Sharing insights since 2007 on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom!
Do you waste money just because you are using your funds to deal with crisis after crisis?
I got a laptop last year because we visit our family overseas every year for an extended period of time and a laptop would allow me to work away from home. The decision proved extra prudent when I was in Hong Kong this year since I had to quarantine for 14 days in a hotel room and I don’t know how I would’ve passed the time if I didn’t have my laptop with me.
But remember how I play video games? Well, the laptop I got is smaller and the unit gets very hot at times, making games run a bit slow when the chips overheat. My friend suggested that I buy a desktop since there are deals to be had right now. Sure, I could do that. But wouldn’t the laptop purchase become a waste of money? I could sell it, but then I wouldn’t have a laptop when I travel again to visit my family next time. I could buy a laptop again when we go next time, but doing so and repeating the cycle over and over is obviously ridiculous.
Buying, selling, and re-buying the machine while losing money every time does sound ridiculous right? I know just about everybody agrees, but why do so many do this with other areas of their lives?
Instead of buying their cars outright or at least financing their cars at low rates, they choose to lease, re-lease and lease vehicles over and over. Instead of buying food in larger quantities and just separating them into each individual packages themselves, they buy small quantities at inflated prices over and over. Instead of buying a few quality pieces of clothing that look nice and last forever, they buy low-quality items that get ruin after a few wash cycles, so they have to buy more clothes over, and over, and over again.
I know some people don’t give their kids allowances and others are on the fence about starting the routine. Two of our writers recently shared their experience with giving their kids a monthly stipend. Here are eight reasons why they think it’s working well for their children. Perhaps you should consider offering some money to your kids regularly too!
Vered’s Kids Are So Responsible!
My husband and I started giving our children, ages 8 and 10, a monthly allowance a couple of years ago. Now that I see how valuable having their own money is, how helpful it is in teaching them important lessons and concepts in personal finance, I regret not starting sooner!
Here are my top reasons for giving my children a monthly allowance. [ continue reading… ]
Relocating for a job can be expensive. This is a concept all too familiar to me at the moment, but through my recent experiences I have learned a lot about frugality, determining what’s most important, and making wise financial decisions in spite of emotional attachments to my possessions.
I changed jobs recently and had to make a cross-country road trip to get to the new location. I’ve also learned a little bit about saving money while on a cross-country road trip. Whether you are driving across the country for work or your family is simply on a road trip vacation, here are three tips from my 5-day journey from Michigan to Washington state for you. [ continue reading… ]
Here’s a life-saving tip for you – if you don’t want to die, don’t let your eyeglasses snap in half while you drive.
And yes, this happened to me the other day. I drove my kids to school and my glasses just fell apart while I was still behind the wheel. The good news is that there were no damages and I still managed to hold my glasses up enough for me to see clearly and drive home safely. The bad news is that I now need a new pair of glasses.
I joked to my wife that I could theoretically just tape the lenses to my face and still manage, but perhaps my wife didn’t think it was a joke at all. After all, she thinks I go pretty far in order to save money. I haven’t really done that in a long time, especially with COVID and all, but I used to walk to the grocery store, then to the pharmacy, and then back to see which place sold ibuprofen at a cheaper price. Oh man, it must have been ten years ago, but I still remember those trips! It wasn’t super far, maybe a 5 minute walk each way, but spending that extra 10 to 15 minutes to possibly save a dollar just isn’t something people in the United States do.
As I write this, I’m also wearing a pretty heavy jacket because it’s pretty cold in my room. I could turn on the heater, sure, but I’m home alone and well, gas bills…
One of our friends always comments on how frugal we are compared to those around us. She just can’t seem to understand why we spend so little compared to how much she thinks we can afford. Many people would feel the need to defend themselves, but I’m totally comfortable with being frugal. That’s because being willing to live on less is one of the primary reasons we could live a comfortable life now. [ continue reading… ]
I see this possibly becoming a little bit of a tradition here at MoneyNing.com. This isn’t the first year I wrote this piece, but many of us sure need some good news this year so we are re-running the giveaway. What are you thankful for?
Dear readers,
I don’t like to stick my nose in other people’s business, so I’ve gone back and forth on whether I should even write this to you. But I know I’ll regret it if I don’t say anything — so here goes.
In the next 30 days or so, you’ll be bombarded with many seemingly wonderful ideas on how best to part ways with your hard-earned cash. A new TV, perhaps, a gorgeous handbag, or your dream pair of shoes — sold at a deep discount, no doubt.
But while these beautifully-designed products will give you a temporary high, the joy of ownership will fall by the wayside soon enough, just like everything else you’ve ever purchased. [ continue reading… ]
Americans have been cheering on low rates for years. This is especially true for those looking to buy a home or thinking of getting a bigger home. After all, lower rates lower the interest you pay on a mortgage and reduces the monthly burden. Plus, lower rates increase home values, and that makes just about everybody who owns a home happy.
Lower rates, it’s the best thing since sliced bread. Or is it? I’ve been telling people that a lower rate isn’t as big of a benefit as people looking to buy a home think it is, but that was when rates go up and down a quarter percentage at a time. Does anything change with rates dropping from 4% to 3% practically overnight? How do lower rates change how much house you can afford when rates change so dramatically all of a sudden? Let’s take a look today. I’m interested to make the calculations myself and find out too.
On the surface, lower rates are always good because no one says no to paying less every month. However, a lower rate brings more buyers in and more demand means a higher price. Let’s take a look at how much of a difference these numbers make.
In our example, we will assume that a couple is trying to buy a home with a mortgage of $500,000. With a 4% 30-year fixed mortgage, the monthly payment is $2,387.08. If rates drop to 3%, that 30-year mortgage only costs $2,108.02 each month. Hooray! But here’s the wrinkle. We know that home prices will rise, so how much will the house value have to rise for affordability to become a wash?
With the rates now at 3%, the original monthly payment of $2,387.08 will pay for a mortgage of $566,190. In other words, the mortgage will have to rise more than 13% before a lower rate is bad for a potential homeowner.
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