As many may know, New York City is not one of the cheapest cities in the world to live in.

In addition to the million dollar condos and extravagant luxuries along Fifth Avenue, I feel that a car joins that group of extraneous expenses if it isn’t absolutely necessary.

Of course, I’m speaking from my personal perspective but I do make a case for those in the same living situation as myself.

No Car For Me Yet
If I can get to work just fine without a car, then I probably won’t need it. Most people who have cars either need it to commute to work or have families. In my financial situation, the money saved from not buying a car would be better put in appreciative assets.

So, the predominant reasons for not buying a car yet:

• High insurance premiums. Auto insurance for any young 20-year-old with a registered address within the five boroughs is expensive. Move out of the city limits and insurance plans cost 50% less.
• Convenient public transportation. The subway system is an extensive labyrinth that will take us to 95% of the places we will ever need to go within the city. This kind of accessibility is the deal-maker.

  In spite of the impending fare hikes, unlimited rides for a year would cost less than $1,400 – a persuasive reason for becoming a regular subway passenger. And, don’t forget the money saved on gas and maintenance.

• Unbearable city traffic. Anyone who has ever driven in the city can relate to the occasional anger of slow, crowded traffic or reckless cab drivers. The amount of vehicles in these streets still amazes me. Parking also becomes a time-consuming hassle.

  Even wealthy professionals, who own one or two cars, still choose to take the train out to work because they know just how troublesome it will be. Others living in the outskirts of the city drive to the train station and use public transportation to get to work.

Until a car becomes a more convenient choice to get things done, I’ll stick to driving my dad’s humongous minivan during my free time while I travel with the masses for everything else.

What’s your case for sticking it out without a car?

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Minimalism is an art that I’ve seem to have slowly adopted unconsciously. It may have contributed towards my carefree, lax attitude toward physical possessions. Some may call it being lazy or apathetic but I prefer the freedom from unnecessary worry and concern over material substance.

All too often do we place an excessive amount of sentimental value on items that are better off if they remained out of our lives. The typical outcome is clutter – the true enemy of a minimalist.

A Minimalist Lifestyle
The minimalistic life consists of days where physical belongings represent the bare minimum. A great way to think of it would be to pretend as if you were traveling around world for eternity. George Clooney’s character (Ryan Bingham) in the movie Up in the Air was always traveling and showed very little emotional attachment to physical things – maybe that’s why he excelled at his job of firing people.

A time when I, and many of you, experienced a minimalistic lifestyle is the time spent away from home in college. I lived on very little – rarely spending more than $50 a week on food and fun. Plus, there was only so much space in our tiny, overpriced dorm rooms. That’s why so many people suggest that we not dismiss the college lifestyle after graduation because we were able to live off very little then, so we can live off very little now.

Another terrifying way to look at it is to put myself in the situation where burglars breaks into my home and leave tremendously pissed off at the slim pickings this target happened to be. A minimalist would be able to withstand material loss calmly (though I’d lose my sense of security).

What Minimalism Offers
It is a zen approach to life. With it, money is secondary to meaningful experiences and peaceful lifestyles. To me the benefits are very enticing.

• Focus on what counts. Minimalism frees the mind of mental clutter and it frees my surroundings of physical clutter. That leads to more focus and concentration on the things with true relevance to my financial well-being. In the end, I am able to spend money and devote time and attention efficiently.
• Clutter prevention. It takes up space. We build a false sense of compassion for it. I sometimes look at a useless object and feel the need to keep it. Why? I don’t know. But, it will be the start to many deja vu’s next year, the year after that, and the many years to come. When I do toss it, I’ll wonder why I was silly enough to hold on to it for so long.
• For the need of less stuff, there comes a need for less spending. The obvious reason for cutting out what we consider to be “necessities” is to save money.
• Find out what real makes me happy. Buying new things does create the happy feeling but it lasts for just a moment. It requires repeated purchases to maintain happiness – a recipe for financial disaster. Instead, money is better off spent on new experiences and learning new things because they create long lasting memories of the happy times.
• Lessen the burden. Society has made many of us into rabid workhorses. The conventional wisdom to wealth accumulation is to boost income. Higher income is definitely an appealing option but minimalism goes against advice to earn more to buy more but it supports the idea that we should learn to live with less.

Small Steps
An immediate conversion into a minimalism would be overwhelming. As a matter of fact, there is no specific point where one person can say “I’m living with the bare essentials”. If I feel I’ve reached that point, then that is the life I’ll try to maintain.

Each person has their own beliefs on what is considered necessary. For me, tech gadgets have gotten me enslaved. In other areas, I can easily purge myself of “stuff”.

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For someone who can’t go anywhere without the use of public transportation, I was left in the dark for quite a while when it came to buying MetroCards for the subway.

In high school, we were given student MetroCards. And the few times that I couldn’t use the card, I piggybacked on a unlimited MetroCard. In college, I bought a MetroCard that had many, many rides in it and used it during the few weekends that I came home. Therefore, I wasn’t accustomed to MetroCard refills.

Ever since graduation, I was traveling with a per-use MetroCard. Then, my younger cousin pointed out to me that I could refill my card and keep the few cents in bonus money that the MTA gives us when we buy multiple rides in a single purchase. Usually, I toss the cards when there a few cents left on the card since I couldn’t get a full ride on it. Refilling the card would tack on more bonus money that would some day equal to a full ride.

Now that I know, I’ve been taking advantage of it and saving a little bit every time I fill up. I still feel like a fool not knowing this early.

And now, on to some interesting money articles as of late:

• How Much Credit Card Rewards Cost the Poor at Bucks New York Times Blog. Deeper analysis of the credit cards reveals that the rewards system is transferring wealth from the poor to the rich. Retailer up their prices to cover the cost of rewards. Since the rich are likely to use their credit cards to reap these benefits and the poor are more likely to use cash, the poor pay for the rewards that they don’t get.
• Is It Better to Rent to Males or Females? at Financial Samurai. We all want the perfect tenant – pays on time, quiet, clean, and likable. Although we know there are laws to forbid landlords from discriminatory practices, gender differences play a huge role for potential tenants.
• What Will Retirement Look Like For Younger Generations at Frugal Dad. It’s true. The world is changing at such a rapid pace that the lifestyles from 5 years ago will not be the same in the next 5 years. Humans are living longer and the world is a difference environment overall. For retirement, it will be the same. As a part of the younger generation, I try to prepare but our situations would change our perspectives.

Carnivals in which Realm of Prosperity participated:

• Carnival of Personal Finance! at Ultimate Money Blog
• Festival of Frugality #241: A Midsummer’s Night Dream Edition at Yes, I Am Cheap

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When shopping online, it is very easy to get caught up in the anxiety of hitting the “Submit Order” button that we forget to do a few more things that can help us save more money. I’ve been guilty of missing out on coupon savings and online rebates in a bit of haste due to my excitement.

Just as easy as it is to find something and buy it on the Internet, it doesn’t require that much more work to save a few bucks.

Here are four money saving reminders during your online order checkout:

1. Search for coupons. You want to look for coupons first because they usually offer the most significant savings compared to everything else. I typically like to give these sites a rundown to see if there are any coupons available for my purchase:

• RetailMeNot.com – Popular website with coupons for over 50,000 merchants.
• CouponChief.com – Growing website with over 40,000 coupons for over 8,000 stores.
• Slickdealz.net Forums – Online forum community with threads dedicated to coupon sharing.
• FatWallet.com Forums – Another online forum with members who share coupons.
• eBay – #1 auction site where you can buy coupons and gift cards.

2. Check for educational discounts. If you are a college student or a member of the school faculty, you could be eligible for education discounts that could mean a bunch of savings. Popular merchants that offer educational discounts are:

• Dell
• Apple
• Hewlett Packard
• Adobe

3. Use online rebate programs. Shop through these websites and they give you a small percentage back because they earn commission for the referral. There is no risk and nothing to lose. Some of the top rebate sites are:

• Bing.com – The top cash back program for the most popular stores(program will be terminating on July 30).
• FatWallet.com – A one-stop destination for rebates, coupons, and hot deals.
• Ebates.com – A cash back site with promotional codes and coupons for over 1,200 stores.
• BigCrumbs.com – Another cash back site where you can shop from 570+ stores.

Your credit card may also have their own cash back or rewards program that pretty much acts like any other rebate program. They often cannot match the percentage offered by the sites stated above.

Tip: Do not sign up for too many different rebate programs. Stick to one or two. Otherwise, you’ll take forever to reach payout levels. You may even miss out on the cash back because you couldn’t reach payout – meaning you didn’t really save.

4. Always use your cash back or rewards credit card. This is a no-brainer… In fact, the only type of credit cards I have are cash back credit card so I’m always getting something back.

Tip: If you are using your cash back or rewards credit card through Paypal, always move any funds in your Paypal account into your bank account first. Having a $0 Paypal balance will mean you’d get the most cash back or rewards possible on your purchase.

How to Remind Yourself
Sure, you and I know that we should go through this list every time we are about to check out our order. But, when we are caught in the spur of the moment, it doesn’t come across our minds. We’re just anxious to receive that order confirmation in our email inboxes.

My trick to remind myself is:

I have a Post-It note stuck over the digits of my credit card number with “THE LIST” written on it. The credit card is the only thing in the whole shopping process that would grab my attention because I must take it out to make my payment. With the Post-It reminder covering the credit card number, I’ll be sure to check this list – hopefully be able to save some money.

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Even with the best intentions, there always seems to be a bump on the road towards financial freedom. You want to save up for this but you also have to pay for that.

Can’t really catch a break can you?

So you and I both have financial goals that we want to accomplish. For me, I’ve been saving up to make Roth IRA contributions. But, I also have to pay off my student loan debt along with some credit card debt. My mind says that focusing on one goal at a time would be easier to stay motivated – since it would serve as a quick psychological win as well.

It turns out that giving my all towards a single goal just won’t work. That’s why so many personal finance experts advise on splitting discretionary income between savings and paying down debt. We must seek to balance the need for a fallback and the need to pay our dues.

Why Not Save, Exclusively
Putting 100% of your spendable income into a savings account will mean that you are paying the minimum towards your debt while the interest rate in your savings account won’t be able to match the interest on your debt. So, it is actually taking a step backwards because you’d be watching that scary interest start to rack up.

• Debt is will literally cause nightmares. It is the intangible “thing” breathing down your neck. It is the reason for worry, anxiety, and the feeling of never being able to get ahead.
• The detrimental mathematical fact is that debt grows bigger with time, which results in a hopelessly downward spiral. You are handing over money (minimum payment) but somehow, the balance continues to grow.

Why Not Reduce Debt, Wholeheartedly
Holding the status of debt-free puts you at the apex among personal finance aficionados. No wonder everyone strives to release themselves of the strangleholds of debt. Once it is achieved, the road to riches is much less bumpy. Obsession with debt repayment is a good thing but don’t dismiss the possibility of putting oneself into even more debt.

• The lack of an emergency fund or some sort or cash safety net is very much like going skydiving over mountains with no backup parachute – there is no room for error. But sadly, we are human and stuff happens (c’est la vie). An emergency fund of cash is easily accessible when spontaneous events occur without having to put yourself into more debt.

Split Between Savings and Debt
Sure, you may reach your financial goals later than you expected but going 50/50 will be a safe, yet productive, approach.

Once a substantial emergency fund of cash is built, it is time to let that debt-free obsession go into overdrive. Chase the psychological wins with your preferred method of debt reduction. Keep in mind to invest in a retirement plan such as a 401k and/or a Roth IRA.

So, the outline would look something like this:

1. 50% towards savings and 50% towards debt
2. Emergency fund established
3. 10% towards retirement and 90% towards debt
4. Debt-free status achieved
5. 20% towards retirement and 80% whatever the hell you want
6. Stay away from credit card debt

There is no perfect ratio. Shift a little extra towards saving or debt as you please but you must tackle both with reasonable force. Fifty-fifty is just a good place to start.

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Roth or Traditional? For many latecomers to the retirement game, this question is a puzzling one. For me, it was simple – the Roth IRA.

Why? Because my mom said so. I kid, of course.

The appeal for the Roth IRA has been contagious ever since it came into existence in 1998. Personal finance gurus and experts have contributed to the popularity of the Roth IRA while giving less love to the Traditional IRA, which has caused some of the confusion over the paramount question – “Which one do I use?”.

The answer to this question lies entirely on the individual’s financial situation, prospects, and attitude. Here are the reasons that led me to determine that the Roth IRA best suited my personal goals towards retirement planning.

• Tax-free growth. I love the fact that I don’t have to worry about paying taxes when I withdraw my earnings. The thought of losing a good chunk of an account worth $10 million (fingers crossed) is disheartening. Like for most others, taxes-free earnings and withdrawals are the main benefits that led me to choose the Roth IRA.
• Time is on my side. The power of compounding is best abused by those who have time – more time for my money to make more money. Accompanied by tax-free growth, lots of time clears a smoother path toward accumulating a substantial nest egg. At 22 years of age, I have to time to recover from the bad economic times that lay ahead.
• Account flexibility. Because I can withdraw my direct contributions any time without taxes or penalties, the Roth IRA can act as a highly inaccessible financial account – but accessible nevertheless. With more time in my hands, more unexpected and spontaneous situations can occur and it’s nice to know that I have somewhat of a backup as a last resort.
• Dedication to saving. To maximize the tax benefits of a Roth IRA, it is obvious that I need to contribute the maximum. Without a committed attitude towards saving, I won’t be taking full advantage of such a lovely tax-deferred account – it doesn’t matter what type of IRA.

Roth IRA’s Fame
It’s probably for those same exact reasons I stated above that persuaded others to sign up for their Roth IRAs. The Roth offers great tax advantages, especially for the many twentysomethings who are just getting serious about their personal finances.

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So for the past two years, we’ve watched the Dow Jones tumble… and 401k’s emptied… and people lost jobs… and banks collapse… and foreclosures everywhere… and so much more. With the constant bombardment of dismal financial news, one thing we often hear and read from the media is: the Fed has cut rates and is keeping them near all-time lows.

It used to be such a pleasant sight when high-yield online savings accounts like HSBC Direct Advance and ING Direct were offering interest rates upwards of 5%. Back when the Fed dropped rates whenever it deemed necessary, I’d feel a bit of disappointment, as I knew the interest rate in my savings accounts would drop as well.

How Does That Happen?
Firstly, you should know that the federal funds rate is a target rate that the Federal Reserve strives for – it is not set in stone. This is the rate at which banks (such as Bank of America and Chase) borrows funds from Federal Reserve banks for whatever reasons they may have – but most notably, for lending purposes through mortgages and credit cards.

Banks are businesses that profit from lending your money at a higher interest rate than the interest rate on your savings account. So, a bank needs money to make money. Sources of money include customer deposits (such as those from you and I) and federal funds.

The bank’s cost to acquire capital is what determines the interest rates on depositor accounts. Banks have no direct control over the Fed rate but they can change the interest rate on their financial products. When the Federal Reserve announces a rate cut, it is becomes cheaper for banks to raise capital through borrowing federal funds than to attract deposits through offering higher interest rates. So, banks will reduce interest rates on savings accounts accordingly.

The demand for loans and credit has taken a plunge during the recent recession. With the government placing blame on banks for irresponsible lending that caused the credit crunch and the fall of the housing market, stricter lending ensued. Since banks aren’t lending as much, they don’t need as much of our money.

An Economic Force
The federal fund rate is such a big deal because it is a seemingly simple term but it has a drastic effect on the economy and is therefore a powerful tool in enforcing monetary policy. A rate cut lowers the cost of credit through lower interest rates, which encourages more borrowing and less saving with the goal of jumpstarting the economy – they want us to spend.

We will see high-yield savings accounts with interest rates higher than 5% when the U.S. economy experiences stellar growth – a time when the Fed raises rates so the economy doesn’t grow too quickly. Until then, we must live with the measly 1+%.

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Looking to get the hottest selling video game console of 2009 and want to practice frugality while doing so? Here a guide that I’ve created from my experiences of purchasing a PS3 system along with games and accessories. I hope these tips will help you with reducing the stress on your wallet.

Getting the System
Very few major retailers will offer a lower price than retail for a video game console. So, always head over to sites such as Fatwallet.com or Bensbargains.net to see if there are any recent discounts for a PS3 system. Dell or Newegg would occasionally reduce prices or provide coupon codes for the PS3.

In addition to that, those two sites are participating in cashback programs at Bing or Fatwallet., which means more savings for you. Whatever the deal may be during the period you are looking to purchase a PS3, take it or wait for a possible better deal. Just make sure you are not paying retail.

Getting the Games
Don’t ever think about buying a new game ever again. Why? Because you are paying extra just for the “new” and the plastic seal. Take a look at a previous post of mine about how used video games are perfectly fine. Go find some used games or pre-owned games and don’t pay full price for them. Remember: you can always sell games that you no longer play.

Another option would be to rent video games through Blockbuster or Gamefly. Be sure that you are (or going to be) an avid gamer to make it worth the membership fees.

Getting the Accessories
In order to maximize your PS3 gaming experience, the right accessories make a difference. And they, too, do not have to cost you a fortune. Here’s how you can save on these must-have PS3 accessories:

• HDMI/Component cables. A PS3 exists for high definition gaming so it is essential to get the cables that will permit 720p (for games) and 1080 (for Blu-ray) playability. You do not need to buy cables from the overpriced Monster brand. Visit Monoprice.com for HDMI/component cables that cost less than $10. They work just as well as the $100 cables.
• Controllers. Like getting the PS3 system, controllers don’t always go below retail. Again, just look for the best deal possible and remember to get cashback when possible.
• Bluetooth headset. The official Sony PS3 headset costs $50 retail and it is totally worth it but you don’t have to pay that much. Instead of buying just the headset, look for the game bundles that come with the official headset. The two bundles you should look for are those with Warhawk or Tom Clancy’s EndWar. Check them out at eBay or Amazon and you should be able to get a bundle for less than $40. After that, you can sell the game alone for at least $10 and save even more money on the Bluetooth headset that you keep.

How Much You Can Save
Depending on your perseverance and some luck, you may come across some amazing deals and you could be saving hundreds, if not thousands, over the course of owning your PS3. At the least, you should save $100 by the time you’ve made your first several PS3-related purchases and $100 can buy plenty of games that can last you quite a while.

Just some advice of caution: it is easy to become addicted to video games, which would result in compulsive spending. Here’s something that’ll keep you from running through your games too fast – many previous PS3 owners have burned out their systems after playing for hours on end. Take care and maintain your system to prolong the life of this precious toy. (Hint: keep the system cool!)

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We all flash that smile when we know that we purchased an item at a bargain price. Saving money never made a customer unhappy. But, just because we caught a deal from coupons, discounts, or sales does not necessarily that we are practicing the sound financial principle of saving.

Deal and Bargain Finding Websites
I’ve discovered that I’ve been frequently visiting sites such as FatWallet.com, BensBargains.net, and Slickdeals.net in search of any deals I may find for things I need. Now, I no longer consider them deal and bargain finding websites because they are shopping websites in actuality. It is a place with products and services presented to potential customers but at great prices. With a constant stream of updated deals, it is easy to get lost in a shopping spree.

“Can’t Miss This Deal” Mentality
Consumers tend to buy stuff they don’t need. It is also common that most of the unnecessary things we buy were purchased at, what we perceive as, a discount price. We were lured into buying many things we didn’t need through coupons and sales. It feels great to have bought something for a cheap price but it is no different than throwing money away if it is useless to you.

Enables Compulsive Spending
Some people tend to allocate the savings on a particular purchase towards another purchase. So, if I saved $20 on this item, I could use it for whatever I’m going to buy next. After continuously applying a previous saving to a future purchase over and over again, I would have a racked up a good amount on my credit card without realizing how fast and easy it was to do so.

Some well-known tips are to:

• Ask yourself: “Do I really need it?”
• Get what you need at a good price and get out.
• Close the browser, computer, or just walk away from it.

Much like my proposed Infomercial Copycat method of debt reduction, coupons, discounts, and sales provide the feeling that you are losing money in tiny amounts so that you don’t see the BIGGER PICTURE – which is: you just spent a lot of money on crap.

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Without the intention of beating this question to death, I am asking through the perspective of a financially responsible individual. After landing a job and receiving my paycheck, it was “personal finance blogger” instinct to immediately move some money into the savings account and the Roth IRA.

Then, I thought:

I’m quite able to resist splurging. I know there are things coming up that I will need to spend money on (phone bill, school applications, transportation, and food). Sure, I can budget and estimate what I’ll need to spend but budgets have never been successful in doing what it is meant to do (for me). Why not pay for the necessities and save the leftovers?

Being liquid may be important to people at certain times of their lives and it certainly is for this time in my life. With dental school applications and college loan repayments, saving isn’t a top priority. Debt reduction and a future career take precedence over hording cash that could be better utilized to invest in myself.

Then, I rethought:

Saving a little now can make a big difference later. It’s never good to break sound habits that have led me to be financially responsible up to this point. If frugality and smart spending did so well for me, sticking to them while I have steady income could only benefit my financial situation. Why not saving first and force myself to spend the rest wisely?

Ease of access to money is a major reason behind why people spend it. Logic dictates that you can’t spend what you don’t have (though credit cards shatter this logic). If I move money into savings, I’d need time to take it back out. A delay in making a purchase can be a method of deterring myself from impulse spending. Maybe I’ll find that 2-3 days later I don’t really need whatever it is I was going to buy.

Frankly, to me, money that is out of sight is out of mind. My checking account is the one that I actually check on most often. As for savings and retirement accounts, they get a little attention maybe once a month. So, if my checking account balance is running low, I tend to curb my spending regardless of how much I have saved up.

The Decision

I took the preventative approach and saved first and spend later. Ever since I’ve gotten a steady income, I admit that I’ve been spending a little more than I normally do. With less spending power, there will be a constant voice in my head alerting me of my financial situation which would therefore convince me to stop spending or at least spend less.

The “spend first and save later” is not a bad option but it is definitely not suited for those who cannot control their finances. Many people have funds liquid enough so that they can buy what they need to buy. Whatever is left is saved, which would encourage one to spend less so that they can save more.

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