[Good morning, friends! Got a fantastic guest post for you today that’s got me reconsidering all kinds of habits over here! It comes from Amanda Grossman over at Frugal Confessions, and hopefully it gets you rethinking some of your routines too Take it away, Amanda!]

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I’m about to introduce you to a frugal living rule I started using almost a decade ago.

It’s saved me untold amounts of money.

And to be honest, it’s without much sacrifice at all (none, in some circumstances).

It’s called The Half Rule.

I only wish I’d discovered it back in my early 20s when I could’ve really used it!

It’ll help you fight inflation. It’ll cut your grocery bill down without having to stop buying the products that you like.

And you’ll start to have some money left at the end of the month.

While it can’t be used on everything, it can be used in more cases than you think.

Ready for it?

What is the Half Rule?

The Half Rule means cutting the amount of product you use in half, and seeing what happens.

Does it still perform like it should? Then keep it at the new, half-level. Do you need to add a bit more to it? Go ahead and do it.

You’ll likely always end up using less than you were before, causing you to have to buy a replacement product less (and saving you money).

I started playing around with this over a decade ago. and I can’t tell you how much money it’s saved me (without having to buy generics or go without).

You see, I’m going out on a limb here, but I think we all use too much product.

And there are three main reasons for that:

• Manufacturer Recommendations are Inflated: Manufacturer recommendations are often asking us to use more of the product than necessary.
• Habits are Hard to Break: We have developed a habit of using a certain amount of a product, and it’s hard to change habits. (J$: This is me!! I need to work on this!)
• Product Inflation is a Real Thing: We’re experiencing product inflation, where we think to get the same amount of pleasure out of something, we need to use more of it (has anyone increased their Starbucks size to grande, for example, to get the same degree of pleasure they used to get from a tall?).

I tested this rule out by cutting in half my use of:

• Shampoo
• Laundry detergent
• Dryer sheets (I’ve cut them in half to no bad effect for decades now)
• Cooking oil (started using an oil mister instead of pouring it)
• Restaurant meals (I typically take 1/3 to ½ home for lunch)
• Bagels for breakfast (I started eating half a bagel at home, instead of a whole one)
• Starbucks order size
• Glass stovetop cleaner
• Tape (when wrapping gifts)

And those are just the easy ones you can start with.

[TIP: to save even more money, pair this Half Rule with my Bank It! Saving Money Challenge.]

Why is the Half Rule So Effective?

When you change a few things here and there, or something by a little amount, it’s not really noticeable to your bank account.

Not enough to make you want to keep doing it.

By cutting your use of many things in HALF, you quickly see the change to your money.

Imagine having to buy 10 products half as often – that’s a significant change to your spending.

And with these current prices?

Yeah… you’re going to notice.

It starts a ripple effect of savings – one that you can control.

[TIP: you could then use your extra savings to get one month ahead on your bills!]

A Specific Example of Where This Paid Off

Most of us don’t want to take a close look at how we’re using products, because it’s become a habit.

And habits can be hard to break.

I’m no different from you in this.

But many times, the money we need to actually increase savings is being spent on our habits.

For example, I love Dr. Bronner’s Peppermint soap. I use it to create foam hand soaps for each of our bathrooms.

I was filling up half the bottle with the semi-expensive peppermint soap, and then the other half with water.

I can’t even blame this one on a bloated manufacturer recommendation; when I finally looked at the instructions, I noticed that I was only supposed to use 1 part soap to 3 parts water.

It was all me (product inflation? Habit? Not really sure).

I changed. Now, I’m buying Dr. Bronner’s refills less often.

Ka-ching!

When you bring awareness to how you’re using a product, then you can make a change.

Is The Half Rule for Everything?

Again, this rule does not work for everything.

But I would argue it works for MUCH more than you will initially think.

For example, you can’t fill up your gas tank halfway and still commute the same number of times to work.

Never, EVER, cut a prescription in half.

And you won’t catch me eating ½ of a single serving size of yogurt.

But why waste your money on a daily, caterpillar-sized amount of toothpaste on your toothbrush when a dentist-recommended pea-size will do just fine?

Take a handful of products, cut your use in half, and see if anything changes. You might be surprised. I know I was.

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Amanda L. Grossman is a Certified Financial Education Instructor (CFEI®), a 2017 Plutus Foundation Grant Recipient for her kid money program, The Mt. Everest Money Simulation: A Kid’s Educational Adventure, and founder of Frugal Confessions and Money Prodigy. You can learn more about Amanda here.

// Image by OpenClipart-Vectors from Pixabay
// Link to soap and mister are Amazon affiliate links

[This post, “The Half Rule” – A Frugal Hack I Live By, was first published by J. Money on Elite Edge Money]

My boy Nate randomly texted me this the other day and I can’t stop thinking about it…

Such pros and cons either way!!

Would you rather…

Have unlimited money to buy things online but you can never buy anything in person (can’t go to restaurants, shops, movies, games)

Or have unlimited money to buy things in person but you can never buy anything online (can’t get anything delivered, but could walk onto a car lot and buy a car with cash)

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I immediately shot back “In person 100%!” and then had to marinate on it to make sure it was the best answer?!

He quickly reminded me this means “No Amazon! No buying things from around the world and no deliveries or Ebay!!” and I’ll admit that last one would be hard as it is where I find all my old rare books and coins I collect! However, with *unlimited money* I can just FLY TO ALL THE PLACES and look for them in person, lol… Or do anything else I wanted in person for that matter!

I could eat anytime I want in person. Buy anything I want in person. Buy things for other people or donate lots of $$$ in person. With UNLIMITED MONEY you can live as rich a life as Bill Gates or Warren Buffett once did just 30 years ago before Amazon or the internet was even a *thing*! Lol… It was normal life to buy everything in person!! :)

If you were tied to *online* purchases you’d also find yourself in a pickle more often than not… When you’re out and about and you get hungry? Sorry – no food for you! If you see something for sale (or even worse – your kids find something for sale – like Pokemon cards!) or you just want to grab a coffee on the go – nope! And if you’re traveling the world to far exotic places which you probably will be with that much money, good luck!! I hope you’re a master planner and organizer ‘cuz I sure as hell am not, lol…

And God forbid the internet goes down or you lose your phone… You better have back ups for your back ups! Also hope that you can pay your rent or mortgage or anything else you need/want in life online, though I suppose these days you’re 80% in the clear already with probably another 5-10 years until there wouldn’t be anything you couldn’t buy online?

So really the question comes down to what you prefer to have more of in life – in person interactions, or online interactions? There’s massive pros and cons to both, and with unlimited money you’ll be just fine either way, haha, but I know at least for me I’d much prefer going back to human life than digital if I can help it. Which is probably why I answered “in person 100%!” right away. I don’t want to lose myself more online!! I want to be in the real and flesh!!

That’s what my gut is telling me at the moment anyways :) How about you? Which would you prefer if you had to make a choice: unlimited money to spend online only, or unlimited money to spend in person only? Or do you prefer to opt out of the whole silly option and just keep everything the way it is with your current money and all the freedoms in the world??

Fortunately for those who choose the latter you already got your wish, but a fun question to ponder regardless ;) Never know when you’ll have to for real decide!! Lol… Leave your thoughts in the comments below or hit “reply” if you’re reading this in email and let’s keep the discussion going!

Your friend both online, and especially in-person,

PS: Some other fun Would You Rathers to digest:

• Would you rather… Win $15,000 in dollar bills, or win $20,000 in quarters?
• Would you rather… Have your student loan debt wiped away or FREE healthcare forever??
• Would you rather… Have $250,000 in cash but also $250,000 in debt -OR- Have $0.00 cash and $0.00 debt?

[This post, Would You Rather… Buy Everything Online or Everything Offline Only?, was first published by J. Money on Elite Edge Money]

Good morning my fiscal friends!!

I’ve been missing you… And onto many a new adventure over here in my absence!

First: I picked up a metal detector again after a decade or so away! And it’s been hella fun digging up old artifacts again while cleaning up areas of trash and beer cans, lol… Not sure it’s been a totally good exchange of time, but all that will change the day I dig up a hoard of gold coins!! *evil laugh*

I’ve also turned into an adult and scheduled a million doctor visits to finally deal with things that have crept up for me in old age… Things I typically put off forever because, well, I’m a guy, but now that I don’t have a real job anymore I no longer have the biggest excuse of “no time” ;)

So far this week I’ve seen an orthopedic specialist for my long-aching lower back (turns out I have degenerative disc disease – eek!), next week I meet with a gastroenterologist to talk about the possibility of doing an early colonoscopy to see if anything’s concerning, and then lastly it looks like my Pemphigus Vulgaris may be coming back in my nose so unfort. need to meet with my dermatologist again to see if another round of infusions is in order there, ugh…

On the plus side, my stress is nearly non-existent and my spirits are high so it’s hard to complain too much! Just chalking it up to being an ever growing (older) human being!

Then lately, in my constant pursuit of making better use of my time and helping others, I’ve decided to take on my wife’s #1 personal enemy:

GROCERY SHOPPING

Something that a) I’ve never really paid much attention to because it’s been in her domain for over 15 years now, and b) had no idea what I was really getting into until I started doing it! Haha… Turns out it’s quite a lot of work!! Not to mention requiring oodles of TIME, patience, and stopping every other impulse of yours to snatch goodies off the shelf every two seconds, gosh…

WHY DO THEY SELL SO MUCH YUMMY FOOD THAT’S BAD FOR YOU?!!

But we’re three weeks in now and I’m finally starting to get the hang of it… And weirdly, kinda enjoying it? No so much in the shopping part of it per se, but more in the “learning something new and trying to make it as efficient as possible” part.

It’s felt GREAT having full permission to go in and completely do as I please with our pantry/fridge too, and the day I took over I immediately went through every single item and ended up throwing out over 70% (!!) of our freezer and at least 20% of our fridge and pantry of expired or never-gonna-use food. The minimalist in me had a field day! And I can already tell my wife is more relaxed now not having to squeeze in grocery runs in between work multiple times a week.

So a win-win all around so far!

(Also enjoyable btw: running and jumping on the cart as if you were 8 again, haha… Totally forgot that feeling and this time there’s no adult to stop me!!!)

Some things I’ve learned so far in case anyone else is about to embark on this adventure:

• Keep reusable bags in the trunk of your car so you never forget them
• Allot enough time to *put away* your groceries once back!
• NEVER GO SHOPPING WHILE HANGRY!!!
• Allow yourself *one* treat per visit to help with motivation
• Keep your kids at home unless you want your trip to take 2x longer
• Visit *each* store in your community to get a feel for what’s there, how much it all costs, and of course how annoying/peaceful/busy each place is during different parts of the day. <– This is what I’m in the middle of right now and I’m blown away by how *drastic* the prices can be for the EXACT SAME ITEM!!! And also how different all the stores setups are, which I guess just takes some getting used to over time?
• And then lastly, which I’m learning the hard way so far, haha, make sure you know what brands/items are *non-negotiable* with your family members! It’s not always just about the costs, and the littlest things can make the biggest differences apparently, lol… (Looking at you orange juice and chicken nuggets!!)

So yeah, one more thing added to my Dad Duties and feeling pretty good with myself here… The Habit Stack gets bigger, and I’m that much closer to being a domesticated adult! Turns out I can do more stuff than just money – hah.

(Speaking of money – another eye opener??? Some things are SO EXPENSIVE now!! Peanut butter?? Eggs? Yogurt?? All double what I remember paying for them on my odd shopping trip… In fact, the only thing that seems to have stayed the same over the years is milk. I swear I’ve been spending $2-$3 for a gallon since I was in college, but I could be remembering wrong… Oh, also fruits and veggies and especially spinach… You can get a whole TUB full for only $3! What a bargain!!)

At any rate, that’s what I’ve been up to over here! How about you?! Taking on any new goals or adventures of your own? Have any tips or tricks you use to make your grocery shopping smoother??!

Spill your secrets in the comments or email me please!! :)

Also – tell me how you KEEP TRACK of it all… I’ve been using the notes app on my phone but wondering if there’s a better tool/system out there?

Hope you’re well!

Your domesticated (and fast aging) friend,

PS: Other things I’ve been getting into lately:

• Hopped on a podcast to talk about $$$, transparency, and risk –> Valiant Business
• Wrote a new post on my Coin Blog –> Prop Money is Flooding Our Town!
• Cashed out the last of my bitcoin once and for all. So you’re welcome for it going back up now! Haha… I’ve always had the “best” timing for when to go in and out, so it’s no surprise my $20,000 pot ended up at $10,000 Would have continued letting it ride, but needed to max out my IRAs for the last tax year and didn’t want to dip into other investments. Just one more thing tacked onto my Resume of Fails!
• Finally got my tattoos!!!! And they’re so pretty!!! Hurt like hell around the collar bones, but def. worth it (and always something about the pain making you feel like you actually *accomplished* something, lol… isn’t that weird?) Pic down below, or you can click here to see the stages from start to finish on IG.
• Still volunteering/finding donations for my homeless friends. Though sad to report my old friend Lizzy has been in and out of jail over the weeks since she hasn’t been able to pay for any of her tickets she’s gotten from sleeping in parks :( Can you imagine?? Getting locked up just because you can’t pay $200-$300? She’ll be right back in there again too because SHE HAS NO HOME AND HAS TO SLEEP SOMEWHERE!! But as always I just listened and talked with her for a bit and made it my mission to learn more and see how best I can help. Just wrapped up a 2 hour training the other day from the local shelter so slowly making some progress here…
• And lastly, I started taking up bowling out of all things, haha… Had the hankering one day (that’s right, hankering!!) and then blew almost $40 in one hour (!!). WOW has it gotten expensive. But a little birdy told me to search Groupon for deals, and sure enough there’s a plethora of them where you can bowl for 50%-70% off! So I picked up the max coupons you could buy, and now my dad and I meet weekly to bowl a few games in the morning while everyone’s at work ;) It’s the first time in years just doing something with the two of us which is practically priceless… even though we’re paying for it – hah. Yet another perk to chasing FIRE though! Affects all areas of your life with so much time freed up. So keep on going!! The fight is well worth it!

[Another interesting thing about getting these? I had to shave my chest and now kinda like it?! Though it does add more time to the shaving regiment, lol…]

[This post, The New Queen of Grocery Shopping 👑, was first published by J. Money on Elite Edge Money]

A great reminder today from Mr. Aesop :)

Patty the Milkmaid was going to market carrying her milk in a pail on her head.

As she went along, she began calculating what she would do with the money she would get for the milk.

“I’ll buy some fowls from Farmer Brown,” said she, “and they will lay eggs each morning, which I will sell to the parson’s wife. With the money that I get from the sale of these eggs I’ll buy myself a new dimity frock and a chip hat; and when I go to market, won’t all the young men come up and speak to me! Polly Shaw will be that jealous; but I don’t care. I shall just look at her and toss my head like this.”

As she spoke she tossed her head back, the pail fell off it, and all the milk was spilt.

Moral of the story (according to Aesop): Don’t count your chickens before they’ve hatched.

Moral of the story (according to J$): Don’t use money to impress others! Use it to impress yourself and build a happy life for your family. (And then when you’re financially free, buy all the dimity frocks you’d like! ;))

Have a fantastic Thanksgiving, everyone. Thanks for still being here after all these years

// Other great reminders as we head into the holiday season:

• The Mexican Fisherman
• Peter And The Magic Thread
• The Miser and His Gold

*This post was originally shared in 2017, but had to get those dimity frocks trending again ;)

[This post, Don’t Be Patty The Milkmaid, was first published by J. Money on Elite Edge Money]

Good morning!

Here’s an outline of tips and tricks I do to help me live my Best Life :)

I started putting it together for a possible book or PDF or something?, but I also just wanted a place that captures it all for easy reference later… If you like it, I’ll do an update as other ones come to mind!

It really is amazing how good habits can compound over time… Bad ones too, but we’ll save that list for another day ;)

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A bunch of things that have gone on to
change my life:

Money:

• Tracking my net worth
• Automating all bills
• Consolidating all banking
• Rounding up all debt payments/investments
• Using one credit card for everything (and paying it off monthly)
• Maxing out retirement accounts every year
• Storing all tax documents in one spot
• Tipping 20% no matter what
• Always keeping cash in my wallet (money clip)
• Always keeping a $20 bill in the car for emergencies

Shopping

• Always buying it if it’s a book
• Always buying it if it’s under $10.00
• Asking: “Would I rather have this thing or cash?” before any purchase
• Asking: “Would I wear this out the dressing room?” before any clothes purchase
• Shopping thrift stores for cheap fashion experimenting
• Always having a back up plan for stuff you buy
• Leaving all packages needing to be returned in the trunk so they’re always ready

Productivity:

• No coffee until you’re ready to do the “real” work!
• Answering emails in batches
• Answering emails with emojis and gifs (quicker *and* fun!)
• Answering emails via iPhone (more acceptable for writing less)
• Answering emails but *not sending* them until later (slows down the back and forth)
• Only keeping emails needing attention in the inbox (archive the rest)
• Setting calendar items for all your friends’ birthdays so you never forget (esp old college ones as time passes on…)
• Spending just 15 minutes to jump start the stuff you hate (you’ll often end up doing more once you get going!)
• Going “all in” when you find something you love (It may change later, so soak it all up while you’re excited!)
• Stacking habits for better efficiency
• Re-reading Essentialism every now and then

Household:

• Making your bed every morning
• Cleaning the litter every morning
• Putting away the dishes after every meal
• Doing a load of laundry every day
• Lighting a candle at dinner
• Keeping books easily accessible around the house
• Spritzing plants every day with water (easiest way to keep them alive!)

Clarity/Mind:

• No phone in bed!
• No phone *in front of other people*
• Wearing a watch so less times picking up the phone
• Keeping phone notifications turned off
• No working on the weekends
• No working at night
• Hitting inbox zero every day
• Waking up at 5am and getting the day started on your own terms

Kids:

• You can never love them too much!
• They’d rather play with YOU than a toy
• Keeping an “adventure bag” in the trunk (with extra clothes, toys, bathing suit)
• Keeping their scooters/skateboards in the trunk (for more sporadic adventures!)
• Going with the flow while playing, even if it’s not fun (they’ll quickly move on to something else!)
• Sticking to a loose schedule for play time, nap time, screen time
• Urging them to do as much as they can by themselves
• Bribing them if it leads to better habits
• Not letting them get free stuff at yard sales…

Minimalism:

• Keeping key chains minimal (house and car keys only)
• Keeping money clip minimal (only cash and cards)
• Keeping clothes to *only what fits in a suitcase*
• Giving every thing a “place”
• Keeping a box for all stuff that needs to go out
• Keeping all email accounts/website accounts/other accounts consolidated
• Removing areas of the house that accumulates stuff easily (usually flat surfaces)
• Walking around the house looking for stuff to declutter when bored
• When stuck on an item, asking: “Would I go out and buy this again?“
• Re-reading The Power of Less every now and then

Health:

• Banana and water in the mornings
• Cut up apples w/ peanut butter in afternoons
• Stop eating when 80% full
• 1-2 walks every day!
• 100 push-ups every day
• Brushing your teeth right after dinner so less temptation to snack/drink late night

Charity:

• Always saying “yes” when asked for money
• Giving the largest dollar bill in your wallet/purse/pockets
• Setting up *automatic* donations to organizations that matter most to you
• Becoming a Lifetime Member of the clubs you belong to
• Keeping your eyes consciously *open* for opportunities to help

Reminders to self:

• No one can ever take away your success!
• Freedom > Money > Stuff
• It’s either a Hell Yeah or a No – Sivers
• You can get equal happiness from stuff that costs money and stuff that doesn’t
• “Sometimes all you need is 20 seconds of insane courage.”- We Bought a Zoo
• When in doubt, ask yourself: “Do I like who I am when I’m doing this?”
• “Never give up on a dream just because of the time it will take to accomplish it. The time will pass anyway.” – Earl Nightingale

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[This post, 75+ Things I Do That Improve My Life 🔥, was first published by J. Money on Elite Edge Money]

One of the joys of having your money on lock is being able to spend lavishly on the things that make you happy without having to think about it much.

(And by lavishly, I mean on anything $10 or less – because frugality )

We make so many dang decisions every single day of our lives, so anytime you can shave off one of them it’s a WIN. Plus, why not splurge a little without over-analyzing every last purchase if you’re hitting your goals just fine?!

It’s pretty amazing what a Hamilton will get you these days too:

• Coffee? Yum.
• T-shirt? Rock it.
• Rings? Flaunt it.
• Books? The Best!

If it makes me happy or feel good (or look good) – I will buy it every single time and not feel bad about it.

In fact, just yesterday I employed this rule when I came across this book at the local book store:

Gucci Mane was probably the last person I was expecting to enter my life, lol, but something about it made me want to pick it up and devour it…. Probably that pinky ring (Gucci Mane is a rapper famous for trap music – and going in and out of jail/drugs)

So I did. It cost me exactly $10 and I didn’t have to check a budget or anything.

And then I promptly went next door and ordered a $6 latte at the coffee shop where I sat and consumed both for the better part of two hours!! IT WAS BLISSFUL!!

And also the fastest I’ve ever read a book in my life*. It wasn’t even the greatest story telling or writing, it just fascinated me to no end and I couldn’t put it down. It’s amazing how drastically different our lives can be on this Earth! And I’d be lying if I said I didn’t wish I was a bit more of a troublemaker like GUCCI is too, haha…

And sure it adds up over time, but so does pleasure. If you’re already hitting your financial goals though it’s all “extra.” And let me ask you – would you rather have $1,000,010 or $1,000,000 and a good book? (Or coffee or beer or big bag of gummies??).

An extra $10 doesn’t add as much value to your life once you cross a certain point. And even if you’re deep in debt or just getting started in your financial journey I recommend cutting yourself a little slack every now and then! I wouldn’t get crazy with it, but a $10 splurge will go much farther in your mental health and motivation than 24/7 deprivation. Just don’t do it every day and you’ll be fine…

At any rate, another thing I do that’s worked out great for me in recent years :) And if you’ve been doing any of my last 6 tips you should have plenty of extra Hamiltons to play with! Go out and have fun with one of those puppies today!

Yours in splurging,

*In two hours I read 1/3 of the book, which anyone with “reading OCD” will tell you is astonishing… I rarely had to re-read any of the lines, or got stuck on a word I had to repeat over and over again until it felt “right” or anything. I think because the world of Gucci has no impact on my life whatsoever, haha, so it wasn’t “important” enough where my brain had to make sure it soaked everything in. Even though it’s crazy inspiring! So thanks G-mane! For being yourself, and for giving this new fan some hope in future book reading… Keep on spittin’ your truth

[Cover art for Delusions of Grandeur]

** Links to book are Amazon affiliate links

[This post, $10 or Under? Get it., was first published by J. Money on Elite Edge Money]

Morning!

So a new coaching client of mine has a weekly newsletter on helpful tips for your money, and I liked her last one so much I had to steal it and share with everyone here :)

Rita’s been a consumer advocate and personal finance journalist for the past 2 decades, and unlike some of us who tend to get a bit verbose with our tips (*ahem*), she’s great at condensing them into bite-sized nuggets.

Here’s her latest 10 tips – hope a few of them help!

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Rita R. Robison Newsletter

#1. Look for sales on clothing, grills, and camping gear in October. Wait until November to buy TVs, iPhone 14s, laptops, and electronics. Get ready for the Black Friday sales by taking a look at this article on the best laptops.

#2. Save up to 50 percent off on groceries from Flashfoods, an app that connects surplus food from grocery stores directly to consumers. The meat, produce, and other perishable items are near their “best-by date” and need to be picked up the same day. Some stores participating are Family Fare, BG’s, Meijer, and GIANT.

#3. Take a look at this article on how to cut out food waste and save money in the process.

#4. Watch out for scams if you want to donate to victims of Hurricane Fiona in Puerto Rico.

#5. Be aware when the Fed increases interest rates, like it did recently, the rate goes up on your credit card balances not just your new purchases. See the article linked for seven ways to lower your credit card debt.

#6. Check out Amazon Outlet. The items are overstocks – Amazon bought too many of them – discontinued items, or clearance items. You’ll see clothing, kitchenware, home decor, electronics, and other categories discounted.

#7. Tired of your wireless plan? Satisfaction with value mobile virtual network operators or MVNOs, such as Boost Mobile, Consumer Cellular, and Mint, is increasing and they’re saving money for consumers. MVNOs buy minutes from the big mobile companies like T-Mobile and AT&T. However, MVNOs have fewer features.

[Editor’s note: I’ve been using an MVNO for over 8 years now  – Republic Wireless. Chopped down my cell bill by $100 every month adding up to over $10,000 now! From one simple move!]

#8. Check out these tips for finding holiday flight deals even as ticket prices spike. One is to get a ticket to fly on Monday, December 19. Flights are generally about $120 less costly that day.

#9. Join financial blogger J. Money, of Elite Edge Money, and see how many of these seven financial tips from Mark Cuban you can check off. [Thx for the shout out!]

#10. Read any papers carefully you’re asked sign when you take a friend or relative to live in a nursing home. Some facilities put illegal clauses into contracts saying you’ll be on the hook for the bill. See the article linked for the stories about the troubles a daughter and a friend had.

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Rita R. Robison is a consumer and personal finance journalist, making her living over the past 20 years by finding the best bargains, calling out the crooks, and advocating for regular people just like you and me. Subscribe to her weekly newsletter for bite-sized financial tips, and get a bonus free e-book on how to optimize your personal finance decisions. You can also find her on her blog, Rita R. Robison Consumer and Personal Finance Journalist.

PS: I just signed up to her newsletter myself – something I rarely do! But how great are these?! It’s like getting all the financial secrets each week, love it…

[This post, 10 Quick Hits, and a Newsletter Recommendation, was first published by J. Money on Elite Edge Money]

Here’s something that’s really helped me over the years:

I always have a back up plan for stuff I buy!

Not stuff like groceries or other necessities you need to survive on this planet, but extras like “wants” or even some needs like clothing and Amazon purchases (hah).

For example(s):

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#1. Shoes. As you now know I’m a super fan boy of VANS, so usually if I find a pair that fits and is cheap – like from the thrift store or somewhere – I’ll buy it even if it’s not my favorite so long as it has a high chance of me still wearing ’em and enjoying. If I do end up liking them and wanting to keep ’em, I do, but if I don’t I have a list of 3-4 places around town I can easily go to and hock for a few dollars of profit, or at least break even. Which isn’t hard to do when you’re only snagging them for a few bucks ;)

Here’s a pair that in theory I should have loved cuz they’re a bit different and I don’t have any green pairs yet to match my green outfits!

[2019 Vans U.S. Open of Surfing ed.]

As I wore them around town, however, I felt like a complete CLOWN and quickly knew we were not made for each other.

So the next week I walked them into one of my favorite vintage stores and sold them for $15.00 – netting a $7.00 profit. Win-Win! The shop got cool new shoes in their inventory, and I not only got a few bucks back, but more importantly GOT THEM OUT OF THE HOUSE so they’re not constant reminders of how clowny they make me feel.

And that last part’s the important part.

It’s one thing to regret a purchase, but it’s another to be reminded of that regret over and over and OVER again!! Don’t let them drag you down!

If you *know* buying something was a mistake, get rid of at once – from your home and your mind. Even if you completely lose out on the money as it will eat you up every time you set eyes on it!!

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#2. I also have back up plans for my books. If I see a book that looks remotely interesting I buy it regardless of the price tag. I learned this from Ramit at I Will Teach You To Be Rich who declared that the knowledge you get from it will always be worth more than the cost of it, even if it’s just a single nugget. Which I wholeheartedly agree with. Plus, it takes away one more decision you have to make in life! “Does this book look interesting? Buy it!” Boom – easy.

Then once you’re finished with the book, benefit #2 comes in: getting rid of it or including it in your personal library!

Now I’m pretty picky so most books never make it to my bookshelf even if they are great (I rarely re-read them), but after sucking out their essentials and then blogging about it for future posterity, the backup plan then gets initiated. Which looks like this:

• Was this a great book? Find someone to give it to!
• Was it an OK book? Donate it. Either to a thrift store or tiny free library.

Done and done

In fact, most of my back up plans include “just donating it” when I’m done with an item or made a wrong decision. Not so easy to stomach if you’re living paycheck to paycheck and every dollar counts, but what a benefit for all those who’ve gotten things under control. It’s a beautiful thing not having to stress about every last decision you make – even if you lose out on a little money in the process!

Which is really what it comes down to at the end of the day – being *at peace* with your purchases and not letting them get in the way of life. And knowing that not all decisions are final either. You can always do something about it if you’ve goofed!

Plan Bs also come with another interesting side affect  – it allows you to experiment more with things you normally wouldn’t. This is exactly how I got into skinny jeans… (so maybe don’t follow this advice?! Haha…)

I was 50/50 on whether I’d like them or even DARE wear them around in public as a 40-something, but knowing I could just return them or donate them right back the next day got me to pull the trigger and *test out in real life*. And, well, 4 skinny jean pairs later I actually don’t wear much of anything else these days! I love ’em!

Though I can’t say the same with the decision to buy this weird contraption I still like the idea of it but have only worn it twice in 4 months:

Other areas these back up plans come in handy:

#3. Coin collecting – I know that at any given point in time I can re-sell the coins or trade them away, even if I don’t get top dollar for it. I go in spurts where I get disenchanted with collecting and wonder if it’s just wasted money sitting there in cute coin form collecting dust, but then others where I find them incredibly fascinating and get immense joy researching and learning all about their history and beauty.

But in both cases it’s helpful knowing there’s a back up plan for when I’m eventually done collecting. Which includes one day donating or lending my local collection to our local museum where others in the community can view and appreciate them too!! A much better use of them, and a challenge that keeps me going since it’s a hard feat to pull off :)

#4. Rare books/other antiquities – Similar to the above, most places will buy back their goods even if its at a discount or store credit. A couple years ago I bought a rare book for $150 that I could never find, and then literally the next week I found the same one – in slightly better condition too – for $75 (!!). I couldn’t believe it. I snatched it up right away knowing I could always re-sell a copy, but ended up just returning the $150 one for store credit to save the hassle. Plus, it’s always more fun to shop with credit :)

#5. Amazon purchases – Just like all families in the country, Amazon is at our door daily. But unlike other families in the country, whenever we buy something we don’t end up liking or needing, we return it RIGHT AWAY!! Which of course they make *super easy* these days not giving anyone an excuse not to…

You literally don’t even have to box up your returns or slap a label on them anymore – you just drop to your nearest UPS store or other spot in your area and the Refund Fairies take ’em away and drop the coins back in your wallet! It’s not hard!

Yet as insanely easy as they make it, people still don’t take the time to return stuff and allow the financial and mental losses to stack up making life progressively more miserable with each day…

So please, for the love of all things money, RETURN THE STUFF YOU DON’T WANT ANYMORE!! And do it right away so you don’t forget or miss the deadline!

A trick I use is just keeping the returns in the back of my trunk, that way when I’m riding around town it’s always with me even if I forget. Or you could pick a day of the week where all returns or donations go out of your house, like Friday afternoons so you start out the weekend with a nice cash or productivity boost ;)

Either way, getting unwanted stuff out of your house and mind is what matters most. So many houses are getting cluttered that don’t need to be and it really isn’t that complicated!

Make your purchases, have those back up plans in place, and continue making your life a little easier by simplifying your decisions.

Lighter in the mind, fuller in the wallet – BOOM.

[This post, Always have a back up plan for stuff you buy!, was first published by J. Money on Elite Edge Money]

INSIDE: Added up a bunch of the best finance and money memes around savings, debt, student loans, income, being rich, being broke, and more. Enjoy!

I’m just gonna paste up a bunch of my favorite money memes, because why not?

If I missed any good ones, let me know :)

– J to the Dollar Sign

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Funny Memes About Money

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Money Memes About Financial Freedom

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Memes About Work, Side Hustles, and Making Money

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Money Memes About Coupons

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Money Memes About Investing

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Money Memes About Lending Money to Friends

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Money Memes About Student Loans

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Money Memes About Taxes

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Money Memes About Saving

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Money Memes About Spending

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[This post, A Page Full of #Money Memes, was first published by J. Money on Elite Edge Money]

What’s worse than watching your friends spend money on crap they don’t need? I’ll tell you… It’s hearing them afterwards try to convince you why their purchases were actually good choices!

My buddy recently bought a brand new Audi A4. Very sleek and sexy car. And while I’m really stoked for him and want him to enjoy the finer things in life, his reasons for the purchase didn’t quite make sense to me… His logic was:

1. 1. “Tax advantages” Basically, his tax guy told him that buying more expensive things could lower his taxable income. Since he can deduct car expenses against his income because of his work situation, he was advised that a more expensive car made better sense than buying a cheaper car.
   2. “Higher resale value” My friend bought the $10k upgrade package (leather seats, fancy interior stuff) because he says the car will have a higher resale value later when he wants to sell it. Huh??!!
   3. “It’s worth it because I drive a lot” He spends a lot of time in the car, commuting for work. And since he doesn’t like driving, he thinks having a nicer car will make it a little less miserable vs. a modest car.

I don’t mean to judge … People can spend their money on whatever they want to in life. But justifying a luxury or impulse purchase with “it is a good investment” makes me cringe a little. Especially if it’s the complete opposite of common financial sense!

Other Money Excuses We Tell Ourselves to Justify Purchases

We probably all do it in some way or form. We mix up our wants with needs, and rationalize the poor decisions we make. Here’s a list of things I see pretty often (and admittedly, sometimes I think these myself!)

1. “It’s a tax deduction!” While a tax deduction could be a great benefit of buying something, it should never be the primary reason to make a purchase. Paying a lot, just to save a little, doesn’t make financial sense.
2. “I just got a tax refund check! So it’s basically free anyway!” Getting a tax refund just means you overpaid taxes throughout the year.l It’s not free money from the government! Thankfully, I’m hearing this reason for impulse purchases less and less. Glad to know people are educating themselves more about taxes! :)
3. “I bought it because I’ve always wanted one” A friend-of-a-friend of mine just bought a brand new $700 surfboard… He’s never been surfing before in his life, and never really even talked about it. His reason for buying the new board was “My whole life I’ve always wanted to try surfing!”… And while that’s a great attitude (and I love seeing people try new hobbies!), he could probably rent a board for $10/hr to see if he enjoys it first. Heck, he could have even borrowed one of my boards for FREE and I’ll take him out for a few lessons, too. There’s no great reason to spend large amounts of cash on new hobbies that you might not end up liking.
4. “Gotta experience this while I’m young. YOLO!” I hear this excuse a lot when people buy spontaneous and expensive vacations. Don’t get me wrong, traveling while young is good — you can’t wait until you’re an 80y/o to go backpacking across Papua New Guinea — but there’s a TON of travel you can enjoy at any age! And less expensive travel can be just as enjoyable as expensive trips! It’s the experience that counts, and that can’t just be bought.
5. “Everyone else has one. So I had to buy one too!” I’m sure you’ve heard this quote before, but it’s always worth repeating…
   “Stop buying stuff you don’t need, with money you don’t have, to impress people you don’t even like”.  (Who said this first by the way? Suze Orman?)
6. “My old one was dirty, and they’re so cheap to replace … so I just bought a new one” I’ll admit, I used to have a mindset like this. If my coffee maker was looking old and dirty, I’d just buy a new one and ditch the old one. It wasn’t until I met my wife that I really learned to reduce waste and save money!
7. My “rich friend” said it was a good investment: I hear this money excuse a lot when investors make sudden large purchases of risky stocks, cryptocurrency, or get-rich-quick opportunities. For me, I’m very cautious of who I take investing advice from — no matter how good their financial situation is. Whenever I hear this I’m reminded of a quote from my fav personal finance book, The Millionaire Next Door:
   “Would a business, especially a very productive one, ever hire a key employee without doing a serious background check and an in-depth interview? No! Yet most people, even those with high incomes, hire financial advisors after obtaining little or no background information about these “employment candidates.”
   “Operate your household like a productive business. The best businesses hire the best people. They also patronize the best suppliers. Utilizing the best human resources and top suppliers are two major reasons the most productive organizations succeed while others fail.”
8. “There were only a few left – so I had to buy it quickly!” The power of internet marketing continues to amaze me. If it’s a fast selling and good product, they will probably make more of them. Well-thought-out purchases usually trump speedy ones, regardless of how many items are left in stock.
9. “I’m saving money in X category, so I can afford to waste a bit more on Y” I love it when people celebrate good budgeting and reward themselves for good habits!… But, it becomes a slippery slope when they start overspending extra money in discretionary categories. Excess spending can creep up and become bad spending habits!
10. “The stock market is roaring so I can loosen my spending belt a bit”  I know a lot of people who live this way. They spend a lot in the good times, then when the money stops rolling in they have a miserable time adjusting back downwards. Also, most stock market gains are unrealized. Beware of false profits $$!
11. “This gadget will help me be more productive at work. Saving time = saving money!”  While there are definitely some tools to help make your time more efficient, in my experience, more productivity happens when you have less stuff – not more 
12. “I’m getting a big bonus next month, so I can spend the money now” I heard this excuse a lot in my old sales career. Some of my colleagues would go out and blow their commission checks on fancy watches, electronics and stuff before the money was even paid to them! Sometimes sales would fall through, checks never came and they were stuck in credit card debt debt. :(  If money is not in your bank account, don’t spend it yet!
13. “I’ve already blown my budget, so who cares anyway. I’ll try harder next month/year.” This budgeting excuse is a funny one, because it’s like giving yourself a reward for bad behavior. Admittedly, I fall into this trap a lot … For example, around September of this year my wife and I exhausted our entire alcohol budget for 2020. Instead of stopping spending for the rest of the year, we just continued, knowing that our budget was blown anyway. In hindsight, we should have had a different attitude!
14. “I can always return it if I don’t like it – so it’s like a free trial!” The whole point of return policies is to get products you love into your hands. But the likelihood of returning those things that you love is very small. “Free trials” are not a great reason to purchase things you don’t need.
15. It was on sale! Stumbling across a killer deal is always exciting. But buying something you don’t need puts you further away from your financial goal, no matter how good the discount is.

Spending money in itself is not a bad thing… We are all free to budget for whatever we want in life. Spending should be FUN! 

That being said, I want to encourage people to be intentional with every purchase – both needs and wants. Enjoyment doesn’t increase proportionally as spending increases, so when you do spend, enjoy it for the right reasons. :)

What bad excuses to spend money or weird justifications do you hear often? Caught yourself saying any of these?

[This post, Bad Excuses to Spend Money 💵 🤷‍♂️ 💵, was first published by 5am Joel on Elite Edge Money]