our entire wardrobe in one shot, regardless of how much it will save long-term. Is it possible to build an amazing capsule wardrobe on a budget? If you consider the following tips, I think so.
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thrifty couple

My wife and I figured it was a great time to try something we’d always wanted to do since starting my blog—live with very little money for a set period of time and see what I learn.

I think we did well, because we ended up using only $34.01 in a whole week. It was an interesting and eye-opening experience, but more importantly, I learned some invaluable personal finance lessons.

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I used to think that perfectionism could only be a positive trait. After all, it comes with a drive to achieve many things, and to do so with a high level of excellence. When it comes to academics or athletics, perfectionism can set you apart from the crowd; in the workplace, perfectionism impresses the boss and earns promotions.

But, as with any mostly-good trait, there are downsides to perfectionism — all of which stem from the reality that, in an imperfect world, it’s impossible to achieve (and therefore crazy to expect) absolute perfection in any area of life.

In academics, athletics, and careers, perfectionism can lead to self-created stress and burnout or procrastination and immobilization, not to mention what it can do to personal and professional relationships. The same dangers of perfectionism apply to the way we handle personal finances and other assets, as well.

Taking responsibility of your finances and seeking “perfection” is a noble mindset, but it can also lead to wasted money, lost earnings, and lost value. Here’s how.
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financial new year

Financial resolutions are as easy to stick to as diet resolutions. For most people, it’s easy enough to establish fresh saving and spending goals for the upcoming year, yet difficult — if not impossible  — to make it all the way to February with new habits intact.

In January, with your enthusiasm still fully intact, you loudly declare, “This is the year when I’m finally going to get out of debt!” But two weeks into the new year, you find that your plan is too tough. Too rigid. Not eating out for a year feels like an impossibility when your lifestyle has accustomed you to eating out every day.

This leads to a difficult struggle. You resist letting go, but no matter how hard you try, it’s almost impossible to follow through with your resolutions.

So, you slip a little.

Then, you slip a little more.

Eventually — and all too soon — you throw in the towel.

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The holiday season always brings lots of excitement, from parties and family time to opening presents on Christmas Day. While we’re all pretty much consumed with the festivities of the season, it’s also important to remember that the new year is right around the corner.

Amongst all the many things you have to think about, your finances will probably be a big part of your upcoming year. Everyone has goals they want to accomplish and you want to make sure that your finances are able to support you on the way.

As you enjoy the last few weeks of the year, start to think about what you need to do to set yourself up for a better new year financially. Let’s take a look at your financial wrap-up for the year end:
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When a family member asks for money, most of us want to help. The reasons why can be complex: not only is helping family something that most people just do, but most of us don’t want to be the sort of person who doesn’t help family, either.

But the simple fact is that offering a handout isn’t always the best solution. There are plenty of people out there who have gotten burned by family members asking for money — there are situations that turns into a painful conflict, and there are situations that doesn’t actually lead to a family member working to get to a stable financial standing and plenty of other frustrating situations.

It’s worth considering alternatives before simply pulling out your wallet. Here are five opportunities to help family members:
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