Also, learn from the mistakes of others: Check out lists of foolish (and wasteful) assumptions consumers make all the time, the dumbest money moves during one’s college days, and incredibly stupid things people do when shopping online.
3 money-wasting mistakes shoppers make. One of the most common mistakes is assuming that higher price equates to higher quality. That’s often a wasteful assumption to make. Consumer Reports offers Exhibit A by looking at blenders:
At $60, the Ninja Master Prep Professional QB1004 blender is one as-seen-on-TV product you may want to see on your counter, especially if you like icy drinks. It was also excellent at crushing ice cubes and not so noisy. We gave it a score of 73. Another multi-tasker, the DeLonghi 3-in1 DFP-950 ($300) earned only a 27 and scored poorly on the ice crush and icy drink tests. And it was noisier than the Ninja.
4 personal finance principles that would make your grandfather proud. At the “intersection of self-sufficiency and creativity” is a wonderful little characteristic that’ll help you go a long way in life, no matter if you’re an office employee trying to demonstrate your worth to the company, you run your own business, or you’re just trying to keep your home and yard in decent shape without spending a fortune. It’s called resourcefulness, and …
It fosters a “use it up, wear it out, make it do, or do without” mentality. If something breaks, try to fix it yourself. Use up your belongings until they no longer work–just because a new version of something came out, doesn’t mean you need it. Borrow instead of buy. Trade goods and services with family and friends.
5 of the dumbest money mistakes I ever made. Written especially for college students, but applicable to many others, three of the top five mistakes here directly involve credit cards. Mistake #1 is using a credit card like an idiot. Mistake #3 is using a credit card for cash advances:
For one thing, they seem innocuous: Here are some checks with 0% rates that you should cash right now. In the fine print is a hefty 3%-5% transaction fee, interest rates that apply as soon as the cash is taken out (or balances are transferred from other cards), and other limitations or gotchas.
(MORE: 12 Things You Should Stop Buying Right Now)
5 incredibly stupid things consumers do online. What’s the most common mistake? Buying the same thing twice:
You’re purchasing something online, like an airline ticket or a book, and you either get impatient when you arrive at the final screen or your computer freezes. Next thing you know, you’ve bought two tickets or books. Even worse, some of these purchases are completely non-refundable, so good luck getting your money back.
5 ways to save on smartphone data plans. If you can scale back on your data consumption, you can switch to a cheaper monthly data plan. Here’s one way to do so:
Use mobile versions of websites. These sites are data-streamlined for smartphones. Instead of typing www before the address, type m.
6 numbers for financial success. According to experts consulted by Real Simple, 28 is a key number to keep in mind. That’s the maximum percentage of your pretax monthly household income that should be directed toward housing costs:
During the housing boom, many people laid out unrealistic amounts of their gross income (sometimes 45 percent or higher) for their monthly mortgage payment, real estate taxes, and home owner’s insurance. And everyone knows how that turned out (see: foreclosure crisis). These days many banks have tighter lending standards, meaning they may not lend to someone whose housing payments are liable to exceed the benchmark of about 28 percent.
(MORE: 145 Money Tips: Get Free DVDs, Avoid Bad Restaurants, Save Money & Mother Nature at the Same Time)
6 reasons why used is better. Indeed, there are benefits to buying virtually everything secondhand, such as:
Items Are Tried and Tested
When I buy a shirt at a second-hand store, it may have been worn two or three months, a year, or maybe five years. It’s been stress tested in a way that no new garment can be. If it still looks good and has worn well, then I know that trend is likely to continue. The same applies to nearly every category of item in the resale marketplace.
6 ways to save on cigarettes. The best tip, of course, is to kick the habit. Cigarettes are expensive to buy, and even more expensive when factoring in the health problems (and health care expenses) caused by decades of smoking. But hey, to each his own, and if you’re going to smoke, there are ways to save a bit on the cost of cigarettes, such as (who knew?) coupons:
Marlboro.com and Camel.com both let you register for coupons online. The coupons are usually no more than $1 or $2, and they only show up in your mailbox once a month.
8 ways to enjoy culture on the cheap. Instead of buying tickets or paying for admission, look into volunteering in exchange for free access to all sorts of cultural events and attractions:
This year at Bonnaroo andLollapalooza, those willing to pick up trash got in free. Museums and thousands of cool regional events often need volunteers, and the perks can be inebriating. But be sure to check the fine print. The Pro Golfers’ Association of America charges people $200 to serve as volunteers during the PGA Championship. That’s cheaper than forking out $500 for tickets.
9 indispensable financial tips for teens & twenty-somethings. Intentionally or not, many young adults are following this tip right now:
Live at home for as long as possible. I know it’s not good for your social life, but living with Mom and Dad after graduating from high school will save you lots of money in rent, utilities, food and other living expenses that you can use to help cover college, or business start-up expenses — and even give you a head start on your retirement savings.
9 things to fix around the house before they get worse. Many DIY projects sit undone because they’re complicated, difficult, and time-consuming. Others aren’t tackled because the homeowner is unaware there’s a problem. For example, carpet strands rising above the rest of the floor should be cut—not pulled—before a vacuum cleaner or curious child pulls on it and makes the situation worse. Here’s what to do before the process that results in the need to buy a new carpet starts:
Fixes don’t get any easier than this—just cut any strands that are sticking up with scissors until they’re level with the surrounding carpet. Problem solved!
10 most deal-friendly online retailers of 2011. Which retailers are tops for online deals? Dealnews gives the highest ranking to the world’s largest online retailer, Amazon:
What makes it so popular? Perhaps the nearly 9,000 deals we found throughout its inventory, nearly triple what the second merchant on this list offered.
10 ways to make your old car feel new. One sign that the economy remains stifled is that the auto repair business is booming—because consumers are hanging onto cars longer rather than trading them in for newer vehicles. Rather than dreaming about the day you can buy a fancy new car, make your current set of wheels look, drive, smell, and feel better by taking steps such as:
Revitalize the A/C
Like your home air conditioner, your car’s AC can suffer buildups of mold, mildew and bacteria. To clean out the system, first make sure the air coming into the system isn’t first passing through leaves, dust or other accumulated grime in the air passageways. Then change or clean any filters in the system. Finally, use an air-conditioning deodorizer to finish things off. If nothing else, your nose should be happier.
(MORE: 60 Money Tips: Cheap Dates She’ll Love, Spending Sins, Smart Tips for Saving at the Mall, and More)
13 things a debt collector won’t tell you. The way debt collectors are incentivized, there’s good reason for them to hound debtors relentlessly:
The more money I get out of you, the bigger my bonus will be.
Every month, we watch top performers get bonus checks of $10,000 or more.
Brad Tuttle is a reporter at TIME. Find him on Twitter at @bradrtuttle. You can also continue the discussion on TIME’s Facebook page and on Twitter at @TIME.