Festival of Frugality #394

Hey all, this week I am hosting another Festival of Frugality.

So many great thoughts being shared in the Personal Finance community it is hard to pick favorites. Even so, I picked some favorites anyways.

Coming in first is a very interesting look at what is more important, your summer beach body or your finances. Surprisingly, Daniel from Sweating The Big Stuff shows us that most people would rather stay thin than gain 25lbs and completely erase their debt. What would you do?

Next is Evan from My Journey To Millions who takes a look at a parents role in choosing a child's major. Personally, I feel that a parent has no right to tell their child what to major in but they have every right to refuse to help finance their life decisions. If my child wants to go into Family Social Science I am sure I won't feel bad as I help them find federal and private loans that will finance their decision. Now, if they want to go into Computer Engineering, I will be glad to drop a few dollars in hopes of getting some assistance later in life when I am heading off to a "retirement" home.

FI Journey comes in with some interesting insight on The True Impact Of Lifestyle Choices. I loved this article as I am always re-evaluating the life decisions I make when it comes to spending time at work, on fun, on educations, relaxing, etc... It is always difficult for me to be content as I live in one of the wealthiest area's in the United States. I find it best to remember what the ever interesting Theodore Roosevelt said, "Comparison is thief of joy."

Holly from Club Thrifty shared her impressive 30 month saving results. Check it out, it is very impressive.

While I hope you are rarely in need of the help Christopher from This That And The MBA offers in his Tips to Deal With Creditor Phone Harassment it is never bad to know that you have options. One thing I will add to this is that if you are indeed harassed beyond sending a cease and desist letter you may be entitled to $1000 (+ attorney fees) under the FDCPA. One thing to remember though is that if you do send a letter it may prompt a collector to move to sue... which is always a bummer. Always best to simply repay your debts as quickly as possible.

Check out Money Reasons results from the "Do You Live in a Bubble" test. I am from a rural middle class family and scored as such. That means the test is 100% accurate.

Amanda from Frugal Confessions reminds us that we can save money even if we do live paycheck to paycheck. While I don't quite qualify for saying I live "paycheck to paycheck" her tips are definitely applicable.

Out Of Debt Again provides help with reconciling your PayPal business account. As someone that deals with this exact scenario every month I can say that this is quite helpful. Also, Dear PayPal: I hate you and I love like need you.

I love this post from Gajizmo.com on when you should buy anything. No idea if it is accurate except things like buying boats in Feb.

Dr. Jason of Modest Money comes in with some great insight on cosigning loans. While I don't agree that the best option "is to NEVER cosign on a loan for any reason" it does give great insight on what can go wrong. I figure it is best to evaluate more than the money risks of cosigning. After all, everyone dies sometime and money is no fun if it controls your life.