Pennywisesnob's Blog

Restaurant.com

pennywisesnob — Tue, 16 Dec 2008 05:53:29 +0000

I’m swamped so this is a quickie, but do you realize that you can save $15 at a restaurant you would have gone to anyway just by going to that website. My roommates just tried this and reported back that it worked exactly as advertised…you go to restaurant.com, find a restaurant you want and buy a $25 gift certificate for $10 show up on a Sunday through Thursday night and eat yummy food while feeling good about the money you’ve saved. Wondering why the restaurants are doing this? Take a look at the economy…getting you in the door at $15 less than normal is better than not getting you in the door at all.

Investment Vs. Consumption

pennywisesnob — Wed, 26 Nov 2008 12:00:32 +0000

This isn’t really a budgeting tip. Actually it’s a tip on how to spend money. This post is permission to spend money, and even to spend money on things that are not on sale.

Don’t focus on not spending. Instead, focus on investing rather than consuming. An investment positions you for something downstream (keep that phrase in mind for future use too!). Consumption gratifies an immediate desire and then it’s gone with nothing to show.

My mother used to say that she couldn’t afford to buy cheap clothes. This makes perfect sense – well made clothes are an investment. Well fitted, flattering clothes will make you feel (and act) more confident. Well made clothes won’t need to be replaced as often as pieces made with shoddy manufacturing, and unlike the latest trends, a classic piece will not be passé in three months. Just remember that you are buying a few choice pieces, not opening your own shop.

Similarly, investing in things that help you get, or do a job is wise. Buying the best computer, or the best cameras I can afford positions me to work effectively downstream. It also means my equipment won’t be obsolete in a year, and working with industry standard gives me a measure of legitimacy, which helps me secure clients’ confidence.

Consumption does not leave you better off downstream. It’s that stale doughnut you bought on the way to work because you didn’t have time for breakfast: unhealthy, expensive, and unsatisfying. It’s that skirt you love the color of, but have nothing to wear with so hangs in your closet with the tags on for months.

The message is not, however, never buy a doughnut. It is simply be aware of your consumption. Stop yourself at the checkout and go through what you’re buying, mentally labeling each item as consumption or investment. Then, make a conscious choice about what you’re buying. Do this honestly and you’ll find it becomes second nature.

How to comparison shop

pennywisesnob — Mon, 24 Nov 2008 12:00:21 +0000

Ok, how many times have you decided you needed something, given into temptation, driven to the mall, and picked up the first instance of that item that you saw? Maybe you’re a savvy shopper – you wait for the sale, or bring in a coupon. Maybe you buy the store brand, but there is more you can do, and it’s easy. First decide if what you are buying is unique enough that generic just won’t do. High end electronics that you expect to use for years, especially anything with attachments or add-ons are probably worth getting brand name, but don’t forget to check for after market add-ons. Canned beets – definitely generic.

Then go online. If it’s a big ticket item you’re probably already reading reviews, so take a moment to check out discount sites such as overstock.com and woot.com. If buying books note that amazon.com and barnesandnobel.com often have very different prices on the same item.

Ready to shop? If you haven’t found your item online and you’re going shopping in person keep this in mind:

Higher end clothing stores flip their collections frequently and have sales all the time. If shopping at places like Ann Taylor or Jones NY check in about a month before you expect department stores to change their lines. For more exclusive boutiques ask to be added to their mailing list so you can hear about “special events.”

For electronics ask for more, especially if you’re spending a lot. Go in when it’s quiet and ask for perks. On phone plans this means a free or deeply discounted phone, on other things the manager can often knock off about 10% or beat their competitor’s best price.

Become a member:

pennywisesnob — Tue, 18 Nov 2008 13:00:20 +0000

A few months ago I shelled out $40 for a membership to the De Young. Normal membership may be a bit more, but if you have a student ID (the one from two years ago works fine) you definitely get a break.

$40 might seem frivolous, but stop to consider $40 a year and you can go as often as you want and bring a friend for free. You also get newsletters that tell you about everything that’s coming up, and the snobbish delight of being a museum member. The trick is of course that you actually have to go to the museum. Think of that $40 when you have out of town guests (especially if they too are on a budget). Not sure what to do on a blind date? Consider an afternoon of paroozing Chagalls and a coffee at the museum café while you discuss the origin of PoMo and long walks on the beach. Heart broke? Pass on the $5 pint of Ben & Jerry’s and distract yourself with Warhol’s genius.

And this doesn’t just go for Museums. If you find yourself at the movies every Friday night find out if they have a discount ticket pass. Spending a small fortune at Border’s? You should be getting points and rewards for that.

Take a look at the places you visit often and then see if they will reward your patronage, and if you’re not sure, ask.

Hello world!

pennywisesnob — Mon, 17 Nov 2008 03:10:45 +0000

Have you been watching your savings steadily fall through the floor? Has the credit crunch gone from Wall Street to Main Street to your street? Have you, in a moment temporary insanity, quit a well paying job to go to grad school?

If nothing else, you, like many Americans around you, are probably getting concerned about your fiscal future. You are reading about market crashes and hearing about budget crunches. You are probably even tightening the belt either out of real financial need, savvy planning, or downright panic. (Why would you be reading a blog called Penny Wise Snob otherwise?)

The hard thing about going down the disposable income ladder is that even if you don’t come from money you grow accustom to the niceties of life very quickly, and giving them up is a lot harder than adapting to them in the first place. This blog is about keeping some of the luxuries without losing sight of your bottom line. This blog is specifically for those who fancy themselves cultural snobs.

Why add to the pool of budgeting advice already online? Because I have yet to find the kind of advice I want. When I went looking for budgeting advice I found a lot of ways to save money — if you have kids; if you’re fighting with your husband over the checkbook; if you need to feed a family of four on $10 a day the advice is there. But what if you need to feed a family of four on $10 a day and still have some change left over for a latte? Or if museum memberships are part of your nonnegotiables? Well I didn’t find many resourses out there so I decided to creat some. Take what you will, leave the rest, and if there is a topic close to your heart by all means leave a note!