Archive for January, 2009

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Ask M-Network: Should We Buy A New Or Used Car In This Economy?

My Two Dollars reader Steven S. sent in the following question to the M-Network’s new feature “Ask The M-Network“:

My family needs another car, as our 16 year old Chevy just died and my wife has no way to get to work other than me dropping her off. We were considering a late-model used import car (gas mileage and price), but with all the deals the carmakers are offering, should we buy new instead? I would appreciate your help!

And here are the responses from several of the M-Network members to try to answer Steven’s question…

Plonkee says:

Thrift Store Frugality – $300 Jacket From The North Face For $49.

Remember the other day when I mentioned that if you don’t need something, it’s not a bargain at all? Well, I have needed a new winter coat for, oh, months now – but I was not willing to spend a fortune on one, so I have gone without. I have lived in Virginia and then in Los Angeles since I left college, so I have managed to avoid the coldness of a full winter season. Sure, I go back east and visit family from time to time, and I had a dressy winter coat I could wear then. But now that I live somewhere where it snows for a few months and I have to spend some time out in the wet, I really needed a warm, waterproof coat. I had been looking at my favorite store Patagonia for a coat made from recycled materials (like these fleeces that I love) that is also fully recyclable, but I could not justify the $300+ it would have cost to buy one. I have become rather frugal about new clothes as of late, as I work from home by myself and where I live a dress-up dinner consists of jeans and a sweater without holes. And it’s not like I am a professional skier or snow-man maker, nor do I care to frolic in the snow for hours. However, I did need a coat and had been looking for something affordable and well-built for about a month. And yesterday, I found it:

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Sunday Money Roundup – Frugal In Winter In The High Desert.

So, with over 2 feet of snow on the ground the other day, I hung out our laundry. Yep, the thermometer read 22 degrees, but at this altitude (7,600 feet) with the sun out, it is actually really warm. I could see my breath, but I was comfortable in a t-shirt and jeans. It’s quite bizarre, but I am glad I can continue to save money by drying my clothes outdoors for free, even in winter!

My Dollar Plan has some New Years Resolutions – Organization and Execution. I am constantly organizing, making lists, and purging my closets, so I understand this desire. What are your Resolutions?

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4th Quarter Estimated Taxes Due Next Week!

For those of you who freelance or otherwise receive untaxed income throughout the year, your 4th quarter estimated taxes are due next week! Taxes are due on January 15th, which is next Thursday. 100% of my income is 1099 income, so I have to pay a lot of taxes every three months and no longer have the luxury of having extra money taken out of a “regular” paycheck to cover some of the difference. So if you are like me and have to pay estimated quarterly taxes, don’t miss your last payment for 2008…until you have to file your return, that is! There are a few ways to pay your taxes, and here are 2 of the most popular:

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Money Quote Friday – Attitude Towards Money Edition.

“If a person gets his attitude toward money straight, it will help straighten out almost every other area in his life.”

- Unknown

So many of our problems come from our terrible relationship with money. It’s a shame we don’t spend as much time working on it as we do other unhealthy relationships, no? Have a great weekend…

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