Getting your money’s worth: Do you use everything you buy?

I’m enjoying this 10-part series on The Simple Dollar about the biggest mistakes the blogger ever made with money.

I’ve chronicled the same here in this space. My transgressions range from lending someone my credit card for an emergency that turned into a maxed-out disaster, to neglecting my bank accounts and co-signing on a loan. We’ve all done some things with money that we’d take back in a heartbeat.

The Simple Dollar today talks about buying…stuff. Movies that went unwatched. Books that were never read.  Barely-worn clothes in the closet.

First, I used shopping as a substitute for actual entertainment and other experiences. Instead of enjoying the things I already had, I devoted time and energy into the acquisition of more things. A much more worthwhile use of that energy would have simply been directed towards enjoying the already-acquired items.

Sigh. We can all relate. What have been your most regrettable mistakes when it comes to money? What would you change, if anything?

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What have been your most regrettable mistakes when it comes to money? What would you change, if anything?

3 comments Add your comment

ziza

July 27th, 2010
5:40 pm

i am definitely guilty of having clothes in my closet with price tags still on them. but the best thing i ever did to help me manage my money was sign up for daily text messages from my bank with the current balances. this definitely keeps my (mindless) spending in check.

Dave

July 28th, 2010
9:29 am

I recently bought an Energy Star rated energy efficient metal roof and it was one of the best decisions I’ve made!

Many people talk about installing solar panels on their roofs to offset their energy bills and save some money.

While I agree that Solar is a great idea to save $ on energy costs (if you can afford it), the drawback is that the ROI is further down the road than most people are willing to wait.

Another great option (and more affordable) is to consider changing your roof. A roof can be the leading cause of temperature absorption on a home.

There is a great company located here in metro ATL called Energy Roofing Systems that offers an energy efficient Energy Star rated metal roof that is also tax credit eligible. Their roof is designed to reduce the overall temperature of your home, thereby requiring you to use less a/c, which results in a cheaper energy bill by 30-40%. Best of all, it is solar ready so that when the price of solar technology become more affordable in the future you can have some panels installed right on top of the metal using a simple bracket system. I would tell anyone interested in solar technology who is also in the market for a new roof to hold off on getting another shingle roof before looking into some alternative options.

The company’s website is http://www.energyroofingsystems.net for more information.

Tinytam

July 29th, 2010
9:45 am

@Dave – thanks very much for the information. I’m really hoping to upgrade my roof to a more energy friendly system soon.

As far as using everything I buy, the answer is no. I’m doing better when it comes to groceries though. I’ve put myself on a budget which makes me watch every dime and consider whether or not I need or will use the item(s) I’m considering. Also, dinner is more often than not a two for one deal meaning I can use leftovers to make another meal later in the week. Taco meat turns into enchilada filling and spaghetti with meat sauce turns into spaghetti pie that is frozen for another meal. It really feels good to waste as little as possible.