Smart Guys Ruined Wall Street
Huh? That was my reaction when I saw this in the New York Times today. Check out the article, it’s pretty interesting.
“One of the speakers at my 25th reunion said that, according to a survey he had done of those attending, income was now precisely in inverse proportion to academic standing in the class, and that was partly because everyone in the lower third of the class had become a Wall Street millionaire.â€
So a bunch of smart guys (who were only in the lower 1/3 of their class because they were competing with geniuses at Harvard and MIT) went to Wall St. and discovered how to get rich quick. It makes a lot of sense…they were busy becoming millionaires and were too shortsighted to see the damage they were doing to our economy. What do you think?
October 14, 2009
Tags: banking, finances, financial responsibility Posted in: Banking Accounts, Money News 
One Comment
Restaurant Coupon Put to Good Use
Normally I avoid cheap sushi, but last night I made an exception. I finally used that restaurant coupon I bought for $4.00 on Slickdeals. The coupon was worth $50 off the purchase of $100 at a local sushi restaurant (alcohol included!!).
So I called my friends and we went out last night for a great meal. A huge tray of sushi, appetizers, some martinis, and a bottle of wine later, our bill came out to only $25 a person.
Definitely check out Slickdeals and restaurant.com for coupons like this one, it’s well worth it.
October 14, 2009
Tags: a night out on the town, Cheap Thrills, Coupons, dinner, Food, fun, socializing Posted in: A Night Out, Cheap Thrills, Coupons, Food No Comments
Further Frugal Reading
I’m back! My freelance work took longer than I expected, but I’m finally finished and back to being full-time frugal. The work has put me 1/4 of the way to my savings goal, so I am very happy right now.
I was perusing the New York Times book reviews today and I stumbled upon a review for the book “In Cheap We Trust” by Lauren Weber. It sounds like it could be a good read even though the book reviewer is wary of the concept. The reviewer obviously has a negative perception of frugality. At one point, the reviewer says “Don’t get me wrong: I like to save money. But I also like to spend it. Weber, on the other hand, is fervently . . . well, cheap.” Well duh! Would the reviewer have such a negative view of the book if it was called “In Frugality We Trust”?
The reviewer goes on to say, “once things are priced properly, there’s nothing particularly admirable in refusing to spend money you can spare.” Well just because something is on sale for a fair price, it doesn’t mean you have to purchase it. The ability to resist buying even fairly priced items is very admirable. It’s what frugality is all about. The reviewer also wants everyone to quit pinching pennies and simply stop worrying about money. Easier said than done. I didn’t worry about money when I maxed out my credit cards, I didn’t worry when I opened additional credit accounts, and I didn’t worry when I went on shopping sprees – look how far that got me.
I worry about money all the time now, and it works for me. The more I worry about my money, the less I spend. On a side note, the one part of this review I did like was the part about “freegans“. I didn’t know there was such a word to describe the people I always see lurking in the alley behind my apartment. I guess you learn something new everyday.
October 13, 2009
Tags: book review, books, freegan, freelance, frugal vs. cheap, My Progress, reading, spending habits, tabs Posted in: Frugal or Cheap?, My Progress No Comments
It’s Officially Holiday Season
You heard me right. I walked into a store today and saw my first Christmas tree of the year, and you know what that means. Happy holidays! With Halloween, Thanksgiving, and Xmas coming up soon, how are you going to save money through the holidays? So far my ideas include turning off the lights and pretending not to be home at Halloween, volunteering my sister to host Thanksgiving, and giving donations to the Human Fund as Christmas presents for everyone I know. No good?
I’m open to ideas, so post them here!
September 27, 2009
Tags: family, festivus, frugal vs. cheap, holidays, seinfeld, Spending Zero Dollars Posted in: Cheap Thrills, Frugal or Cheap?, Spending Zero Dollars, holidays No Comments
Spending Zero Dollars and Working Two Jobs
I guess there are really only two ways to make money: either spend less, or get paid more. I struggle daily to spend less. So far, I’ve been able to pay off my credit card debt, but I haven’t been able to save much. So I decided I had to earn more money in order to jumpstart my savings (this is also the reason why I haven’t posted anything in a long time).
I took on some freelance work and so far, having a second job has been great. My evenings are really busy, but I am doing something profitable instead of just sitting around on my ass. There’s also something very satisfying about tracking my hours and calculating how much money I’ve earned each day. It’s also very nice to know that I can earn some extra money even when the economy is in a slump. Clearly not every business is in trouble.
I’ll be back to this site eventually, but for now, I have two jobs that demand my attention.
September 25, 2009
Tags: extra income, freelance, money, My Progress Posted in: My Progress, Spending Zero Dollars No Comments
My Fall Spending Relapse
Ok, so I have to admit that I’ve had a minor spending relapse over the past couple weeks. I woke up bored on Labor Day, so I decided to go shopping with my sister. We ended up making it an all day event with a break for lunch. I think we hit up about four or five different stores that day. I spent a little over $230 on new fall clothes.
Every fall, I get the urge to go shopping. I think it’s a reflex from years and years of back-to-school shopping with my mom. It was especially hard to stay away from the mall this year because I have been avoiding it for so long. I made the mistake of shopping online before Labor Day as well, so I got to see exactly what I was missing in stores. Not that this is an excuse, but it certainly didn’t help my willpower at all.
So here I am now, with $230 less in savings and with a lot more clothing. The funny thing is that I don’t feel any buyer’s remorse over this shopping trip. Before I started my frugal adventure, I would come home with a lot of stuff and feel guilty about it. This time, I didn’t get caught up in impulse spending (I think) when I went shopping on Labor Day. I only purchased items I needed for work or that I was replacing because old clothes don’t fit anymore. I still like everything I bought that day.
So what does this mean? Is it ok to shop if I don’t feel buyer’s remorse? Does that mean that I spent my money wisely, or should I still have avoided the mall that day?
September 16, 2009
Tags: credit card, financial responsibility, money, My Progress, New Spending Habits, saving, savings goal, shopping, Spending Zero Dollars Posted in: Credit Cards, My Progress, New Spending Habits, Want vs. Need No Comments
A Cheap Family Vacation
So I’m finally back at home, unpacked, and settled in. So let’s talk about my vacation. For starters, it was pretty cheap. Cheap as in affordable, not tacky. We stayed at a nice beach house in the first week of off-season, so the rates were much more reasonable than if we had vacationed in the middle of summer. My parents paid in advance for the rental, so I spent zero dollars on accommodations.
I also saved money on getting to the beach house because I chose to drive to the beach. Airline tickets would have been especially pricey because I traveled on Labor Day weekend, so I think driving was the smart choice. I only spent about $150 on gasoline round trip.
I also saved money on food during the vacation. I bought about $100 in groceries before leaving, using all the coupons and discounts I could find. I also spent about $40 on food round trip during pit stops. When my whole family got to the beach, we pooled everyone’s groceries together and made a quick grocery trip for any extra items we needed. I contributed another $68 on groceries during the course of our vacation. Other than that, I spent zero dollars on food the entire time. We ate at the beach house every night, each person taking turns cooking. So most nights, I ate for free.
I spent a total of $358 while I was on vacation, but after splitting the costs with my boyfriend (who came with me), I spent only $179 for a whole week. Break that down day by day, and I only spent $18 each day. Beat that Rachael Ray!
September 11, 2009
Tags: bargains, Cheap Thrills, DIY, family, Food, money, shopping, thrifty, vacation Posted in: Cheap Thrills, Food, New Spending Habits, Travel No Comments
Spending Zero Dollars and Drinking at Bars
Last Thursday, my sister met up with some friends for drinks downtown. It was supposed to be a low-key evening on a patio, but things quickly got out of hand. For starters, she opened a tab at the bar and started ordering rounds for her friends. She quickly lost track of how much she had charged to her tab. Then some other friends of hers showed up randomly at the same bar. More drinking and round-buying ensued. At the end of the night, when she went to close out her tab, her bill was over $90. She didn’t know how this happened but she was in no shape to argue with the bartender. She paid her tab and stumbled home. The next day, she looked at the receipt again and realized what happened. The bartender mixed up the drink orders and put extra rounds of beers on her tab. If she had been able to figure this out at the bar, she could have saved herself about $30, but then again, if she had been able to figure this out at the bar, she would have been sober, and that’s no fun.
I think we have all had nights like these. I am a round-buyer when I drink too, so the receipts I find the next day always surprise the hell out of me. It’s amazing how even responsible people can forget about their finances after a drink or two. Whether people honestly forget they are supposed to be frugal, or whether alcohol is an excuse to splurge, bars are expensive (but sometimes necessary). So how can you avoid spending too much when you go out drinking?
First, and this is crucial to a fun, vomit-free night, eat before you head out. Eating at home is cheap and you can stuff your face without anyone staring. Second, try to carry as little as possible on you when you head out for the night. Usually I travel with my phone, ID, and cash. After all the cash is gone, then I know I’ve maxed out my budget for the evening. Third, tell people you’re broke. Seriously, do it. This might sound embarrassing, but people will understand and more importantly, they will probably buy you a round out of sympathy. Hey, pity drinks are still tasty, so don’t be ashamed.
What other tricks do you use to avoid going overboard financially when you go to a bar?
September 10, 2009
Tags: alcohol, bars, budget, Cheap Thrills, credit card, family, finances, financial responsibility, frugal, Spending Zero Dollars, tabs, thrifty Posted in: A Night Out, Cheap Thrills, Lessons From My Family, New Spending Habits, Spending Zero Dollars No Comments