. Uncoached - Spending Money in Key Situations |

Jun 30 2011

Approaching Money in Seven Key Situations

Published by at 7:20 am under Editorial

How we spend our money is generally one of the most important topics concerning our lives.   There are people who are just plain stupid and spend way too much money, and there are those who save every single penny without being able to enjoy their lives.

I’d like to think I’m somewhere in the middle and it’s because of how to approach certain situations that I feel comfortable in how I spend.

These seven situations might be helpful in how you spend your dough…..

On Tipping

Maybe it’s because I worked in a restaurant as a busboy, or maybe it’s because I worked as a pizza delivery guy but I just think that tipping nicely should be a given.  And I don’t mean to overdo it.  But let’s just say an extra dollar or % can really help someone and most times it can help them more than it helps you.   I usually tip 20% at restaurants, at least 2 bucks per drink at a bar, minimum of 3-5 bucks on deliveries, and at least 5 or more on haircuts.  I don’t go crazy but I never undertip.  It’s good karma.

On Buying Furniture or Household Stuff

My general rule of thumb is as follows.  If it’s something that you want to last a while then spend the money.  TVs, furniture, stuff like that are important items.  If you spend the extra cash you’ll save in the long run.  Don’t be cheap on important items.  Sure you can save on stuff like sponges or tooth brushes but I think you get my point.

On Loaning “Real” Money to Friends

Never do it.  Seriously.  Never, ever loan money to friends under any circumstance.   No matter what you think it’ll severely change your relationship.   “Real” money means 100 bucks or more.  But even if you loan a friend 10 bucks and they never pay you back, it’s still annoying which is why you should avoid it period.

On Treating People to Dinner, Events

When you treat friends to dinner or an event don’t EVER expect something in return.  If you do then you’ll ruin the relationship if they never return the favor.  When you do something like that, do it because you want to, not because you’re expecting the same treatment.

On Clothing Shopping

For men?  Never shop.  Get like 10 shirts and you’re good for a few years.  For women?  Do the best you can at selling them on why they don’t need to own 15 of the same shirts.

On Hanging out with Friends and Splitting the bill (Dinner, Bars, Etc Etc)

Best course of action is to just split the bill evenly.  The only exceptions are if there’s a HUGE discrepancy.  And by huge I mean at least 50 bucks.  If you’re sitting there and had nothing to drink or dessert you can bring something up but otherwise splitting down the middle with no whining is the best way to go.

On Traveling

I would say the max you can afford without hurting your wallet and piece of mind is what you should aim to spend on vacation.  There’s no value on vacation, it’s just too high.   If there’s a time to spend money it should be on memories and good times with family and friends.  I always splurge on vacations and never regret it.


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