Money Tips Network
The Wisdom of Frugality: The Environmentalist Case for Simple Living
This is the seventh entry in an eight-part weekly series that provides a detailed look at the book The Wisdom of Frugality by Emrys Westacott. If you’re new to the series, feel free to hop back to the first entry.
This chapter of The Wisdom of Frugality takes direct aim at one of the biggest benefits often cited for living a simpler frugal life: it’s environmentally friendly. A frugal person, as the argument goes, uses far less resources than an affluent person and thus puts less of a strain on the global environment. Many people carry this concept forward and use it as a big part of their moral justification for frugality.
Secondhand Clothes from a Personal Stylist: I Tried ThredUP’s ‘Goody Box’ Service
Whether or not you enjoy shopping for clothes, sometimes a little assistance for time-saving or style-shifting purposes can be helpful. Until recently, companies that specialize in new apparel such as Stitch Fix and Nordstrom’s Trunk Club have cornered the online personal shopper market. The basic process works like this: You create a profile detailing your budget, style, and fit needs, and a stylist sends you a box full of clothing, accessories, and shoes for a fee. You choose the items you want to keep and send everything else back within a designated timeframe.
10 Best Family Friendly Road Trip Routes in the U.S.
Road-tripping is a great American tradition, and while some people are hesitant to hit the road with their family in tow, with the right planning, they can be an unforgettable way to spend a vacation.
Join Our Tweetchat on Thursday 8/2, 12pm Pacific for a Chance to Win Prizes
Join our Tweetchat this Thursday at 12:00 pm Pacific for lively conversation and a chance to win one of two $10 Amazon GCs! Use #WBChat to participate.
This week's topic: Back to School Savings!
Moving from emotional to analytical (with finance and fitness)
This morning, for the first time in more than eight years, I weighed in at 200 pounds.
I am not proud of this fact but it’s the truth. I own it. I got to this point through my own actions, not because some cruel tormenter force-fed me cheeseburgers and beer.
When I’m overweight, I tend to internalize the problem, which generally leads to a vicious cycle of overeating, shame, and self-loathing. While I’m older now and more aware of my mental processes, I still struggle with self-defeating thought and behavior. (This is exacerbated, of course, by my recent battle with depression. In fact, I suspect the depression has a hand in my life-long weight issues. The onset of both seem to be correlated.)
The Hidden Key to Frugality: Seeing More of the Options
Recently, I was talking to a friend that I hadn’t seen in ages about what we might do if Sarah and I visited them. Naturally, we started talking about sharing a meal.
My friend immediately suggested that we meet and dine somewhere in her area and offered up a handful of suggestions. I looked them up and it turned out that they were all pretty pricy.
The Average Credit Score Is Getting Higher
You don’t have to look far to find troubling financial news. Whether it’s excessive student loan debt or an increase in credit card delinquencies, it seems like there’s never any good news coming out of the consumer finance world.
When it comes to credit scores, however, the news is actually quite encouraging. In fact, the average credit score is going up and a surprisingly large number of people have great credit scores.
5 Spectacular Amusement Parks for Thrill Seekers
You crave that feeling of anticipation deep down in your stomach when you get in line for a ride. The lightheaded intoxication that takes over your body when you strap yourself in. The unparalleled rush of excitement you experience when you're hurtling through the air at breakneck speeds.
30 Ways to Show Your Love and Still Be Frugal
My wife and I have been married 15 years, and dated for six years prior to marriage. During that time, we’ve had three kids, lived through moves and career changes and great moments and tragedies, and yet we’d still rather spend time with each other than anyone else. I love her in more ways than I can possibly subscribe – best friend, romantic partner, mother to my children, participant and leader in the community… I could go on and on and on.
A big part of that feeling of continued love and closeness after all of these years is that we’ve managed to figure out how to show each other that we love each other in a variety of simple ways. She knows how to make me feel loved, I know how to make her feel loved, and we both do it regularly. Over time, we’ve figured out how to do it without buying gifts for each other or performing huge romantic gestures for each other.
When You Should (and Shouldn’t) Use a Personal Loan
Deciding whether to take out a personal loan is a “personal” decision, but it’s also one that’s rife with risk. If you borrow money you cannot pay back, you can end up with all sorts of consequences that make your life more difficult. This could include ruined credit, additional fees and interest charges, and even bankruptcy.
But, that doesn’t mean personal loans are a bad deal all the time. Really, any loan can be a valuable financial tool if used wisely and responsibly — and with a plan in mind.
Still, it’s wise to consider when a personal loan would benefit you, when you should avoid borrowing money, and when a different financial product may just be a better deal.
Ask the Readers: What Changes Have You Made for Better Health?
Editor's Note: Congratulations to sweepermom, Sue, and Gina for winning this week's contest!
For most of us, good health doesn't just drop into our laps.
4 Myths About Economic Behavior We Don't Believe Anymore
I have felt vaguely guilty about a nonexistent marshmallow for several years now.
This guilt was triggered by the famous Stanford marshmallow experiment, in which psychologist Walter Mischel gave preschool aged children a marshmallow (or other treat) and told them they could either eat the single...
Seven pairs of easily confused money terms
Every area of specialization has its own vocabulary and its own subtleties in word choice. Here are seven pairs of money terms that seem interchangeable at first glance, but are actually slightly different …
APR vs. APY
These two abbreviations are familiar ones from banks and credit card issuers.
Annual percentage rate (APR) gives the yearly cost of a mortgage or other loan, including any interest, insurance, and origination fees, expressed as a percentage. It is the product of the periodic rate and the number of periods per year. APR does not take into account the effects of compounding.
Annual percentage yield (APY) gives the effective interest rate, and is always higher than the corresponding APR, except in the case of annual compounding, in which case APR and APY are equal.
The advantages of buying and owning a home
Over the past three months, I’ve written a lot about buying and owning a home. Much of what I’ve written could be construed as anti-homeownership. Hear are some of the articles I’ve published recently:
- A brief history of U.S. homeownership.
- The high cost of homeownership.
- Does the American Dream require a big American home? (Spoiler alert: No.)
- Is your home a better investment than the stock market? (Spoiler alert: No.)
- Is it better to rent or to buy? (Spoiler alert: It depends.)
Last week, a GRS reader named Carmine left this comment:
Questions About House Downgrading, Disney Saving, 401(k)s, Home Odors, and More!
What’s inside? Here are the questions answered in today’s reader mailbag, boiled down to summaries of five or fewer words. Click on the number to jump straight down to the question.
1. Downgrade now or later?
2. Getting rid of stuff
3. Homemade mac and cheese idea
4. Saving for a Disney vacation
5. Cutting interest payments
6. Inexpensive pleasant house smell
7. Long lasting grill
8. Writing down expenses
Four Habits Making Some Millennials Rich
There have been countless stories and studies about the financial woes faced by millennials, a generation saddled with student loan and credit card debt and struggling to recover from the Great Recession.
Yet earlier this year Bank of America released a report revealing that 47 percent of millennials have $15,000 or more in savings and 16 percent now have savings of at least $100,000.
In addition, 67 percent of millennials who have a savings goal stick to it every month (or most months), and they also tend to live within their budgets with equal dedication. A staggering 73 percent report adhering to their monthly spending plans.
How Much the Average Couple Will Spend on Healthcare in Retirement
CNN Money has this to say about healthcare spending in retirement:
The average couple retiring today at age 65 will need $280,000 to cover health care and medical costs in retirement, according to an annual estimate by Fidelity, released Thursday.
A few thoughts from me:
How Much Money Do You Need in Savings When Applying for a Mortgage?
You know you need enough money to cover your down payment and closing costs when buying a home.
Back to the Nest? Tips for Living in a Multi-Generational Household
One in every five Americans now lives in a “multiple generation” household, according to a Pew Research Center analysis. Using data from the U.S. Census, the center determined that multi-generational family living is rising in most age groups and almost every racial group.
A bit of backstory: This is almost as high as 1950, when 21 percent of people lived in households with at least two adult generations or households of grandparents and grandchildren younger than 25. By 1980, the figure was down to 12 percent. During and after the Great Recession, it jumped up to 17 percent and by 2014 it was 19 percent.
So: Living with the folks! Or with the grandfolks! Depending on your interpretation, this could be:
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