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A September New York Times article argued that the key to "wedded bliss"  is a shared viewpoint on money matters and I couldn't agree more with the basic premise.  I'm sure you all know couples who couldn't be more different: she likes Prada and drives a shiny black Lexus, while he dresses like he just returned from Woodstock and eats peanut butter and jelly sandwiches 6 nights a week.  Big differences in marriage (whether they be about raising kids, time spent with family, or money matters) often lead to big arguments and, at times, divorce.  So, it's vital that successful partners have the same basic goals in life and can identify with the same "value proposition" (marketing speak for what makes a product special). 

In terms of couples with successful personal finance lives, they often follow a few basic tenants:

1.  Communication.  Do you and your spouse talk often about important issues?  Do you talk like adults about money, the kids, and how annoying certain family members can be at times?  If you don't lay things out and speak frankly, say, about how much money you'd like to be investing each month, then you're both not communicating.    

2.  Money goals.  Do you both have money goals?  Every couple should have similar thoughts on: how much money to save, what makes up healthy monthly, household, expenditures, how much to spend on Christmas gifts, how many lessons or after school activates the kids truly need, etc.  Simply put, your money goals need to have alignment.

3.  Process.  Do you and your wife have a plan in place for who is in charge of investments, monthly bills, home maintenance, etc.?  You can't reach any personal finance goals unless you have a plan in place with dates and who is in charge of getting things done.  In some ways, a marriage needs to be run like a corporation (sorry to all you romantic types!) and you can't have one employee doing all the work while the guy in Accounting sits on his butt all day.

4.  Have Fun and Make Sure Your Love Evolves.  It's always a good idea to invest in your love.  This means going out and doing special things on occasion or treating your spouse to a gift or a dozen roses.  Being cheap with your husband or wife is not a good move.  If your budget allows for a yearly vacation, maybe without the kids, then go and have fun (your marriage and life will be revitalized when you return).

5.  Independence.  I know some couples who are tied to the hip both in terms of finances and friends/social activities/etc. and this is not good.  I believe that married couples need to preserve some individuality, including attending events with close friends or just going out for a drink with a college buddy on occasion (it's ok to have some differences in your social lives).  On the money side, it's also important for both partners to have their own spending money (just as long as one partner is not abusing the privilege by making purchases from the web each night, for example.).  

Along with making our own wine, my family also cans fresh plum tomatoes every August.  The canned tomatoes are used mostly for making tomatoe sauce.  Canning your tomatoes produces a better tasting tomato sauce and, of course, saves you money over the long term (especially after you've owned the canning equipment for several years).  

Tomato canning should be done outdoors and with a large group (you'll want to set up stations to work efficiently).  Pasta with tomato sauce is probably one of the most popular dishes made at home in the US, so you'll definitely go through the jars you produce.  Let's get into the details:

With temperatures beginning to drop and cold winds battering against our 83 year old house, we've been giving serious consideration to replacing our original, single pane, wood windows.  Our windows also include storm windows that, at one point, guarded against strong gusts of wind (but they are pretty much non-functional at this point).

We do like the aesthetics of our original single pane, wood, windows and most of the 35+ windows in our home are functional.  But there is a long list of cons, including:

• Windows are NOT efficient (they let tons of air through the bottom and upper sashes and also along the side of the unit) and are single pane (versus two and three pane for modern windows)
• Windows do not have gas filled panes which help with efficiency.
• Windows are difficult to clean.

As I sat in my home office this morning the book, "The Millionaire Next Door" stood out prominently on my wood bookshelf.  The book stands out because it's a classic in the personal finance world and can be easily understood by everyone.  I often re-read chapters of the book and can really identify with most of the content in the 1996 book - see the The Simple Dollar for a nice review of the book.

One of the key principles in the book centers on living below your means (regardless of income level, profession, or status); specifically, the author talks about how most closet millionaires live in modest homes in solid, but not ritzy, neighborhoods.  The principle got me thinking about how important it is, especially for a young couple, to purchase the correct home (and start a financial life on the right foot).  By correct I mean a home that is the right size, in the right neighborhood, and the right price point. 

One of my father's golden financial rules is to not buy what you think you need.  As I've said in earlier posts, my father is an incredibly crafty individual, though I didn't realize the full extent of his ability to improvise and save money until we purchased our own home.

As new homeowners most couples are eager to make home improvement and purchase stuff to help mend and repair a "new" home.  The intention to improve a home is a good one and should stay with the homeowner as long as s/he occupies the home, however the associated behavior to run to Home Depot or Lowes' for supplies, material, and equipment is questionable and potentially dangerous.

Let's face it, enjoying and collecting fine wine is an expensive hobby, especially in light of a tanking economy.  My Italian father has only bought a few bottles of "real" wine in a proper wine shop over the years, but yet he consumes two-three glasses of wine each night.  You're probably asking yourself at this point: well, how does he consume wine if he doesn't buy any bottles?  Well, my father makes home-made wine and has been doing so for the last 35 years (in the US).  My father's argument for making his own vino centers on: cost, taste, and ritual.  That is to say, he can't stand to spend money on anything he can do himself, enjoys the rustic/flavorful nature of home-made wine, and enjoys getting his hands dirty every September.

It's about 60 degrees here in the mid-Atlantic States and, if you ask me, the perfect time to get a good fire going in your fireplace!  The reason I like to make fires when it's between, say, 55 - 60 degrees is that, in most cases, you don't need your central heating system to be on and you can enjoy a fire without it sucking all of the warm air from your home.

 

The Fall is the best time to both purchase and plant shrubs or trees.   On the purchasing side, most home centers and landscape shops are looking to clear inventory so you should be able to find nice deals (Home Depot, for example, has a 75% percent off shrubs sale currently).

In terms of planting, the cool days and nights are perfect for shrubs and trees to establish a strong root system and acclimate to the soil and a new location.

For some people, going to the market for food is a weekly chore and for others it's an opportunity to purchase wonderful meats, vegetables, cheeses, fish, and fruits.  It's probably no surprise that I fall into the later group and that I actually look forward to food shopping!  However, it wasn't until I learned how to shop for food that I began enjoying looking for the ripest tomatoes, freshest cod, or just-roasted coffee beans.p>

Learning how to shop is not rocket science, but there are some basic rules to follow (specifically in terms of produce and fish):

 

Fruit

This means not buying peaches, cherries, and Fava beans in the Winter, for example.  You also don't always have to buy organic, but there are some fruits and vegetables that yield less pesticides when purchased in organic form, for example: grapes, apples, berries, pears, cherries, lettuce, tomatoes, and beans.  Organic produce usually tastes better as well, but I'll often buy non-organic fruits and vegetables if the items appear fresher and are local.  In terms of picking specific fruits at the market, look for ripe, but not too soft tomatoes and peaches that smell like peaches though not soft to the touch (buy them a bit hard and they will ripen nicely at home).  You can apply the same technique to picking pears as you do to peaches, though you won't get any pear scent if you hold a pear to your nose at the market.  Fortunately, there are fruits that you can just sample at the market and buy on the spot if they taste good (for example, grapes, cherries, strawberries, apples, and plums)!

The winter season is just around the corner and if you haven't already done so now is the time to start preparing your home for the winter elements.  Winterizing your home will not only make your home more cost efficient and save you money, but you'll also be more comfortable in January and February when snow and wind are outside your front door! 

The key to making your home ready for the winter is to find all the areas where heat may escape to the outside environment. Here's a quick list of things to do:

Insulation

Insulate your attic and basement.  Warm air rises so your attic should be your first priority in terms of insulation.  If you're attic is unfinished then insulating it should be no problem; run to your local home center and pick up some Batt-type insulation which comes in large roles and is installed in between 2x4 studs/rafters (look for material with a high R-Value).  Depending on the size of your attic you can most likely take a Saturday and complete the job.

Caulk

Caulk around doors, windows, and exterior cracks.  Caulk is cheap and the savings can be decent if you have older type double hung windows, for example.  Here's a nice how to caulk video and look for caulk than can withstand low temperatures.

Heating System

Your heating system should be checked every year prior to turning it on for the season.  If you have filters and ducts they should be cleaned or replaced every year.  If you're running a steam or gas powered boiler with radiators, then be sure to bleed your water based radiators and vacuum the inside of your boiler/furnace (especially the aluminum parts that light when the unit is in use).  A programmable thermostat is also a good idea! 

Insulating your boiler/furnace's pipes can also provide savings.  There are plenty of pipe insulating materials on the market and installing the material is very straightforward.  While you're at it, you should also purchase an insulated "blanket" for your hot water tank (your tank is insulated but extra insulation will keep the water in the tank warmer and require the unit to work less to bring up the temperature); also, if you have plenty of hot water dial down the tank temperate to120 degrees.

Not related to saving energy, I also liked to prepare the yard and exterior portion of the house for the winter, as well:

• Seal the deck with a high-quality stain and wood preserver.  You don't need to power wash your deck every year, but you should scrub it down with some outdoor safe bleach and let it dry for 2-3 days.
• If you have decorative concrete pavers then sealing the walkway is a good idea and will extend the life of the material.
• Make any repair to an asphalt based driveway - patching up holes and cracks is critical because water will get underneath the material and tend to lift your driveway (during freezing / thawing periods).
• Install glass on your screen doors.
• Bring in any plants for the season that will not survive the winter months outdoors as well as any deck/lawn furniture.
• Place snow shovels and ice melters in an easily accessible spot so that when the first snow hits you'll have your equipment ready  Unless you have a huge property, a snow blower is a royal waste of money, plus you're missing out on the exercise regardless of your age (not to mention the extra maintenance on a gas powered unit).

Note: The views expressed herein are solely my own and should not be attributed to my employer in any way. This site is not maintained utilizing my employer's resources or on company time.

NOW is the time to start preparing for the worsening economy (that's right, you've read the preceding sentence correctly, the economy will get worse).  Sure, we've seen some pretty abysmal days on Wall Street and some radical actions taken by the US government, but beyond a deflated 401K account most Americans have yet to feel the roar of the current Recession.  As a who's who of corporate America begins announcing job cuts (e.g., Coca-Cola, Whirlpool, Merck, Yahoo, GE, Goldman Sachs, Bank of America, etc.) "Main Street" is going to really begin feeling the downturn over the next 6-18 months.  So, how can you prepare for bad economic times?   Here's a quick list:

Paycheck and Savings

Begin saving more of your current paycheck.  The average savings rate in the US is less than one percent (compared to 20 percent as far back as 1982), so saving more of your cash should be a no brainer.  Set up a savings account at your local bank or search for the best rates online for a Money Market Fund (most of the large funds are now FDIC insured) and begin making regular deposits.  If you're a two income family, see if you can save half of your incoming cash and use the other half/salary to pay your mortgage, buy food, and run your utilities.  Regardless of how you do it, it's time to get extreme and save between 20-40 percent of your income!

Eliminate Some Metal

If you're a two car family and can run your household and get to work with one vehicle, then loose the second car.  Eliminating a second vehicle will save $$$ on fuel, maintenance, and car payment.  Using a single vehicle may not seem as difficult as you think; in fact the two-car family is a recent phenoomenon so see if you can arrange a car pool for work and after school pick ups and consolidate your weekend trips so you can stick to a single car.

Don't Spend Just to Spend

Cut the extras.  That is to say, for the time being, eliminate going to the movies, eating out, random entertainment, large gifts, random and spontaneous shopping (including online shopping), and large vacations.  You don't want to live like a miser, so continue to spend on what brings you pleasure and fulfillment (possibly nice foods to cook at home and a nice pair of pants or shoes for work) but be very conscious about every dollar that leaves your wallet.

Not Another Bill

Examine your bills.  Look at your monthly bills and target those auto-renewing costs first.  Do you really need your Netflix subscription, home delivery of your local paper, unlimited text messaging from your cell phone provider, 200+ cable channels, Tivo, and other programs/products that automatically charge your credit card every month or year?

I don't want to convey an overall sense of doom and gloom, but everyone should be prepared with adequate cash reserves by making the above sacrifices.  And if you're looking for inspiration or feel as though you need to spend to feel happy, just 'spend' some time with your family (as the above photo shows - note, it does help if there's plenty of homemade wine available). 

In the immortal words of the FoodTV personality Alton Brown you shouldn't own any kitchen gadget that doesn't have more than one use.  So, for example, you're not allowed to purchase a pizza stone, filled pancake pan from William Sonoma, fondue pot, stainless steel cream whipper, or a classic fish filet knife.  
As you can imagine, then, I couldn't agree more with Alton on his kitchen gadget philosophy.  First off, one doesn't need fancy kitchen gadgets to excel at preparing great meals. A fancy crepe pan will not yield better results than a standard non stick fry pan and a $250.00 copper sauce pan will not make better risotto than a restaurant supply stainless steel pot.  However, there are some basic tools that any good home chef should possess in his or her own home kitchen:

8 inch Chef's Knife
A good knife is essential in any kitchen and it will quickly turn into your go-to tool when preparing any meal.  A decent knife will be easy to handle, feel good after both short term and long term use, and have nice balance in terms of weight.  A good chef's knife will dice and mince and also be able to slice through butternut squash and carve a freshly roasted chicken.  There are tons of brands on the market from Wusthof, Senelli, and Kershaw.  Personally, I've owned a Henckel's Four Star 8 inch Chef's knife for well over 7 years and it's performed beautifully (with constant sharpening of course, my preferred sharpener is the Chef's Choice 110)

Pots and Pans
When it comes to a set of pots and pans you should not skimp.  All-Clad makes some wonderful 3 ply bonded stainless steel equipment and every home cook would benefit from owning a:

• 12 inch fry pan for frying chicken cutlets, making a quick stir fry, etc.
• 6 quart sauté' pan for cooking swiss chard, steaming beans, etc.
• 4 quart sauce pan for making risotto, tomato sauce, boiling water, etc.
• 12 inch round grill pan for grilling chicken, pork chops, eggplant, etc.
• 4 quart casserole for making soups, braises, etc.

You can find All-Cald sets at Bed Bath and Beyond and with one of their standard 20 percent coupons you can often purchase a set with the some of above items at a decent price.  I can tell you that All-Clad equipment will last a lifetime and you'll be seriously impressed by the construction and performance.   You'll also want at least one non stick pan but you don't need to purchase an All-Clad pan, simply look for a restaurant quality pan (with non stick coating) that has a metal handle so you can pop the pan in the oven for finishing off a veal chop or a frittata.

Cutting boards
Unless you're a 70 year old Italian grandmother who can mince, cut meat, and pulverize garlic in one hand with a little plastic handle knife, you'll want to get two sturdy/large cutting boards.  One should be dedicated to cutting fish, poultry, and meat (I use a standard plastic, anti-bacteria board) and one should be reserved for everything else (I don't own a Boos Board ,which looks to be made of good material, but you could look for something similar - and make sure the board have anti-slip legs which prevent the board from moving around on the countertop).  Oh, if you don't have stone countertops then you may want to find a third board for rolling out dough (preferably one made out of marble).

Tongs, Wooden and Metal Spoons (slotted and solid), Thin Spatula, Mixing Bowls (glass and metal)
A good stainless steel tong is essential for tossing salad, mixing and turning foods while sautéing or frying, etc.  The rest of items are no brainers, but make sure you buy enough of each so you're prepared for large dinner parties and multi-course meals. 

Note: The views expressed herein are solely my own and should not be attributed to my employer in any way. This site is not maintained utilizing my employer's resources or on company time.

Continuing on the theme (see Part 1 here) of what every new homeowner should posses in terms of home improvement tools, equipment, and supplies, here's Part 2 of "A Practical Tool Guide for First-Time Homeowners:"

Basic Painting Kit
Painting is a very easy home improvement task and after a few trials even you can be an expert.  Painting is all about surface prep, so make sure you have a quality scraper, sander (as mentioned in Part I) and sandpaper (Woodzone.com has a nice primer on sanding).  

You'll also need good quality paint brushes and rollers; Purdy makes some of the best brushes on the market and I like the XL Brush Series (in 1 inch, 2 1/2 inch, and 4 inch variants).  You can also wash and re-use Purdy paintbrushes provided you do so right after use (don't let the brushes sit over night with paint). 

I've been using Benjamin Moore paint for years and I like the consistency and quality of their paint (remember to use eggshell for walls, semi gloss for trim, and flat for ceiling).  If you're painting new wood, bare metal, or doing exterior painting, then you'll need to apply a good primer and at least two coats of paint (I like Zinsser's Bull's Eye 1-2-3 Primer-Sealer). 

You'll also need a paint tray if you're using a roller (which I recommend for wall and ceilings).  Your basic hardware store tray is just fine (can be plastic and you don't need to spend extra on metal but you'll want to make sure the tray is stable).  Spare rags are also a necessity given the inevitable spill or errant paint stroke.

Oils, Cleaners, Caulk, and Tape
Let's start with a good caulk gun (The NewBorn Brothers 250 is a solid choice) which is essential for running new silicone in the bathroom for tile or sealing the exterior of windows to prevent cold air from entering your home.  I like to have three basic tubes of caulks/glue on hand at all times, including tub/tile caulk, latex caulk (for painting jobs), and Acrylic (DAP) for weatherproofing. 

Liquid Nails is a nice overall bonding agent that you can use for tons of things around the house.  WD-40 is essential for lubricating metal, et. al. 

On the cleaning side, start with a couple of bars of Lava Soap for cleaning hands and some all purpose white vinegar (diluted with water) for general cleaning of walls, windows, etc.  Mineral spirits are good for cleaning metals, oils, and greases. 

In terms of good household tapes to have handy, I always try to keep multiple roles of duct tape, electrical tape, masking tape, clear plastic tape,and blue painter's tape.

Wheelbarrow, Air Compressor, and Generator
You never know when you'll have to transport something heavy or extra dirt around you backyard, so it's nice to have a wheelbarrow handy if you have the space in your garage or basement, the Jackson WheelBarrow is a fine choice (opt for a metal bucket and a heavy-duty tire and handles). 

A generator can come in handy in case of a power outage, but it will most likely hang around collecting dust (get one if you have spare cash hanging around, but in my view it's not a priority unless you live in a remote area, in a Hurricane zone, etc.). 

I don't personally own an air compressor kit, but there have been plenty of times I wished I had an air compressor to inflate my car's tire or use as a nailer during a carpentry project.  Lowes' carries an extensive lineup of air compressors and tools.

Workbench and Vice
It's nice to have a dedicated workshop if possible, including a large vice (TooledUp.com has many bench vices for sale) and workbench (CompMark makes a solid bench) for working with tools and storage purposes.

Note: The views expressed herein are solely my own and should not be attributed to my employer in any way. This site is not maintained utilizing my employer's resources or on company time.

My parents emigrated from Italy in the early to mid 1970's.  My father has the equivalent of a technical high school education and my mother finished her formal education in the 7th grade.  Yet my parents are one of the most financially savvy couples I know, often making smarter economic decisions then their US-born Boomer peers (with BAs and Master's Degrees in hand).  How do they do it, here's a quick list:

• My parents spend much less then they make and live below their means. 
• My parents do not eat out regularly, go to the movies, or buy fancy cars.
• My parents are incredibly crafty and skilled: they can make their own home repairs, make their own food (including food from scratch and canned tomato sauce, pickled vegetables, homemade pasta, homemade wine, etc.), iron and repair their clothes, grow their own fruits and vegetables, landscape, etc.
• My parents are always saving
• My parents are not slaves to their paycheck, they have other forms of income.
• My parents own a two-family home and are landlords
• My parents do not panic and are level-headed about financial decisions and the economy, in general.
• My parents own a single car
• My parents live in a solid, blue collar, middle class neighborhood, in a comfortable but mid-sized home.
• My parents do not feel a sense of entitlement from a material perspective. 

Mom and Dad also have their financial house in order because they realize that life is about being fulfilled and fulfillment doesn't come via a big screen TV or a fancy vacation home, it comes by way of:

• Being with family and friends (my parents social network is very larger and they're always out visiting people or having folks over for dinner or espresso).
• Traveling and vacationing in smart ways (my parents visit their families in Italy every summer and they don't pay for restaurants, hotel, or souvenirs).
• Helping their immediate family (kids, brothers, fathers, etc.) with home renovation, home health care, decision making, etc.

So, if you're looking for your own personal finance bail out program just look at the habits of folks who didn't start with much and had to build wealth on their own terms.

There's something about a freshly vacuumed carpet or newly washed windows that gets me excited - call me boring and dull, but I really do love cleaning stuff!  The fascination started when I was a young chap, often vacuuming and sweeping for my mother and grandmother.  As a college student, I would secretly curse my roommate for not making his bed or coming into our room with muddy boots.  And when my wife and I rented our first apartment, she certainly saw the "clean freak" in all his glory!

With the above said, however, I don't enjoy every domestic task (for example, I despise ironing, making large beds, and cleaning bathrooms).  Nevertheless, here are some of my favorite cleaning/domestic chores and how I go about getting them done:

Washing Tile Floors

Start with a good sweep and thereafter vacuum the dirt pile; a dustess floor is key to a good mop job.  Next, mix 1 part white vinegar with 3 parts hot water and get your mop nice and wet (I like this Italian Floor Mop but you don't have to get fancy as your local supermarket mop will do just as well).  Mop the floor in sections and ring out your mop often.  Let the floor air dry and enjoy the clean floor!  NOTE: some folks do not use white vinegar on porcelain or ceramic tile because they claim the grout will discolor; I personally have not seen this, but you could use Spic and Span or any pine oil based cleaner as a substitute for white vinegar.

Hardwood Floors

Again, start by removing dust from the floors.  I like to use Swiffer (they are great products!) and aim to dust our hardwood floors at least once a week (and more often if we have heavy traffic).  Thereafter, and only if floors appear dull or have marks on them, use two clean terry cloth towels and Bona X Hardwood Floor Cleaner to spot clean any marked up/soiled areas.  You should spray the area gently and thereafter rub the area with one towel and use a second towel to dry (do not let the solution air dry).  It's also important not to use Murphy's Oil or Orange Glow for Hardwood floors as these products will create a hazy film and dull your floors.

Stovetop

Never let grease or oil dry overnight on your black or stainless steel stovetop.  The key is to first wipe down the top with paper towels and thereafter use ordinary dish soap and a clean sponge or cloth to clean the messy areas.  The soap should be cleaned up with a second cloth or sponge and then dried thoroughly.

Granite

Wipe down your granite countertops nightly and make sure they are sealed properly, I like to use StoneTech products  every six months or so.  On every 2nd or 3rd night (depending on how much cooking you do) your countertops should be wiped down with a wet cloth and thereafter a solution of simple dish soap and hot water should be used (being careful not to make the solution to watery).  Finally, wipe down the counters with a clean wet cloth and dry with a third cloth.  I've also used a solution of white vinegar and water and I've found it to work very well for granite.

Windows

Do not use Windex!!   Buy a plastic bucket, a squeegee, terry cloth towels, large sponge, and ordinary dish soap.  Start by washing down the windows with soap and water via a sponge.  Next, use a second wet sponge to go over the glass removing the excess soap and water.  Thereafter, use your squeegee to remove all water from the glass (this should be the last time you touch the glass).  Your windows should be spotless and have no residue or haze, as you would normally get with a Windex type product.

Note: The views expressed herein are solely my own and should not be attributed to my employer in any way. This site is not maintained utilizing my employer's resources or on company time.