Looks like way more than I can deal with today or anytime soon. But as soon as I get back to a more settled situation, this looks like it would be really worth the effort, David, for folks like me who are fanatical about finding frugal deals. Thanks for breaking it down.
When I said that this administration was pressuring us into this, I was not endorsing Obama. Just to be clear. The plan that I linked to earlier talks about ELIMINATING the capital gains tax, which I agree with.
Wait - small business owners are the same people Obama will ladle extra taxes on when he becomes president. They are, after all, those with incomes in the range he's talking about. And, don't forget, he'll be raising the capital gains tax as well. That will do in the stock market.
Frugal lady that I am, I'm always trying to come up with ways to make my clothes last longer and I've become quite good at it. And since I've looked exactly the same since I was about 16, I still do occasionally wear clothes from high school as long as they still look contemporary.
Dryel or any other home dry cleaning kit is a great way to save on dry cleaning bills. Also, try hand washing and then flat drying your cashmere and merino wool. It actually gets it clean. As for premium denim, also try washing it inside-out on the gentle cycle. This will preserve the color longer.
Also, if you happen to accidentally turn all of your whites that lovely pale rose color, Rit (of tie-dye fame) makes some really good color removers that are dirt cheap. Their rust remover is also fantastic for those on well water.
After my car accident a few years ago, I realized how important it is to have money for health emergencies. Just being able to take time off work and not have to worry about money in order for my body to recover was such a relief.
Taking care of your finances is not about the money, it is about being able to take care of people without having to worry about money.
i'm a recent convert to the clothesline, it really is far gentler on clothes. also, i hung my line on my covered porch so the clothes don't get direct sunlight, since i wear a lot of dark colors. if you want to brighten your whites, though, DO put them in direct sunlight, it bleaches them naturally.
and line-hung clothes smell soooooo good! i even do towels and jeans and am used to it now, but if they're too stiff to bear, i put them in the dryer first for 15 mins or so, then hang.
i read somewhere of a guy who was something of a fashionista but had little money, who used to buy secondhand suits of a really good brand, then pay $50 or so to get them custom tailored. this way he had beautiful, custom fitted suits for far less than $100. i thought this was genius!
My husband is an environmental chemistry professor and he says don't worry yourself about a tiny bit of bleach-- it breaks down into salt and water quite quickly, actually. Not like you want to hose your house down with it, but a capful now and then isn't anything to stress over. :)
I agree on the antiperspirant thing--we've found that his shirts get major stank-pit when he uses AP. He switched to just deo (and keeps a spare at work for a touch up later, as he is stinky) and his shirts last years longer. But, a soak in Borax and water can help release the odors if they aren't too bad.
Great tips, and more above, too. Here's one from my college-all-black-wardrobe days. When blacks start to get faded (esp. cotton), I pick up a packet of black Rit dye, put all the blacks in the washer (just solids) and add the dye. It really brings them back! I've also been known to dye a garment I'm not wild about, since I wouldn't be wearing it anyway. Black or dark blue work well and bring new life to older things.
As for other tips, I've been known to pick up a clearance item in a slightly larger size and take it to a tailor. When you pay $10 for a $200 item and pay another $15 for tailoring, it's very worth it! You look great, it's custom-tailored, and you barely paid anything for it. I've found our local dry-cleaner's tailor is great for this. Cheap and very good.
I'd also suggest when hemming pants or jeans, don't cut them off. There comes a point when they do another shrink and being able to let them down again can extend their life for you (or just wear them with boots, which is more forgiving.)
And last: Sharpies. :D I've used them to fill in scuffs on red shoes, color in hem lines on black pants I had to let down again, etc. They come in lots of colors, and though they may not be an absolute perfect match, who's going to look that closely?
Some great tips, both in the article and from our readers. I think I am now going to stock up on a bulk supply of lint rollers once we get our dog back with us from the sitter . . .
I use the dark Woolite-ish detergent and it does make a difference in keeping your darks from looking faded. If you wear a lot of black cotton, you know it looks faded pretty quickly, but a semi-annual Rit Dye-a-thon of your black clothes makes them look practically new!
I also wash in cold water and line-dry my clothes; linen gets pretty stiff, but can be tumbled for a few minutes when almost dry to soften it up.
This works pretty well; I have clothes that I bought new and are now older than many of your readers.
Although I see that it IS late in the game for some people to catch up, I do think that because most people run their business similar to how they run their household (frugally, credit-based, etc), and the small business owners that have not prepared for the future will be hurting, just as any other person who has not prepared. I don't wish it on them, I just think that it is a fact.
I don't understand this:
Even the owner of a multi-million dollar business ought to have six month's expenses in a savings account or a money fund. But it would be silly for his business to have six month's spending sitting around in cash.
I think that MOST wisely run businesses have 6 month's spending sitting in a savings account. And that is just as good as cash (for the time being). Whether you are a farmer or a CEO of a multi-faceted company, you should have that safety net. My grandparents on both sides ran successful farms, and neither believed in debt. Neither lost their minds when a crop year was particularly bad, and neither would be upset in today's "crisis".
That said, I do NOT believe that business are being turned away for credit at the rate the media leads us to believe. People who are not risky borrowers are buying cars on credit today, and buying houses. The risky borrowers are not able to, and maybe that is for their own benefit.
Also, I do not think that the small business owners and households are solely responsible for the mess in front of us. I believe that it is irresponsible spending on big business and government's part (which has been a long time coming) and I don't think that the "crisis" is as bad as they make it out to be. With the plan laid out by Dave Ramsey (http://www.daveramsey.com/media/pdf/the_common_sense_fix.pdf), there is no need for a bailout, and no need for mass hysteria like the nightly new (not you) tries to induce.
I'm sorry. This seems like the same tactics used by this administration to bring us into war ("they HAVE WMDS!!!! We have knowledge!!! We have to go over and stop them RIGHT NOW!!! vs. We will be in a LONG and HARD recession is we don't pass this bill RIGHT NOW!!! We can't wait!!!). I'm not buying it.
Being nimble in business and personal finance is the name of the game. Although we can't be perfect by relying only on "productive credit," others that have an affect us may not. So it may destroy us, whether we are good or reckless about our credit.
Our first initiative is to build a personal financial plan, and than business one. As an entrepreneur, you want your business to succeed, but need to resist until you can adequately take care of yourself. Have an emergency savings plan and a good investment plan.
This is a great article and I really like the tips other readers have mentioned.
I would like to ad one more, repair your clothing. I'm always some what baffled when friends will throw away perfectly good clothing just because it needs a zipper fixed or has a missing button. If you can't sew (zippers can be tricky), then take it to a tailor! The cost is minimal to fix a zipper and you get more wear from the garment. If you lose a button and can't find a match, you can replace all the buttons (buy extras for later.) Also, having dress shoes re-heeled will give them a new life and costs a lot less then buying new shoes.
before everyone starts dressing their kids in black, I have a suggestion that worked for me. Murphy's oil soap. This will even get grass stains off of polyester white baseball pants and anything else you have a stain on. Get the stain wet and spray liberally with Murphy's and let sit. If it is a really ground in stain, repeat the above and then wash as usual. Stains are all gone. Another tip. Ink stains. I once had a pen explode all over my winter jacket. A wonderful woman told me to spray it with hairspray and then blot. Not really believing but willing to try I did as suggested. It was like magic! I am talking a big, blue ink stain on a cranberry colored coat...all gone.
I have a comment on dryers vs line drying. While it is certainly true that drying your clothes in the dryer can be hard on them, wearing some clothes after they have been line dried can be uncomfortable! Tumbling things for a bit and then hanging them is a nice compromise. Also, I find hanging clothes on a hanger when line drying produces better results than using clothespins, because it distributes the weight of the garment more evenly.
Here's my question: Does anyone know what the truth is, when it comes to all the hype about newer detergents that are made for dark clothing, or designed to "preserve" your clothes? I have always suspected that shampoo was a decent substitute for detergent that is meant for hand washing, but I have no actual proof for such an assertion!
It's old-fashioned, but the best thing I did for my wardrobe was learn how to sew (I'm lucky that my mother taught me as a young girl). I've saved a lot of money over the years by fixing my favourite clothes. I have also saved money by buying "damaged clothes" that I can easily fix.
Buttons are also key. Sometimes an outdated jacket or blouse can be given new life by changing the buttons.
Air dry when possible. Just look at all the lint in the drier and you can understand your clothes are slowly (or quickly) disappearing when you tumble dry. Air drying causes less wrinkles, is MUCH gentler on your clothes, and is 100% free!
Avoiding debt is always the safer strategy, and during tough times it's also the winning strategy. During good times, though, taking on debt to expand is the winning strategy. So, it's important to know what sort of times you face.
@ Arvin: I think you're right, that now is the time for "slow but sure" expansion.
@ TheDepressingTruth: A business isn't a household; the optimal strategies differ. (Unless, of course, you're talking about a business so small that it essentially is your household.) The emergency fund for a household is to make sure a financial setback doesn't put you out on the street. Even the owner of a multi-million dollar business ought to have six month's expenses in a savings account or a money fund. But it would be silly for his business to have six month's spending sitting around in cash. (Even if right now it'd be pretty handy.)
This probably sounds like overkill, but I always keep an extra set of clothes in the car. I have some of those Shout Wipes packets, which definitely help, but when I'm at the office, and I spill coffee on my shirt (which happens more often than I would like!) the best thing I've found is to change into my spare shirt, and then rinse the stained shirt in cold water as quickly as possible.
And back when I used to have a husky, I used to keep a couple of lint rollers in my car at all times too. My friends definitely appreciated it for when they had to ride in my car!
wearing an apron while eating at home saves me when I drip coffee or dressing down my shirt. and putting clothes inside out helps a little with fading in the wash.
U.S. tap water is the worst its ever been in history, and no amount of water treatment by facilities will clean up the water in big cities to anywhere near the quality found at fresh mountain sources. You are doing Americans a major disservice by advocating the drinking of tap water, especially in major cities. The only way that I'll drink tap water is if it passes through a distiller filter...THE ONLY WAY! Until now I've been drinking Evian bottled water and using filtered water to cook with. Very soon, like tomorrow, I'll be buying a DISTILLER for my drinking and cooking needs and a top notch filter for my showerhead. After all, who wants to drink and shower with water carring aluminum, arsenic, porchlorate (found in rocket fuel), fluoride, and other crap. I live in Los Angeles and these are major concerns for us, unfortunately not enough is being done. Although DISTILLED water lacks essential minerals needed by our bodies it is still a billion times better than tap water laced with heavy metals, rocket fuel contaminents, fluoride, viruses, etc.
Looks like way more than I can deal with today or anytime soon. But as soon as I get back to a more settled situation, this looks like it would be really worth the effort, David, for folks like me who are fanatical about finding frugal deals. Thanks for breaking it down.
@Kelja:
When I said that this administration was pressuring us into this, I was not endorsing Obama. Just to be clear. The plan that I linked to earlier talks about ELIMINATING the capital gains tax, which I agree with.
I have to wear a chef's jacket when I cook - I've ruined many a shirt just by a random splatter on the sleeve.
Another tip: turn denim and linen inside-out before washing it.
Wait - small business owners are the same people Obama will ladle extra taxes on when he becomes president. They are, after all, those with incomes in the range he's talking about. And, don't forget, he'll be raising the capital gains tax as well. That will do in the stock market.
Tax the Rich (productive) Ones!
Frugal lady that I am, I'm always trying to come up with ways to make my clothes last longer and I've become quite good at it. And since I've looked exactly the same since I was about 16, I still do occasionally wear clothes from high school as long as they still look contemporary.
Dryel or any other home dry cleaning kit is a great way to save on dry cleaning bills. Also, try hand washing and then flat drying your cashmere and merino wool. It actually gets it clean. As for premium denim, also try washing it inside-out on the gentle cycle. This will preserve the color longer.
Also, if you happen to accidentally turn all of your whites that lovely pale rose color, Rit (of tie-dye fame) makes some really good color removers that are dirt cheap. Their rust remover is also fantastic for those on well water.
After my car accident a few years ago, I realized how important it is to have money for health emergencies. Just being able to take time off work and not have to worry about money in order for my body to recover was such a relief.
Taking care of your finances is not about the money, it is about being able to take care of people without having to worry about money.
i'm a recent convert to the clothesline, it really is far gentler on clothes. also, i hung my line on my covered porch so the clothes don't get direct sunlight, since i wear a lot of dark colors. if you want to brighten your whites, though, DO put them in direct sunlight, it bleaches them naturally.
and line-hung clothes smell soooooo good! i even do towels and jeans and am used to it now, but if they're too stiff to bear, i put them in the dryer first for 15 mins or so, then hang.
i read somewhere of a guy who was something of a fashionista but had little money, who used to buy secondhand suits of a really good brand, then pay $50 or so to get them custom tailored. this way he had beautiful, custom fitted suits for far less than $100. i thought this was genius!
My husband is an environmental chemistry professor and he says don't worry yourself about a tiny bit of bleach-- it breaks down into salt and water quite quickly, actually. Not like you want to hose your house down with it, but a capful now and then isn't anything to stress over. :)
I agree on the antiperspirant thing--we've found that his shirts get major stank-pit when he uses AP. He switched to just deo (and keeps a spare at work for a touch up later, as he is stinky) and his shirts last years longer. But, a soak in Borax and water can help release the odors if they aren't too bad.
Great tips, and more above, too. Here's one from my college-all-black-wardrobe days. When blacks start to get faded (esp. cotton), I pick up a packet of black Rit dye, put all the blacks in the washer (just solids) and add the dye. It really brings them back! I've also been known to dye a garment I'm not wild about, since I wouldn't be wearing it anyway. Black or dark blue work well and bring new life to older things.
As for other tips, I've been known to pick up a clearance item in a slightly larger size and take it to a tailor. When you pay $10 for a $200 item and pay another $15 for tailoring, it's very worth it! You look great, it's custom-tailored, and you barely paid anything for it. I've found our local dry-cleaner's tailor is great for this. Cheap and very good.
I'd also suggest when hemming pants or jeans, don't cut them off. There comes a point when they do another shrink and being able to let them down again can extend their life for you (or just wear them with boots, which is more forgiving.)
And last: Sharpies. :D I've used them to fill in scuffs on red shoes, color in hem lines on black pants I had to let down again, etc. They come in lots of colors, and though they may not be an absolute perfect match, who's going to look that closely?
OK, I'm shutting up now.
Some great tips, both in the article and from our readers. I think I am now going to stock up on a bulk supply of lint rollers once we get our dog back with us from the sitter . . .
sorry for all the grammatical and spelling errors...I should really proof-read :) Hopefully you can decipher my point from that heap of mess.
I use the dark Woolite-ish detergent and it does make a difference in keeping your darks from looking faded. If you wear a lot of black cotton, you know it looks faded pretty quickly, but a semi-annual Rit Dye-a-thon of your black clothes makes them look practically new!
I also wash in cold water and line-dry my clothes; linen gets pretty stiff, but can be tumbled for a few minutes when almost dry to soften it up.
This works pretty well; I have clothes that I bought new and are now older than many of your readers.
Although I see that it IS late in the game for some people to catch up, I do think that because most people run their business similar to how they run their household (frugally, credit-based, etc), and the small business owners that have not prepared for the future will be hurting, just as any other person who has not prepared. I don't wish it on them, I just think that it is a fact.
I don't understand this:
Even the owner of a multi-million dollar business ought to have six month's expenses in a savings account or a money fund. But it would be silly for his business to have six month's spending sitting around in cash.
I think that MOST wisely run businesses have 6 month's spending sitting in a savings account. And that is just as good as cash (for the time being). Whether you are a farmer or a CEO of a multi-faceted company, you should have that safety net. My grandparents on both sides ran successful farms, and neither believed in debt. Neither lost their minds when a crop year was particularly bad, and neither would be upset in today's "crisis".
That said, I do NOT believe that business are being turned away for credit at the rate the media leads us to believe. People who are not risky borrowers are buying cars on credit today, and buying houses. The risky borrowers are not able to, and maybe that is for their own benefit.
Also, I do not think that the small business owners and households are solely responsible for the mess in front of us. I believe that it is irresponsible spending on big business and government's part (which has been a long time coming) and I don't think that the "crisis" is as bad as they make it out to be. With the plan laid out by Dave Ramsey (http://www.daveramsey.com/media/pdf/the_common_sense_fix.pdf), there is no need for a bailout, and no need for mass hysteria like the nightly new (not you) tries to induce.
I'm sorry. This seems like the same tactics used by this administration to bring us into war ("they HAVE WMDS!!!! We have knowledge!!! We have to go over and stop them RIGHT NOW!!! vs. We will be in a LONG and HARD recession is we don't pass this bill RIGHT NOW!!! We can't wait!!!). I'm not buying it.
Being nimble in business and personal finance is the name of the game. Although we can't be perfect by relying only on "productive credit," others that have an affect us may not. So it may destroy us, whether we are good or reckless about our credit.
Our first initiative is to build a personal financial plan, and than business one. As an entrepreneur, you want your business to succeed, but need to resist until you can adequately take care of yourself. Have an emergency savings plan and a good investment plan.
-Lee at www.cheaplee.com
This is a great article and I really like the tips other readers have mentioned.
I would like to ad one more, repair your clothing. I'm always some what baffled when friends will throw away perfectly good clothing just because it needs a zipper fixed or has a missing button. If you can't sew (zippers can be tricky), then take it to a tailor! The cost is minimal to fix a zipper and you get more wear from the garment. If you lose a button and can't find a match, you can replace all the buttons (buy extras for later.) Also, having dress shoes re-heeled will give them a new life and costs a lot less then buying new shoes.
before everyone starts dressing their kids in black, I have a suggestion that worked for me. Murphy's oil soap. This will even get grass stains off of polyester white baseball pants and anything else you have a stain on. Get the stain wet and spray liberally with Murphy's and let sit. If it is a really ground in stain, repeat the above and then wash as usual. Stains are all gone. Another tip. Ink stains. I once had a pen explode all over my winter jacket. A wonderful woman told me to spray it with hairspray and then blot. Not really believing but willing to try I did as suggested. It was like magic! I am talking a big, blue ink stain on a cranberry colored coat...all gone.
I have a comment on dryers vs line drying. While it is certainly true that drying your clothes in the dryer can be hard on them, wearing some clothes after they have been line dried can be uncomfortable! Tumbling things for a bit and then hanging them is a nice compromise. Also, I find hanging clothes on a hanger when line drying produces better results than using clothespins, because it distributes the weight of the garment more evenly.
Here's my question: Does anyone know what the truth is, when it comes to all the hype about newer detergents that are made for dark clothing, or designed to "preserve" your clothes? I have always suspected that shampoo was a decent substitute for detergent that is meant for hand washing, but I have no actual proof for such an assertion!
It's old-fashioned, but the best thing I did for my wardrobe was learn how to sew (I'm lucky that my mother taught me as a young girl). I've saved a lot of money over the years by fixing my favourite clothes. I have also saved money by buying "damaged clothes" that I can easily fix.
Buttons are also key. Sometimes an outdated jacket or blouse can be given new life by changing the buttons.
Air dry when possible. Just look at all the lint in the drier and you can understand your clothes are slowly (or quickly) disappearing when you tumble dry. Air drying causes less wrinkles, is MUCH gentler on your clothes, and is 100% free!
Avoiding debt is always the safer strategy, and during tough times it's also the winning strategy. During good times, though, taking on debt to expand is the winning strategy. So, it's important to know what sort of times you face.
@ Arvin: I think you're right, that now is the time for "slow but sure" expansion.
@ TheDepressingTruth: A business isn't a household; the optimal strategies differ. (Unless, of course, you're talking about a business so small that it essentially is your household.) The emergency fund for a household is to make sure a financial setback doesn't put you out on the street. Even the owner of a multi-million dollar business ought to have six month's expenses in a savings account or a money fund. But it would be silly for his business to have six month's spending sitting around in cash. (Even if right now it'd be pretty handy.)
MediaMax & The Linkup are both shut down...
Which really sucks, cuz I had a lot of files backed up there. That'll teach me not to use online free file storage.
This probably sounds like overkill, but I always keep an extra set of clothes in the car. I have some of those Shout Wipes packets, which definitely help, but when I'm at the office, and I spill coffee on my shirt (which happens more often than I would like!) the best thing I've found is to change into my spare shirt, and then rinse the stained shirt in cold water as quickly as possible.
And back when I used to have a husky, I used to keep a couple of lint rollers in my car at all times too. My friends definitely appreciated it for when they had to ride in my car!
wearing an apron while eating at home saves me when I drip coffee or dressing down my shirt. and putting clothes inside out helps a little with fading in the wash.
No mention of avoiding the dryer? I only have a measly drying rack, but am hoping to get a full fledged clothes line next spring.
U.S. tap water is the worst its ever been in history, and no amount of water treatment by facilities will clean up the water in big cities to anywhere near the quality found at fresh mountain sources. You are doing Americans a major disservice by advocating the drinking of tap water, especially in major cities. The only way that I'll drink tap water is if it passes through a distiller filter...THE ONLY WAY! Until now I've been drinking Evian bottled water and using filtered water to cook with. Very soon, like tomorrow, I'll be buying a DISTILLER for my drinking and cooking needs and a top notch filter for my showerhead. After all, who wants to drink and shower with water carring aluminum, arsenic, porchlorate (found in rocket fuel), fluoride, and other crap. I live in Los Angeles and these are major concerns for us, unfortunately not enough is being done. Although DISTILLED water lacks essential minerals needed by our bodies it is still a billion times better than tap water laced with heavy metals, rocket fuel contaminents, fluoride, viruses, etc.