Money Tips Network

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My usual approach to any spending decision – any time that money leaves my checking account – is to make sure I’m getting the most value for the dollar. Almost every time, I’m happy with the overall outcome. I got the result I desired with close to minimal expense.

There are times, though, when things don’t go quite as planned. Sometimes, I’ll find that a seeming bargain isn’t an actual bargain.

Here are 14 examples of situations over the last few years where I believed I was operating in a frugally sensible manner, only to have the situation backfire badly. In each case, I learned a lesson and was able to hone my frugal sensibilities a bit better going forward.

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This week's topic: Saving for Retirement!

As I’ve mentioned before, when I’m making a purchase that clocks in at above the $20 mark or so, I tend to invest some time in that purchase to make sure I’m making the right decision. I don’t want to make a purchase that isn’t going to work for me, nor a purchase that isn’t going to work well over the long run.

This process is basically the same for any significant purchase. It doesn’t matter whether it’s an item for my kitchen or an appliance or a musical instrument, I tend to go through the same process when deciding on a significant purchase.

Here are the steps that I follow.

Step One – Do I Actually Need This Item?

The first step doesn’t involve any research whatsoever. Instead, it starts off with a question I ask myself independent of any research or any outside influences.

Do I really need this thing?

In August of 2017, an investor called us and offered to buy our condo for cash. We didn't have it listed for sale. The condo was in great condition, the rent we charged covered expenses, and it was in a very nice area that consistently attracted stable tenants.

This past weekend, I was cleaning out the closet in my office when I came across some of my old journals from the late 1990s and early 2000s. In that timeframe, I barely had any money at all. I had a minimum wage part-time job and was trying to work my way through college. At one point, I lived in a two-bedroom apartment with several other people and my worldly possessions fit in my backpack and a single plastic storage container.

Most of these journal entries were concerned with figuring out who I was and where I was going in life. It all centered around transitioning from childhood under my parents’ roof to adulthood on my own.

What surprised me, though, is how many of the financial principles I use in my current financially stable adult life were already in place back then. In almost every page, I see some little hint of smart spending decisions and wise financial moves.

Over last year’s holiday break from school, my husband and I took our kids on a cruise. We planned our trip diligently for more than six months prior, shopped around for a good deal, and thought up all kinds of ways to save. Ultimately, that meant booking an inside cabin and cruising with MSC Cruises, one of the most affordable cruise lines for families.

We also saved money by avoiding the more pricey cruise excursions and coming up with day trips we could do on our own. With beach stops in the Caribbean, it’s pretty easy to create your own beach day with a quick taxi ride. We also spent our day in Guadeloupe on the ship to save even more, since it was one of the most expensive islands we visited.

Yesterday, Kim and I joined my cousins for an afternoon trip to the Oregon Coast. Our aim was to harvest a bounty of clams. We came home with zero. We managed, however, to harvest a bounty of mussels. Plus, the dog had fun.

My cousin Duane carpooled with us to and from the beach. We rode in Kim's car: a 1997 Honda Accord that's showing signs of its age.

“It's a little warm in here,” Duane said about ten minutes into our drive. “Would you mind turning down the heat?”

“Well, I can't turn down the air,” Kim said. “It's stuck on high. But I can turn down the temperature.” She laughed as she demonstrated that the knob for the air volume has broken off at the post. The vents now permanently blow at full force.

“This car is falling to pieces,” I said. “Literally.” As if to prove my point, a bit of molding fell from a roof handle. I picked it up and wedged it back into place.

The following is a guest post by Alexander from daytradingz.com

It has been proven that long-term money investments offer the best returns concerning the time expenditure associated with such investments. However, even speculative investments with a very short time horizon can generate profits. Day trading is one of the most popular speculative investment strategies. In this article, you will learn more about the different types of day trading.

Scalping

Scalping is an intra-day trading strategy, and it is applied by traders who attempt to complete round trip trades with the aim of making profits within very short periods, typically within seconds or minutes (a round trip is another word for buying and selling the whole position).