Archive for the ‘Money Wasters’ Category

7 Surprising Back to School Money Wasters

Thursday, August 19th, 2010

Back to school shopping often involves a lot of begging, crying and compromise.  Your children will undoubtedly beg for brand-name pencils, expensive backpacks and other ‘necessary’ items that you’re sure they can live without.  Of course, there are times when you’ll give in and other times when you will just have to say no.  It’s all part of the joy of parenting.  But when you’re evaluating when to give in and when to stand your ground, consider the list below which includes some of the most impractical back to school products ever invented.  Trust me.

Sandwich keepers

It doesn’t matter whether you get your sandwich keeper from the dollar rack at Target or spend more on one that willBack to School Money Wasters keep your kid’s lunch hermetically sealed.  It will only take a week or two for your child to lose the sandwich keeper or for you to find it hiding at the bottom of her backpack with an indistinguishable lunch caked into every corner.  Do yourself a favor and invest in sandwich bags.  For under 3 cents per bag you can find Ziploc-style bags that will block spills.  For even less you can find fold-and-close style bags that I used as a kid (without many mishaps, I might add).  As an added plus, you won’t need to wash them nightly.  And, of course, you won’t cry when they don’t make it home from school, as you would with your child’s sandwich keeper.

Binder Clips

Let’s face it – even adults can barely figure out how to open these contraptions.  Children can seldom use them independently, and even if you can get 40 for $1, they’re hardly worth the money.  In cases where simple paper clips won’t do the trick, consider using staples or a folder.  Unless the teacher requires binder clips, of course – but she won’t, because she knows they’re completely impractical.

Character Backpacks

I don’t know about you, but as a kid, I did not get a new backpack every year.  It was at least every 2 years, if it wasn’t longer.  If you want your children to use their backpack for more than one year, refrain from purchases that have Dora, Bob the Builder or any other character.  Chances aren’t good that they’ll like that character throughout even a single school year.  Chances of your child liking the same character next year are nearly nil.

Travel-Sized Hand Sanitizers

I’ve seen these advertised as an essential for any middle-schooler’s backpack, so that your child can avoid germs like the plague.  The problems are twofold.  Firstly, chances are slim that your child will actually remember to use said hand sanitizer, or that she’ll be able to use it without looking ‘nerdy’.  Secondly, some studies suggest that stripping the skin of all protective layers actually makes people more susceptible to germs and illness, and you wouldn’t want to risk it, would you?

New College Textbooks

New college textbooks cost a fortune and will probably become outdated within a year or two (if not sooner).  Why spend hundreds of dollars on new textbooks when you can get used copies at a fraction of the price?  As an added benefit, you may also be able to get the previous owner’s notes in the margins or highlights in the text which will make studying slightly less painful.

Rubber Bands

I’m not claiming that rubber bands are a useless invention, but just that purchasing them is a waste of money.  Because these may be one of the least-used back to school supplies available, you can probably survive by hoarding the rubber bands that bind your newspapers, circulars and mail.  Start a collection now so that by the time your child needs one (if ever), you’ll have multiple sizes available.

Legal Pads

Legal pads may be great for lawyers but they’re not ideal for students, as the perforated pages are prone to detaching from the pad.  Worse, there’s no way to find the page you’re looking for without mercilessly adding post-it notes to denote where each of your recordings are found.

Know of any other back to school money wasters that I’ve forgotten?  Please let me know!

4 Alternate Uses for $50

Thursday, July 15th, 2010

If you take a step back and look at your finances, you’ll see that the bulk of your income is spent on necessities – food, housing, health insurance and the like.  What’s left after the mandatory payments are made may not feel like a lot, but if spent properly, this is the money that can truly make you feel rich.  Most people don’t recognize that even when you’re splurging on a luxury item there are ways to make your money go a little bit further.  Here are four ways that you can better maximize $50 so that you’ll get the most bang for your buck.

  1. Out: Dry Cleaning
    In:  New Clothing
  2. If you pay $1 to clean a men’s dress shirt at the local dry cleaners and approximately $4 every time you need to have a pair of pants or a shirt dry cleaned, you’re probably spending about $50 a month on dry cleaning.  While this may not be considered a luxury, there are easy ways to save this money and apply it elsewhere.  For about $10, you can invest in Dryel to wash dry clean only clothing at home.  You can also wash your own men’s dress shirts without stressing about the ironing.  Try throwing the shirts into the dryer on the ‘tumble dry’ setting and removing them after about 20 minutes.  Hang them immediately and the wrinkles should fade right out.  With the remaining $40 you can go out and purchase a new piece of clothing that isn’t dry clean only, which will not only make you feel glamorous but will reduce your future laundry expenses as well.

  3. Out: 1 Trip to the Movie Theater
    In: 2-3 At-Home Movie Nights with Chinese Food
  4. With movie tickets costing close to $10 per person, babysitters costing a pretty penny and movie theater snacks continuing to be extremely overpriced, a night out at the movie theater can easily cost $50 (if not more).  Although you can’t quite replicate the excitement of the theater at home, you can enjoy more quality downtime by trading in your night at the movies and taking in a movie at home.  Even if you can’t score a free Blockbuster Express or Redbox rental, you can pay for a few films and a few Chinese dinners and still spend around $50.  Why relax at the movies only once a month when you can chill out multiple times for the same price by watching a great flick (with yummy food) at home?

  5. Out: Eating Out
    In: Ordering in and a Gym Membership
  6. If you go out to eat at least once a month (as a couple) you’re probably dropping at least $50 on your meal.  When you get home, you’re probably complaining that there’s no time for working out and no money for a gym membership.  But actually…if you order in you can save on the tip, avoid the expense of ordering a three course meal (or wine) and still have money to spare for a gym membership.  With many gyms (Gold’s Gym, Lucille Roberts,  Curves and others) charging around $15/month for membership (registration fee may apply) you can be on your way to feeling great while still enjoying a nice dinner once in a while.  While this may not instantly create more time in your day, studies show that people who pay for a gym membership often feel motivated to use it and can find the time necessary for a workout. And if not, well, you can always cancel it and put the money elsewhere!

  7. Out: Gourmet Coffee Habit
    In: Home-Brewed Coffee and a Splurge at the Grocery Store
  8. If you’re like thousands of consumers, you can’t seem to break your daily Starbucks habit, even if it is costing you lots of your hard-earned money.  But when it comes to the grocery store, you probably avoid purchasing things that look healthy and delicious because they’re too expensive.  Wouldn’t it be nice if you could have both?  With a bit of self-control and your eye on the final goal, you can!  Purchase ground coffee from your favorite café and make it on your own (you might need to spring for some flavored half-and-half to replicate the taste of the coffee shop).  With the other $40 (or so) dollars, you can find new food to try at the grocery store.  Perhaps the new Pepperidge Farm cookies you’ve been eyeing?  The whole-grain gabetta bread you’ve been hankering for?  Or maybe it’s the gossip magazine at the checkout counter that you’ve always wanted but could never rationalize buying?  Whatever you’ve been longing for at the grocery store can be yours – if you sacrifice your daily coffee indulgence.  Is it worth the sacrifice?  Try it once and decide for yourself!

Where Can You Find Cheap (or Free) Wedding Invitations

Thursday, February 11th, 2010

wedding-invitationYou’ve picked out your dress, the flowers and the food…but no wedding can be complete without the guests.  (Unless, of course, you’re eloping, but that’s a different story entirely).  As someone who studied advertising strategies (how do you think I’m able to find great deals advertised both in print and online?), I can tell you that the best way to ‘advertise’ your event is to find a way to use a minimal advertising budget to get the highest return on investment.  In this case, you should use cheap wedding invitations to get as many guests as possible to your wedding.  You’re probably thinking that cheap wedding invitations won’t inspire people to attend your event, but if so, you’d be wrong.  There are plenty of ways to create inexpensive or even FREE wedding invitations that will make a great impression on your friends and family.  Here are some ways to help you get started:

  1. Explore unconventional options. Did you know that Costco sells wedding invitations?  If you didn’t, you probably haven’t done your homework.  Don’t be afraid to ask around for local stationery options which may provide affordable alternatives to traditional printers.
  2. Buy cheap wedding invitations online. Yes, it is possible to create gorgeous (and cheap) invitations all by yourself.  One of my favorite places to make wedding invitations (and other stationery) is Vistaprint whose do it yourself wedding invitations start under $1 a piece.  Many online services print the invitations for you so you needn’t worry about feeding your paper piece by piece into a printer.
  3. Print your own invites. With kits from office supply stores like Staples and OfficeMax you can enjoy embossed paper (which normally costs a fortune) at a surprisingly reasonable price.  Just a warning though – if you’re going to use do it yourself invitations you may want to practice on regular paper of the same size so that any errors won’t be on your fancy paper.
  4. Use postcards instead of letters.  Reading this suggestion in print may make you gasp, but if you’ve ever received a postcard wedding invitation you’d know that this is actually a fun and funky option, especially for those having a unique wedding ceremony.  Postcard wedding invitations will save you money on postage and envelopes, so they’re a double-winner in my book.
  5. Use postcard RSVP cards.  Even if you choose not to use postcards for the actual invitation, you can opt for postcard invitations which will create a cheap wedding invitation package without compromising the style of the actual invitation.
  6. Use one envelope.  Believe me, nobody will accuse you of choosing cheap wedding invitations if you only use one envelope.  Not only will you be protecting your budget, you’ll be protecting the environment.
  7. Skip embellishments.   You may be drawn to over-embellished wedding invitations, but these extras will add to the price of the invitations and to the shipping costs.  If you’re looking to make wedding invitations within a reasonable budget, skip the extras.  Oh, and did I mention that even the fanciest get tossed in the garbage?  Why waste money on this additional expense?
  8. Choose a standard shape.  Yup, it’s true…envelopes with unique shapes cost more to ship.  The often cost more to print as well.  I’m sure you can find beautiful wedding invitations that are a standard shape and size.

If you’re truly looking to scale back (or are even more ecological than I am), you may want to consider an Evite.  Still, while Evites are popular for reunions, holiday dinner and birthdays, they aren’t entirely acceptable for wedding invitations.  It would, however, be cool if you could contribute to the trend and see if it catches on.  Still, I’d be remiss if I didn’t include this cheap wedding invitation suggestion as the ultimate way to save money.  If you do use an electronic wedding invitation, please share – I’m sure my friends will be as inspired as I will be!

How to Stop Wasting Money

Wednesday, February 10th, 2010

save-moneySaving money takes effort, thought and sacrifice – but wasting money seems to be something that just happens, whether or not we want it to.  And, wouldn’t you know it?  Since we all tend to waste money without thinking about it, we can also train ourselves to subconsciously avoid wasting money, a process which can save a considerable amount of money throughout the year.  Using these tricks will prevent you from wasting your money and will allow you to save it for the future.  Or, at the very least, a deliberate splurge.

  1. Avoid convenience stores. They may be convenient, but boy are they overpriced!
  2. Research big-ticket items. You’ve known for months that you want that Wii – surely you can wait another day or two before purchasing it, so that you can find the best price, right?
  3. Use coupons. If you ask me, paying full price is akin to wasting money.
  4. Take water with you. You may be surprised to learn that spending money on beverages is one of the most common ways to waste money.  A soft-drink on the run or at a restaurant can cost 5 times (or more) as much as it would at a grocery store.  And, of course, water is FREE!
  5. Stop paying credit card fees. With so many free credit cards available, why pay money to spend it?
  6. Avoid ATM fees. With a bit of advance planning you can wander near a bank-owned ATM which will eliminate ATM fees (for most banks).
  7. Use fabric napkins and rags. Even if you’re not concerned about the environment (which perhaps you should be), you can enjoy being ecological by skipping the paper napkins and paper towels, which cost (um, waste) up to $3/month.
  8. Wash your own car. The waste of money in this case is obvious.
  9. Skip the extended warranty. It sounds like a great way to save money, but chances are you won’t need it.  And even if you do, servicing most products is similar in price to the warranty, so you’re not really losing money.
  10. Create your own greeting cards. Everyone loves a funny Hallmark card, but you can create an equally heartfelt card for free.  Why waste money on a piece of paper that will get thrown away?

And, since I truly hate when people waste money, here are 3 more ways to stop wasting money:

  1. Cancel unused memberships. Why pay for the gym that you’re not using?
  2. Buy knockoffs. There’s no need for a real Gucci when you can have a purse (or necklace) that looks nearly the same for a fraction of the price.  Do you really care if it has the Gucci logo, or are you buying it for the style?
  3. Switch to a VOIP phone. This internet-based telephone can stop you from wasting money on a monthly basis and is especially great for international phone calls.