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Why We Are So Bad at Buying Happiness

Why We Are So Bad at Buying Happiness

"Those who say that money can't buy happiness aren't doing it right."  Have you heard that joke before?  Well, it turns out that there is more than a kernel of truth in there. People are generally bad at buying happiness because: 1. We buy to keep up with the Joneses / ...

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Hair, Hair, Everywhere – the Recession Edition

Hair, Hair, Everywhere – the Recession Edition

I wrote a hair post in both 2007 and 2008, so I suppose it's only appropriate to continue the tradition in 2009! This post is dedicated to recession's impact on hair budgets. The recession is a major reason why I've been neglecting my hair a bit during these past several months: ...

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Experience, Not Stuff

Experience, Not Stuff

Experience, not stuff: I've decided to make this my mantra to live by. It'll be hard, because I like nice things (ex: shoes), but guess which of the following I remember the most? (a) A $100 leather jacket purchased in Buenos Aires, that I've worn ONCE in 3 years. (b) A $45 hour-long horse ride on ...

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What Sex And The City Taught Me About Love, Life, and Money

What Sex And The City Taught Me About Love, Life, and Money

Sex And The City: The Movie is coming out in May! I am so, so excited, and I'm betting that many Sex And The City feel the same way. Carrie, Samantha, Charlotte, and Miranda - you ladies have been missed! (By the way, I love the photo below - head-to-toe ...

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5 Year Travel Plan: Making Your Travel Dreams a Reality

5 Year Travel Plan: Making Your Travel Dreams a Reality

I've been struck by a bad case of the travel bug lately... I haven't been out of the country since 2007, which seems like a long time. CB and I are saving for Galapgos, but we also want to travel quite extensively in the intervening months before our Big Galapagos ...

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Graduate School: (When) Should I Go?

Graduate School: (When) Should I Go?

Graduate school is a significant undertaking both in terms of time and money. During the last few months, I've felt some pressure from concerned family members about going to graduate school. I know they only want the best for me, but I'm glad I followed my gut instinct and ...

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Should Parents Pay For College Education

Should Parents Pay For College Education

A college education has, for a large percentage of society, become the de rigueur entry-level degree. "Should parents pay for college education" is a question where the answer is always, "it depends." In today's economic climate, I imagine that many parents are having the difficult talk with their kids ...

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Free GMAT Study Resources

Free GMAT Study Resources

Taking and prepping for standardized tests isn't cheap, fortunately, there are many free study resources available online. I've taken advantage of most of these resources when I was preparing for my test last year. Hopefully you will find them helpful as well. Free Online Study Materials The GMAT Uncovered by ManhattanGMAT: A ...

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7 Steps In Overcoming Rejections In Job Search

7 Steps In Overcoming Rejections In Job Search

Rejections during job search are disappointing, to be sure. Nobody likes to be told that they were qualified candidates, but the management has decided to go in another direction. In this environment, however, rejections are common-place through out the job search and interview process. After the initial disappointment wears off ...

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How to Host a Dinner Party On a Budget

How to Host a Dinner Party On a Budget

Hosting a dinner party is always fun, but right now I need my get-togethers to be budget-friendly as well. Remember when I made crab cakes? That was for a group of 5 or 6 friends. The crab cakes were delicious and everyone loved them, but, crabs are expensive! Two pounds ...

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Pure Altruism - Does it Exist?

Pure Altruism - Does it Exist?

Every time the holidays come around, feel-good human-interest stories surface. This is a time to give to others, help those in need, and realize that the world is not as cutthroat or as competitive as we may believe. But is it true? Can people be purely altruistic? The authors of Superfreakonomics (the ...

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The Price of Addiction To Argentine Tango

The Price of Addiction To Argentine Tango

It's happened. I fell for the sultry dance, hard. (I even made its own category!) I leave class with a big smile on my face. I read Argentine tango forums and blogs. I fall asleep thinking of boleos and molinetes. I'm not sure how my wallet feels about the possible financial ...

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Old Cars: Unsung Heroes of Personal Finance

Old Cars: Unsung Heroes of Personal Finance

New Cars are shiny, gleaming, loaded with the latest technology and features. New cars get the big commercials on TV, where they swerve confidently in snow storms, zoom down idyllic country lanes, and maybe even dance a little to the sound of a state-of-the-art in-car sound system near a trendy ...

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Disney World Recap

Disney World Recap

I realized that I haven't really talked about my Disney World adventure (aside from the Dining Plan review) on this blog yet... and well, that oversight must be rectified! If you have any specific questions about Disney World, please ask away and I'll do my best to answer. We Got To ...

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Job Fairs: How to Prepare So You Stand Out

Job Fairs: How to Prepare So You Stand Out

Job fairs can be a great opportunity for applicants to interact with many different companies. But if you don't prepare adequately, job fairs can be a disaster. Last week, I attended a job fair - prior to the event I debated whether I should go. I had heard the horror ...

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How To Practice Safe and Responsible Credit Card Use

How To Practice Safe and Responsible Credit Card Use

Wait, you mean you never had a credit card education class in school? Okay, me neither. The quality of education these days! But there's no reason that high schools or colleges shouldn't offer a class like this. After all, credit card education isn't an awkward topic like the other type of ...

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When To Spend Money On Hobbies?

by WellHeeled on August 17, 2009

Hobbies are fun, but if you’re not careful, hobby-related expenses can really add up.

Right now, my most enjoyable hobby is salsa. So far, my investment in this budding pastime has been (1) the $12 fee per class and (2) the one hour lesson per week.

My lessons are one of the highlights of my week, but now I find myself impatient at how slowly the class is going. I know I can improve faster if I went to salsa camps ($60 for four-hours) and got private instruction ($75 per hour). But both of those things cost money. I also wanted new Latin dance shoes ($75-$150).

So how did I decide that it was the right time to invest in my hobbies? I asked myself 3 questions:

1. Am I committed to this activity?

There’s no need to spend money if I’m not going to stick with salsa for the long term. But I have been dancing salsa for the past seven weeks, and I plan to continue my classes. I enjoy salsa – it’s a fun, social activity and a good form of exercise. Not to mention, it’s good for my relationship!

2. How necessary is this equipment / lesson to my safety and health?

In sports or dance, equipment is very important. In dance, proper footwear make all the difference. I have been wearing regular heels, which, really, have done a number on my feet and back. If I want to continue dancing, I should pluck down the cash for a pair of proper dance shoes.

3. Can I find deals or specials within my budget? If not, can I wait until I can?

I’ve already waited for almost 2 months! So when my instructor offered students the chance to purchase shoes at the wholesale price, I jumped at the opportunity. In the spirit of compromise with my budget, I decided to forgo the salsa camps for now. And instead of buying a pair of shoes for $65, I chose a plainer style for $55.

I am so excited to pick up my shoes next week and dance up a storm in my new and suede-soled 3-inch T-strap Latin heels!

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{ 1 trackback }

Guilty Financial Pleasure
June 22, 2010 at 9:30 pm

{ 6 comments… read them below or add one }

koko August 17, 2009 at 9:42 pm

Very good post !!!
I have an “addiction”, but not a hobby I spend time and money on … eyelash extensions!

Reply

SP August 18, 2009 at 8:01 am

Spending money on hobbies is probably the easiest type of spending for me to justify. Sometimes it is hard to know how committed you are because even start-up costs are high.

Salsa didn’t grab me as much as it did you — it was fun, but I wasn’t very good! Maybe I’ll try again later with a better instructor. I didn’t like mine at all. Have fun!

Reply

debt ninja August 18, 2009 at 11:00 am

Not really related to the content, but when I first started reading your post I thought you were talking about Salsa as in chips and dip. I was like “$75 an hour to learn how to make salsa…wtf?” Haha.

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AK August 18, 2009 at 1:38 pm

Hobbies are my downfall!

I always want the best of the best for whatever I try, even if it ends up falling by the wayside… the best jewelry-making tools, the best horseback riding tack and gear, the best electric piano. It adds this whole new guilt-factor when I have to abandon one of them.

I think if salsa is something you love and you know you will stick with, though, it’s worth paying the price.

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Shari August 18, 2009 at 3:46 pm

It’s only been the past 4 years or so that I had started to spend money on hobbies other than my home decorating and clothes. I have found that it really makes me happy. I gad heard a seminar on how we should take the time to enjoy the fruits of our labor. I’ve found it really makes me happy. And I’ve been able to give things to people that I wouldn’t have been able to but for ‘investing’ in my hobby, so all the better!

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Wellheeled August 25, 2009 at 12:26 pm

@Debt Ninja
LOL! Although around here cooking classes are $60-$70 a class, so I’m SURE a sauce & salsa class will run that rate. Maybe it’ll be longer for an hour though. ;)

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