9 Must-Have Products for the New School Year

Head back to the classroom with these cool and affordable school supplies.

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News Feed Change May Boost The Post Hide Metric For Facebook Pages

A shift in the way that some "hides" will factor into the News Feed algorithm may affect certain metrics within Facebook Insights.

Please visit Marketing Land for the full article.

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Golden Entertainment finalizes $341 million gaming industry merger

Golden Gaming's $341 million merger with Minnesota-based Lakes Entertainment was finalized Monday, creating a publicly traded casino, tavern and slot machine route operation with business interests in Nevada and Maryland.

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When a Pricey Home Costs More Than Dollars and Cents

Why stretch your finances to the hilt to buy your ‘dream house’ when doing so could squash your other dreams?  

When Elle Décor ran the essay, “I Made a Huge Sacrifice to Buy My Dream Home” by Sarah Scott a few weeks ago, they couldn’t have anticipated the firestorm that followed. Where many people sacrifice financially to buy a home, and especially their dream home, Scott’s apparent sacrifice ran much deeper – so deep, in fact, that it offended a large percentage of people who read her words.

Speaking of her sacrifice in Elle Décor, Scott writes:

“My husband and I purchased our dream home entirely on our own. Money wasn’t gifted for our down payment nor did we expect that. With that said, certain sacrifices had to be made for this dream to come true for us. The first being that we can only afford to have two children.”

To offer more background on her financial situation, Scott goes on to explain that she and her husband live within a carefully crafted financial plan. They can afford to take one vacation per year with a timeshare they purchased as newlyweds, she says. Plus, she was able to put her career on hold and stay home with the two children she does have. Still, Scott’s story comes with a deeply rooted secret:

“We weren’t planning on this change of heart when we purchased our home but we would like to have one more child. My uterus literally aches despite the fact that logic suggests we can’t afford it right now. After talking it over, and trying to adjust the budget, we have come to the conclusion that the decision to buy our dream home last year has eliminated the possibility of having any more children.”

When a Pricey Home Costs More Than Dollars and Cents

The backlash against Scott has been enormous, with commenters on Elle Décor and elsewhere calling her out for everything from selfishness to insensitivity to those who cannot have children. A few excerpts:

“What you should’ve done is not have children at all. Save money, time, stress, live a wonderful, childfree life. And that way we wouldn’t have this whiny article being shared everywhere.”

“Ms. Scott has made a decision to make the least of all she has. She is just sad.”

“Buy a bunk bed. Problem solved. Silly people over-thinking things.”

“Sounds like they are one step away from financial ruin.”

Although I had to nod in agreement with many of the comments, I still don’t feel angry at this woman; I feel sad for her – partly because she seems so lost, but also because she doesn’t even see the solution to her own problem.

When most people truly want another child, they do whatever it takes. They might move to a less expensive area, double up some kids in a bedroom, or get a part-time job. And that’s probably what has infuriated people so much about Ms. Scott’s essay. When it comes to further “sacrifice,” she will hear none of it:

“Unless circumstances suddenly change, in order to have one more child, we would need to downsize. This would mean another move and tearing our two kids away from the house they now call a home. And it would mean that I would need to return to work full-time, taking away from the quality time our two children enjoy having with me and putting them (and the hypothetical third child) in daycare which my teaching salary would probably just barely afford. Our annual vacation would disappear because we would need to sell the timeshare to make up the difference.”

Why You Should Buy Less House Than You Can Afford

Can you imagine living so close to the cuff that you couldn’t even consider the prospect of having another child – and living that way willingly? Perhaps that is the most disturbing and enraging aspect of the Scotts’ entire situation. Since they can technically afford their dream home, they can surely afford to sell it and downsize – possibly even to a nicer home than most people live in anyway.

We’ve written about why you should buy less house than you can afford many times before, but Ms. Scott’s essay illustrates the case in a way that a mere blog post simply cannot.

When you buy less house than you can afford, you usually find more freedom and choices – and ultimately, happiness. Follow down the Scotts’ path and buy all the home you can afford, on the other hand, and you could end up living the same constrained life – one where you are living the life of your dreams based on outward appearance, but suffering quietly on the inside.

That’s why I see Ms. Scott’s story as a cautionary tale – and proof that having lots of money can only make your life better if you let it. Even when you “have it all,” it’s easy to squander your resources in pursuit of material possessions and status.

The Bottom Line

At the end of her essay, Scott gives us a peek at the sadness she feels when she considers the prospect of selling her home.

“Sometimes, I can see us living in a smaller, older home somewhere, selling this one, and adjusting to accommodate life with a third child in a home that is definitely anything but a dream, but then I overhear our boys having a blast playing in our big, beautiful, safe backyard, or listen to their laughter billowing out of the colorful playroom space we have created and designed just for them, and I know this was always meant to be our forever home,” she writes.

“This is the American dream and we are in it, living it, every day, just the four of us.”

Perhaps this final statement is the one that most of her criticizers take issue with, because I know it is for me. In a country as free and prosperous as the United States, it’s sad that anyone would purposely create a prison they cannot escape from – one that is built with wealth but designed to keep them from living the life they truly desire.

In my eyes, Ms. Scott is not living the American dream at all. The big house is all smoke and mirrors, and Ms. Scott is nothing but a slave to her own poor decisions.

What do you think of the essay in Elle Decor? Can you imagine choosing your dream home over your ideal life?

The post When a Pricey Home Costs More Than Dollars and Cents appeared first on The Simple Dollar.

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21 Warning Signs You’re Financially Unstable

When a distant relative called me for some help with his 401k I was happy to oblige.

Anytime I can help someone save for their financial future I get excited.

Unfortunately, after several minutes the excitement wore off.

The relative had just started his new job and hadn’t even put a single into the 401k yet.  He was reading about the benefits his 401k offered and the one that caught his attention was the borrowing provision.

He asked me, “How do I go about borrowing from the 401k?”

Say what? 

Ummm….the last time I checked you can’t borrow from a 401k that doesn’t have anything in it!

What I eventually learned was that relative had money struggles I wasn’t aware of.

It’s likely most people who are in financial trouble are aware of it, and usually long before landing in bankruptcy court or losing their home in foreclosure.

After all, a personal financial crash is almost always preceded by a long period of financial instability.

What are the warning signs you’re financially unstable?

Here are 21. If you’re affected by more than one or two of them, it’s time to step back, reassess your circumstances, and take action to reverse the trend and become financially stable.

1. You Sometimes Need to Borrow to Make Your Budget

This is hardly uncommon if your budget is too tightly stretched. Though you may be able to cover your expenses with your income alone in most months, if you find yourself needing to borrow money to cover your budget even every third or fourth month it’s a sign that trouble is looming.

It’s not a problem if you have to borrow money to cover your budget for a month in which your expenses are higher due to unusual circumstances. And if you’re able to repay the money borrowed in the following month, that’s another good sign. But if you are doing it several months out of the year, your big picture financial situation can’t help but deteriorate.

Debt is cumulative in nature, so each time you borrow, your finances are weakening – a little bit at a time.

2. Your Emergency Fund is Non-Existent or Close to Empty

An emergency fund is a pure cash account which exists for no other purpose than to cover unexpected financial disasters. If your emergency fund doesn’t have sufficient cash to cover at least 30 days of living expenses (three-to-six months is recommended), then you are living on the edge of financial oblivion.

A single large, unexpected expense, or the loss of a paycheck for even a few weeks, could quickly push you into a downward financial spiral. You may fall behind in your mortgage and other debt payments, and find yourself unable to recover.

3. You’re Maxed-Out on One or More Credit Cards

This is one of those episodes most people find easy to ignore. After all, nearly everybody has credit cards, and most have some experience with maxing-out one of them at one time or another. But this is a classic sign of being financially unstable.

A credit card that’s maxed-out is a pure liability, since it represents an ongoing monthly payment, but is no longer a source of fresh credit.

The reasons for maxing-out credit cards are almost never good. And since the prospect of paying off the maxed-out card is so remote, it’s just a question of time before you will max-out a second card, and then a third, and so on.

4. Your Credit Scores Have Been Dropping

When you begin maxing-out credit cards, your credit score is likely to drop. This is because your credit utilization ratio – the amount of money you owe, divided by your available credit – increases. This ratio represents 30% of your credit score calculation.

The ideal threshold on a credit utilization ratio is 30%. That means if you have revolving lines of credit totaling $30,000, you can have up to $9,000 outstanding without hurting your credit score. As you move beyond the 30% threshold, your credit score will decline, even if you make all your payments on time.

Naturally, a lower credit score will make it more difficult to borrow, and result in higher interest rates on any new credit that you do obtain. But it can also cause interest rates on existing credit lines to rise as well (current lenders DO monitor your credit!).

5. You Live in Mortal Fear of Losing Your Job

Concern over losing a job is common. But if that concern looks more like fear – as in, I don’t know what I’ll do if I lose my job, it’s probably because deep down inside you know you are financially unstable.

The loss of a job is hardly unusual in today’s economy. But that’s something you can prepare for. And if you are prepared, the job loss may not be desirable, but you won’t see it as a disaster either. The very fact you fear losing your job is an indication your underlying financial situation couldn’t handle the loss of income for even a short time.

6. You Fantasize About Having Better Finances

Most everyone wants to have better finances. But at the same time, most recognize the need to develop a strategy to make it happen. If you have largely abandoned any practical strategy to improve your finances, and mostly fantasize about how it will feel when things are better, it’s a good indication you’re financially unstable.

You may fantasize about landing a much higher paying job, getting an enormous bonus (or a sweet stock option), coming into an inheritance, or even having a winning lottery ticket. The fact you fantasize about better finances is an unconscious admission you sense a loss of control of your circumstances.

7. You’re Already Pretty Certain You Won’t Ever Be Able to Retire

We’re constantly surrounded by financial advisors telling us to prepare for retirement. But if you don’t think your financial situation can accommodate putting money away for the distant future, you might not even attempt the effort.

The end result of that inaction is you will be even more financially unstable by the time you reach your sixties than you are right now. And by then there will be fewer options.

8. You Lose Sleep Over Finances More Than Occasionally

Everyone experiences some degree of stress over finances. Even if your financial situation is solid, you can worry about large, sudden expenses, or about the impact of rising costs in the future. But if you find yourself losing sleep over your inability to pay your bills this month, it’s likely due to the fact you’re financially unstable.

Too much lost sleep can affect your ability to function in your life, and even impair your ability to earn a living. Either outcome will only make your finances worse.

9. After You Pay Your Bills You’re Broke

Even if you are able to pay your bills in full each month, if you are broke after paying them – at least in most months – it’s a sure sign you’re financially unstable.

Whatever your budget is, there should always be at least a little bit extra to put into savings and to cover future contingencies. If that extra doesn’t exist, then you’re walking a financial tightrope, where a major crisis could be waiting just around the corner.

10. You’ve Borrowed Money From Family or Friends

This is a step which people typically take when they are unable to get loans from commercial sources. The fact you have to go this route is usually an indication of serious credit problems.

While borrowing from family and friends can get you through a short-term crisis, they are generally not a source of ongoing credit. This means there may be no additional resources available to help you deal with the next crisis.

11. You’ve Seriously Considered Bankruptcy or Debt Management

It’s probably true most people research or contemplate bankruptcy or debt management long before taking the step. If you have considered either, it’s a definite sign of being financially unstable.

In fact, in many cases it’s likely that just the fact you have considered doing either means it’s past time to take the plunge.

12. You’ve Recently Been Denied Credit

The entire economy revolves around credit, which is why getting a loan is usually a fairly easy process. But if you have recently been denied credit, it’s an indication the lending system sees you as damaged goods that they are unwilling to take a credit risk on.

The same is true if you are able to get a loan, but it falls into the sub-prime category. This means your credit profile is considered to be out of bounds as far as traditional lenders are concerned, and you have been assigned to the high risk pool of borrowers.

Not only will you pay a high rate of interest for a sub-prime loan, but there will also typically be other fees that don’t exist with traditional loans, as well as prepayment penalties. Even worse, a sub-prime loan is usually the last stop before you are unable to get credit entirely.

Note: If you have been turned down by a loan, you can try peer to peer lenders Lending Club or Prosper.

13. You Avoid Money Discussions With Others – Even Your Spouse

As a defensive measure, most of us will avoid discussing subjects we consider to be disturbing. If money is one of those subjects, then it is highly likely you are financially unstable.

Many people with money troubles – even those who seem to be living well on the surface – prefer not to discuss money with family and friends. At the extreme, they may not even discuss it with their spouse. After all, money is one of the biggest sources for disagreement and conflict within marriages. You may be avoiding discussing money with your spouse as way to keep the peace.

14. You’ve Had to Delay or Eliminate an Important Major Purchase

This can be anything from replacing your TV, to the roof on your house, to replacing your car. No matter how dysfunctional the item may be, you don’t replace it, because you don’t have the money to pay for it.

At the extreme, this can also take the form of delaying a medical procedure or not getting braces for one of your children. They’re all large expenses, and you won’t be able to do any of them if you don’t have the extra cash – even if you are otherwise able to pay your regular monthly bills.

15. You Seem to Have More Stuff Than Your Income Would Suggest

In a world of easy credit, millions of people seem to have more stuff than their incomes or occupations could reasonably justify. If the amount of stuff you have, particularly the kind that’s desirable but not entirely necessary, seems excessive in relation your income, it probably points to some level of financial instability.

When I say “stuff”, I’m not limiting the word to a house full of “toys” that you hardly ever use either. I’m lumping that in with an oversized house, a car you can barely afford, a history of taking exotic vacations, and a pattern of costly entertainment, such as eating a lot of meals in restaurants.

These kinds of spending indicate a lack of financial discipline. After all, if you aren’t able to pay for such goodies out of your paycheck, it’s very likely you’re using credit to cover the cost. Ultimately, that will lead to all of the other problems I have outlined in this article.

16. You’re Planning Yet Another Debt Consolidation

In most cases, debt consolidation loans are a delusion. It’s not that they are bad in and of themselves. Quite the contrary, if you’re serious about putting an end to borrowing money, and you’re completely committed to getting out of debt, a debt consolidation loan can be the perfect tool to make it happen.

Unfortunately, in most instances that is not how debt consolidation loans are used. Most people use them as a way to periodically place a bunch of high interest credit card loans under a single new loan, with a lower interest rate, and a much lower monthly payment. But the relief is usually temporary, and the debtor is out getting new credit, on top of the existing debt consolidation loan.

Eventually, yet another debt consolidation loan will be sought, setting up the revolving debt consolidation loan syndrome. It’s often the last stop before bankruptcy court.

Getting out of debt means just that – getting out of debt. Reshuffling your debt into another form doesn’t get you out of debt. It often allows a borrower to continue on the debt merry-go-round until no other options are available.

17. Late Fees and Overdrafts Are All In a Day’s Work

A sure sign you are financially unstable is when late fees and overdraft fees start becoming at least fairly normal in your life. You may consider the payment of a small fee to be a price you are willing to pay in order to maintain greater control of your cash flow.

But the fact you have to pay them is an indication you lack the cash to pay your bills on time, and that’s a definite sign of instability.

18. You Intentionally Slide Bills Into Next Month

This is the classic robbing from Peter to pay Paul scenario. You allocate your bills from one month to the next in order to make sure that everyone gets paid – eventually. So you might pay your electric bill one month, but hold your gas bill until the following month.

This is a form of backdoor credit. You’re having one vendor extend you an informal loan for a month or so, and in exchange you will pay a late fee. If you do this on a regular basis, it means you are paying more for all the services you are using (because of the late fees). In that way, it’s not just a sign you’re financially unstable, but a financial arrangement which is making that instability even worse.

19. You Defer Maintenance Projects on Your Home and Car

It’s often said that maintenance is the first thing to go when there are money problems. If you find yourself deferring maintenance projects due to cash flow issues, it’s a definite sign you’re financially unstable.

Deferred maintenance takes many forms. It could include driving on bald tires, failing to fixed squeaky brakes for months, not fixing broken windows in your home, or not having your central air conditioner serviced.

The reason for deferring these projects is a lack of cash flow. But eventually, a deterioration in the condition can result in an even bigger drain on your cash flow. For example, failing to get your brakes fixed when you only need to replace the pads, could result in the need to replace the drums as well, due to delaying the job for several months.

20. You’re Going Without a Significant Type of Insurance Coverage

Going without insurance is another common way people deal with financial difficulties. It is a major reason why people go without medical insurance, and probably the single biggest reason they do without life insurance.

While not having those policies does save you money the short run, it can set you or your family up for a certified financial disaster anytime in the future. For example, if you have no medical insurance, a single mid-level medical procedure could put you in debt by tens of thousands of dollars, and even force you into bankruptcy.

The ultimate result of not having the coverage is a financial situation that is far worse than what you are dealing with now.

21. You’re Not Certain You’ll Be Able to Make Next Month’s House Payment

This is when financial instability enters a crisis level. Since the house payment is typically the largest single payment in most households, the ability to make the payment from one month to the next could be very uncertain. It’s also an indication of a lack of any kind of financial flexibility, since you don’t have the resources to handle even a single month’s house payment.

The complication with the inability to make a house payment is it sets off a chain of other consequences. For example, if you have a mortgage, falling behind by even one month can prove to be a deficiency that you are unable to make up for many months. It could be your mortgage will be at least 30 days behind for the foreseeable future. And in some states, falling behind by no more than 60 days could legally entitle a mortgage lender to initiate foreclosure proceedings.

The situation is even worse if you’re a tenant. If you’re unable to make your payment in any given month, you could face eviction in a matter of weeks. That’s why this one of the more important warning signs!

The purpose of these warning signs isn’t to scare you (OK, maybe it is – a little), but rather to help you to see the signs early, before they turn into a full-blown crisis. If you’re experiencing several of these warning signs, use it as a call to action. For example, just by building an emergency fund with at least 30 days of living expenses in it will make most of these problems go away. And that should give you all the motivation you need.

Being financially unstable isn’t a death sentence – it’s a condition you can definitely fix. But before you can, you have to know the signs, and be ready to take action.

That should be the real take away from this list!

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This Guy Makes $30,000 a Year, and He’s Planning to Retire at 40. Here’s How

Ever wished you could retire early? Of course you have. But you probably assumed it was a pipe dream — one reserved for millionaires or heiresses.

One millennial is turning that idea on its head. Despite the fact Zack Shapiro only takes home about $30,000 per year, he plans to retire shortly after he turns 40.

“The gist of it is simple,” he writes in The Billfold. “Save half or more of your income, invest in low-cost index funds, and within 10-20 years you’ll be able to live off those investments forever.”

Unlike many other early retirees, Shapiro isn’t earning a huge salary, but he’s making it work: Over the past four years, he’s saved $26,000.

If he continues to save at that rate, he calculates he’ll have enough to retire in 14 years — at the ripe age of 40.

How to Retire Early on a Limited Income

Impressive, right? If you’d like to retire early, here’s how you can follow Shapiro’s lead.

“Starting when you’re young is critical,” he says. “Given enough time, compound interest will take over and do all the heavy lifting.”

“For instance, somebody stashing $1,000 a month for 20 years hits the $500k mark at the same time as somebody saving $3,000 a month who starts 10 years later.” (Assuming, he notes, a stock/bond portfolio with a 6.5% rate of return after inflation.)

That’s great and all — but how is he actually doing it? By doing what you know you should be doing, but aren’t: cutting back on his housing, transportation, food and alcohol costs.

“The difference between an early retiree and the average twentysomething, it turns out, is not much more than a long car commute and a strong brunch habit,” he writes.

“So yes, biking and used cars are essential. As is living with roommates, cooking at home, and drinking anywhere you can imagine that isn’t a bar.”

These ideas are simple, but for most of us, they’re tough to implement. (He’s got me on the brunch habit!)

And though Shapiro doesn’t mention student loans, which are a huge burden for many millennials, we believe anyone can use his strategies.

You may have to sacrifice a little more — and retire a little later — but saving and investing aggressively while you’re young will certainly pay off in the end.

Your Turn: Do you want to retire early? Could you save half your income?

Susan Shain (@Susan_Shain) is a freelance writer and travel blogger who is always seeking adventure on a budget.

The post This Guy Makes $30,000 a Year, and He’s Planning to Retire at 40. Here’s How appeared first on The Penny Hoarder.

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Cars We Remember: The demise of the Studebaker-Packard Corporation

Q: Greg, I am not what you would call a car buff, but I think we are fortunate to have someone who is living in our midst. Each week I read your very informative column in the Pennysaver here in New York. Back in the late ‘40s and ‘50s, my grandfather bought a series of Studebaker cars: the first being a Land Cruiser (fine car: a 1950, I think) followed by others of increasingly poor quality, but increasingly more radical in design. When I was in college [...]

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Travellers furious at CommBank glitch

A MAJOR outage of Commonwealth Bank’s Travel Money cards has left thousands of travellers stranded and unable to access their funds.

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Bitcoin baron nabbed in Japan

MARK Karpeles, the head of the collapsed MtGox Bitcoin exchange, has been arrested amid fresh accusations of fraud.

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Should Your Parents Have a Say in Your College Major?

If your parents are footing some or all of your tuition bill, it’s not unreasonable to expect some gentle nudging toward a practical major. Photo: Siena College

When my husband chose to pursue his first bachelor’s degree in theatre arts, his parents were less than thrilled. They wanted him to be happy, of course, but they also wanted him to earn a degree that translated well into real life – and a real career.

But my husband forged ahead with his plans, ultimately earning a degree in theatre and moving to Chicago to give acting a real shot. Unfortunately, just a few years later, he realized that his parents were right to worry. Just as they had warned him, the pay for new actors was incredibly low – so low that he had to work a day job to pay the bills while auditioning and doing shows on weekends and evenings. Further, his “career” had afforded him no benefits, no chance for upward mobility, and no stability at all. And in the end, he wanted more.

So back to school he went, but this time for something more practical. Instead of something aspirational, he chose to learn a trade and pursue a bachelor’s degree in mortuary science. And $23,000 later, he had a degree that paid off in spades.

I share my husband’s story often, but not to embarrass him; I share it because I believe it serves as a cautionary tale for anyone on the fence about pursuing their “dream college degree.” Sure, it works out plenty of times, but what happens when it doesn’t? Like my husband, you’re stuck either toughing it out or heading back to school to pursue something else – at your expense. And, as we all know, college isn’t cheap.

Should Your Parents Have a Say in What You Major In?

To me, this begs a question: Should parents have a say in their child’s college major?

Here’s what I think: It depends on who’s paying.

When parents are footing the bill for their children’s education – or at least part of it – I believe they should have some say in that investment.

Survey responses from Discover Financial’s 2015 Student Loans Survey seem to echo that sentiment. According to the poll, a growing number of parents (44%) said they were more likely to offer funds for college if their child majored in a high-demand field or profession. That’s up from 33% in 2014.

And that makes sense. With the costs of college – and corresponding student loan debt levels – surging year after year, it’s wise for caring parents to at least try to steer their children toward a degree program that can prepare them for a rewarding career – and one with excellent earning potential.

Actually, the Discover survey shows that the latter has become more important than anything else. According to the survey, which polled 1,000 adults with college-bound children ages 16 to 18, 47% said that earning potential was the most important criteria for their children’s college major. Meanwhile, a full 48% of parents surveyed said they were limiting their children’s college choices based on affordability in 2015.

Simply put, parents are looking at it from both ends of the spectrum. In other words, they are stepping in to analyze the one thing college-bound kids can’t always understand – the true costs of a college degree.

And when parents offer this advice, we should really listen. After all, following good advice could mean the difference between having a profitable career – or struggling and starting over later in life.

Could Your Parents Be Right?

As I wrote this piece, I yelled into the other room to ask my husband if he regrets spending his free college ride on a degree in theatre arts. “Nope,” he said, adding that his education provided him with plenty of life experience – and led him to where he is at this very moment. With me.

In that sense, it’s hard to argue that he did the wrong thing. We all know how life sometimes forces twists and turns as you work your way up. Progress isn’t always a straight line, and there will always be setbacks. As my husband sees it, his first degree was a learning experience, albeit an expensive one.

Still, most of us would be better off if we listened to our parents more often. There are things you cannot know until you’ve lived enough to experience it yourself. And sometimes, when you’re 17 or 18 and think the world is your oyster, the dose of reality your parents offer is the best medicine you can find.

So, let’s reframe the question. Instead of asking whether parents should have a say in your college major, let’s ask if you’ll be willing to listen. Because, here’s the truth: Sometimes the best advice is the advice you don’t want to hear.

Do you think parents should have a say in their children’s college major? Why or why not? Does it depend on who is footing the bill?

The post Should Your Parents Have a Say in Your College Major? appeared first on The Simple Dollar.

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TV as you know it is over

CHANNELS Nine, Seven, Ten and the ABC were officially put on notice last week. A revolution is coming that will change the way you watch TV.

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20 Everyday Items to Buy at the Dollar Store (And 10 to Get Elsewhere)

I’ve always been a dollar-store shopper, but I never bought food there.

Then our local dollar store started carrying the exact same brand of whole wheat bread I normally buy for $2.49. It might be two days closer to the expiration date, but not past it. So now I save $1.49 on every loaf of bread.

But you have to be careful. I once bought a screwdriver at a dollar store and it fell to pieces the first time I used it.

So what should you buy at dollar stores, and what should you avoid? I looked at what the experts say in interviews with MoneyTalksNews and Today. Based on their advice and my own experience, here are 20 things to buy at dollar stores and 10 things to avoid.

Buy These Dollar Store Items

1. Greeting Cards

Everyone seems to agree on this one. Why pay several dollars for a card when you can get it for a buck?

2. Socks

Socks in dollar stores are often of decent quality, and the kids’ socks sometimes come two pairs to a package, making them much cheaper than most other stores.

The experts say to look for socks made with acrylic or spandex for comfort.

3. Vases

You can include decorative bowls, too. The dollar-store versions are about the same as the cheapest vases in other stores, which will typically run you $3 or more. I’ve found decent vases made of glass and plastic in dollar stores.

4. Gift Bags and Wrapping Paper

Gift bags cost more everyplace else, and these are things that are going to be thrown away anyhow. I wouldn’t buy them anywhere else.

Wrapping paper is usually a good deal too, but the rolls are short.

5. Party Supplies

Once again, we’re talking about disposable items. Why pay twice as much for streamers and plastic tablecloths, or five times as much for Mylar balloons?

A trip to the dollar store can easily save you $20 if you’re planning a party.

6. Grooming Items

Hair ties and bobby pins eventually get lost, so why pay more for them? Some name-brand shampoos show up in dollar stores too, for half of what they normally sell for.

But if you buy combs, avoid the flimsy ones in packages of 10 or more — I bent one the first time I used it.

7. Some Food

I don’t trust generic imported food yet, but now I’ll buy well-known brands I’ve seen elsewhere, and that bread saves me some serious cash.

Still, make careful comparisons; many canned foods cost less at regular grocery stores.

8. Picture Frames

My wife and I have pictures on our walls in wooden frames we bought at a dollar store. The same frames cost $5 or more in any other store where we’ve seen them. Just check to be sure the bracket or hook for hanging is securely attached.

9. Storage Containers

You’ll find buy food storage containers on the “don’t buy” list below, but for storing cleaning supplies, hardware items and many other things, I use plastic tubs and containers from the dollar store. They cost at least twice as much in most other stores.

10. Some Kitchenware

Yeah, dollar store silverware is flimsy, but still, how would I break a fork or a spoon? Drinking glasses are a good deal too.

What Else Should You Buy at the Dollar Store?

Considering only things that save me at least 50% and have worked just fine, here are some other things I buy at the dollar store:

11. Rope and twine (for uses that don’t require high-quality).
12. Kids’ coloring books (but not the low-quality crayons).
13. Bags of balloons (good for water balloons and party decoration).
14. Bandanas (for various uses).
15. Candles (for emergencies).
16. Dish Towels (two-packs; they wear out quickly, but still worth it).
17. Plungers (throw them away when they break; you get seven for the price of one).
18. Cleaning supplies (some are OK, and they’re much cheaper).
19. Sponges (for cleaning other than dishes).
20. Duct tape (low-quality, but perfect for some uses).

Don’t Buy These Dollar Store Items

1. Toys

With some exceptions, most dollar store toys are low quality and will break quickly, if they work at all.

Some experts also say that parts and paints used for dollar store toys might not meet standards for safety.

2. Batteries

The experts say the battery life is so short that you’re better off getting batteries elsewhere.

They’re mostly right, but I’ll buy batteries at a dollar store for uses where I don’t need much power, like remote controls. I figure they last half as long but cost a fourth as much, so it still makes sense.

3. Medications and Vitamins

These show up on many “don’t buy” lists for dollars stores. I wouldn’t trust any supplements or drugs that are made for this market.

One exception is aspirin from a known brand, but often the containers are so small that you might be paying more per pill than you would at the drug store.

4. Paper Products

It is tempting to pick up that four-roll package of toilet paper or those paper towels for a dollar, but look again. Usually the rolls are much smaller than normal, and the experts point out that the quality is about as low as it can be.

5. Plastic and Aluminum Wraps

These are usually low-quality, and again, they’re made to sell cheap by making the rolls very short.

6. School Supplies

The low quality of pens, paper, binders and such is one reason to avoid getting school supplies at a dollar store.

The other reason is that if you wait for back-to-school sales, you can save a lot more money at Walmart, Target and other stores.

7. Pet Food

Experts warn about the lack of standards with dollar-store pet food.

Then there is the size issue. Those small packages may cost more per ounce than the bigger bags you buy elsewhere.

8. Power Cords

Extension cords and power strips found in dollar stores are low quality and are sometimes dangerous, according to the experts.

9. Tools

Most tools found in dollar stores are barely functional, in my experience.

10. Food Containers

Low quality is a problem with these food containers, but safety is also an issue, according to a recent report on the hazardous chemicals in dollar store items.

I’m not too worried about the chemicals in the dollar-store tubs that organize my stuff in the garage, but I stay away from putting food in dollar-store plastic.

One last bit of advice: Be sure you’re in a dollar store. Dollar Tree keeps everything at a dollar, but other stores that use “dollar” in their names may have higher-priced items.

Your Turn: What do you buy in dollar stores, and what do you avoid?

Steve Gillman is the author of “101 Weird Ways to Make Money” and creator of EveryWayToMakeMoney.com. He’s been a repo-man, walking stick carver, search engine evaluator, house flipper, tram driver, process server, mock juror, and roulette croupier, but of more than 100 ways he has made money, writing is his favorite (so far).

The post 20 Everyday Items to Buy at the Dollar Store (And 10 to Get Elsewhere) appeared first on The Penny Hoarder.

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