Don’t be alarmed. I’m not quitting the blog, or my job, or going off on a wild rant. I’ve simply had enough, and I am so thankful. Today in a moment of clarity it occurred to me that so much of our lives are driven by this one single word – enough. Few of us ever experience it, despite how rich or poor our socioeconomic class defines us.

The word “enough” is powerful. Ignoring the Webster’s definition for a moment, my own interpretation of the word in the language of frugal is that
“enough” is experienced when one reaches a sufficiency. Sure, we could have more, but we do not need more. We may want more, but we do not need more. We simply have enough.

Unfortunately, most of us don’t remember what enough feels like. When we were kids we needed to learn, and often be reminded of, what enough really meant. For example, my four year-old son could eat a three-pound bag of M&Ms if left entirely up to him. As he gets older he’ll learn that the over-indulgence in sugar and chocolate will likely leave him sick. He will reach a point of balance where he limits himself to a certain number of candies to satisfy his craving, but not so many that it makes him sick.

As we grow older our tolerance increases, our stomachs expand a little, and we can once again gorge ourselves beyond the state of enough. But now our childhood, sugar-induced nausea is replaced by things like credit card debt, a mortgage we can barely afford, a car that cost more than half our annual income, and 60-hour workweeks to pay for it all.

Imagine how much simpler our lives could be if we could go back to that point at eight years-old when we rolled down that bag of M&Ms after a couple handfuls. That point when we recognized enough and allowed our innate self-control to kick in.

I’ve tried to put these ideas into practice lately by reminding myself when I’ve had enough. From food, to material items, to money, reminding myself when I’ve reached enough has served me well. Here are a few examples.

I Have Enough

I earn enough money. Who wouldn’t like to earn a higher salary? Who wouldn’t like to earn as much as their boss? I know it sounds strange to hear someone say they earn enough, but I do. I’m not volunteering to stop earning more money, but I do recognize my basic needs and a few wants are met thanks to my adequate income.

My car is good enough. I currently drive a 19 year-old van. The radio doesn’t work, the heat and air rarely works, the gas mileage is terrible, and it has zero sex appeal. I don’t care – I love it! I have no car payment, my insurance and tag costs are negligible, and save the occasional repair it reliably gets me back and forth on my short commute to work. I could go out and finance a brand new truck, but my current vehicle is good enough.

I have had enough to eat. I’m a big guy. I’ve always been a big guy, and even in my younger days I had to stay active to make up for my love of good food. Now that I’m older, and more sedentary, those trips to the stove for seconds take more of a toll. Instead of toying with every diet under the sun (which I’ve tried to no avail at some point), I’m simply using the word enough to drive my eating habits. Mid-meal I stop to ask myself, “Have you had enough?” If I have, I stop eating.  Simple as that. Hopefully, the combination of my “enough diet” and increased activity will help me get back to fighting weight.

My house is big enough. The other day I sort of lamented about the configuration of our current home and its lack of office space. I found a frugal solution, and set up shop in our laundry/utility room. I’m also in the process of adding some gym equipment to our garage so I can get in a workout at home. Would I like a bigger house with a dedicated office, a bigger backyard, a playroom for my kids, and a workshop for myself? Sure, but my current house is big enough, and provides shelter for my family.

So the next time you find yourself crawling the mall for a new jacket, ask yourself if your current one is good enough. When you feel yourself coming down with car fever, avoid the new car lot and look at your current vehicle in a new light. Does it meet your needs? Is it paid for (or close to being paid for)? Do you remember what it is like to have a car payment? Do you really want to write that car payment check for the next 60 months? I don’t know about you, but like I said, I have had enough.

Today’s “Ask the Reader” question comes from Sherry.  She writes:

How does one go about canceling unwanted credit cards?  You know, those credit cards you get so you can get a 10% discount on your 1st purchase…I think I have a 2″ stack of unwanted, unused credit cards.

We recently refinanced our house and superior credit (no reason to worry about our credit) and no debt…so how do I get rid of these cards?

Sherry, closing credit cards can be a little bit tricky in that it does affect your credit score, but probably not enough to be greatly concerned. Your FICO score is calculated by a number of factors, and two of them related to your question are credit utilization ratios, and the average age of your credit history.

Your credit utilization takes into account the amount of debt you have outstanding against your total credit limits.  For instance, if you owed $3,000 on a $10,000 credit card, your credit utilization would be 30%.  It is generally accepted that you should aim to keep your utilization ratio below 30% to improve your scores.  By closing accounts you are eliminating the $10,000 credit line from that formula, and instantly increasing your credit utilization.

In your case, it’s a moot point.  You are debt free.  Having a number of open trade lines may actually be detrimental in your case as lenders may see the cards as an opportunity to accumulate future debt.  Another risk is the more open accounts you have floating around, the higher the chances of falling victim to identify theft.

The length of time your credit accounts have been on file also affects your credit score.  Closing accounts you have had in place for several years effectively lowers the average age of your credit history, and may negative affect your score.  I wouldn’t let this deter you from closing out the unwanted credit cards, because the effects on your credit will be minimal.  I suspect you’ve accumulated the cards over a number of months or years, so closing them all will likely have little net effect on credit scores.

As for the mechanics of closing out these cards, the best way to do it is in writing.  I typically call customer service and advise that I would like to close the account.  Some places will try to negotiate, or talk to you like you’re an idiot for not wanting their card.  Stay cool – be adamant that you would like the account closed, and then follow up with the same request via letter to make sure it is in fact closed.

In order to keep your credit cards to a minimum you should only apply to the best credit card offers. Some of the bigger banks offer some pretty good rewards cards that you might want to have for your daily purchases. However, if you’re looking at savings accounts, then an internet bank is usually your best bet to find good savings account rates for your cash.

Do you have any tips to add for Sherry?

Debt Consolidation Alternative for Today’s Consumer – Reduce Credit Card Debt – Debt Free 12-36mo

Earlier this year my wife and I decided to stay put in our current home.  Now we are in the “how can we make this work” mode where you walk room to room with the realization that you will be here for a while, and the chances of building or buying a new home with all your needs will sit on the back burner for a while.  Here are a few ideas for making the existing space around our home more productive.  We’ve already implemented a couple of these items, and the remaining ones are on our to-do list.

Ways To Make Spaces Around Your Home More Productive

Convert spare bedrooms, garages or back porches to a home gym.
Our neighbors recently closed in a garage and added some gym-quality exercise equipment.  They now have a full squat rack, Smith machine, an elliptical machine, bike and treadmill.  To say I was a little jealous would be a major understatement.  I’ve always wished I could lift weights at home, mostly because I don’t care for the social setting at most gyms.  While I don’t think I’ll be able to close in the garage, I could put a weight bench with a bench press rack on the back porch.  I could also add a small set of dumbbells, a used exercise bike (for rainy days), and a heavy bag.

Create a home office with just a feet of empty wall space.
When I started writing here at Frugal Dad, I recognized quickly that I would need to carve out a quiet area to do most of my writing.  My requirements were simple:  a door, enough room for a table to hold my laptop and a few notepads, magazines, books, etc.  Finding a spot with a door proved to be the hard part.  That is, until I got creative.

Our washer and dryer are in a large utility room.  We have a rolling metal rack in there to hold canned goods, along with a spare freezer to store meats and vegetables we occasionally find on sale and stock up on.  The room may have looked full to the “unfrugal” eye, but I saw an opportunity.

I set up a four-foot folding table and small rolling task chair with no arms.  My laptop, a small lamp, a couple bookends to hold five or six of my favorite books, and a scratch pad for making notes all fit perfectly on the table.  The chair easily pushes up to the table, and is out of the way when doing laundry.

Plant vegetables in a table top, square foot garden on your balcony or porch.
Who says you have to have a ton of green space to grow a beautiful garden?  Consider building a square foot garden, or planting in containers, on your balcony or other outdoor space. I had a friend who grew beautiful tomatoes and a variety of other salad vegetables on his balcony.  Before dinner, his wife would pluck a few tomatoes to slice and eat along with their meals.  She also maintained a variety of herbs and flowers.

Turn your formal dining room into a den, study or playroom.
How often to you eat dinner in your formal dining room?  If you are like us, probably not that often.  Maybe a few times a year we gather there to host Thanksgiving dinner, or a similar occasion. But, for the most part it sits empty as a placeholder for our dining table, chairs and hutch.  Consider converting this space to a den, a playroom for the kids, or perhaps a study or home office (the latter may require adding a door or two).

One word of caution:  I once pitched the idea of replacing the dining table with a pool table.  I was half kidding (only half), but let’s just say it didn’t go over very well.

Create a reading and meditation nook.
I’ve frequently heard this advice, but it really stuck when listening to Dr. Wayne Dyer once describe how everyone should have a little “nook” where they can go to get lost in their thoughts.  It could be as simple as a quiet corner of a bedroom, or as large as an unused guest room.  The point is to create a quiet corner in your home, surrounded by things with positive energy such as pictures, drawing, motivational posters, etc.

When thinking about rearranging your home, keep in mind that any configuration changes you make may not be desirable to future homeowners.  Unless you plan to stay put forever, think long and hard about knocking down (or adding) any walls, hanging doors, etc.  For the most part, consider enchancements to your home’s space that do not require any structural modifications.  But don’t be afraid to get creative, and don’t be afraid to make the space work for you and your family.  After all, homes are meant to be lived in.

Today we are heading back to the university my wife and I attended (and met) to watch the annual spring football game.  This intra-squad scrimmage represents the ceremonial end to spring football practice, but the team will have one more practice the day after the game to review film and set the remainder of the off-season schedule.

Photo courtesy of laffy4k

We are using this year’s spring football game as a frugal introduction to the game of football for my son, who up to this point has only seen football on his Nintendo Wii or on television.  He is not generally fond of crowds and loud noises, so taking him to a regular season college football game has not been an option.  The spring game is usually not quite as loud (or crowded), and there are a variety of family-friendly activities for the kids to participate in leading up to kickoff.

This year the school is having a punt, pass, kick competition for all different age brackets.  They will also have a variety of inflatable, sports-themed games and toys for the kids to play and interact.  Cheerleaders will be on hand to do face painting, and for photo ops (my wife says I’m not allowed to participate in these two events).

I love college football, and I love going back to my school for any reason.  It will be even more special to share this experience with my kids (my daughter has already been to one game last season).  My son has only recently taken an interest in football, despite growing up to the sounds of football from Saturday morning to Monday evening on his Dad’s television.  I’ve never been one to force the game on him; I figure I’ll let him decide on his own what he likes to play.  But I also want to share the experience with him so he gets to see the game the way I saw it, and played it growing up.  I want him to hear the sounds of the band, and the crunch of the pads.  I want him to smell the hot dogs , and feel the warm sun bathing the stadium on a late afternoon.  I want him to experience the camaraderie shared between 90,000 close friends.  Can you tell I’m excited?

So What’s All This Going To Cost?

The tickets for the spring football game were $5 each, general admission.  If we arrive early, we should be able to pick out good seats so my son can get close to the action.  Regular season tickets easily run six or seven times that amount, making a family of four outing quite expensive.  We plan to pack a picnic lunch in our cooler before setting out to save on food costs.

We’ll probably burn through close to one tank of gas there and back, so I’ll have to factor in those costs as well.  Probably looking at around $50 for the entire day, including a souvenir or two for the kids, and a bag of spicy boiled peanuts and a souvenir cup of Coca Cola for the adults (hey, it’s a tradition!).

This is a guest post from MLR @ My Life ROI. If you like this post, check out his website or subscribe to his feed. I would like to thank Frugal Dad for allowing me this opportunity and I hope you all enjoy the post!

One thing that separates me from a lot of personal finance bloggers is that I have never been in massive debt. I never went through that “wake up” period where I looked at my bank account and noticed it was $1,500 overdrawn. And then only to realize my credit cards were maxed out. Sure, I have had my fair share of sticky situations where I had to step back, assess my situation, nervously laugh to myself, and then work on getting back to my yellow brick road. But never massive debt. So what could I possibly share that is worth reading?

My parents, and particularly my father (a daddy’s boy, you could say), taught me some very important financial lessons, if not life lessons. I have combined those lessons with my experiences that I have gathered from high school, college, and the past few years in the workforce since I graduated from college. I have a very analytical frame of mind so I like to breakdown situations into consumable sections. And if I had it my way their would be a lot of numbers.

I find that my posts are probably best for the 16-35 year olds out there who are looking for some useful information. And parents who are looking at ways to connect with their kids. And we have reached a full circle… this all comes back to the three most influential lessons my parents taught me. I hope some of you parents out there can use these lessons to connect with your kids. And if my peers never got these lessons from your parents, I hope some of you can also digest this information for your own betterment!

Lesson #1: Want is not need.

Photo courtesy of babasteve

I was not a particular needy child. My Christmas list usually only consisted of one or two things. My mother tells me stories from when I was a young’n. She used to love buying me gifts. And I loved tearing through them. But once I opened them all up I would take the two things I wanted and go to my room… leaving the rest of the gifts to sit under the tree lonely. I guess I was just quirky like that.

But boys will boys and every now and then I would see something in a store that caught my eye. I would demand it. I NEEDED it. I would go over every reason in the book as to why I needed it and how detrimental it would be if I did not get it. My parents could have easily purchased me these gifts. After all, I did not ask for much, right? However, I am glad they did not enable my behavior no matter how infrequent it was.

My parents always talked to me in a logical manner explaining to me why it was not something that was needed. They did this from a young age and continued it until I was an adult. A typical conversation between a 14 year old me and my pops would go:

Dad: So you need this baseball that clocks your speed for $40?

Me: Yes! How else will I know if I am ready to pitch when I get to high school?!

Dad: Do you and your coach feel comfortable with how you are developing?

Me: Yes.

Dad: Do you think you are a league above your peers when you pitch?

Me: Yes.

Dad: Then what does your speed matter? I’ll take you by a batting cage once a year and clock your speed for $1.

Me: Ugh, fine.

My dad never once said “No!” That would ensue in a fight. Teenagers, and even younger kids, are more logical than we sometimes give them credit for. My dad must have had the patience of a saint because he was always willing to discuss these little issues with me. But in the end, what did I gain?

Now when I look at purchasing an item that I think I need, or maybe just really want, I really break the item down into a bunch of questions I know my dad would ask. Are there any cheaper alternates, like the batting cage once a year instead of a baseball that clocks your speed and will probably break after 20 throws? To you this is a simple discussion. To a kid who is starting to develop his outlook on the world this is a very influential lesson.

Lesson #2: TINSTAFL, There Is No Such Thing As a Free Lunch.

Photo courtesy of D’Arcy Norman

Every now and then the aforementioned lesson would not work on me. But still, my dad never gave me an outright “No!” Every now and then he and I would discuss the merits of a particular purchase and wind up in a stalemate. And that is where we would stay. He never acted as if he had a mystical overpowering veto that would end all discussion. But at the same time he didn’t agree with what I was doing so I knew I needed to work for it.

If I trace my interest in business and entrepreneurship back I think it would all start at age 8. I wanted a new bike because my dad purchased me a Huffy and other people in my neighborhood had Specialized and Diamondback bikes. For those of you who do not know, a Specialized or Diamondback bike is usually leagues above a Huffy. Looking back I can’t blame him. I was a 8 year old who was taking my bike into the woods and building jumps that probably made my spokes shake in their sockets.

But I was determined to get a new bike. As I am sure you are used to hearing from your child, I needed it. I started informing all of the neighbors that I would do any work for them. I would shovel snow, cut grass, rake leaves, pull weeds, take out trash, or help with any other job they wanted assistance on. I once had a neighbor who paid me to lay new bricks along their front garden. It actually wound up being considerably hard work and I am pretty sure they got a bargain. I was getting money steadily. I decided to expand my business and started doing fresh squeezed lemonade and apple stands. I stole the apples from my neighbor’s tree and my dad made the lemonade for me. It was probably a losing proposition but I guess he just liked seeing me put so much effort into a goal. Sales were not good, my street had no road traffic. I went door-to-door selling this lemonade. (Note: This was a neighborhood where everyone knew everyone and my dad stayed outside as I did it)

After a few months I think I lost sight of my end goal. But I kept doing these jobs in order to get money because I liked having my little piggy bank full of money. Between all of the jobs I was doing around the neighborhood and all of the money I collected from the dryer I had enough money for a new bike within about 6 months. My dad reminded me at this point and we went to the bike store in town. I looked around and found the bike I wanted. I was sure it would be better than all of my friend’s bikes.

Let me guess what you are thinking… my dad either bought it for me or I wasted all of my money on it? Nope. I got gun shy and realized I was about to spend 6 months of hard work on a single possession that I would use to skid around (kill the tires), go off jumps (kill the shocks and spokes), crash into curbs (warp the wheels and bend the spokes), and otherwise just ruin it. I decided I wanted to save the money for something more deserving of my money. I kept my Huffy.

My dad did not make me work, he gave me the opportunity to work for something I wanted. By working I realized the value of a dollar and looked at purchases in a different way… even at a young age.

Lesson #3: The best time to plant a tree was 30 years ago, the second best time is now.

Photo courtesy of woodleywonderworks

What did my dad and I do a few days after I rejected the idea of buying a new bicycle? We went to our local bank, Bank of America. My dad opened me up a joint savings and checking account that only I would deposit and withdrawal from. My dad may have planted the idea in my head but I remember it as being my idea. I saw my dad go to the bank all of the time to get money and he had explained the concept to me plenty of times. I liked the idea of having my money locked up for safekeeping while still letting me access it when I needed it. The piggy bank was getting full, anyways.

I opened up my bank account and over the next 8 years I would give my dad money and a deposit slip anytime I earned some. He would take it to the bank when he was going for his own reasons. And that is where my life into personal finance really started… at the ripe age of 8.

My dad always made it clear that I wanted to have a safety cushion in that bank account. He would say things like “What happens when you are 16 and need a car?” Because of the TINSTAFL lesson the idea never crossed my mind that I was guaranteed a free car just for being born to the man. Now, he was not as rough as he may seem and he did wind up helping me out with a car. It was a used Dodge Neon. It also happened to be a hand me down from my sister. I got a great deal as I only had to pay for gas and insurance since the car was already paid off. Now that I look back at it, though, I am pretty sure my dad completely subsidized my insurance payments. But the idea remained constant, he wanted to make sure I understood that nothing was free.

By the time I was 16 I had a few thousand dollars saved up. This was all earned through hard work and some holiday presents. I was continuously educated by my dad that I was ahead of the game and that everything I did now was worth tenfold down the road.

How well did these lessons carry on?

Once I got my car at 16 I went on to work part-time all throughout high school. I worked at a restaurant as a dish guy, bus boy, and waiter and Best Buy as a salesman after that. I started earning actual money rather than side money for little yard projects. I, just like any kid, made mistakes with my money. I don’t think I really needed that $800 sound system in my Neon (Best Buy employee prices, have you!).

But I continued to work and continued to save.

I wound up choosing a state school, the University of Maryland. Why? It was ranked in the top 20 for my intended major and I wanted to pay my way through school. I found accomplishment in not having to ask my parents for money.

I worked throughout college. The main job that paid for my school was running an exterior painting company. I made enough money in two summers to pay for 3 years of school plus a two month trip across Europe. I also wound up working for some other companies, one of them being UPS. UPS was HARD work but it looked great on my resume.

And what am I driving? A 2004 Hyundai Accent with 86,000 miles on it. Even after being in my career for a few years I have not caved to the pressures of my neighbors with Specialized bikes co-workers with brand new Mustangs.

I would say these lessons were pretty influential, what do you think? Did your parents teach you anything that you would add to the list?

Nothing like another Spring Break vacation at home.  I’ve grown weary of the term “staycation,” so I refuse to call it that this year.  With all that has been going on with us personally we decided it didn’t make sense to spend the money to head out on a vacation this year.  I’ve already started a vacation fund for next year though, because I don’t think my wife and kids will let us get away with another year at home!

The Fab Five

Save Money at Baseball Games.  We’re headed to a spring football game this weekend, and I’ll plan to apply many of these great tips.  The only caveat, I’ll have to spring for a bag of spicy boiled peanuts and an ice cold Coca Cola.  Sorry, but it’s a tradition! (@Lazy Man and Money)

How Do You Know When You Have Enough?  I really enjoyed this post, especially the section, “Four Qualities of Enoughness.”  Recognizing you have reached “enough” is a fundamental milestone in leading a frugal lifestyle.  Without reaching contentment you will constantly want more and more stuff. (@My Two Dollars)

Living Your Passion:  What It Takes To Be An Entrepreneur.  Jeff does a powerful job of breaking down the main ingredient required – G.R.I.T.  Read on to find what the letters stand for, and then act on them to live your passion. (@My Super-Charged Life)

Nine Pieces of Software I Use Every Day.  I resisted using Tweetdeck until reading this endorsement from Trent.  I’m glad I did.  It makes following a large number of Twitter users much easier to manage.  Several other nuggets in this article, too! (@The Simple Dollar)

Taking Control of Your Life By Finding Balance.  Enjoyed this article and the ideas presented, particularly the part about creating boundaries.  I need to do a better job of compartmentalizing my life – work, home, blogging, instead of allowing these things to bleed over into one another.(@Money Smart Life)

Best of the Rest

Frugal Entertainment Rule: You Must Try Redbox

Your Home Office: Ideas To Set Up Your Place of Work

Six Conversational Habits to Ditch Today

Get Your Emergency Fund In Place Now

How Long Does It Take Your Broker to Answer Your Call?

How To Live Life

12 Things Every Teenager Needs To Know About Money (And How To Teach Them)

How To Get Rich By Choosing The Right House

The 80/20 Rule and How it Applies to You

Site of the Week

Repair Pal.  This week I have had to get some work done on my 19 year-old van.  There’s a point where parts are cheaper the older the vehicle gets, and then the curve starts to go up again as things are harder to find. Fortunately, it is a GMC van, and the 1990-1995 parts are still pretty easy to find.  RepairPal.com provides estimates for the most frequent repair jobs for your particularl model.  The estimates are broad, but it should give you a reference point to help determine if your mechanic is giving you the shaft.

This year we are planning to expand our square foot garden, but the soil under the raised beds is so compacted I’m concerned no roots will grow beyond the soil in the beds.  I began shopping tillers and found a range of costs depending on the size and power of the machine.  I started considering the advantages of renting a machine, or maybe borrowing one from a friend.  That’s when I remembered my across-the-street neighbors recently tilled their entire side-yard to plant a large garden.  I bet I could borrow the tiller from him, or even pay him to till our planned garden area.

As I looked through my garage for another tool, it occurred to me I sure had accumulated a lot of stuff for once-a-year (or more infrequent) jobs.  For instance, I bought a 12-foot step ladder to paint the higher section of walls in our dining room last year.  I bought an expensive plumber’s/toilet snake to try to unclog our guest bathroom toilet, when it turned out to be one of my son’s toys hung up in the trap. And I nearly bought that new tiller.

Probably lots of examples out there where the advantages of renting or borrowing far outweigh buying outright.  Here are a few I came up with.

Specialized Tools

Just as my tiller would have been used once, cleaned and put away until the next spring, there are many tools we buy for one particular job and then it takes up space the remainder of the time.  Earlier this year I almost bought a paint sprayer to paint our privacy fence.  I’ve decided a brush or roller will work just fine, or I can borrow a sprayer from someone else.

Campers/RVs

One of our neighbors owns a gigantic RV with all the bells and whistles.  I’ve often wondered if it cost more than his house.  The funniest thing about it is it sits 95% of the year, save the one or two weeks they take it to a football game or a short camping trip.  Why not simply rent an RV or camping trailer for those rare occasions?

Vacation Homes

I suppose if I had tons of money a vacation home would be nice to have.  However, even the nicest second homes have their downside.  There are property management fees, and worries about having it rented to offset the costs (unless you can afford for it to sit empty), etc.  And of course it probably means your vacations will be to the same place every year.  That seems a little boring to me.

When renting a beach house, mountain cabin, or even a basic hotel room, I am not limited to a particular spot.  I can go to the mountains in the winter, the beach in the summer, and somewhere in between any time I want.  I pay for the nights I plan to stay and leave. No annual maintenance fees, association dues, property management costs, additional insurance, second mortgages, etc.

Movies, Games and Books

Netflix cornered the market with the idea of renting DVDs instead of buying.  We’ve all rushed out to buy a new DVD only to watch it once and let it add to our growing collection of never-watched movies.  I’m guilty of doing the same thing with games and books as well.  Why not sign up for a service like GameFly that lets you rent video games via mail and send them back when you are finished.  Why not check out a service like PaperbackSwap.com for books (or even the library).  If you find a game, movie, or book you really like, you might decide to buy a copy so you can enjoy it again and again.  But most people read, watch, and play things once and put it on the shelf to collect dust.

Trucks, SUVs, and Minivans

Ever heard someone justify buying a huge pickup truck so they can do something like haul gravel to their property to put down a new driveway, or tow their boat to the lake a couple times each summer?  How about the family of four who buys a huge, expensive minivan so they can take grandma and grandpa with them on their summer vacations. Guess what – it is possible to rent trucks and minivans, and the costs are usually much less than one monthly loan payment.

As a general rule, try to avoid falling into the trap of thinking that you must own one of everything to get the job done.  Sure, there are some costs associated with renting or borrowing equipment, but unless you plan to use something very often, chances are you will come out ahead by opting to rent it or borrow it from a neighbor rather than buying it outright.  And of course there are other hidden costs associated with owning more stuff.  You have to store it, protect it, insure it, and maintain it.  Renting it for a short time means when you are finished you transfer all those worries back to the owner, leaving your life (and garage) as uncluttered as possible.