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Top 5 Areas for Spending and Saving
The Dollar Stretcher Blog
by Gary Foreman
Brad Tuttle, a blogger with Time.com, asked a number of people involved with
frugal living what things they would and would not spend money on. It's an
interesting question. He's running the answers on his blog <
http://cheapskate.blogs.time.com/2009/07/20/what-will-a-cheapskate-spend-good-money-on-part-i/
>.
I like the question. Being frugal, at least to me, doesn't always mean getting
the cheapest item possible. It's a matter of balancing the cost of the item, the
quality of the item, and the level of quality you need for your use. So here are
the answers that I came up with.
Where The Dollar Stretcher looks for savings:
Anything disposable. If you're going to use it once or twice and then trash it
you don't need quality. Throwing away the fewest dollars seems to make a lot of
sense.
Generic foods. Frankly, I don't care which brand of instant oatmeal I eat. The
cheapest is just as good as the name brand. There are many grocery items where
the generic is a great way to save some money. No need to pay for name brands'
marketing efforts.
Utility bills. I can't see spending any more than necessary for utilities. It
seems silly to let lights burn needlessly or air conditioning escape to the
outside. I don't know if the power company has an award for their best consumer,
but even if they did, I don't want it.
Play clothes. For daily living I just want practical. I don't need the latest
styles or designers. Clothes for work and play should be functional. So I look
for good quality and the lowest price I can find.
Status items. Fancy watches, club memberships or having the latest toy really
doesn't interest me. Spending to get others to think better of you seems like a
foolish activity.
Where The Dollar Stretcher is willing to spend a little more:
Tools. Specifically those that are needed for my job or that are used frequently
at home. Nothing worse than having an inferior tool break at a critical time.
And, in this case there's a reason that some tools are cheaper than others.
Cars. I admit that I'm a car lover, but that's not the reason. By spending a
little more when I buy, I get a car (if used) that's more reliable and will need
fewer repairs. I'm also willing to pay a little more for a car that has the
options that I want. That way I won't be tempted to replace it in a few years to
get the options that I don't have on my current ride. In both cases, spending a
little now will save me more later.
Dress Clothing. Fortunately I don't have to dress up too often. So a good
quality suit or sport jacket can last me for years. Buying a timeless style and
good quality makes sense. It's also a good motivator to keep me from gaining
weight so I can still wear the clothes already in my closet!
Education. In almost any form. For myself and for my kids. College, continuing
education, books that can help my career, anything that helps me learn more
about myself, my work and the world around me. This might not be true for
everyone, but if you look at life as an adventure, you'll want to keep asking
questions and looking for answers.
Memories. The truth is I'm sentimental. So spending a little to make, record or
remind me of good times is worthwhile to me. Hard to put a pricetag on a good
memory.
You might want to come up with your own lists. It's a good way to challenge how
you think about spending money. If you do, I'd love to see what you think. Just
send me an email <
mailto:gary@stretcher.com?subject=Spend-NotSpend> with your conclusions.
Keep on Stretching those Dollars!
Gary
_______________
Gary Foreman is the editor of The Dollar Stretcher.com
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