The Siren Song of False Economy

When the money is tight, the first impulse is to cut back on non-essential spending. However, sometimes things that don't look essential will turn out to be far more expensive in the long run.

Two of the most common false economies are skimping on health care and on vehicle maintenance. However, there are other false economies. For instance, people buy cheaper cuts of meat and end up wasting them because they don't know how to cook them properly. This situation can become even more complicated when buying for a family, because some family members may flatly refuse to eat unfamiliar foods. Food that will only end up scraped from plate to garbage can is no savings.

Unfortunately, false economies are not always obvious, and often we realize them only in retrospect. For instance, there are times that it may look financially prudent to repair a vehicle, but in fact it just traps you in a vicious cycle of nickle-and-dime repairs to the point you can't afford to get rid of it. Trying to get by with inadequate or inappropriate equipment can be another ugly false economy.

The best thing we can do is try to learn from other people's mistakes so we don't repeat them.

Skills for Survival

When times are good, it's often easier to simply replace something that breaks. The time and money it would take to repair it have their value too.

But as things get tight, being able to repair things when they break can free up the money you would otherwise use to replace them so you can put it to something else. And when you're really struggling just to make essentials like food and rent, being able to fix something is the difference between being able to make it last a few more months and having to go without altogether.

For instance, what do you do when the switch on your table lamp starts to go bad? Or when a sock develops a hole?

Spare the Sideboard

Do your sideboard or end tables have water rings where people have set drinks? You can avoid these unsightly stains by placing coasters under glasses so that condensation does not touch the wood. They don't even need to be expensive store-bought coasters -- a plastic jar lid a little larger than the glass will do an excellent job.

And if you already have some, you can get rid of them without needing to send your furniture off for expensive refurnishing. Just cover the stain with a clean, thick blotter and press down firmly with a warm iron. Repeat until the water stain goes away.

Rubbing the wood with salad oil or toothpaste has also been reported to work. However, you may want to test the effect on an inconspicuous part of the item of furniture first.

Drip, Drip, Drip

A steadily dripping faucet can waste gallons of water over the course of a month. Generally the repair is simply a matter of replacing a worn washer; however, in some faucets it can be almost impossible to get to the washer. This can be particularly true with tub and shower faucets, which are often built into the wall of the tub or shower surround.

If you have a dripping faucet which is beyond your skill to repair and you don't have the money to get a plumber in to do the repair, don't despair. Simply set a clean bucket under the faucet to capture the water and use it for such tasks as watering plants or washing floors.