Tagged: wasting money Toggle Comment Threads | Keyboard Shortcuts

  • ivanildotrindade 11:49 pm on October 1, 2011 Permalink | Reply
    Tags: biking to work, buying bulk, couponing, using money wisely, wasting money   

    Unlearn to Waste Money — Part 2 

    Here is my second installment in the series on unlearning to waste money. (Oh, the beauty of blogging — you get to pontificate on subjects you may be totally ignorant about…). Okay, at least I researched my stuff. Tell me what you think. Was this helpful? Do you have your own tips? Do share!

    6. Ban brand-name. Have you compared the price of brand-name medicine as opposed to generic? The same is true for articles of clothing. For a helpful guide on how to save here, see Similar Products, Different Places.

    A side note: This week I went to get my medicine at the Wal-Mart pharmacy. For some reason, one of the pharmacists was at the counter. When he noticed the price was I was paying, he said, “You know, if you ask your doctor to prescribe 20 mg instead of 10 mg, you can have the same 30 day supply for $4 instead of $10, then you just cut the 20 mg in half.” It turns out that the 20 mg dosage of that medicine is in the $4 plan at Wal-Mart, but not the 10 mg. I thanked him and he added, “And if you really want to save, ask your doctor for a 90 day supply of 20 mg and you will pay $10, the same you’re paying for your 30 day supply now.” Ahhhghhhhh…!!! Now I wanted to strangle someone. To think of how much money I could have saved all these years…

    7. Pull the plug. 40% of all electricity used to run home electronics is consumed when the appliances are turned off. Learn to pull the plug on clocks and other appliances that are run by remote. If you can’t do it yourself, buy a gadget to do it for you, such as a Smart Power Strip ($31 to $44 at Smart Home USA), which will stop drawing electricity when the devices are turned off and pay for itself within a few months.

    8. Make sure your “free” checking is free. Read the fine print, ask all the relevant questions. Sometimes banks will charge you if your balance drops below a certain level or if you download your information into a personal finance software program. And by all means, don’t overdraw your checking account. I had a couple in my office the other day admit that they overdraw their account every week. No wonder they are in deep financial troubles…

    9. 90% off? So what, I don’t need it! Yesterday I shared about “Mauricio’s rule.” If you follow it, you will never buy something you don’t need. Still don’t know if you need it or not? Okay, here is a tip: if you don’t use it, you don’t need it. Or, as a friend says, “If you don’t wear it, eat it, or make money on it, it is not worth having it.” Some people are eager to brag about their mastery of couponing. Great, but if you are buying something you don’t need just for the sake of using coupons, you’re wasting your money anyway. The same can be true of buying in bulk.

    13. Do you really need a second or third car?.  Now, I used to be hard on couples who had two cars but now I understand that most people need to have two vehicles, especially if you don’t live in big metropolitan area with public transportation system. But cars can be a pain and they eat at the table with us, so to speak. So it is worth asking whether a second or third car is really necessary. Can you or your spouse carpool or even bike to work?

    Ivanildo C. Trindade

    PS.: I am indebted to Erin Burt, Contributing Editor, Klipinger.com, for ideas for this post. The monotonous writing, however, is 100% mine. Ha!

  • ivanildotrindade 11:51 pm on September 30, 2011 Permalink | Reply
    Tags: budgeting, credit card debt, free loaders, stop wasting money, wasting money   

    A “Star” without the “Bucks” – unlearn to waste money here! 

    Paying for the use of a debit card? No way! The day the banks start doing that it will be my last day doing business with them. I will try to find a bank that doesn’t charge or go to a cash only system. I am protesting.

    So in the spirit of protest, let me tell you about some of the ways people throw their money down the drain:

    1. New is not always better. Cars, for example, lose most of their value within the first few years. In fact, they say that they cost several thousand dollars less the moment you drive off the dealer’s driveway. So do yourself a favor: only buy new when absolutely necessary. By the way, the same is true for furniture, car seats, even electronic stuff.

    2. Free-loader is only a bad name in the boardrooms of credit card companies. Carrying a credit card balance is always a bad idea. For example, if you have a $1,000 balance on a card charging 18%, you are throwing away $180 every year in interest. Think of all the ice cream sundaes that would buy… just kidding! But seriously, work hard at paying off credit card debit as soon as you can.

    3. Mauricio’s rule. If you are one of those impulsive buyers, you need to change that. Impulsively. If you haven’t compared prices, don’t buy yet. If you are not sure if you have enough in your budget for it, go home and sleep. When in doubt, use my friend Mauricio’s rule: just before he and his wife are ready to buy something, they look at each other and ask, “But is it really necessary?” And most of the time the answer is a resounding “NO!”

    4. ATM does not stand for “Always Taking Money.” A couple of dollars may not be much, but when you go out of your bank’s network, the surcharges keep adding up. Did you know that there are surcharge-free networks, such as Allpoint or Money Pass? Allpoint has one location in Orrville and Money Pass has two in Wooster.

    5. Applebee’s or not to bees. If you are struggling with having enough money, stop going out to dinner until you can afford it. $10, $20 or even $30 per person will hurt you. A $3.00 latte on top of that and you are a star without the bucks. Time to learn to cook, pack your own lunch, brew your own coffee, and fry your own greasy eggs.

    I think that is enough for today. You are already not liking it too much. More tomorrow.

    Ivanildo C. Trindade

    PS.: I am indebted to Erin Burt, Contributing Editor, Klipinger.com, for ideas for this post. The twisted writing, however, is 100% mine. Ha!



Compose new post
Next post/Next comment
Previous post/Previous comment
Show/Hide comments
Go to top
Go to login
Show/Hide help
shift + esc