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Karen

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Have you ever been in your favorite store with a cool new pair of jeans, a new t-shirt, and a slew of other clothes in hand, ready to pay when the cashier says, "If you open a store credit card account with us today you'll get 10% off your purchase?" At that moment you consider how great it would be to have a credit card at your favorite store — without having to pay for that $500 charge right away.

Before you decide to sign up for that store credit card, you might want to consider that typical annual percentage rates (APRs) on credit cards from a retail store are about 23%. Ouch!

If you are able to pay off your purchases right away, the percentage rate might not matter to you (just remember the possible effect on your credit). But, if you think that paying a little bit each month is more your style, you should see if the savings will be worth it. To do that, you'll need to know how your rate is calculated. 

Let's break down what a 10% savings at the register for a $500 purchase looks like in one month:

1. Figure your average daily balance.  Add balances each day (purchases minus payments) and divide that by the number of days in the billing period. We'll use 30 days for this example. Say you make no additional purchases or payments for the first 15 days, and then on day 16 you make a $50 payment and on day 21 you make a $75 purchase. So your balance was $500 days 1-15, $450 days 16-20, and $525 days 21-30.

Here's the math:
($500 x 15 days) + ($450 x 5 days) + ($525 x 10) = 15,000
15,000 divided by 30 days in the billing period = $500 average daily balance

2. Calculate the interest. After you have the average daily balance, you can find out how much interest you'll pay that first month. Take your APR divided by 12 to find out how much interest you're charged each month. Then take that number times your average daily balance.

   Here's the math:
   23% APR divided by 12 = Monthly rate of .019166
   .019166 x $500 = $9.58 interest charge

3. Was the savings worth it? Back to your original sale: You saved $50 at the register (10% of $500), but after a month on your store credit card, you owe $9.58 on the balance. That lowers your savings to $40 after the first month. And unless you pay off the remaining balance, those savings will continue to drop.

While I am an advocate of using credit when it makes sense, I'm highly in favor of knowing what my rates are and what it will cost me in the long run. It's easier to make better choices when you know exactly what that retail therapy  will cost.

Barbara

Since I just talked about ways for wedding party attendants to budget, I thought it would be prudent to speak to all those brides- and grooms-to-be out there as well.

Now, I'm just a novice in the wedding planning arena, but I'm getting plenty of exposure from my sister, who's planning an October wedding. It seems like every time we're in the same room there is something new to look at. From centerpieces to cake, "save the date" cards to invitations...I've seen many options.

My sister is staying true to the "bride on a budget" mentality. She and many of the other brides in my life these days are looking for ways to lower their wedding's bottom line. Not everyone has the means to celebrate with a Platinum Wedding , and in my opinion, no couple should start their marriage with a mound of wedding debt in order to have one.

Through online sources like The Knot , brides can get great tips on everything from negotiating with vendors  to little ways to save.  Just cutting back on a few things or choosing to do something yourself can make a huge difference.

So far in my tenure as bridesmaid I've seen homemade cakes, bouquets made by the bridal party, and wedding dance music courtesy of the bride's iPod.  I even designed one of my friend's invitations so she could save on costs.

For all you young married ones out there, did you pull off a budget wedding? If anyone has some good tips, please pass 'em on — my sister will be eternally grateful!

Barbara

It's the year of the wedding — for me at least. This year I'll be a maid of honor twice and bridesmaid once. (Yes, it's a bit Jane. ) Not to mention I'll be a guest at a slew of other marriage celebrations.

As I've said before, I love a good wedding. But this year the matrimonial festivities are taking their toll on my pocketbook. Are any of you in the same boat?

When you're fresh out of college, it can be difficult to find the money you need for the basics (like rent, utilities and your student loan payment), let alone adding in a budget category for dresses, tux rentals and gifts. It can be a bit overwhelming. At first I was definitely wondering how to survive. 

However, with a little creativity on my part and some thoughtfulness on the part of some brides (thanks to a recession-friendlier industry ), I've been able to lessen the overall costs. Here are some slices of buttercream-frosted savings cake for thought:

1. Showers and parties — When you're in the wedding party, chances are you'll be hosting or helping with a shower or bachelorette/bachelor party. These, my friends, can get extreme. Think food, favors, game prizes, transportation...it all adds up. But thinking outside the box (a backyard BBQ, do-it-yourself invitations, etc.) can help you save. I was able to put together some cute favors for an upcoming shower with some items I found on sale. And instead of renting a bus for a bachelorette party, we're heading to places within walking distance of each other in Omaha's Old Market. 
2. Gifts — Here is where being creative can not only be cheaper, but more memorable, too. Staci once told me that while she was on a strict budget working in Washington, D.C., she gave couples an American flag that had been flown over the U.S. Capitol  on their wedding day. She also gave me a great idea for what has become my standard wedding gift: a basket of blessings based on a quote from the movie "It's a Wonderful Life."  Here's how it breaks down:
• Bread... that this house may never know hunger (a gift certificate to Panera Bread®  or your local bakery)
• Salt ... that life may always have flavor (coarse salt in a cute shaker)
• And wine ... that joy and prosperity may reign forever (this one's pretty self-explanatory)
3. Attire — Thanks to budget-conscious brides, I've had some savings here as well! My first wedding duty this year is as maid of honor for my best friend, who kindly chose a bridesmaid's dress by Isaac Mizrahi for Target®  (just $49.99!). Plus, we got to pick our own shoes; I made sure they were something I would wear to work, too. The other weddings I'm in? I'm getting a pretty slick deal there, too. One bride's mother purchased the bridesmaids' dresses (how nice is that?) and the other got a discount for choosing dresses at the same store where she purchased her wedding gown (bonus!).

So despite my initial thoughts, I think I am actually going to make it through this year of wedded bliss and may even still want to have a wedding of my own one day!

Anyone else have other tips to save on wedding party expenses?

Cheryl

Admittedly, my thoughts today were inspired by a gorgeous, teenage vampire who once said, "The wasting of finite resources is everyone's business."

Like Edward Cullen , I've come to realize that environmental conservation is not just for unbathed hippies who have hunger strike tendencies. Nor is it just a cause that I donate money towards or volunteer for each spring in support of Earth Day , which happens to be today. It's not about the grand gesture.

In fact, something as massive as saving our planet is clearly going to take a little bit of thought (and perhaps sacrifice) each and every day from me and everyone else.

Going green is truly a lifestyle change. But it doesn't have to be difficult! Here are just a few tiny ways I've changed to be more efficient, which I hope are minimizing my footprint:

• Carpool.  Soccer moms were on to something decades ago. Now, I'll find ways to bum rides with my friends (or drive them) to school, work, out for dinner, a big game or a concert. It saves gas, emits less, and we can split parking costs.
• Subscribe to less printed media. I read my fashion magazines and celebrity gossip news at the gym. I set up news feeds  and sign up for other electronic newsletters and clipping services on subjects that interest me (from college hoops to business news to sample sales).
• Set a timer while showering. Not entirely sure why, but I used to take super long showers. Now, I set a timer in the bathroom so I don't slip into an inadvertent daydream or sneak a little more shuteye.
• Print on both sides. Whenever I'm printing papers or presentations, this printer option can cut my paper usage in half. I tend not to double-space, if given the option. If I ever have old hand-outs that do have blank sides, I'll save it for note-taking, list-making, or printing drafts of my next masterpiece.
• Pack containers. Instead of Ziploc  bags, plastic wrap or foil to pack away leftovers, I opt for plastic, metal and glass ware and jars that can be washed and reused several times, if not forever.
• Reuse my goody bags. Over years of attending job fairs, professional conferences, and sample sales, I have enough canvas bags to carry all my groceries home. I even won a raffle at my local grocer for bringing my own bag. Who knew that the most valuable free S.W.A.G. (stuff we all get) was the bag itself!
• Pay paperless-ly. I used to think I needed a physical reminder to pay my bills. But now, with email statements, text message alerts, calendar reminders and all the other ways to stay organized, I got over it. And I can't remember the last time I wrote a check to pay a bill. The beauty of the internet is that I can pay my bills wherever I am — as long as I have a computer — whether I'm at home, at a coffee shop, or in an internet café on a remote Greek island. I personally could care less that postage costs are rising! 

So sure, these are small sacrifices I've made and they can be a tad more inconvenient or time-consuming at times. But the gratification and sense of worth one feels by doing good by far outweigh any negatives. How else could we ever explain the growing list of image-conscious Hollywood A-listers trading in their Roadsters and suped up trucks for teeny, egg-shaped hybrids?

But the best part about being eco-friendly is it also helps me conserve my own dough and not be wasteful with that precious resource. It's seriously a no-brainer.

So, what sort of ways are you going green? Any tips? Please share!

Barbara

It's about that time of year when the new faces I've been seeing at the gym since the start of 2009 begin appearing less frequently. Ah yes, it's the time when those resolutions made just three short months ago fade away, and we revert back to our 2008 selves.

My health resolution wasn't about the gym, but rather eating healthier. Let me rephrase: To eat healthier while staying frugal.  Frankly, it's a difficult task, especially when those dollars seem to go further on a fast food value menu than in the produce section.

Healthy food can add up quickly, so here are some tips for those of you who, like me, find their resolution motivation is waning:

• Buy produce in season.  Fruits and vegetables that are in season will not only cost less, but they'll taste better, too.
• Grow your own food. You can get a good idea of what will work in your area with resources from your local Cooperative Extension office.  Don't forget herbs and spices, too! Even if you don't have space to grow an expansive garden, anyone can put a tomato plant by a window, right?
• Stock up on sales. Buy more of your standard non-perishable items when they're on sale. You can even make your own snack-sized servings with reusable plastic storage bags instead of paying more for pre-packaged goods.
• Freeze bulk food. If you find a sale on meat, buy more than you need and freeze some for later. Or when that garden is so fruitful you can't eat it all, freeze extra strawberries, zucchini, etc., to use later.
• Substitute a different protein. Yes, meat can be pricey. But different proteins, like beans, can be a less expensive option.
• If you have to pick fast food, make smart choices.  You can find healthier, inexpensive options, but you have to look for them.

It's nothing groundbreaking, but sometimes all us resolvers need is a little reminder. Are there any other methods you use to keep meals healthy on a tighter budget?

Barbara

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.

Kathy

I’ll admit, I’ve got budgeting on the brain. Maybe it’s because it’s relatively early in the New Year, and I have the chance to start fresh with a clean slate. Maybe it’s because my student loans have recently gone into repayment. Maybe it’s because I have an extreme Type A personality  and I really can’t help myself.

Whatever the cause, the budget bug has bit me big time!

My group of friends is pretty much comprised of current and recent graduate students, and we are all-too-conscious of the need to save money where we can. So a few of us have recently adopted a challenging and budget-friendly New Year’s Resolution: find fun activities for the group to enjoy without spending more than $10 per person.

Let me tell you, living in the San Francisco Bay Area, that’s not an easy endeavor. We’ve pretty much eliminated every sit-down restaurant, museum  and high profile tourist activity  out there.

This is where some creative thinking comes in, and the fun begins! For example, did you know that many museums offer days where admission is free or the price greatly reduced? Or what about that hidden gold mine, the student ID? Many places of business offer great discounts for students, which may put previously out-of-reach ideas back into compliance with the resolution. The possibilities are endless!

I’m excited about the ideas we’ve come up with, but I’d love to get your input! How can you keep to a budget and still have a good time?

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?

Caroline

Money is tight for nearly everyone this year — but if you think creatively, you can give some pretty cool holiday gifts without spending a whole lot.

I found a fun website  that can help you organize your gift-giving process, and offers some cool ideas for "alternative" gifts as well.

A couple of my favorites that they suggested were a compilation CD or a special photo, enlarged and framed — both items are always inexpensive, but very personal and fun to get.

Use your imagination and you're bound to come up with something affordable, yet meaningful for a special loved one. My stepdaughter once made an updated version of a "World's Best Dad" plaque that she'd originally created when she was about five. The new version is really cute and very sentimental — it was definitely a hit with her dad. And it hardly cost her a thing.

If you don't see a lot of your extended family these days, try giving the gift of special time with you. Take your aunt pottery painting , or invite your uncle to a basketball game at your school after winter break is over. Wrap up a nice-looking coupon to open, and be sure to be specific about time and place, so you actually follow through.

There are other great ideas for I-O-U coupons on the site as well. Check it out and save yourself some cash.

Got any other ideas for cool, inexpensive gifts to give this holiday season? Share them with us!

Barbara

I've got to be honest with you: I don't really give gifts. Sure, I generally find something for my niece and nephews and do help Santa fill my sister's stocking with some practical items she needs (think socks and Chapstick®).  But that concludes my shopping list. In our family, Christmas isn't a huge gift-giving ordeal.

For me, the holidays are much more about experiences rather than things. I'd much rather spend my time watching my father cry at It's A Wonderful Life ,all the while claiming he just has a cold (his excuse every year), than watch him open a gift that I stressed out to find and that won't last like the memories will. Cliché as it is, it's more about presence than presents. (Yeah, I'm groaning, too.)

Given the current economy, a lot more people are cutting back holiday spending. Some are even getting close to a no-spend holiday. But you still want to let folks you care about know that you're thinking of them during the holidays. Here are a couple ideas that can help do just that:

1. Send a note. A quick ecard can let someone know they are on your mind — I'm fond of the wittiness some ecards  provide. Or you can send a special note to tell them you'd like to give them something more meaningful  as an alternative.
2. Give a virtual gift. It's no secret that I'm slightly obsessed with Facebook. And during this season, I love the holiday applications. Particularly, My Christmas Tree , which lets you wrap and send virtual gifts to your friends who use the site.

I'm curious: How comfortable are you not giving gifts during the holiday?

Now, if you're set on giving things this holiday, check out Caroline's advice later this week for some inexpensive gift ideas that can help your budget!