When you buy something, you're trading hours of your life to acquire those goods and services.
So, is it worth hiring a housekeeper or a gardener to try and hang to a bit more of that time? What about a dog walker or a painter?
Well, it all depends on what you figure your time is worth and how important you view the task.
Economists have labelled this the “comparative advantage” dilemma and it’s worth thinking about – particularly if you and your partner find yourself with different priorities.
Are you a believer in allowances? I know I am.
An allowance helps kids learn that all money — not just yours but theirs as well — is limited and they’ll be a lot better off once they learn to put a little thought into how they use it.
In other words, take the money you already spend on your children and run part of it through them instead, suggests Elisabeth Donati, author of The Ultimate Allowance.
Children tend to be less reckless with their own money, says Donati. Just the act of handing control of spending to them, she says, introduces restraint.
Younger workers have good relationships with their parents and their older counterparts, according to recent study from the Harvard Business Review.
58% of Gen Y’s say they look to boomers, rather than their contemporaries, for professional advice, and over three-quarters say they actually enjoy working with the over-50 crowd.
What’s even more interesting though is that a large proportion of Y's (42% of women and 30% of men) report that they talk to their parents every day – largely about money, it seems.
Owning a property, particularly a second home in the U.S. Sunbelt, and using it to generate rental income may sound like an easy way to make money.
It isn't. Just ask the poor souls who haunt this landlord forum.
Vacation real estate demands an investment of not just money, but time. And that’s why so many people get someone else to do things for them.
By Gordon Powers, Sympatico / MSN Finance
As the recession deepens, more homeowners are trying to get the most out of appliances they might otherwise have trashed couple of years ago. It’s tough to know when to let go, however – particularly as repair services are spotty at best and manufacturers mark up scarce replacement parts as a way of encouraging you to buy more products.
How long have you got? The average useful life of a major appliance is about 14 or 15 years, but it varies depending upon the item, suggests industry data: 14 to 19 years for refrigerators and freezers; 14 to 18 years for ovens and ranges; 11 to 13 years for dishwashers; 11 to 14 years for clothes washers; 13 years for clothes dryers.
By Errol Muirhead, Sympatico / MSN Finance
Talk about toxic debt. If ever you have some time on your hands, you should because you can’t afford to do much else when you're too busy padding the mattress with the pennies you save.
Take a look at the color of the transactions when you get your bank statement or when you go online. If each transaction is red and the red continues down the page or pages, then you have a serious problem that needs some attention.
By James Havers, Sympatico / MSN Finance
Excuse me if I don't get excited by the offer of a free haircut.
The last time I got this offer, it was from a roommate in university. And I learned then and there the best things in life aren't free at all.
By Gordon Powers, Sympatico / MSN Finance
With job losses taking both salary and benefits, people are once again learning to live on a tight budget … just like a student.
And while this may bring back fond memories of KD and cheap vodka, your expenses are probably a bit higher than they were then. Here are a few suggestions to stretch those dollars.
By Gordon Powers, Sympatico / MSN Finance
Even though it will likely extend the recession by a few weeks, my family is being very deliberate about what we purchase.
But, like most people these days, we haven’t stopped buying altogether.
Choosing between a new outfit and a pair of concert tickets? Go for the tickets, suggests a recent study on whether certain spending habits are likely to make us happier.
by Joe Lee, Sympatico / MSN Finance
We all know the best way to get what you want is to ask nicely. Well, it would be good to use the same method to get a free upgrade on your hotel rooms or car rental.
But first, you need to speak up. There's nothing wrong with asking graciously if there is anything the hotel or car rental company can do to make your experience more pleasant. Tell them that you are a loyal customer -- of course it would be nice if you have something to back it up with.
Gordon PowersA long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...
James HaversJames is the senior editor of MSN Money living in Toronto. He has worked for the Nikkei Shimbun (Tokyo), canoe.ca, AOL.ca, Canadian Business and other publications. Havers turned to journalism after teaching overseas.
Jason BucklandThe modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...
