In my younger years, the touch of a dollar bill was quite invigorating when all I ever got to spend were nickels and dimes. If that memory served any purpose, it was to show me how precious a dollar was and how much it could buy (even though inflation has destroyed that buying power).

My parents did a great job keeping money out of my childhood. Both of them were the type to get their hands dirty before paying someone else to do it for them.

My mom, being the wife and all, was the cook in the household. My father was the handyman with the curious mind and loved to open things up, learn how they worked, and fixing it up.

From watching them do these things day in and day out, their resourcefulness has been imprinted in my mind – the concept of value and worth really hits home.

Cook It Yourself
Approximately 95% of all dinner meals we ate were home-cooked. Once in a while, my mom would teach me and my sister a few skills around the kitchen.

As we get older, not only did we learn that it is cheaper to cook our own food, it is also much healthy. Many times do we ask my mom how much the dinner, that she put before, had cost her. And it is still thoroughly amazing that the total cost of the ingredients in a home cooked meal for 4 cost less than two combo meals as a fast food restaurant.

When college came around, I was forced into a college meal plan for the first two years but afterwards, I began buying my own groceries and made the majority of my food. That saved me a ton.

Do-It-Yourself
My father is a skilled craftsman. He built many of the tables, shelves, and cabinets that we used. On occasions, he’d let me paint. That only covers a small area of the many DIY projects that he has completed.

When I see the many things in my immediate surrounding that are made with bare materials, it just shows what can be done with the right tools and some work (much like with the food). Throw in the my childhood love of Legos, jigsaw puzzles, and art, the knack for creating something from nothing very little was in the blood.

DIY projects are usually more cost-effective while being quite educational and fun! In fact, the design of Realm of Prosperity was entirely a DIY project. While I didn’t build the WordPress template, I did learn to make tweaks and small design changes. Even though I may not have done a great job, it would have cost more than pocket change to have someone else do it.

Fix It Yourself
Again, my dad liked to poke around the interiors of electronics and complex contraptions to see how they worked, which meant he’d be able to repair them if they happened to break. Plus, he’s a handyman by nature so he prefers to have a general knowledge of everything.

He’s worked on:

• Plumbing
• Electronics
• Home Appliances
• Furniture

Many people look at a broken object and think that’s the end of it. Sometimes, a small fix is all that is required to bring it back to life but we tend to just head out to the store and waste money on a new one. The ability to fix it isn’t what saves money, it’s the mentality that we should try to fix something before it’s considered garbage.

Setting the Example
Constant exposure to my parents’ behavior has fostered a similar attitude towards becoming more resourceful. They were lessons in disguise that spanned many years.

These were only a few indirect ways that parents could teach their kids about smarter spending and show them the money that can be saved with a little effort.

How did your parents indirectly affect the way you handle your money when you were young? How have you applied these subtle lessons in your later years?

(Photo credit: NickNguyen)

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Consumers buy, buy, and buy some more. Many of them shop to satisfy their compulsive need for something new, not necessarily something they need – I bet all of us can relate to this.

It’s the same old story. You buy it and then it gets your attention for a couple weeks. Slowly, you start caring less and less. Within a month or two, it is the last thing in the back of your mind – and your closet. Some time after this, you go out and buy something again to chase that feeling of getting new stuff.

And that’s the typical path towards massive consumer debt.

The weirdest part is that we acknowledge this repetitive pattern when we examine our spending habits but most of us continue to make this blatant mistake. Our desire for continual change keeps us buying and buying to induce material change in our lives by adding new things to our possession. And usually, these new things do not provide the everlasting, new experiences that we seek.

Mixing It Up
Instead, try to change the things you already have. Looks play a huge role in the feel of the things you have. Colors and designs have such an overwhelming effect on our moods and feelings so why not use this to your advantage – advertising companies do it to lure consumers like you and I.

During college, I don’t know what got into me but I was rearranging the furniture in my dorm room a couple times in a semester. I found that it rejuvenated the room and gave it a refreshing new look. Simply rearranging the desk, bed, and dresser allowed me to relive the moment when I just moved in. Everything served the same function but the new placement was invigorating. When things got boring, I’d move things around again – satisfying the crave for change.

At home, my worst enemy is clutter. My desk is my workspace and keeping it tidy is a daunting job on its own. But, it inevitably fills up with crap that I haven’t gotten around to dealing with. Useless objects find a cozy home on every inch of the table until I’m finally fed up with looking at such a mess. The clutter crept onto my desk and becomes a familiar part of my environment. So, to simply change the look, I clean it up! The table is exactly the same but it sure does feel new when I actually get to see it.

In the electronics department, there are plenty of other ways you can make things a little different. Some of the younger generations these days seem to have some sort of technological ADD. If you just check your “News Feed” in Facebook, some of your friends always seem to be changing their profile pictures. My younger cousins are part of this group. I’ve seen them change the wallpapers on their computers and the backgrounds on their phones all the time.

They Have to Look Different, Not New
The rule here is to achieve a sense of fresh unfamiliarity without the costs of buying something new – ideally, without buying anything at all. Actually, throwing out unnecessary items can also be counted at something different. No one ever said change had to come from more things.

• Rearrange the big stuff. Adding in a little disorientation to the normal routine could be productive and motivational.
• Clean up and organize. If it is dirty, cleaning it obviously renews it. Plus, there is a sanitary concerns here. Reorganize your stuff to their proper places so your whole environment feels “new”.
• Alter images and colors in your surroundings. Your eyes will get bored of staring at the same things day in and day out. Keep your eyes intrigued and excited.
• Buy (if you must) used. The term “used” causes picky buyers to squirm but it is “new” to whoever never had it. Used merchandise is fine as long as they work. Heck, almost all of us live in a “used” house or apartment.

There are probably many other ways to make your stuff look new. Creativity roams free here.

My advice spans as far as my experiences – what nifty ideas did you come up with to “mix things up” without the help of a credit card?

(Photo credit: mandiberg)

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Step back Barnes & Noble and Amazon, you can never beat the free book shopping experience of a public library. You may have the hottest new bestseller but it will end up in the public library within weeks for everyone else to borrow.

I’m a fan of the public library lately because I just don’t feel like I need to buy something that I would only use for a few days and probably never open again – while it collects dust. With advancement in technology, borrowing is so much easier and convenient now that it has morphed into a shopping experience that we are normally accustomed to when buying stuff online.

Clutterless reading
Many novels and “bestsellers” provide a one-time, page-turning, must-keep-reading story experience and that’s just what it was – “it was a good book but I won’t open it again”. And because we paid for them, we keep them assuming that we’d reopen it once again but fail to actually do so. Too many people amass shelves of books that often ended up there because they chose to buy books rather than borrow them. Clutter accumulates as we think, “I paid for this, so I must keep it” – repeated multiple times thanks to impulse purchases.

When borrowing a book from the library, we get it, read it, and return it at no cost. No bookcases. No books. No clutter.

For the sake of having
Let’s face it. Looking at the high credit card balances, we can’t but feel regret when many of the purchases got little use or attention and only added to the already cluttered lifestyle. For the guys, it’s the set of power tools in the garage. For the ladies, it’s the wardrobe of dresses and shoes.

We tend to buy for the sake of having “things” and wind up selling them for a loss or simply tossing it away – the equivalent of throwing away money. The public library is a cure (at least for books) for our materialistic tendencies. Borrow the book and it doesn’t matter whether you read it 10 times or not even once, you’ve satisfied the need to own it – without costing you a dime (unless you don’t return it in time).

Reserve it
Out of stock? The public library has it on backorder! Let them know what book you are interested in and just place a hold on it. Once it becomes available, the book will be shipped to your local branch for pickup. Browse through the entire system’s catalog and find what you want and reserve them.

This is the exact same shopping experience you have when you order stuff from any other shopping site, except you have to pick it up yourself.

P.S. Public libraries also lend out DVDs!

(Photo credit: vlasta2)

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The preconceived notion of an avid saver is that the person is cheap and wouldn’t fork over a single penny to save his life. False, of course! There is a difference between being smart with money and refusing to use it.

I hope to cover some of the differences between a frugalite and a cheapskate. Being able to distinguish between them would stop people from judging.

The Frugalites

• Are Thrifty
  Good money management is a major part of frugality. Using coupons and shopping for discounts are typical routines of a thrifty individual. Smart spending on necessities and minimal spending on luxuries helps save money.

• Makes the most of their resources
  Many frugal people use what they have as much as possible. Throwing a bunch of leftovers together for a nice casserole or growing their own vegetables are typical practices that make use of what they already have. If they need something, they’ll spend the time to search for a good price.

The Cheapskates

• Are Greedy
  If it is free, they’ll take as much as they can. They’ll refrain from spending any money for something that they can take from someone else without remorse.

• Makes the least of their money
  They save like there is no tomorrow. Sick? Too bad, they won’t pay a single dime to see a doctor. Health should be the #1 priority for any single person and money just isn’t something they’ll sacrifice for a better life. They’ll dig a hole and hide their money for themselves when they can spend it like a fool.

It is easy to say that being frugal and being cheap is very similar. I totally agree with that despite my apparent discontent with cheapskates. What I think separates these two classes the most is dependency. Frugalites are independent and can take care of their money matters on their own. Cheapskates depend on others and put their financial burden on society and other around them.

So the next time someone judges you of your savvy financial moves, teach them a good vocabulary lesson.

Photo credit: ninjapoodles and muffet

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All over the personal finance blogging community, people are seeking fun and action that is cheap and inexpensive. Many ideas have been drawn to be plausible but some will eventually cost something. I’ve been trying to leave comments on posts with my take on things to do that do not cost much. Then, I realized that living in New York City, it is very hard for fun to come at a small price.

Until this weekend when I just used up all my cash (I normally only keep about $20 cash), I was able to entertain myself with a few activities that didn’t cost me a single penny.

Played Mahjong with friends: Friday night

Mahjong is a traditional chinese game played by four players with tiles of different Chinese characters and images. In my childhood, my mom was an occassional gambler in mahjong and I learned how to play from her and her friends. This is typical of many other Asian Americans and thus, we’ve carried on to play this game. We do not play with money because gambling in mahjong can get addictive. The full game of 16 rounds that we played took up a good 3 hours.

Stony Brook University homecoming football game: Saturday afternoon

GO SEAWOLVES!! Every school places value in their pride and it is the role of a stadium full of students in the school’s color during the homecoming football game to show how proud we are. College events are always happening on campus and they are all FREE to students. Free tickets coupled with stands filled with very loud college kids rooting for our home team is VERY FUN. Plus, the Stony Brook Seawolves came back in the last minute of the game for a 21-20 win. Super Bowl déjà vu?

Watched “Quarantine” in the movie theater: Sunday night
I just recently found out that the movie theater closest to campus offers free admission after midnight. Normally, I’d go around the afternoon but never thought of going so late at night. Well, I don’t have Monday classes so why not catch a late show. My friends have a thing for zombies so we thought “Quarantine” would be a good choice. My short review: It was not a memorable film. Parts of it resembled the dizzy camera recording of “Cloverfield” . Lucky I paid nothing for it because I certainly felt cheated for the time I spent watching it!

A semester’s tuition: $7000
A weekend in college: $0
The college experience: priceless

Photo credit: bennylin0724 and SBU

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As you can tell from the title, the budget that I set up earlier this week seemed to work pretty well.

I followed all the tips and it worked great:

1. My Post-It note had a small list but it was suffice and exactly what I needed. It served its purpose: buy those items and ONLY those items.
2. I checked the online ads at Waldbaums.com and the only savings I found were for the chips.
3. A few of my items were by generic brands. The milk and spaghetti were from America’s Choice, a generic brand common in Waldbaums.
4. I was set to complete my shopping trip in 15 minutes. It turns out I totally overestimated the required time to pick up all the items on the list. I was actually done in 5 minutes. It helped to know the aisles of the store (and the list was short).

I actually bought something that wasn’t on the list. A box of frozen taquitos was the extra item but I still didn’t go over my budget.

In fact, if you take a look at the receipt, the shopping trip cost me $24.99. I guess I missed my budget by just one penny. I don’t know why I didn’t have to pay tax but I guess it is best not to argue about that.

Plus, with cash back from my credit card, I guess I’m becoming a smarter shopper.

Budgeting rocks?!

More information about credit cards at instant approval.

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Two weeks into the school semester and I haven’t gone grocery shopping yet. Last year, I spent about $30 per week on groceries. Compared to a campus meal plan, that is CHEAP!

But, I feel that I can do better with a little less. Before my return to school this year, my (loving) parents bought boxes of cereal, two large bags of rice, ramen noodles, and packs of water and soda. My mom also prepared food that I can quickly reheat. So, I’ve been able to survive for the last two weeks.

As I told you in an earlier post, I’m having some financial obstacles. That’s why I’d like to cut the expenses somewhat.

Goal
I feel that $25 can cover what I need. Plus, I think that is quite a reasonable goal that can still be achieved with the proper methods.

From reading many other personal finance blogs, I’ve picked up some tips I’ll try out:

• Make a list. Although this is a fundamental part of grocery shopping, many people don’t stick to it nor do they take the time to make one. I always make one but I tend to forget to bring it. This weekend, it’s going to be a Post-It note on my laptop.
• Check weekly ads online. Many supermarkets release their weekly paper ads online. So, why not check out the prices before I shop? I actually found some good savings on the items I was going to buy.
• Try generic or store brands. I forgot where I read it but there was a contest on who could save the most on purchasing generic brand goods instead of the name brands. Just compare the ingredients and see if it matches those of the popular brands.
• Set a time limit. This is a fun one. I remember those competition shows to see who could find the right items the fastest. If I had a list, I should be able to go from the picking up the shopping cart to the cashier in 15 minutes. The point is to reduce the time spent on buying things I don’t need.

I’m confident that I can stick to my budget and it seems this weekend would be a fun grocery shopping trip.

Any readers got some other really fun and useful grocery shopping tips?

Photo credit: CJ Sorg

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Classes start next week for me and it is time to get everything in order for the new school year. Textbooks make up a major portion of the expenses of school. Spending $500 on textbooks is considered normal. I look at that number and it makes me sick at the prices that publishing companies make us pay. Therefore, I do many things to save some money on books.

Make Sure You Actually Need The Books
Sometimes, a course may ask that you must purchase a certain textbook but the professor doesn’t actually use it. Or, the information in a book may not hinder your chances of getting the A. This happened to me once before and I’ve learned. It is really annoying when you buy a book and find that you barely even used it. To prevent this, you should:

• Confirm with your professor and ask if older editions can be used.
• Check teacher/course reviews. (For example: RateMyProfessor.com)
• Ask previous students if they think you would need a book. (Make sure it is the same professor and that the student didn’t get a bad grade). You can also learn tips from the students on how to do well in the course.

Hand-Me-Downs And Borrowing
Many students or graduates just leave their books somewhere after they are done with them. They do not think of selling them (they probably don’t even remember they have them). Or maybe you are good friends with previous students. Kindly ask if you could have a book or borrow it for the semester. There are plenty of nice people in college. I have a very good friend who was kind enough to let me have her books. I borrowed about 6 books from another good friend for a course and saved close to $200.

• Keep these books in good condition. You will need to return them, sell them, or pass it on to another student.

Look Around College Buildings For “Books for Sale” Flyers
So many students disregard the walls plastered with sheets of papers that other students put up to sell their used books. This is one of the best places to find books for sale. You can “shop” around for the best prices, bundle with other books for a lower price, or negotiate. There are no shipping fees and you get to see the book before you buy. Important tips:

• List the books for sale with edition, price, and contact information as you find them for sale. Compare them for the lowest price.
• Jump on the transaction! Do not wait to buy because someone next to you might be looking for the same books.
• Negotiate for a lower price. A few dollars will not be a big deal for these students. You must remember that these books are worth nothing to them because they will no longer need them. They’ll take anything close to what they expected.

Split Costs And Share With Friends
If you and a friend are taking the same courses, why pay for two sets of the same books? Just buy one set and share them. Both parties save money. Set up a system for using the books to study.

Amazon.com
Not much to say here. Buying here should be a standard procedure for any college student. But I must warn:

• Make sure you have the right edition/version of a text.
• Remember to calculate shipping.

The school bookstore should be the last place you look to buy books. You go there only to buy what you cannot find anywhere else.

Using these tips should help a student save thousands over the course of four years. So far, I haven’t spent a single penny on textbooks for this coming semester!

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Now that I’m 21, I have to apply for health insurance under my own name. Previously, my parents did all the health insurance stuff for me so I know very little about the process of applying and purchasing health insurance. We’ve never had to pay for health insurance because my parents were able to stay under the income limit for disqualifying from free coverage.

Currently, I have no income and therefore, I do not have any proof of income to submit with my application. I’ve been interning at a dental office and, sadly, it is an unpaid position. I’m worried that having no income would actually make me illegible for the free health insurance since I have no idea whether income is needed for insurance.

Another option would be the health insurance provided automatically by my university. It costs $403 which covers me from August to January. It is quite an inexpensive plan compared to the hundreds per month that many other people have to pay. But, why pay $403 when I don’t have to right? Because there is a deadline to waive this health insurance fee from my tuition bill, I have to know whether I would get free coverage from my current health insurance company so I can waive that $403 fee.

I’ve decided to just send in the application form stating that I receive a $250 monthly allowance from my parents (which I do NOT). I’m crossing my fingers and hopefully I’ll hear from them in a week or two with my health insurance card!

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As a young adult, I am VERY interested in technology and the coolest, newest gadgets are always in my eyes but not necessarily my hands. Black Friday is one of the most hysterical shopping days of the year.

With items knocked down to ridiculously cheap prices, everyone is on the hunt for something new to play with. I, myself, was interested in the 19-inch LCD monitors for $99.99, Bluetooth headsets for $9.99, and laser printers for $24.99.All are pretty toys at bargain prices but… I didn’t join the hype!!Firstly, I applied one of the rules before going out to shop.

The simple task is asking myself, “Do I really need this?”.

• My CRT monitor is working perfectly fine.
• I have hands.
• I don’t pay for the tuition fees if I can’t print something out at the library.

Plus, I’m on a tight budget. Haha!

Oh yeah, and look at the people of I have to compete with others starting the Thursday afternoon (or even early) in NYC at chilly temperatures for 5-8 hours!!

No thanks. From now on, Black Friday shall be the day when I do not spend a single penny. But, I also congratulate those who bought something because it definitely took much time and effort.

Photo credit: New York Times

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