This is your last chance to comment on my original contest post for a chance to win my review copy of “First Comes Love, Then Comes Money: A Couple’s Guide to Financial Communication.” So far 30 people have entered by commenting, so you chances of winning are drastically higher than playing lotto!
The book is a quick read and focuses not on balancing your budget but understanding how you and your partner interact with regards to money. There is a financial personality section (which one are you?) and a quiz called the Financial Relationship Index that indicates where you might cheat financially. The last part of the book shares basic financial communication tools to move forward, including a monthly “Money Huddle.”
To win my review copy, comment below on why you need this book. Comment by Aug. 16 at 11:59 p.m. EST to win! If you can’t wait, buy a copy from Amazon for $6 (orig. $15).
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Word just in from Phil at Feedblitz, the software program I use to send daily and weekly BargainBabe.com emails. Images may not be showing up if you opted to receive (or it somehow got changed) a text version of the BB email:
Either they changed their account to be text only or their email app has chosen to display text instead of HTML.
The subscriber can log into feedblitz and make sure they have HTML selected as their format preference at My Account | Profile
To recap, here is what you need to do:
By Bobbi Burger Brunoehler of BobbisBargains.
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You know how many credit cards say they they double the manufacturer’s warranty? It’s the reason why I pay for major appliances with credit, not my debit card or a check, and why I almost always turn down an extended store warranty. I’ve read about the warranty doubling in promotional materials but, until today, I never knew what this perk really meant and how it worked. Here’s what I found out.
I purchased a rather expensive window air conditioner from Sears one year and three days ago. I purchased this item from Sears only because I could not find this A/C unit anywhere else that included free shipping. I knew Sears did not have a friendly return policy. I did not buy an extended warranty because I knew my Discover card included an extended warranty.
Now it is 368 days later. I discover that
Lab2112/flickr
This is a post by BargainBabe.com writer Yazmin Cruz.
While researching a post on saving money at the movies, I asked Bargain Babes Facebook friends for tips and some suggested sneaking in! The idea bothered me for days and got me thinking about five scenarios where I have to chose between taking the ethical high road and saving money.
Is it ethical to sneak into movies? What about buying counterfeit DVDs?
Ive never snuck into a movie and what bothers me about this is the same thing as buying a counterfeit DVD, made when someone records the movie with a hand-held video camera from inside the movie theater. The person burns the recording onto DVDs, slaps on a cover sheet, and sells it on the street for a big profit. The problem is that the little guy gets cheated. Sure, the movie executives and stars make the big bucks, but the no-names are more likely to lose their jobs when movie studios dont make the expected money. By doing both these things, theaters have to raise their cost and the buyer goes from being frugal to being cheap.
Youre walking down Canal Street in New York City or the Fashion District in downtown Los Angeles and you spot counterfeit brand name items at bargain prices. Ethical to buy?
No. The fake bags, shoes, and shades emblazoned with a designers initials or logo may be far less expensive, but you are still paying for the brand name not the item. I have no problem with a bag that looks similar to a brand name bag as long as you dont try to pass it off as the name brand with fake logos and tags. My reason for not buying knock offs is that Id be mortified if I got called out by the designer while walking down the street although not very likely, it could happen. Also, why would I waste money on fake items? I rather work hard and get the real thing.
Youre heading to the movies and sneak in snacks to avoid paying for the expensive theater popcorn and soda. Ethical?
Ive sneaked in snacks and the only reason I dont think its unethical is because I am not stealing from the theater. If I didnt bring in snacks, I still wouldnt buy the expensive popcorn and soda. By snacks, I mean almonds or a protein bar and not a full meal.
Youre in an all-you-can-eat buffet and you wrap a leftover muffin in a napkin and stick it in your purse. Ethical?
I figure the food is headed for the trash so why not pack it up to enjoy later. Technically, I paid for it, but I draw the line at packing an entire meal for later.
You ask for a cup for water at a restaurant with a self-serve drink station and you fill it up with soda. Ethical?
This is one of my pet peeves. I cant stand it when people do this, especially if theyre eating with me. I feel like any minute we are going to get called out. This is stealing and will force the restaurant to raise their prices so everyone loses.
taberandrew/Flickr
This post is brought to you by Mint.com, successor to Quicken Online and a great alternative to Microsoft Money.
When is it worth it to “nickel and dime” someone? I’m not talking about saving a dollar here or there by using coupons or waiting for a sale, but the savings gained by negotiating a slightly lower price.
My case in point is two friends who are about to sign a yearlong lease for a loft in a good location in downtown Providence, RI. The apartment comes with two covered parking spots, a major perk in a snowy climate. All apartments come with at least one space because overnight parking is not allowed.
The landlord, a casual friend of my friends, agreed to leave the place vacant in June and July so my friends can move in August 1. The landlord is willing to lose two months rent to secure responsible tenants, I’m guessing.
He could find other tenants, however. Apartment vacancies are dropping in Providence because of rampant home foreclosures in a state that has the fourth highest unemployment rate nationwide. The vacancy rate was 7.6 percent in the third quarter of 2009, according to the Providence Journal. As a consequence, rents are rising. The landlord is asking $1,250, which is a bit high for the city they live in. Average rent for a two-bedroom apartment is $1,003, the ProJo reported.
My friends really like the loft but are considering asking to pay $1,200 a month, which would save them $600 over the year. The savings are significant to my friends. One of them is unemployed and the other is living off student loans while in law school. But they are worried asking for lower rent will damage their relationship with their landlord/friend, or at the very least make it awkward in social situations.
At what point does saving money end up costing more in bruised relationships? Is it possible to keep the business of negotiating rent out of the friendship? Bottom line – should my friends ask for lower rent?
Related posts:
Money morality – helping out low income friends
Money morality – do you accept money from parents?
Money morality – legit to shop at thrift stores?
Brithanglishman/Flickr
Time to play that game again where I review my monthly credit card bill and pick one purchase. That I really. Should not. Have bought.
Groan.
This month’s dishonorable mention goes to the $10.99 I spent getting my car washed and vacuumed. Yes, my mother was coming to town and I wanted her to think my car is always neat and tidy.
But making time to wash it myself at the drive-in car wash would have done the job just as nicely – and only cost $4. Last month’s regrettable credit card purchase was a USB postal scale that cost me $8.10. Readers had plenty of spending problems, too.
On a happier note, my credit card bill last month dropped significantly – a few hundred dollars. Was it tied to the self-induced public credit card bill flogging? Perhaps!!
What do you regret buying this month?
UPDATE: Christine regrets a sweet birthday purchase.
Oh boy! Ive got a doozy! My daughter turned one year old this past weekend and we were having a SMALL party. Nothing fancy, just cake and appetizers. I was in a hurry and had heard about a great bakery in Canoga Park. I went in and spent $70 on a cake for a one year old. I must have been out of my mind. I could have gone to Costco and spent $16.99. ARGH!!! DUMB, DUMB, DUMB. The cake was good, but not THAT good! Lesson learned!
Mike has NO regrets. Kudos to you!
This is my favorite post of the week. Because it makes me look back on my week and go what shouldnt have I bought? I did good this week! I only bought necessities! Go me!
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aka Bargain Babe
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I’ve been feeling generous towards a low-income friend lately. Not that he needs any help, but I am able to give it. I’m not interested in giving this friend a loan, but I’m considering subsidizing various activities with him, like picking up the lunch tab or treating him to a movie.
The prospect of giving gifts to a friend outside of Christmas, birthdays, and special occasions makes me nervous. Is this even appropriate? Will I hurt his pride? I called etiquette expert Nancy Mitchell for tips. Here’s what she advised.
What are the rules when it comes to giving gifts to friends?
I think the number one rule is to know the friend and know how to proceed. Would the person be wiling to accept things or is the person extremely proud and you’ll have to use subterfuge?
Let’s start with the person who may be very proud and not be willing to take what they think is charity. You can call them up and say, I got a gift certificate to a restaurant or theater. I would love to have you come with me, are you available? They might not have to know you went out and bought the gift certificate yourself.
Or say, Someone gave me two tickets to the hockey game. Would you like to go? If you had a friend who had children, give child care once and a while. I’d love to babysit sometime. Can I babysit and give you an evening out? Or say ‘I’ve got too much of a certain product. Pass things on, share some of the wealth. Offer to share frequent flyer miles.
Is it ethical to give gifts like this to friends who, if they knew the whole story, would say no?
I think it is because you don’t have an ulterior motive. You are giving from your heart and you are showing great sensitivity to someone’s situation. It’s not going to hurt anyone, it’s going to help.
What are the no-nos of giving?
You would never let anyone in on the secret. It’s between you and whoever is the recipient. Because if the cat got out of the bag there could be some hard feelings.
What about if your friend is open to receiving gifts? (more…)
Reader Debra wins my review copy of Creative Unemployment: How To Transcend Job Loss
I would love to read this book. I have been looking for work since the end of April it is very emotionally draining.
I hope this book helps you get through this difficult time, Debra. If you missed my review of the book, author Harlan Kidwell Jr. focuses on the emotional journey that follows getting laid off. One thing that comes up often – even when you have a job – is how to talk about money with friends who want to spend more than you do. Socializing can be a minefield when you are cutting back!
To reduce spending, go over your budget again or attend a totally free swap meet.
Offbeat Photography/Flickr
A friend of mine lives in a part of the country where expenses are so high that nearly every couple works two high-paying jobs and still struggles financially. So how do they get buy?
The answer shocked me – they accept money from their parents.
“It’s not a matter of whether you do or do not accept money from your parents,” she said. “But how much.”
My friend was talking about more than simple birthday or Christmas gifts. For her and her friends, parentalcash flowaffects the household’s bottom line.
Some parents send a check every month. Others give generously at holidays, provide extensive child care, orpay for entire familyvacations. Still other parents pay for school tutition orestablish college funds for grand kids.
It can be difficult for grown adults to accept money from parents. Many people turn it down because of pride. Others are held up by particulars. Does there needs to be a written contract? How do you ask for more, or less? Most importantly, is it possible to have “no strings attached”?
A contract is not usually necessary, but depends on what everyone involved is comfortable with. Asking for more or less comes down to explaining the request and being able to accept the answer – and additional strings. Because after the agreement is made, what lingers is the strings.
Financial gifts nearly always come with strings attached. And the bigger the gift, the more strings there are.
For instance, my Mom used to send me $100-$300 every month in college. I had afamily credit card for groceries, but everything else was on me – clothes, movies, subway tokens – and the paycheck from mypart-time job didn’t go far. There were few strings attached to this money, partly because it was a relatively low dollar amount. (Though it did encourage me to call home every week.)
Years later when Hubby and I prepared to buy a condo, my Mom advanced me a large portion of my inheritance so that I could contribute to the downpayment. We wrote up a simple agreement about the terms and both kept a signed copy. The rules were very clear, which made it easier on both of us. The money came with one very strong string – it was not to be used for anything else.
Some years after the condo advance, my Mom offered another fiscal carrot. If I moved back to California (I remained in New York City after graduating) she would give me her car, worth about $10,000. The money came with a very clear string – a California address – and it was one I was happy to accept.
There is nothing wrong with taking money from parents as long as two conditions exisit. The support has got to benefit both sides (don’t take money from parents who can’t afford it). And both sides must agree to and accept the strings attached.
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I recently bought $29 worth of clothes at two thrift stores – Salvation Army and Goodwill – and each time I made my purchase I felt like I was taking advantage of a service that was meant for people earning much less than I earn. Not that I’m a Rockefeller, but I make a decent living.
On both shopping trips I saw people who fell into two camps:
- those shopping there out of necessity
- those wanting to get incredible prices
The presence of other bargain hunters didn’t make me feel any better about the shirts, dress, pants, and belt I paid $1.74-$4 each for. Shouldn’t these clothes be going to someone who really needs them? As opposed to me, who was looking for an all-yellow outfit for my Frisbee tournament this weekend (above, team colors).
In the past, readers have commented that if in my gut I feel I have done something wrong, I have. But I’m not so sure this time.
My uneasiness is less about committing a wrong than feeling like I was sucking up a limited resource. I can afford to pay more for clothes, therefore I should, leaving the Salvation Army and Goodwill selection to the poor.
Case in point, after purchasing a pair of black long johns ($4) and a pair of black sweat pants (also $4) from a man who compulsively snorted, I paid $10 to ice skate for 45 minutes, $2 for a bottle of water (forgot mine in my car), and $6 for a beer at a karaoke bar at a friend’s farewell party.
What do you think? Is it unethical to shop at thrift stores intended for poor people when you can afford to pay more?
UPDATE: Readers chimed in to say, for the most part, that my guilt was nonsense.
Living Doll said:
Release your guilt Bargain Babe. You are doing something good by shopping at thrift stores because you are helping support an organization that isnt in it entirely for profitability. Most of these stores have loads of clothing that is reasonably priced for those less fortunate to purchase. You are not taking from them.
Laura admitted to twinges of guilt:
I love shopping at the thrift stores, and now my boys, away at college, do the same. I must admit though, I do feel a bit guilty, I take off my diamond ring before I go in, and I park my Volvo down the street! I do donate to them also.
Mimi questioned my aptitude:
You cannot be serious about this question. I think you are pulling our collective leg. Do you also feel guilty buying at garage sales, swap meets and flea markets? This has got to be a joke on readers who are ethically and morally challenged. I dont believe you are so naive to ask the question with a straight face. But I could be wrong.
Actually Mimi, I was serious!
Audrey is succinct:
I agree with most of the posters. The program is not intended to provide clothing to the poor, but rather to generate funds for the outreach programs they provide.
