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Barbara

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As my father told me after my last home emergency, "Houses can sometimes be a money pit." Cue next home issue.

After Christmas, I decided that the wallpaper and bright green paint adorning my bathroom walls were meant to be left in 2008. It was a simple cosmetic fix. Well, it was until I got to the area around my tub and found moldy, wet drywall beneath the wallpaper. Awesome. New drywall and shower, coming up! Emergency savings, going down!

But through this tragedy I learned a valuable lesson: If you are able, do it yourself.

Yes, I still spent a pretty penny for professional drywallers and plumbers to ensure the work was done correctly (those are not DIY skills I possess). But by putting in a little sweat equity  when it came to demolition, I saved hundreds of dollars. I can tear down a defunct shower surround and rip out moldy drywall with the best of 'em!

The DIY mentality not only applies to home repairs, it also can come in handy during your college years (pre- and post-college, too!). Ask yourself how many times you pay someone else to do something you could've done yourself. Or how often do you pay for something new when you could've repaired the old item?

Here are some examples of what I mean:

• You may not be the best cook in the world, but does that mean you should eat out all the time? A little do-it-yourself cooking  could save you a bunch of money.
• What about clothing? Wouldn't it be easier to fix a ripped seam or hem in your pants rather than shelling out moolah for a new pair? Better to spend a few dollars for a needle and thread. 
• Applying for financial aid? Instead of paying someone to file your FAFSA, DIY! The same goes for taxes — go online and file for free.

Does the DIY mentality work for you? Tell us what you've done yourself (or would like to do) to save money.

Staci

Now that Thanksgiving is over, the holiday shopping season is in full swing.

I love to give. A Leo  by birth, I've always been a generous soul. So throughout the year I listen for cues from my family and friends about their wants and interests, find the perfect gifts, wrap them beautifully, and enjoy everyone's reactions at opening time.

Usually, I go a little, well, overboard.

This year is different. I've moved into a new home but haven't yet sold the other. And with two mortgages and two sets of utility bills to pay, my usual gift-giving practices won't be possible. Reluctantly I've had to adjust both my spending habits and my own expectations.

However, I didn't want to give up gifts entirely. After frank discussions with my family members, we agreed on a gift exchange compromise — a Yankee Swap.  We've done this for a number of years at our office holiday gathering with great success.

Our family has set a $25 limit for the swap. My mom is really getting into it, trying to think of gifts that we would all want to steal from each other, because that's where the real fun is. My younger sister, who won't be able to come home for Christmas this year, is mad that she's going to miss it.

"Can't I participate by phone?" she whined at Thanksgiving.

Anyway, it's not buy nothing, and it's somewhat frugal, but I think it's going to work out just fine. We might even start a new family holiday tradition!

If you're a conflicted giver like me, how are you adjusting your holiday gift plans this year?

Staci

It's October, my all-time favorite month! Golden leaves are falling, the air is crisp, and Halloween candy lines the shelves of every big-box store. Usually I'm breaking out the sweaters and baking up a storm, giddy with all autumn has to offer.

This year, though, the autumn mood feels far more somber. With the $700 billion Wall Street bailout plan  on everyone's minds, a lot of scary words have been thrown around:

Crippling financial crisis.
Unemployment.
Recession.
Depression.

So instead of enjoying the fall season, I'm watching my retirement account plummet and stressing about soon having to make two mortgage payments. That's right — two. Earlier in the year, I took a leap of faith and built a new home. Since then, the economy hasn't exactly cooperated. My current home hasn't sold yet, and my new home is scheduled to be finished in just a few short weeks. I'm not regretting the decision to build, but as I watch my assets fall and my debt rise, I am pretty worried about my finances.

If you're in college, the idea of retirement savings and two mortgages probably feels very far away, but I'll bet you have financial concerns of your own. Feel like telling us what they are?

Staci

One of the benefits of building a new home (and selling your current one) is the opportunity to take stock of the things you really need or want — and purge those that you don't.

I've spent the better part of the past month sifting through stuff I've accumulated during the seven years I've been in my house. It's the longest I've ever lived in one place as an adult, and the first time I've had an entire unfinished basement for storage, so you probably can imagine the sorting and purging I've had to do!

What I kept were things that had meaning and memories for me, like the German mushroom-shaped music box from my infancy, my beloved collection of Kodak Brownie cameras , and many photos, scrapbooks, and yearbooks.

And what I didn't keep? Well, early on I'd made the decision not to have a rummage sale — I just didn't have the time or energy to organize one. Instead, I had a "free sale" where I invited my friends and family members over to take what they wanted. My best friend Charlie got a wooden caddy he'd been coveting for years. My mother took back many of her own belongings. Barbara got artwork, vases, assorted paper products, and lots of books. She was thrilled to have them, and I was thrilled to give them a new and deserving home.

Everything else I didn't need or want was hauled off in three tax-deductible trips to my local Goodwill . The rest was packed into a PODS container  and shipped off to storage.

Now there's an idea I wish I'd thought of: They bring you the container, you load it up at your leisure, and then they take it off to storage and deliver it when you're ready. Genius!

Have you experienced your own great purge, maybe after moving out of the dorms at the end of the school year? Was it as cleansing for you — both physically and emotionally — as it was for me?

Staci

Okay, technically, it's not ME that has been framed. It's my new house!

Now that the walls are up, it's starting to feel more real each day. My contractor says I can expect to be finished sometime in September, almost a month earlier than planned. That means I need to get moving on selling my existing home — good thing I watch a lot of "Designed to Sell"  on HGTV .

Although I'm optimistic that I won't have too much trouble selling my current place (fortunately, the real estate market is still pretty healthy here in the Midwest), I've started to panic about funds. That's because in my Online Banking profile, I can see all the money that I'm on the hook for: my existing mortgage, my home equity loan (which I used to buy the land), and my construction loan. Let's just say that the debt outweighs my deposits by quite a bit, not a comfortable place for me.

Gulp. I keep reminding myself that real estate is an investment.

I've also been keeping an eye on mortgage interest rates, since I will need to secure my permanent financing fairly soon. Unfortunately, they have not been going in the direction I'd like them to! I'm trying to be optimistic about this, too. Worse comes to worst, I may end up with a higher rate initially and will plan to refinance down the road.

If you're not yet in a position to build your own new home, or if you think I'm just plain nuts to be doing so, you can get some practice by building a virtual one in Stagecoach Island. They've even got their own HGTV-esque show!