Ah, the tribulations of a tightwad — they are many.
On Monday, I walked a mile-and-a-half to the hardware store to buy some 1/2-inch washers, nuts, and bolts. (Remember: I’m trying to walk 5-6 miles per day now, so I usually walk for all of my errands.) Every month this hardware store mails us the same coupon — $5 off a $25 purchase — so I took it with me, just in case. But my bill was only $19.88. I couldn’t find anything for $5.12 that I wanted, so I couldn’t use the coupon. At home I discovered that my 1/2-inch fasteners were too big.
On Tuesday, I walked a mile-and-a-half back to the hardware store to return the 1/2-inch hardware and buy 3/8-inch washers, nuts, and bolts instead. I took the coupon, but my total was even smaller this time. I couldn’t use it. I walked back home only to discover that my 3/8-inch fasteners were too small. (I felt like Goldilocks at this point.)
Today, I walked a mile-and-a-half back to the hardware store to return the 3/8-inch hardware and buy 7/16-inch washers, nuts, and bolts instead. I also picked up a 2032 battery for my pedometer. My total was $28.35. Perfect. The coupon would mean the battery was essentially free. Only — and you could see this coming, right? — I’d left the coupon at home. sigh
Oh well. At least the fasteners fit this time, and I was able to mount my vise to my workbench.
Not everyone is as dumb as I am, though. In fact, here are some recent stories about people who are smart with money:
First up, over at The Wall Street Journal, Jason Zweig warns that investors need to slow down. “It is at times like these,” he writes, “when a rising market sweeps our spirits up with it, that investors need to evaluate their emotions and consider whether their beliefs and actions are justified.” Good advice. As always, have an investment plan and stick with it.
Next, Mark Gavagan has a great guest post at Free Money Finance that lists 12 critical things your family needs to know before you die. (Also see Mrs. Micah’s recent article about how to save and store critical information for your family.)
I was digging through the archives Go Green Travel Green (“travel tips for the eco-conscious traveler”) when I discovered the aptly-named ultimate guide to thrift-store shopping. Wow! This is a fantastic article. It’s loaded with tips for finding used stuff at your local charity shop. If you’ve been apprehensive about shopping at thrift stores, start here.
Finally, MoneyNing has a nice little article on how to break bad habits. The key takeaway: If you want to break bad habits, surround yourself with people who don’t have that habit. This doesn’t always work — but often it does.
Addendum: Have you dropped life insurance to economize over the past year? Would you be willing to speak with a reporter about the subject? If so, drop me a line.
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Yes, yes, I know. I committed one of my worst homonym errors ever on this post: “The hardware store males us…” Good grief. What a weakness for a righter to have.
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How funny! Well, at least a) you’re righting stuff and b) instead of driving to the Home Depot you’re walking to a local hardware store: good exercise, good civic choice.
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Nice story. At least you don’t fall into the trap that my wife and I fall into…let’s just find something to buy to get to 25 so that we can use the coupon
My wife and I do like to shop at thrift stores. It’s like a treasure hunt. Sure, most of the stuff we see isn’t right for us, but we do find bargains. Espescially on used toddler clothes. Just need to wash them when we get them home.
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Wes gets a “great comment” because he made me laugh — and because his observation is perfect for the story.
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J.D. — The one caution, from a fellow self-employed person, is to remember the opportunity cost of your choices — i.e. the value of what you would have done otherwise. I suspect you know this well, and I don’t mean to insult your intelligence, but on the off-chance one of your readers isn’t aware of the concept, let me offer my take on it.
In the case of the hardware store marathon, the simple trip to the store probably took about an hour (I’m guessing). Three trips = three hours. What would you have done with those three hours if you hadn’t spent them on the road? And what is the value of what you would have done?
In my life, the three hours might be spent working on a client project and making $X. Obviously, if the cost of driving to the store three times is less than $X, it’s smarter to drive. My time has a specific dollar value if I have enough work to fill it, and I need to invest my time, as I would my money, in the things which offer the highest value return.
When I don’t have work, I still try to put a value on my time. If the next best alternative to hiking to the store is watching TV, well, hand me my sneakers. Spending time in the garden or writing to a friend, though, might be worth the $4 in gas/mileage driving would demand. (If you want to go all the way, and assume you would have invested the $4, the total cost of driving becomes about $17 assuming 30 years at 5%.)
I find it helpful to use the opportunity cost question to make better investments with my time. Human nature being what it is, though, even smart investments can get derailed. I should have been working on a client project instead of writing this, which means this post just cost me about $30!
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Great post!!! Better than the ones on macro economics and the stock market (just had to throw that one in). I think everyone can relate to today’s post and it has numerous things we can learn from (measure twice, double check that we have everything) plus some good ideas for improving our local economy (walk to the local store).
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Right on Molly. Why don’t folks place a value on time?
The repeated trips to the store ARE a waste of something far more precious than the cents. Local shopping I’m all for it but why not make a list of all the purchases that can be made at that one center, shop for everything in one trip…and drive..
that makes more sense…
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$20 in nuts and bolts? Are they made of gold?
Molly, there is also more to time than money. Walking to the hardware store provides exercise, and sometimes it’s enjoyable to take a walk.
All of life shouldn’t be whittled down to saving pennies here and there (remember the cocoa story?).
Stop and smell the roses.
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@Molly and @Irene
You are absolutely right about the value of time. This has to be taken in context with my recent walking campaign. I’m trying to walk 5-6 miles per day, so I’m walking for all of my errands. This is exercise, time to read, and a chance to reach my destination. I should have reminded people of this in the post (and will now, otherwise I’ll have everyone on my case for not driving!)
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Haha. Richie, they’re not made of gold, but stainless steel. And the ones on Monday and Tuesday were simply galvanized. I bought some D-cell batteries on Monday, too. I can’t believe I have to add all of these clarifications. Takes away the humor impact of the story!
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So the poor choice in washer selection actually allowed you to get more exercise in.
Next time put the coupon in your wallet to make sure you have it with you when you need it.
Good choice in not spending just to be spending.
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It doesn’t remove the humor. I think it’s funny that a handful of bolts cost $20! haha
How do you read while you walk? I’d end up on my face for sure.
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Good story from Tightwad. Looks like you got lots of exercise in the process too!
I like to factor in the value of time when trying to save money whilst shopping. If saving 5 cents takes too long and involves going to multiple shops which are not in close proximity, i don’t consider it to be a worthwhile saving.
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@Richie
Let’s add even more humor to this story. (Where by “humor” I mean “self-deprication”.)
These bolts were to mount a bench vise. I bought this bench vise in June 2004, on the weekend we moved into the house. But I didn’t buy the stuff to mount it to the bench. For five years, I’ve had a useless bench vise on my workbench. Why? Because I didn’t have the right bolts. And during these past five years, I’ve done nothing to remedy the situation. sigh
Sometimes I am so lazy and dumb that I astound myself.
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I have a bench vise on my workbench that has been there since 2003 or 2004 without bolts. I still use it.
It’s really heavy and works just fine for lightweight projects. But I’m a renter, and hate to drill holes in somebody else’s workbench – plus I always think that this lease is my last lease here. (6+ years later I’m in the same house.)
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Oh no! Your “walk” initiative is so inspiring and I hope the little episode doesn’t cause you to start driving.
Perhaps a little planning before going out would help? Or maybe you can bring a little pouch with you that has all the important little coupons and documents with you when you go walking.
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Richie:
In my main job I’m a minister, so I’m with you 100% on the question of there being more to life than money. What I meant to address, though, was the question of value.
Dollars and cents are neither good nor bad; they are simply one way to measure value. Though I used to have a very high paying job, pursuing a call to ministry had a much higher value than the salary I was earning.
My primary point was that we should be intentional about our choices, whether they involve our money, our time, our emotion or our energy. I’ve done a program with high-powered CEOs where I have them document how they spend their week, then have them break it down further into categories — time at work, time with spouse/partner, time with kids, etc. Finally I ask them to list the three most important things in their life. It’s a pretty big moment when they realize that the most important thing in their life — almost always their family — is getting a small fraction of their time. Since most have never really calculated the cost (emotional, relational, etc.) of how they spend their time, the exercise’s impact is often considerable.
Time has value, whether with roses or work. That was the point I was trying to make.
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That’s a riot. I probably would have waited, bought nothing that day and come back with the coupon another day, even if it meant stopping with the car on the way to something else.
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The important thing is that you finally got the damn vise set up.
I’ve never put this into practice but a friend of mine who did a lot of plumbing work on his bathroom told me that instead of making 4 million trips to Home Depot he would just buy a whole pile of plastic fittings, joints etc to have available since they were so cheap. It really cut down on travel time.
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Better idea for the future. A lot of times, stores will give you credit for the coupon even if you don’t have it but mention it. Many times the cashier has a copy of it behind their desk. Next time, just say, “I forgot my coupon that you mail every month, you know the one for $5 off any purchase of $25. Do you have another one?” I’ve gotten lots of discounts that way.
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@Irene (#8) and Molly (#6): I thought J.D did a great investment healthwise by choosing to walk to the store all those times. In fact I was secretly cheering him on given his get fit slowly strategy. It’s crazy how you guys quickly jumped on him! Relax, breathe, the guy just posted a wonderful post recently about where his is on his journey! Even his wife applauded. I am happy he walked back and forth. Also, human beings don’t have to always put dollar value to their time, do you get paid to sleep? It’s good to let go and just be. Take time to smell the roses.
J.D did not miss any deadlines (I see this post) but he was able to get some exercise, live life and just be. Stop forcing dollar value on all aspects of one’s life! So much for personal finance!!!!
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Thanks for your post J.D.
Heather (#22): You’re 100% right – I’ve got to remember that strategy.
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About the walking versus driving debate…
I split my time between London and rural New England. In London, I use public transport and my feet to get around, and just about every errand I run (whether public transport is involved or not) involves a round-trip walk of over half a mile, plus the 35 stairs up to my flat. In New England, I have a car and only take a walk when I decide to get some exercise — time always seems too short to walk to the post office/bank/shops, when I know I can combine errands, take the car, and get back to work faster.
I feel more efficient when I’m in New England, zipping around to get stuff done and maximizing my time in front of the keyboard. But I feel so much better in London: my clothes fit, I have more energy, my ‘keyboarding backache’ goes away, concentration is better.
Much of life is about achieving balance, and acknowledging and managing the (often hidden) costs that accompany benefits.
J.D., I hope you can keep up the walking regime for as long as you want to, perhaps even using your walk time to work on your book. When I was still teaching lit., some of my best students were swimmers and long-distance runners, who used used their lengthy training time to mull over their reading or outline their essays.
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We bought a house recently and I can definitely identify with your Goldilocks hardware scenario. Ah, the joys of home ownership.
Thanks for linking to The Ultimate Guide to Thrift Store Shopping. I’m a huge thrift store fan, if that wasn’t apparent, and love finding good deals. Glad you found the post useful!
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I made a stupid mistake myself.
My husband and myself went to the hardware store to buy an appartment bike. It’s half an hour away.
We forgot our shopping bag/cart to carry the bike back home. How stupid. (Here is a picture of a cart/bag similar to ours except for the colour and pattern http://tinyurl.com/lheljv)
We walked for about ten minutes, him carrying the bike box and me carrying a blender (that we bought on sale for 50 unplanned dollars).
Then we realised we couldn’t do it (well, he couldn’t). He went home with the blender to get the cart while I waited for him.
I realise if I had brought the blender home instead, he could have carried the box a bit closer. Instead, I just waited, and I couldn’t even lift the box. I felt stupid.
Finally, he was back after close to an hour (we never got very far from the shop) and we got the bike home.
We wasted a lot of time by forgetting to bring the bag/cart along in the first place. It carried the box perfectly (we took the bag off of it and tied the box to the frame).
It didn’t cost us any money at all, but what a waste of time! We’ll make sure to plan it better next time.
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If only there was a device you could use to measure an object so that you knew what size bolt you needed…
Seriously though, been there done that many times. Now I just buy anything I think I might need and return the unwanted bits next time I’m at the hardware store. It seems with a house you’re constantly there anyway.
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I would have tried to find SOMEthing that might have been of use to me for as close to $5.12 as possible (But not much more). It really wouldn’t be wasting much if you could get a $5 item for 0.12 after the coupon. I’m sure there’s lots of stuff at the hardware store that you will eventually need, like batteries or trash bags.
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@JD – I had the same issue last week – albeit a $10 coupon off $50 from Lowes. I was going to buy a new drill, but the one I wanted was only $45. I looked around the store and found something I knew I’d use – a box of 8 CFLs. The best part of the story – the CFLs had the identical coupon in the box. Basically the store paid me $10 to take them.
I did drive to the store however, so I guess your story is still better.
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hehe; awesome story;) I worked at a hardware store for six years and you’d be amazed at how many times I’ve seen the exact same story!
Love the link on thrift shops. However, I don’t think they gave some of the really good tips! For example: I always dress in a very tight fitting top (usually my ballet leotard) and a loose, flowing skirt. That way, I can try on any clothes I want to in the store and still be modest if they don’t have a dressing room. This has helped eliminate so many purchases that I never wore because I didn’t like the way they fit when I got home.
Thanks for an awesome blog!
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I waste time shopping online using all the search bots and buy an item at the most economical price and then a like item goes on sale after I buy it. Example: 6 gal shop vac at Lowes for $45. After using it (no return) I get an email that Home Depot has a 9 gal one for less than $20 bucks. ARRGH!
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People are crazy about using their coupons. I work for a major department store and coupons really bring in the people.
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I agree with thrift store shopping especially when traveling. trying to buy clothes you forgot is such a pain. Am in Hawaii right now and just bought myself a visor, a pair of water sandals, two dressy floral tops, a summery dress, and a tank top for total of $17. I actually went to the mall first and almost spent five times that much for a pair of fancy water sandals, then I told myself NO! you can find them at goodwill!
It was kind of cool to go to Hawaiian goodwill actually because they had a giant rack of Hawaiian shirts that they called ‘Aloha shirts’, a giant rack of muumuus, and more floral/summer dresses than any other thrift shop I’ve ever been to. Usually trying to find a decent summery dress at a thrift shop in the Northeast is really tough.
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I’m not gonna lie – How could you not find something that would bring your total over $20? Let’s say you just grab an extra box of nails for a buck. You spent a buck you didn’t need to spend, obviously, but you would have saved $4 (5 – 1).
But then again, I suppose you planned on going back again that month and could use the coupon then.
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J.D., thanks for making me laugh! I’ve done the same dang thing re: coupons, extra trips, splitting up shopping purchases that don’t allow me to make use of the coupons, forgetting the coupons when the correct purchase is made, and so on. I remember Scott Adams’ (of “Dilbert” fame) point that it is quite possible to be very intelligent in certain areas of your life, and an absolute dolt in other parts!
I used to get hung up on the “time is money” thing too, but now that I am self-employed, I look at it a little differently. Exercising or spending time taking actions designed to save money is not “wasted” time, because I can simultaneously use that time to think about my business. I know I will always make time to have an appointment with a client, so how I use all the time that I am not actually spending with clients is just an opportunity to generate ideas and improve my life in other ways as well.
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Have you tried going back with your receipt and coupon and asking them to deduct it after the fact? That has worked for me in the past.
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