Countdown to Financial Fitness: Tips for Charitable Giving

Countdown to Financial Fitness: Tips for Charitable Giving: Late December is probably the most popular time of the year for charitable giving. People are still in the holiday spirit, and those who it...

Tips for Charitable Giving

Late December is probably the most popular time of the year for charitable giving. People are still in the holiday spirit, and those who itemize deductions may be thinking about ways they can reduce the year's taxable income.

There are so many worthy causes out there. How do you choose which ones to support? And all charities are not created equal; some are better stewards of your donation dollars than others.

Here are some tips for deriving the most benefit from your charitable contributions:

1. Don't respond to solicitations by telephone, unless it is a charity you recognize and plan to support. Ask the caller to send you some literature or refer you to its website (which should end in .org, not .com). A legitimate charity will not mind. The crooked ones will insist that you give them your personal information over the phone. Keep in mind that many fake charities have names that sound similar to the legitimate ones.

2. Make your gift online by credit card or mail a check so you'll have a record of it. Most charities will immediately send a thank-you email confirming receipt of your online donation, with the date and amount—documentation you will need to support your tax deduction. And try to give directly to the charity, rather than through a paid fundraiser, who will most likely keep a portion of your donation.

3. Research the charities you are considering supporting. Charity Navigator (www.charitynavigator.org) assigns ratings of one to four stars based on the organization's financial performance, accountability and transparency. You can see how much its leaders are paid, how much of its income goes to programs—as opposed to administration and fundraising—as well as how the charity compares to other organizations doing similar work. You may be surprised to find that some of the better known charities don't score very well.

4. Charity Navigator only rates charities that have at least a million dollars in revenues, so many small, local charities will not have a score. Check Guidestar (www.guidestar.org) for copies of the organization's tax return (Form 990), mission statement, customer reviews, and programming/governance information shared by the charity.

5. Ask if your donation is tax deductible. The organization's IRS status as a 501(c)(3) or similar should be clearly noted on its website, receipts, and/or other materials. If you're unsure, visit the IRS website to verify. Also, if you accept a "thank-you gift" such as a tote bag, dinner, magazine subscription, etc., in exchange for your donation, the fair market value of that "gift" must be subtracted from your tax deduction.

6. Think about supporting small, local charities so your donation dollars will stay in your community. Many of these organizations are run entirely by volunteers and thus have lower overhead costs than the national powerhouses headed by CEOs making six-figure salaries. Also, you might be able to visit the site, meet and talk to some of the volunteers, and observe how well the charity executes its programs. And if you can't help with your checkbook, perhaps you can spare a few hours of your time?

What charities do you support, and how do you choose them? I'd love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy.

Countdown to Financial Fitness: Year-End Financial Strategies

Countdown to Financial Fitness: Year-End Financial Strategies: The year is almost over, but there are still a few things you can do to get your financial house in order. The goal? Don't leave money ...

Year-End Financial Strategies

The year is almost over, but there are still a few things you can do to get your financial house in order. The goal? Don't leave money on the table, and try to optimize your tax situation for 2016 and 2017.

Here are some suggestions:

Spend the money in your Flexible Spending Account (FSA). Most accounts are use-it-or-lose-it, and funds have to be depleted within same calendar year. Refill that prescription, have your teeth cleaned, order a new pair of glasses or contact lenses.

Make charitable contributions. If you itemize deductions, you can reduce your taxable income and help the causes you care about at the same time.

Evaluate deductions. For example, maybe you can accelerate property tax payments, business expenses, professional dues, or make your January mortgage payment early. Or you might be able to defer or accelerate certain income and/or expenses for the most favorable tax impact.

Contribute to your retirement account. You only have until the end of the year to fund your 401k (maximum $18,000; an additional $6000 if you're over 50), but you can make 2016 contributions to an Individual Retirement Arrangement (IRA) through April 15, 2017. If you have a Health Savings Account (HSA), you can also make contributions for 2016 through next April.

Evaluate your investments. If you have capital gains, see if you can unload some losing investments to offset them. While taxes should not determine your investment strategy, you can take the sting out of a bad investment decision or mitigate the tax impact of a gain with a little clever balancing.

Give appreciated securities. Kill two birds with one stone by donating assets such as stock or mutual funds instead of cash to a qualified charity. If you sell the stock first and donate the proceeds, you'll only be able to deduct the amount of cash generated by the sale, and you will pay income tax on the gain, which could be sizable if the value of the asset has increased since you acquired it. But if you transfer the asset directly to the charity, you pay no capital gains tax, deduct the fair market value of the asset at the time of transfer, and the charity gets more money out of the deal. Check with the institution holding the asset and the charity receiving it to work out the details.

What suggestions to you have for end-of-the-year financial moves? I'd love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy.

Countdown to Financial Fitness: Avoid Overspending During the Holidays

Countdown to Financial Fitness: Avoid Overspending During the Holidays: Get in the Christmas spirit! The holidays are the time for indulgences, to treat yourself! Don't be a Scrooge! Sale! Buy now, pay l...

Avoid Overspending During the Holidays

Get in the Christmas spirit! The holidays are the time for indulgences, to treat yourself! Don't be a Scrooge!

Sale! Buy now, pay later!

Temptation to overspend abounds, especially during the holidays. Here are some tips to keep it under control while you're shopping:

Make a list. And then stick to it. Decide in advance whom you will shop for, and how much you are prepared to spend.

Compare prices ahead of time. If you know what items you plan to buy, check around online and also peruse the ads for the brick-and-mortar stores in your area. Some stores will match a competitor's price, so take the ads with you, or print out the online display.

Set a budget. If you view a credit card as a magic plastic wand, leave it at home. Bring only the amount of cash you've allocated for your shopping trip. Or if you're uncomfortable carrying a lot of cash, load a prepaid card with your gift budget. Once it's gone, you're done.

Be realistic about your weaknesses. If you know that, for every gift you buy for someone on your list, you'll find something you just have to have for yourself, add your name to your shopping list, and budget accordingly.

Eat a healthy meal before you shop. That way, you'll have more energy and be less tempted to refuel on overpriced junk food at the mall.

And lastly, if you do overspend, don't beat yourself up. Just like a dieter overeating at a holiday feast, don't use your slip-up as an excuse to declare failure and cave in to temptation for the rest of the season. Get back on plan tomorrow.

How are you managing holiday shopping? I would love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy.

Book Nook Nuts: Author Interview with Sharon Marchisello

Book Nook Nuts: Author Interview with Sharon Marchisello: 20 Questions (Author Interviews) Brought to you by Debby P.  1.Tell us about your current project.   My 70,000-word mys...

Countdown to Financial Fitness: Holiday Shopping Tips

Countdown to Financial Fitness: Holiday Shopping Tips: December brings celebration and good cheer, but this month also puts many people at risk of overspending. Here are a few tips to help you k...

Holiday Shopping Tips

December brings celebration and good cheer, but this month also puts many people at risk of overspending. Here are a few tips to help you keep your budget under control, yet still enjoy the holidays:

Pare down your gift list. Are there people you exchange gifts with every year out of obligation? And then the items you receive end up in a garage sale or Goodwill bag? Opening presents is fun for the children in a family, and who wants to take that away? But do all the adults really need to exchange gifts as well? Perhaps a nice Christmas card or get-together would suffice. Some large families save money by drawing names, so everyone will still get a nice gift but no one will feel overwhelmed and over-extended.

Consider charitable donations. Some people on your list may be difficult to buy for, since they appear to “have everything.” Is there a cause near and dear to a friend’s heart? If so, ask if you can make a contribution in the person’s name. No extra clutter for the recipient, and a possible tax write-off for you!

Consider homemade or perishable gifts. If you have the talent and energy, why not bake cookies or make other holiday comestibles? The recipients can enjoy them with family and friends over the season, and not have to worry about more clutter coming into their homes. Or perhaps a wreath, plant, or other holiday decoration?

Ship early. If you are shopping for people who live out of town (and you won’t be getting together with them over the holidays), ship your gifts early to avoid paying expedited shipping rates or rush fees to guarantee delivery by Christmas. Of course, this also requires getting your shopping done early. Some people collect gifts year round—when they travel, or when they see something on sale a loved one would like. If you do this, just remember where you put that “perfect item” you bought last May.

Save money on shipping. If you shop online, have the gifts sent directly to the recipient instead of to you, to re-package and mail. Most vendors will allow you to include a personalized message, and also to track your package. Double up purchases where practical to take advantage of free shipping offers. If you are mailing packages yourself, consider gifts such as books or CDs that can be sent via the media rate.

Shop around. Take advantage of sales. Retailers are clamoring for your business, so don’t pay full price. Look for promotions, coupons, competitor matching. Don’t be afraid to ask for a discount. And just because an item is located at the head of the aisle, with a big SALE sign, or just because it is sold in an outlet or warehouse store, doesn't mean it's a bargain. Have an idea of what you should expect to pay before making a major purchase.

Pare down your Christmas card list. Are you sending cards to people you haven’t seen or heard from in years? Maybe it’s time to cut them off. And consider emailing holiday greetings where appropriate instead of paying the postage to mail an actual card. It arrives faster and cuts down on clutter for the recipient.

Be cautious about gift cards. If you don’t know what to buy someone, but you know that person loves a particular store or restaurant, a gift card might be a wise choice. It’s flexible, easy, and economical to mail. But make sure you understand--and communicate to the recipient--any restrictions, expiration dates, inactivity fees, etc., that could dilute its value.

Be cautious about surprises. We all dream of surprising that special someone with the perfect gift, but in reality, many surprises turn out to be unwanted. (Especially live ones.) A direct conversation with the recipient might take some of the fun out of the holiday, but could save time in the Returns department on January 2.

Go easy on the food and drink. Holidays are the time to indulge, but be sensible. No need to jeopardize your health by overdoing the sugar and fat, or to get a D.U.I. after too much spiked eggnog.

What tips do you have for holiday savings? I would love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy.

Countdown to Financial Fitness: Saving Money at Thanksgiving

Countdown to Financial Fitness: Saving Money at Thanksgiving: Thanksgiving Day is almost here. Traditionally, it's the holiday when we Americans lounge around with family or friends, watch football...

Saving Money at Thanksgiving

Thanksgiving Day is almost here. Traditionally, it's the holiday when we Americans lounge around with family or friends, watch football, and stuff ourselves with rich food. It's also a day to give thanks for what we have—family and friends, leisure time, plenty to eat.

But Thanksgiving also marks the beginning of the holiday spending spree. After all, the Black Friday sales await. And then Cyber Monday...

Here are some tips for how to save money at Thanksgiving and still enjoy the holiday, so it doesn't have to be more expensive than necessary.

• Take advantage of sales on traditional holiday favorites and their ingredients. While you don't want to wait until the last minute to do your grocery shopping, some bargains pop up as the big date nears.
• If you're serving turkey, try not to buy a much larger bird than needed for the group you're expecting. (Good luck if there will only be two of you for dinner, and you like both dark and white meat; plan for plenty of leftovers.)
• Follow food safety protocol when thawing, stuffing, cooking, storing, etc. Read instructions. Keep the kitchen clean as you go; wash utensils and cutting boards frequently. Who needs the added expense and inconvenience of a trip to the emergency room for food poisoning?
• Pets will probably enjoy a holiday treat, too, but be careful what you feed them; they could get sick on some of the rich human food you're serving. And don't give poultry bones to dogs or cats. They can splinter and cause internal injury. Also, keep your trash can and recycling bin out of reach of animals; they could cut themselves licking sharp edges of cans not thoroughly washed. Keep your pets safe and healthy, and avoid an unexpected visit to the veterinarian.
• Store leftovers promptly. Not only do you want to avoid food-borne illness and an unhealthy temptation for your pets, but it's a shame to waste good food by letting it sit out and spoil.
• If you have a lot of leftovers, freeze part of them right away. Warmed over Thanksgiving dinner tastes scrumptious the next day, but after several days of grazing on the same feast, people are ready to eat something different. Separate the leftovers into usable portions and label them if necessary. My mother used to fill aluminum TV-dinner trays with single servings of turkey and trimmings and then freeze them—perfect for feeding the kids months later on a parents' night out. I like to divide boneless, skinless meat into portions measured for future casserole dishes. (Turkey makes a great substitute for chicken in many recipes.)

A lot of money, time, and effort can go into preparing a Thanksgiving feast. Why not make the best return on investment possible?

What tips do you have for saving money at Thanksgiving? I would love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy.

Countdown to Financial Fitness: Saving Money on Beverages

Countdown to Financial Fitness: Saving Money on Beverages: One of the keystones of a good weight-loss plan is to drink lots of water. When I first joined Weight Watchers, we had to track the number ...

Saving Money on Beverages

One of the keystones of a good weight-loss plan is to drink lots of water. When I first joined Weight Watchers, we had to track the number of glasses of water we drank (6-10 a day recommended).

Drinking water curbs your appetite, eases digestion, and helps flush out impurities from your system. It can dilute the effects of alcohol and mitigate the risk of a hangover. It's the best beverage to quench thirst.

Drinking mainly water can also be a great way to save money on beverages. In restaurants, the mark-up on carbonated and alcoholic beverages, and even tea, coffee, and juices, is huge. In the U.S., most servers will bring you a big glass of ice water at no charge and respect your desire not to order another beverage, which can save you many dollars on your tab. Even fast-food restaurants let you get away with choosing water, although some charge a nominal fee for the cup and ice.

But big business has capitalized on the healthy benefits of water, and has convinced us that we have to buy it in plastic bottles—at prices comparable to other bottled and canned beverages. Americans spend more money per gallon on their bottled water than they do for gasoline!

What happened to good old-fashioned tap water? In most municipalities, the water supply is closely monitored and perfectly safe to drink. In fact, more than half of all bottled water sold to us actually came from someone's tap, and the standards are not always as rigid as for the public water supply.

If you live in a community where the water is suspect or tastes bad, consider installing a filtration system. In the long run, you can probably still save money over the cost of buying bottled water on a regular basis.

And what about all those plastic bottles? Fortunately, there are plenty of programs for recycling them, yet many still end up in landfills. You can drink tap water out of reusable bottles, and help the environment as well as your wallet.

We wash and refill our plastic water bottles with tap water, then chill them in the refrigerator. Once the tap water is cold, it tastes fine to me. The bottles are portable for the car or office, and no one knows I'm really drinking tap water.

It is a good idea to keep a case or two of bottled water on hand in the event of an emergency, such as a water outage or contamination. And have some "clickers" to offer to guests who can't stomach the thought of drinking tap water.

What are your thoughts on bottled water vs. tap water? I would love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy.

Countdown to Financial Fitness: Senior Discounts

Countdown to Financial Fitness: Senior Discounts: Getting old, although it beats the alternative, is no fun. But there is a consolation prize: senior discounts. My mother-in-law was alw...

Senior Discounts

Getting old, although it beats the alternative, is no fun. But there is a consolation prize: senior discounts.

My mother-in-law was always too embarrassed to ask for a senior discount at a movie theater or a museum; it was like admitting she was old. Not me. If I have to admit I'm old to save money, so be it.

Eligibility for senior discounts can vary. I used to assume you had to be 65 to be considered a senior. But ask. Sometimes it's 62, sometimes 60, maybe even 55. AARP lets you join at age 50.

I just paid my property tax, which offers exemptions for seniors. Most require you to be 65, and earning a low income. But this year, I noticed one that applied to ages 62-65, with no income limitations.

One great bargain for seniors age 62 and older is the lifetime Senior Pass, which for a one-time fee of $10, admits you (and everyone in your car, senior or not) to all of the U.S. national parks, forests, monuments, refuges, and recreation areas. The "Golden Geezer" pass, as my brother and I like to call it.

The Kroger in my neighborhood gives seniors age 60 and older a 5% discount on groceries every Wednesday. Not a good day of the week to shop there if you're in a hurry...

Many hotel chains and cruise lines extend senior discounts to guests over 55. Our local Taco Bells give customers over age 50 a free drink with a purchase.

So once you hit the half-century mark, start asking about senior discounts. You'll be surprised at what all you may qualify for.

Some establishments require identification in order to provide the discount. But others take your word for it. Or worse, offer the senior discount without being asked. When that happens, whether I'm really eligible or not, I feel like I'm entitled.

What tips do you have about senior discounts? I would love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy.

Countdown to Financial Fitness: Halloween Savings

Countdown to Financial Fitness: Halloween Savings: Halloween has always been one of my favorite holidays, even though my parents did it on the cheap. When my brother and I were little, they&...

Halloween Savings

Halloween has always been one of my favorite holidays, even though my parents did it on the cheap. When my brother and I were little, they'd splurge on a big pumpkin, which my father would carve into a scary Jack-o-Lantern. That was the extent of our Halloween decorations. Later, when we kids lost interest in pumpkin-carving, my mother bought a little plastic lighted Jack-o-Lantern from K-Mart to display in the front window. It could be brought out every year, and there would be no more wasting real pumpkins.

I always wanted to be a witch for Halloween, but my mother never saw the need to spend money on costumes. I could either be a gypsy, a princess, or a hobo, using old clothes and accessories we found around the house. When I finally grew up and left home, I went out and bought myself a witch costume. But my parents' frugality rubbed off on me; I've used the same witch costume year after year. In fact, I still wear that hat when handing out candy to trick-or-treaters.

There can be a happy medium between extreme cheapness and overspending on holidays like Halloween. Here are some tips to minimize costs and still enjoy yourself:

          Costumes: Make your own, or buy timeless characters that can be reused for more than one year to stretch out the expenditure. Avoid flammable fabrics and masks or hoods that impede vision. Make sure garments don't drag along the ground, and that the kids wear comfortable shoes and follow basic safety rules when out trick-or-treating. A trip the emergency room can blow your budget.

Decorations: Some people like to go all out and one-up each other for the neighborhood's "best decorated" title, which is great if it gives you pleasure. To reduce costs, invest in big-ticket items that can be reused year after year. Keep safety in mind when placing decorations in your home or yard, and use adequate lighting. Medical bills and lawsuits take the fun out of holiday festivities.

Pets: Keep your pets indoors on Halloween so they don't get spooked or tormented by pranksters. And ensure the candy stays out of their reach, especially chocolate, which can be toxic. Vet bills for catastrophes within your control add unnecessary expenses.

Candy: Don't buy more than you need. Know yourself and your relationship with candy. If your resistance is strong and you can manage temptation, stock up in advance when it is on sale, and freeze it if you have to. Most candy keeps for a while, so recycle candy collected during the year and add it to the Halloween stash: packaged after-dinner mints, candy thrown at parades, etc. If you know you'll eat any candy that's in the house, wait until the last minute to purchase it. Or give out quarters, for no extra calories and no waste whatsoever.

Have a safe and happy Halloween!

What tips do you have for Halloween savings? I would love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy.

Countdown to Financial Fitness: Stop Wasting Food, Save Money

Countdown to Financial Fitness: Stop Wasting Food, Save Money: My mother used to insist that I clean my plate at every meal. No exceptions. "There are starving children in China who would love to h...

Stop Wasting Food, Save Money

My mother used to insist that I clean my plate at every meal. No exceptions. "There are starving children in China who would love to have what you're eating."

"Then let's pack it up and send it to them!" would often be my smart-aleck retort.

I'm no longer a member of the "Clean Plate Club" and as a Lifetime Weight Watchers member, I have learned that always cleaning your plate can be detrimental to a weight-loss plan. But I am cognizant of how much food we Americans discard every day. And also, how much money the average person could save by not wasting so much food.

Walk through any restaurant and observe how much food is left on customers' plates, ready to be thrown away. Most restaurants serve more than the average patron can eat. So we either gorge ourselves on the surplus calories or leave enough behind to feed a homeless family.

But very few servers look down on diners who ask for "a doggy bag"; in fact, they dispense with the euphemism and willingly bring you a box so you can take home your leftovers for tomorrow's lunch.

Whenever I go out to eat, I immediately assess the food on my plate and determine what I'm going to eat at the restaurant, and what I'm going to take home. The soup and the salad should probably be consumed there. The steak can come home. If I just start eating without making a plan, I risk reaching that point of no return, where there is not enough left on my plate to bother saving. Then my choice is to overeat, or let perfectly good food go to waste.

Not only do we throw away a lot of food in restaurants, but on average, 30% of the food in our refrigerators never gets consumed. Think of the money you could have saved if you had never bought that food!

If your family won't eat leftovers, learn to cook less. If you do have food left over, put it away promptly, store it where it won't be overlooked, package it in useful portions, and label it correctly, so it stands a better chance of being eaten before it spoils. Instead of going out for lunch and spending ten dollars, why not heat up a piece of last night's lasagna?

Have a plan when you go grocery shopping, so you avoid impulse buys that don't fit into your menu. Just because you have a coupon for something, or an item is on sale or cheaper per ounce in the larger package, doesn't mean it's a bargain if it will sit in your refrigerator or on your shelf until it rots.

Organize your storage spaces so like items are grouped together, and the oldest expiration date gets used first. That way, you're less likely to purchase something you stocked up on last month and forgot about.

By shopping, storing, and cooking smarter, as well as making efficient use of leftovers, you can reduce your food budget without depriving yourself of anything. And more will be left for those starving children in China!

What tips do you have for eliminating food waste? I would love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy.

Countdown to Financial Fitness: Let's Split the Check

Countdown to Financial Fitness: Let's Split the Check: Although more and more restaurants are now willing to accommodate large groups by preparing separate checks, sometimes it makes sense to as...

Let's Split the Check

Although more and more restaurants are now willing to accommodate large groups by preparing separate checks, sometimes it makes sense to ask for a single bill.

For example, if the meal is family-style, or everyone's main course costs approximately the same, and there are shared items like appetizers, bottles of wine, and/or desserts. Or perhaps many of the diners are children or honorees.

Inevitably, you'll encounter that friend or relative who will order the most expensive item on the menu, appetizers, dessert, and several cocktails, and then suggest, "Let's just split the check. It will be easier for the waitress." And others will agree, even though there is someone who only ordered a salad and a glass of complimentary ice water. If you're that person, do you protest and be labeled a cheapskate, or just suck it up and subsidize the others as a cost of friendship?

And then what about the tip? Does everyone chip in equally? It seems like, whenever a group splits the check, the server either gets stiffed or ends up obscenely over-tipped, because everyone wants to appear magnanimous, unwilling to pull anything back from the pile of money, even after realizing they put out too much.

I had a friend in Houston—nice guy, always short on cash—who loved going out with the group, and of course, splitting the check. He'd often be the only one to order an expensive appetizer, and if he let someone else taste it, would consider it a shared expense for the entire group. And when the bill came around, he didn't have any money left for the tip, or even his beers. "Thanks for covering me," he'd whisper. "I'll treat next time." Only "next time" turned out the same as last time.

And what about the sister who suggests taking Mom out to dinner? Sister orders a cocktail and a glass of wine—which you can't do because you're driving—as well as the most expensive item on the menu; her portion is over half the entire bill. But you split the check in half, and both of you get credit for buying Mom's dinner. Oh well, Mom loves you both the same anyway.

My husband, a flight attendant, experiences a lot of group dining situations on layovers. His favorite is a restaurant in Germany, where at the end of the meal, after the tab is requested, the waitress goes around the table, points at each person, and announces a number. Everyone pays his fair share: nothing more, nothing less.

How do you handle group dining? I'd love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy.

Countdown to Financial Fitness: Extreme Water Conservation

Countdown to Financial Fitness: Extreme Water Conservation: The Friday before Labor Day, my husband discovered a gushing leak in a pipe under the house, and he shut off our water. Good luck getting a...

Extreme Water Conservation

The Friday before Labor Day, my husband discovered a gushing leak in a pipe under the house, and he shut off our water. Good luck getting a plumber to come out on a holiday weekend.

I haven't been camping since I was a Girl Scout, and I never liked it that much. Now I was forced to camp out in my own home.

I never realized how many times a day I normally wash my hands. Hand sanitizer just doesn't feel as clean.

Those airline packages of refreshing moist towelettes came in handy as a substitute for face washing. And I found some old cotton balls and astringent under my sink, left over from an abandoned three-part facial plan.

Brushing your teeth doesn't require the faucet to be running. Moisten the brush slightly, slather on the toothpaste, and do a cursory rinse afterward, holding the brush over the sink for double duty. I made one small bottle of water last several days.

Sponge bathing is not ideal, but hey, in some cultures, people don't bathe every day. When I lived in France as a student, I only bathed about three times a week. Of course, it was winter, and my apartment was so cold, I didn't like shivering when I took off my layers and layers of clothing.

We had food in our refrigerator, but cooking was still a challenge. I make a lot of different pasta dishes, but no way was I going to use that much drinking water to boil noodles. I have a habit of washing every spinach leaf when I prepare a salad, but since the bag said the spinach was already triple-washed, I decided to trust it.

Fortunately, we had recently done laundry and run the dishwasher. Otherwise... that's why they have Laundromats and paper plates.

When out running errands, we made use of the public restrooms. First and last stop. We can afford to buy bottled water, but balk. It costs as much per gallon as gasoline!

We have a decorative fountain surrounded by a pool in front of our house, and the pool was brimming with water from recent rains. We figured out we could haul five-gallon buckets from the pool to fill the toilet tank. I felt like I was living in a village in Africa, drawing my water from a well. And we used well water to rinse our dishes, too.

No one should have to live like this long-term, but unfortunately, some people in this world have it much worse, on a permanent basis. From this inconvenient situation, I learned I can get by with a lot less water in an emergency.

Now that we are blessed with indoor plumbing again, I'm going to go take a long, luxurious shower.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy.

Countdown to Financial Fitness: Saving Money on Pet Ownership

Countdown to Financial Fitness: Saving Money on Pet Ownership: Pet ownership can be rewarding and therapeutic; I highly recommend it. But pet ownership can also get expensive. Some pet owners spend more...

Saving Money on Pet Ownership

Pet ownership can be rewarding and therapeutic; I highly recommend it. But pet ownership can also get expensive. Some pet owners spend more at the veterinarian than for their own medical care.

With today's advances in veterinary science, many injuries and illnesses are now treatable, when in the past, euthanasia was the only option. Pet insurance can help, but it, too, is expensive, and it usually doesn't cover the basics.

I can't offer advice on life-or-death decisions for an animal who has become your best friend or even a full-fledged member of your family. But here are a few general suggestions to keep pet ownership more affordable:

Adopt your pet from your local shelter or an animal rescue group, rather than buying from a breeder or a pet store. Some pet stores acquire their animals from puppy mills where conditions are often unsanitary and inhumane, resulting in health and behavior problems down the road. For a modest adoption fee, many rescue groups will provide you with a healthy animal that has been spayed or neutered, vaccinated, and micro-chipped, and they will often take the animal back or exchange it for another if it turns out not to be a good fit (usually minus the adoption fee). But you want a pure-bred, not a mutt? Did you know that approximately 25% of dogs in shelters are pure-bred? And if you can't find the breed you want in your local shelter, check out breed-specific rescue groups.

Research the breed you want before adopting your pet. The reason so many pure-bred dogs end up in shelters is because pet owners did not know what behaviors and traits to expect, and fell in love with a breed that was not a good fit for their situation. If you buy a dog from a breeder and then have to surrender it later, you stand to lose a sizable investment, not to mention the emotional loss.

Get your pet spayed or neutered, or soon you will have many more mouths to feed. Cat and dog overpopulation is rampant. Contrary to popular belief, cats and dogs can have their first litter at four months of age—when they are still kittens or puppies themselves! Millions of healthy, adoptable cats and dogs are put to death in shelters every year, simply because there are not enough homes. Don't be a part of the problem by assuming you'll be able to give away your pet's offspring. If you balk at the price of surgery at a full-service veterinarian, check out a low-cost, high-volume spay/neuter clinic or mobile vet. Spaying/neutering helps your pet live a longer, healthier life, because it reduces the risk of cancer and eliminates much unwanted behavior associated with mating, such as roaming and fighting, which can result in expensive-to-treat injuries.

Keep your pet's vaccinations up to date. This is especially important if you have your pet groomed or need to board it, thus exposing it to other animals. Preventive care—including flea treatment and de-worming—can help avoid expensive vet bills later. Some veterinarians are now offering "wellness plans" that encourage pet owners to bring their pets in for regular check-ups. This is the same concept now being applied to humans; many insurance companies cover annual physicals and certain screenings, such as mammograms and colonoscopies, at 100% to encourage people to get preventive care.

Feed your pet a high-quality diet. Tempting though it may be, most animals should not eat table scraps. Watch for sales and use coupons to buy the type of pet food recommended by your veterinarian. Some brands can also be purchased online for a discount.

As with any product recommended to you by a financial planner, contractor, or doctor, question major, costly treatment plans that your veterinarian may suggest. Certainly, you want the very best for your furry friend. But what is the return on investment? What are the consequences of doing nothing? Are there less expensive alternatives that might work as well, and/or provide a good quality of life? Don't let guilt force you to throw money at a problem that might not be fixable.

What are your thoughts on the costs of pet ownership? I would love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy.

Countdown to Financial Fitness: Managing Credit Cards

Countdown to Financial Fitness: Managing Credit Cards: Several times in this blog, I have talked about the advantages and pitfalls of using credit cards. Credit cards offer convenience, purchase...

Managing Credit Cards

Several times in this blog, I have talked about the advantages and pitfalls of using credit cards. Credit cards offer convenience, purchase protection, and in some cases, valuable rewards points. Credit cards also come with high interest rates and unforgiving fees and penalties when you don't pay on time.

The best way to use credit cards to your advantage is to pay the bill in full, on time, every month. This is called the grace period. Most credit cards have this feature; don't use a card that doesn't.

You can sign up for email reminders so you don't miss a payment, and some banks will allow you to set up automatic transfers of the statement balance from your checking account to the credit card company on the due date. Just be sure you maintain sufficient funds in that bank account so you don't incur a "rejected payment" charge, which will then subject you to interest and late fees.

One pitfall I did not mention is the cash advance. Unlike regular purchases, which do not incur a finance charge if the full statement balance is paid on or before the due date, a cash advance incurs interest immediately, regardless of whether the account is current. Once interest has been applied, you are on "the interest train." Interest will be applied to any new purchases made after that cash advance, and interest will compound daily on the entire balance. Interest will accrue on interest, like a snowball rolling down a hill.

Once you are on the interest train, paying the statement balance in full on the due date will not stop additional interest from accruing. The only way to halt this runaway train is to pay off the entire balance, down to zero. And don't do this by mailing a check. By the time the check arrives and your payment is posted, more interest will have accrued, and your balance will be above zero. And still subject to interest on every charge made. So get online or on the phone and zero out your account as soon as possible after the cash advance is posted—before the end of the billing cycle.

My husband has a VISA card issued by his credit union, which doubles as an ATM card. Occasionally, when traveling overseas, what he thought was an ATM withdrawal from his checking account has been posted to his VISA card as a cash advance. As soon as this type of transaction is discovered, we have to go online and zero out the account to stop the bleeding.

So use credit cards responsibly and reap the benefits of this convenient form of payment. But check your statements promptly and beware of cash advances!

What tips do you have for managing credit cards? I would love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy

Countdown to Financial Fitness: Free Stuff From Charities

Countdown to Financial Fitness: Free Stuff From Charities: I donate regularly to several animal-related charities, but every time I give, I am inundated by solicitations from many other animal-relat...

Free Stuff From Charities

I donate regularly to several animal-related charities, but every time I give, I am inundated by solicitations from many other animal-related charities who most likely bought my contact information from a mailing list. Same thing happens when I give to an organization that fights cancer. Every other cancer charity, plus a few organizations that specialize in fighting other diseases, suddenly start asking for contributions. I'm sure most of these are worthy causes, but a person could go broke supporting all of them.

Often, along with the request for money, charities send me personalized address labels, note cards, note pads, or calendars. Some of them are quite pretty. I can't remember the last time I ever had to buy a calendar, scratch pads, or personalized address labels.

But then come the guilt letters. "Just checking to see if you received the new calendar we sent you. Here's another envelope for your donation, which we're depending on to...." Wait a minute! I didn't order that calendar. You said it was a free gift. I didn't even know you were sending it.

My mother-in-law and I used to discuss this moral dilemma. At first, she thought the solicitations would go away if she'd just send a check. Instead, they multiplied. With more "free gifts" for which payment was expected.

Still, she'd admonish, how can I ethically use something I didn't pay for? It's a beautiful calendar; it must have been expensive to produce. (So that's what the charity did with my donation?)

But what to do with all these "free gifts" with strings attached? Return them? Am I obliged to pay the postage, too? It would be insulting to return the items in the prepaid, self-addressed envelopes the organization sent in anticipation of a donation. (The ones that try to guilt you further by suggesting you affix your own stamp to increase the value of your donation.) And besides, what are they going to do with personalized address labels with my name on them? I'm not helping the charity by sending their stuff back.

So I use the items. Shamelessly. I make my grocery lists on their note pads. Excess address labels make great "low-tech LoJack" for cell phones, glasses cases, and Tupperware containers. If I receive more calendars than I can use, I offer them to others who might need one. And even if the charity didn't get a donation from me, I'm helping to increase awareness for its work.

I still donate as much as I can afford to the causes I believe in, but I don't base my decision on the fact that the organization sent me a calendar.

How do you feel about "free gifts" with charitable solicitations? I would love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy

Countdown to Financial Fitness: Do You Need a Financial Planner?

Countdown to Financial Fitness: Do You Need a Financial Planner?: I'm a do-it-myself investor, but that doesn't mean I am against people using professional financial planners. Some people do their ...

Do You Need a Financial Planner?

I'm a do-it-myself investor, but that doesn't mean I am against people using professional financial planners. Some people do their own car repairs or home renovations; I have no problem delegating those tasks to a professional.

If you don't have the interest or the time needed to research and monitor your investments, by all means, use a professional. But choose wisely.

First of all, ask about credentials. Although things have gotten a little better since the financial crisis of 2008, the terms financial adviser, financial planner, etc., are still not well-regulated. You'll see names with a lot of important-looking initials after them—designations that can represent anything from a graduate degree to a certificate of completion for an online course or weekend seminar. When you interview an adviser, ask what those letters stand for, and what was required to earn them. (And then google the credential to verify.)

Next, ask how the person gets paid. "My adviser doesn't charge me any fees," a friend of mine told me. "It just comes out of the investments." Sounds great. But how much are you really paying?

Look around at the offices. Is there a secretary? A coffee maker and comfortable chairs? Assistants? None of this is free. Nor should it be.

There are three ways financial professionals get paid:

1. Fee only (an hourly rate, or set charge per service)
2. Commission (a bonus for buying and/or selling a financial product for your portfolio). "It just comes out of the investments."
3. Percentage (an annual percentage of the assets under management). Most of the quotes I've heard run about one percent; slightly less for larger portfolios, maybe slightly more for small ones.

It sounds counterintuitive to pay a fee for financial advice from a professional when you could get the service "free." But think about it: an adviser who sells you products in addition to giving you advice has a conflict of interest.

Certainly, ethical financial planners would not steer their clients toward inappropriate investments. But if the choice is between a five-star growth fund with a sales charge and a hefty commission for the broker who sells it and a five-star growth fund with no load and no sales commission, that the client could buy directly from the investment company, which one would you recommend if you were the broker? Both meet your client's financial objectives, but only one pays your electric bill. You haven't broken any laws or deceived your client, and maybe you truly believe the fund offering you the big sales commission is better. (And it has to be lots better to make up for its up-front sales charge.)

Next, find out who is really managing your money. Is it truly the friendly family man who wooed you with a free dinner and informational seminar at a nice restaurant, followed by a free consultation in his plush office? Or a team of "experts" at a "headquarters" in another city? (Another middle man on your payroll.)

Also, find out if your money will be invested in publicly traded financial products, or proprietary funds set up by your adviser's company. Not only will you be able to do independent research on the performance of the publicly traded funds you've invested in, but if you ever decide to change advisers or move your money to another institution, you most likely will be able to transfer the assets "in kind," whereas a proprietary fund would have to be cashed out. When you cash out, you may be forced to lock in losses during a down market or face unwanted tax consequences.

Finally, you should expect transparency and accountability from your financial adviser. Open your statements promptly and read them, just as you would a bill or an estimate for a repair job. Ask questions if something is unclear. No question you ask is too stupid, and you should not be made to feel otherwise. Keep asking until you truly understand; insist that the adviser clarify in simple terms.

Establish up front whether the adviser will have the authority to buy and/or sell assets on your behalf and if so, under what circumstances. Don't let anyone talk you into a transaction you're not comfortable with, or into buying a product you don't understand. Never lose sight of the fact that it is your money, and the adviser works for you.

What advice can you share about working with a financial planner? I would love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy

Countdown to Financial Fitness: Clutter Can Cost You

Countdown to Financial Fitness: Clutter Can Cost You: Clutter can be unhealthy and add stress to your life, but did you know it can also cost you money? Consider the following examples, where c...

Clutter Can Cost You

Clutter can be unhealthy and add stress to your life, but did you know it can also cost you money? Consider the following examples, where clutter and disorganization may result in unnecessary expenses:

A bill arrives in the mail. The family member who checks the mailbox drops the stack of unopened mail in the backseat of his car or tosses it on a cluttered table somewhere. By the time the person who pays the bills discovers it, the payment is overdue, and a late charge has been applied.

You buy a pint of fresh, juicy strawberries and then stuff them in the refrigerator behind some other groceries. By the time you wonder what happened to them, they are covered in mold.

You have a discount coupon or a gift card for your favorite restaurant, but you can't remember where you put it. You end up paying full price for your meal. When the coupon finally turns up, it has expired.

You need a black turtleneck to go with a new outfit you plan to wear next week. When you make a place in your closet for your new purchase, you discover another black turtleneck, perhaps the same size and design, with the tags still on it.

You love to shop when you travel, and when you find the perfect holiday or birthday gift for someone on your list, you buy it on the spot, regardless of season. Only problem, when that gift-giving occasion rolls around, you buy something new, because you forgot where you stashed the original present—or even that you had it.

A little organization and clutter reduction can simplify your life, and save you money as well.

For example, automate as many bills as possible or set up email reminders so you don't miss a payment. If you pay your bills by check through the mail, establish a system, such as a special folder or in-basket that is monitored regularly. Know when payments are due, so if a bill gets misplaced or lost in the mail, you can rectify the situation before your account becomes delinquent.

Take inventory of what is in your closet. Get rid of clothing you no longer use, so you can more easily locate the garments you still wear. Set aside a drawer or area of the closet for gift purchases, and check it before planning a shopping trip for a gift-giving occasion.

Designate a spot near the door for keys, lists, coupons, library books, borrowed items, purchases that have to be returned. Think of the time you'll save looking for these things.

Arrange your refrigerator and pantry shelves so perishables are visible, and food items with the oldest date are used first. Do a quick review of what you have on hand and make a list before you go grocery shopping.

And if your efforts to save money through organization lead to a less-cluttered, less stressful life, so much the better!

What tips do you have for reducing clutter? I would love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy

Countdown to Financial Fitness: Summer Savings

Countdown to Financial Fitness: Summer Savings: Summer can mean more leisure time, more time to spend money: expensive vacations, high air conditioning bills. But here are some ways you c...

Summer Savings

Summer can mean more leisure time, more time to spend money: expensive vacations, high air conditioning bills. But here are some ways you can mitigate those expenses.

Energy: Just because it's hot outside, you don't have to keep the inside of your house like a freezer. It's not healthy for your body to experience such drastic temperature changes. Turn up the thermostat to 78 degrees, or as high as you can stand it; every degree toward equalization of indoor to outdoor temperature represents many dollars in savings. Put away sweaters and blankets, and wear those shorts and sleeveless shirts inside.

Take advantage of lower outdoor temperatures in early morning and late evening by opening the windows and running a whole house fan. But be sure to close all the windows and doors once you turn the air conditioner back on. Use fans to help circulate the air inside and make it feel cooler. But turn them off when you leave the room.

Close off vents in rooms no one is using, so you can concentrate the conditioned air where you are.

Program your thermostat to set the temperature higher when no one is home, then start to cool down about a half hour before your expected return. I've checked on neighbors' homes for them while they were on vacation, to find they have left their house plants to bask in a cool 72 degrees for an entire two weeks.

Food: Take advantage of seasonal fruits and vegetables that may be on sale. Prepare dishes that require little or no cooking, or that can be cooked by microwave, stove top, or outdoor grill. Using the oven not only consumes more energy, but it heats up your house and causes your air conditioner to work harder.

With higher temperatures, be more vigilant about food safety. Refrigerate leftovers promptly so they don't spoil. Rinse plates and utensils after use and dispose of garbage properly so as not to attract pests.

Plan your grocery shopping around your vacation schedule so you use up your perishables before you leave town. It's no fun coming home to a science experiment that represents wasted food.

Entertainment: See movies during the day, at the lower matinee prices. Plus, you can benefit from someone else's air conditioning while your thermostat is turned up.

Meet friends for lunch instead of dinner. Many restaurants have lunch specials which can help you lower your dining-out costs.

Take advantage of outdoor activities and longer days with more natural lighting. If you have access to a swimming pool, take a dip to cool down. By enjoying the outdoors, you won't consume as much electricity to cool and light your home.

What tips do you have for summer savings? I would love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy

Countdown to Financial Fitness: What Does Brexit Mean to You?

Countdown to Financial Fitness: What Does Brexit Mean to You?: The sky is falling! Last week, British citizens unexpectedly voted to leave the European Union. The stock market tumbled. Is it time to get...

What Does Brexit Mean to You?

The sky is falling! Last week, British citizens unexpectedly voted to leave the European Union. The stock market tumbled. Is it time to get out?

When my husband and I started managing his mother's investments—back in the nineties—she would call us every time some big news event caused the stock market to go down. "Did I lose all my money today?" she'd ask. "Should I take out whatever is left?"

The answer was usually the same, "Not unless you want to lock in your losses." Eventually, she learned to keep calm and trust us to help her stay the course.

Investing in equities involves risk. The market is not the best place to stash money you may need right away. Stock prices rise and fall. Sometimes for no reason, or not even the right reasons. If you panic and pull your money out every time the market slides, maybe you should re-evaluate your tolerance for risk. No use giving yourself a heart attack.

Successful investors make decisions based on facts and fundamentals, not emotions. But even if you can control your own emotions, you can't control those of others. Even when all of your research says you have made a sound investment, your holdings could still plunge. Crowd hysteria is a wild card.

If you've spoken to your financial advisor lately—unless you're with an opportunist looking for any excuse to generate commissions—most likely the advice was to take a deep breath, wait until the dust settles, and keep following a sensible path of diversification and age/risk-appropriate asset allocation.

That doesn't mean you shouldn't pay attention. If you find you're overweight in securities likely to be adversely affected by the economic changes, maybe it's time to unwind or reduce your position. Or maybe there's a stock you've had your eye on, and, assuming the fundamentals are still good, a price dip will enable you to snap it up on sale.

The stock market is a roller coaster. But up or down, the rewards can be great for those who can keep emotions in check and look for opportunities.

What does "Brexit" mean to you? I would love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy

Countdown to Financial Fitness: Why Do You Need an Emergency Fund?

Countdown to Financial Fitness: Why Do You Need an Emergency Fund?: "I'm putting every spare penny into my retirement fund," a young colleague once told me. "I have a home equity loan and ...

Why Do You Need an Emergency Fund?

"I'm putting every spare penny into my retirement fund," a young colleague once told me. "I have a home equity loan and high limits on all my credit cards. Why do I need an emergency fund? The interest on a savings account is less than one percent."

There's nothing wrong with saving aggressively for retirement, and having good credit is important. But one major accident, natural disaster, or health crisis can wipe out a family's prosperity. Everyone should also have an emergency fund: three to six months' living expenses socked away in a low-risk, liquid investment, like a savings account or money market fund.

If you suddenly lose your job or are hit with an unexpected large bill, you don't want to have to tap that retirement account. Not only will you lose the time value of your investments, but you may have to pay a 10% tax penalty if you don't meet the age or other criteria for making withdrawals.

Credit cards are great for large purchases—if you can pay them off in full when the bill comes, or at least as quickly as possible. Otherwise, you'll be saddled with a high rate of interest and that large expense will cost you even more. And a home equity loan? Your interest rate will probably be lower than with a credit card, but don't forget: the loan is secured by your home. If the emergency is unemployment, and it takes you months and months to find another job, you could find yourself deep in debt and in danger of losing the roof over your head.

Investment products like stocks, bonds, and mutual funds are good for building wealth, but you want to be able to choose when to sell. If you're forced to liquidate one of these investments to meet an emergency expense, you may lock in losses in a down market, or face a higher tax bill due to capital gains on appreciated assets.

A savings account or a money market fund may seem like a boring investment, but the money will be there, intact, tax-free, in case of an emergency. And you should only touch it if there is an emergency.

And what constitutes an emergency? A vacation is not an emergency. Perhaps an unforeseen trip for a funeral could be considered such.

A new car is not an emergency, unless your old one was totaled in an accident or had a complete breakdown before its time.

Redecorating the house? No. Rendering your house habitable again after a disaster? Certainly.

Large expenditures such as weddings, births, graduation bashes, cruises, college tuition, landscaping, major appliance or vehicle purchases are important, but they should be planned and funded with dedicated savings. An emergency fund is reserved for expenses that arise unexpectedly. And when that happens, you'll be glad it is there.

What are your thoughts about emergency funds? I would love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy

Countdown to Financial Fitness: Financial Lessons from my Father

Countdown to Financial Fitness: Financial Lessons from my Father: My father is long gone, but the financial lessons he bestowed have never left me. As Fathers Day approaches, I reflect on those principles:...

Financial Lessons from my Father

My father is long gone, but the financial lessons he bestowed have never left me. As Fathers Day approaches, I reflect on those principles:

Get a good education so you can take care of yourself, just in case. When I was growing up, the assumption was that if a girl even went to college, the purpose was to find a good husband to support her. But my father expected me to learn how to do something that would pay me enough money to live on. My father's parents were divorced when he was young, and he watched his own mother struggle to make ends meet. Going to college was out of the question for him, so he joined the Air Force and went later, on the G.I. bill. Both my parents insisted that their children would go to college, and they saved all their married lives to make that happen.

Hang onto your silver dollars. I took up coin collecting as a child, but coins took a backseat to boys when I became a teenager. In my collection, there were 22 silver dollars from the early twentieth century. My father told me these belonged in the bank for safekeeping. Next thing I knew, my silver coins disappeared, and my father deposited $22.00 into my savings account. Soon afterward, he took over the rest of my neglected coin collection. I often ridiculed my father for depositing my silver dollars in the bank, receiving only face value. However, when he died, I inherited my coin collection back from him, and every one of my silver dollars was still there. And by then, they were worth much more than $22.00. I guess he was afraid I was going to spend them, so he hid them away.

No matter how much you have, give something back. Share. There is always someone worse off than you. There are countless charities doing good work with not enough resources. My father was active in Kiwanis and Boy Scouts, especially after retirement. I've always had a soft spot for animals, so I support many animal charities. Now that I'm retired, I devote much of my time to the Fayette Humane Society, where I serve on the all-volunteer Board of Directors. And charitable donations, as well as expenses incurred doing volunteer work for a qualified charity, are tax deductible!

How did your father shape your attitudes toward money? I would love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy

Countdown to Financial Fitness: Shopping Abroad

Countdown to Financial Fitness: Shopping Abroad: Taking a vacation can leave a big hole in your budget if you let it. But it doesn't have to. Many people look at a vacation as an ...

Shopping Abroad

Taking a vacation can leave a big hole in your budget if you let it. But it doesn't have to.

Many people look at a vacation as an opportunity to splurge, to take a break from frugality. Nevertheless, most of us are not above searching for the best airfare, hotel, and rental car prices when the vacation is in its planning stages.

But shopping is an important part of travel for many people; a hobby for some. When I look at many of my friends and fellow travelers, I realize why I'm able to travel a lot more on a similar budget: I rarely spend much money shopping—that potential budget buster.

It's not that I don't love strolling through markets and absorbing the local color; I just don't buy. Unless I'm staying somewhere with a kitchen and plan to cook a meal, what do I need with food purchases? Sometimes I will buy spices or packaged candy to take home for presents or personal use.

More interesting to me than the typical tourist shopping venues are the local grocery stores; I enjoy seeing what selections the residents have available, and what they pay. And grocery stores often offer better prices than the usual tourist or "duty-free" shops on popular items like vanilla, spices, coffee, alcohol, etc. I used to bring back olive oil and wine from visits to Mediterranean countries; the TSA ban on liquids over three ounces put an end to that practice. Rather than risk spillage in checked luggage, I now just pay a little more and buy these imports at home, at places like Sam's Club, Costco, or Trader Joe's.

I recently returned from a 16-day cruise, and at one of the ports, we took an excursion to the ancient city of Petra, in Jordan. No tour company can organize an excursion for tourists without the obligatory speed-shopping stop. After a 15-minute restroom break, with barely enough time to browse and figure out the exchange rate, most of my fellow travelers came back to the bus with bags bulging.

Outside the ruins, there were many more shopping opportunities. Every few feet, African vendors displayed the same wares we'd seen in three previous ports: cheap jewelry and made-in-China souvenirs depicting the location. Buyers snapped up the merchandise. I wondered how they would fit it all in their suitcases. And what would they do with it when they got it home? Sure they had kids, grandkids, and co-workers to shop for. But their gifts would probably land in the next garage sale.

I've made a rule when shopping abroad; if it doesn't meet one of these criteria, I don't buy it:

• Is it something I want or need that I can't get at home? (something unique to the location)
• Is it something I want or need that costs less than it would at home?
• Is it something I will use during my trip? (e.g., forgotten sunscreen, local food or beverage that will be consumed en route)

I also consider how easy it will be to schlep the item home, or whether it will have to be shipped, thus reducing any savings. In today's global economy, it's not unusual to find that you can order the same item online for a comparable price, from the convenience of your living room.

If you are contemplating a big-ticket purchase like artwork, furniture, a Turkish rug, or a piece of fine jewelry, do some homework before you leave for your trip. Find out how to determine you're getting the best quality, and approximately how much you should expect to pay. Don't rely on what the local salesperson tells you. If someone is pushing you too hard toward an impulse buy, there may be a good reason to balk.

Taking a vacation should be relaxing and fun. But blowing your budget is stressful.

What do you like to buy when you travel? I would love to hear your comments.

Sharon Marchisello is the author of the e-book Live Cheaply, Be Happy, Grow Wealthy

Countdown to Financial Fitness: Financial Lessons from my Mother

Countdown to Financial Fitness: Financial Lessons from my Mother: Mother's Day is just around the corner, and although my mother is no longer here, she left me a healthy respect for money. And I still ...

Financial Lessons from my Mother

Mother's Day is just around the corner, and although my mother is no longer here, she left me a healthy respect for money. And I still benefit from the financial lessons she taught me. There was really some wisdom behind her platitudes:

"Money doesn't grow on trees." My mother let me know that my father worked very hard for what we had, and there was a finite amount of money in the household for discretionary expenditures. Unlike some of my friends (or so I thought), I couldn't have whatever I wanted, whenever I wanted it. When my allowance was spent, there wasn't any more until the next week. My mother taught me to live within my means.

"Save for a rainy day." My mother gave me my first piggy bank when I was three years old. Actually, it was an oil can with a slit in the top that my father cut for me. You could put coins in, but you couldn't get them out. My father finally cut the can open when I was about ten, and we moved my nest egg to a passbook savings account. My mother taught me about the magic of compound interest, and instilled in me the joy of watching my savings grow.

"Always keep a little 'mad' money." I think what my mother was referring to was a scenario where a girl goes out on a date and decides midway through that it's not going to work. She should have money to call a cab or otherwise extricate herself from the situation. But this advice can also be applied to long-term relationships. No matter how much you love and trust your spouse, no matter how fiscally secure you are as a couple, it is wise for both parties to have a basic understanding of household finances. Both of you should know what income to rely on, what bills need to be paid, and how to access the necessary funds. If something should happen to one partner, don't leave the other one clueless. My mother taught me to value financial independence.

How did your mother shape your attitudes toward money? I would love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy

Countdown to Financial Fitness: Be Smart About Debt

Countdown to Financial Fitness: Be Smart About Debt: Shortly after I graduated from college, I worked in the office of an oilfield equipment manufacturing company. One of the guys from the pla...

Be Smart About Debt

Shortly after I graduated from college, I worked in the office of an oilfield equipment manufacturing company. One of the guys from the plant liked to give me unsolicited financial advice. "I never worry about how much something costs in total," he counseled. "The question to ask is, 'How much a month, for how long?' That's all the information you need to know when you're deciding whether you can afford a purchase. Think of it as just another bill."

I'd nod politely, but even though I was young and naïve, I found it hard to digest that philosophy. Why wouldn't knowing the total cost of an item matter?

If you don't care about ever getting out of debt, make only the minimum payment each month. You'll pay for your purchases many times over. Think about what you could do with all that extra money...

For most people, debt is inevitable, and many would argue that there is such a thing as "good debt": a mortgage on a family home, a student loan to finance a college education, perhaps even a car loan or credit card debt for suitable clothes so you can nail that job interview and eventually earn a living.

But too much debt is suffocating, and it can prevent you from building wealth. Interest and fees can accumulate to the point where your costs to finance a purchase exceed the value of that item.

Before you take on debt, know why you are doing it. How much are you borrowing, and how long will it take to repay? How much are you paying in interest?

Can the purchase be postponed for a while, until you can come up with the cash, or at least a larger down payment? What are the advantages of buying now, or financing instead of paying in full? Will there be a return on your investment, i.e., the extra cost to your purchase price that you will add in interest?

Look at debt as a means to an end, and let there be an end in sight. Don't regard debt as a perpetual bill.

What are your thoughts on debt? I would love to hear your comments.

Sharon Marchisello is the author of Live Cheaply, Be Happy, Grow Wealthy