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Informal Poll: When being a cheapskate backfires
This week on Marketplace Money, we're after your stories about being a cheapskate.
Oh no, it's not what you think - we're not looking for the typical "I'm so good, I saved money by doing ______."
We want to know about a situation where you did something to save money... and it COST you. A cheapskate disaster, if you will. For example, how about that time you bought a $5 table at a garage sale only to spend hundreds refinishing it and almost ruining a relationship to boot.
So post your stories below. We'll share our faves on the show next week...
And the best story (as judged by our esteemed production team) gets Karl Cassell on their answering machine!
Wait -- we can't do that -- how 'bout a limited edition Marketplace Money piggybank? Seriously, we can do that.
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Living in the country it is just the thing to do to guard your livestock is get a guard donkey. We live in the very ruaral area of NE Oklahoma. My bright idea was go to a livestock auction , buy a donkey. A herd of 6 or so came through bidder gets choice all or one or any number of the 6. I bid in at seventy five dollars. A week later he wasn't doing so will, ended up costing 400. He had pnuemonia. A yr later another 65 to castrate him. Like the Tractor Supply ad there's no such thing as a free puppy. My husband makes me tell that story when I tell all my "good deals".
When we found out we could get a free quart of paint---and even choose the color we wanted---we jumped right in. We chose a lovely yellow and decided to paint our downstairs bath. The paint arrived. But first, we needed to get a new toilet, then new flooring, oh, and a new vanity would be nice. The mirror and lighting was dated, too, so out it went.
We ended up spending about $2000 to use our "free" paint.
P.S. The bathroom looks great!
A friend gave me a fake wood book case because she was down sizing and moving from a house into an apartment. This "free" book case has cost me over $35.00 in paint and I guess my friendship as she was upset to hear that I was painting it! Since the ugly thing was now mine, I thought I was free to do with it what I wanted but I guess not.
Our cat bit my girlfriend, and he was a month late for his rabies booster. We knew the SPCA officer was going to take him into quarantine for 10 days which would cost us 40-50 bucks a day. Her foot got infected and we went to the doctor, and told them it wasn't our cat so we wouldn't have to pay the $500 bucks for quarantine. The doctor said she needed the rabies vaccine immediately, but we ignored her since we knew the cat didn't have rabies. The next day the SPCA officer got our statement, and proceeded to search the neighborhood for a non existent cat. I am just glad he didn't find someone else's cat and pin it on them. The doctor called back and threatened my girlfriend that rabies was 100% fatal and even if the cat looked healthy it could have it. He was looking a little thin and scraggly. She also said if the SPCA officer had the cat we could just wait and see if it was positive for rabies. So now our options were get the shots or admit to an officer we lied to him, and possibly face charges. Much arguing and stressing was done. Eventually my girlfriend received 16 shots (6 in the first night) for the price of over a thousand dollars a visit of which our insurance paid 30%. I don't know if they would have made her get the shots anyway, but part of me feels like it's karma for lying to save the money. On a side note if anyone wants a brown tabby cat thats about 4 years old and has a biting problem let me know, because neither of us can stand to look at him now.
About six years ago, our Black Labrador, Luddy was getting up in years, and my wife, Bonnie, thought we should consider getting another dog. About this time, a church in our neighborhood was having their annual silent auction fundraiser, and we found out that one of the auction items was a Black Lab puppy. Bonnie went to see it, instantly fell in love, and announced that if I loved her, I would get her this puppy. Not really being schooled in shrewd auction tactics, she also announced to the entire congregation that she would have this puppy, no matter the cost.
Tha actual auction is still a blur to me, but I had my orders. In the aftermath, I tried to absorb the fact that we ended up paying $1000 for the dog. I still suspect there may have been an inside shill at work, but my mission was accomplished, my marriage was safe, and the money went to a good cause.
This obviously wasn't the cheap-skate part of the story. There's more.
A few months later, Luddy sadly went to that big Park in the sky, and we were left with just the puppy, who was now named Tobey.
As we were moping around the house, missing Luddy, Bonnie mentioned that, though it was a lot of trouble, she sort of missed having two dogs. "No more auctions", I said. "We can't afford any more auctions. And one dog is plenty."
Maybe a year later, after the yearning for a second dog had faded, a friend of ours who is involved in various dog rescue groups called to ask if we had room to foster a homeless stray Lab until they could locate a permanent place for him. "OK", we said, wanting to help, "we can do it for a few days."
Later that day, we met a big, dopey, teddy bear of a brown lab. He was dirty and sun-bleached, but was well-mannered and friendly, and seemed to like attention. He was young--not much more than a puppy himself. He and Tobey sniffed around each other, each finally deciding that the other wasn't much of a threat.
We decided boarder's temporary name would be Chip (Chocolate Chip). We cleaned him up, fed him, showed him the water bowl, and generally tried to make him feel at home.
Next, I have to mention something about our family habits. First, our dogs have always been house dogs. The live with us, sleeping on the bed with us if they can find the room and don't hog too much space. Second, I'm a night owl, while Bonnie is the quintessential early-to-bed, early-to-riser.
Bonnie went to bed that night, and almost immediately was joined by Chip, who quietly cuddled down right next to her, leaning on her. The next morning, in telling the story, Bonnie said she had fallen in love with Chip the previous night, and we were keeping him.
I know better than to argue with these kinds of declarations from Bonnie, so my rationalizing side went to work, and I finally came to look at it as a keen financial move: we would now have two dogs that only cost an average of $500 each!
This approach worked pretty well for me until Bonnie and Chip returned from the vet the next day with the news that Chip's homeless carousing had left him with a case of heartworm.
Heartworm is serious for any dog, but Chip was young and strong, so we opted for treatment. Almost $900 later, Chip is a healthy, lovable, dopey, cuddly teddy-bear. He and Tobey are inseparable.
As for the average cost of my dogs, I don't want to talk about it.
in 1995 we bought a house built in 1835 that needed a lot of work. We needed wood to redo the house and instead of buying new lumber I decided to look for a free barn, dismantle it and use it to rebuild our dream home. I bought a sawmill, $18,000, a trailer $350, at least $1200 worth of hand and power tools and safety equipment, a $6500 tree lift truck to get up high (it died about ten miles from where I bought it and spent thousands to have it fixed and towed.) then I hired a two truck to pull the barn down, $600, and then $1500 to have a guy haul all the material to my backyard. Then the neighbors got mad. It only took 8 years to get the work done, I ended up selling most of the wood, (old growth chestnut) and bought flooring instead of milling it ourselves) Lots of fun, but too much stress and a big financial loss. Really big. I have pics of the barn b4 we took it down. 30 x 40 and 3 stories tall!
When I first got out of college in the mid 90s and was living in New York, I bought a 1975 Cadillac hearse from a small funeral home for $500. It was 23 feet, 6 inches long and weighed 6000 pounds. It was black with grey curtains. It had a 500 cubic inch engine that got about 7 to 8 miles per gallon. The seal around the windshield leaked when it rained, and the transmission leaked all the time.
A friend made one of those yellow suction-cup Baby-on-Board-type signs for the window that said, "Body on Board" instead. We found a casket key in the glove box. It also had the casket stops that plugged into the floor in the back to keep a casket from sliding around. I used them often to keep my personal stuff secure.
The car quickly turned into a money pit.
First I had to get it inspected. It failed miserably. It needed new tires, and the exhaust had so many holes in it that the emissions machine wouldn't even register. $1200 later I finally had an inspection sticker, but only because I hit the state maximum for inspection repair charges.
Then I had to get it registered. What I didn't know was that in the state of New York, hearses were by definition commercial vehicles, which cost several hundred dollars more to register. It apparently never occurred to them that someone might drive one as his personal car. Instead, I had to register it as a "Cadillac Suburban." It actually said that on the title.
I also had to sign a form swearing to install a back seat, since vehicles without back seats also had to be registered commercial. I found a van seat someone had thrown away on the side of the road and bolted it in to stay legal.
When I left New York, I managed to fit everything I owned in the back and drove it down to Tallahassee, FL. Shortly after arriving there, it developed a crack in the exhaust manifold that spewed hot exhaust gas on the brake lines and boiled them. Luckily nobody was in front of me when the brakes failed. It's somewhat disconcerting to find yourself rolling unexpectedly through a red light at a busy intersection in a 6000 pound boat that won't stop.
I bought the parts to fix it, but never did. It sat in the front yard of my rental house with grass growing around the tires for two years. A nest of wasps took up residence in the passenger door. But the story didn't end there.
My landlord finally got sick of seeing it and said to get it out of there or else, so I sold it for $250 to the owner of a liquor store. He worked on it right there in the front yard and got it running again. He bought it intending to turn it into a monster truck. But the last time I saw it, he was using it to deliver kegs to frat houses at Florida State. Apparently it was a big hit among the frat boys and attracted a lot of business.
I miss that old boat. I'll probably buy another some day. But next time I'll know that a $500 car is probably not really a $500 car.
I guess I take a Zen like attitude to being cheap. I make the choice of going cheap with both eyes open to the fact that it may not work. If it costs me money, I just write it off as tuition to the school of hard knocks and I won't do it a second time. One must learn though to quit throwing good money after bad and walk away from a fiasco and start over on the more costly path.
After a long, hot, tiring trip to Washington, DC for Independence Day in 2007, my wife and I flew back home. Our flight was delayed due to weather and we ended up back at the airport at 1:30am. Rather than taking a cab home I insisted that we wait until the public transit trains started running at 5:00am so we could get home for $3 rather than $45. We slept in the airport until 5:00am and then took a train to a bus to get home...and we're still married!
I had been trying for months to stop the financial leaks in my house as a newlywed. We were headed on vacation for two weeks to florida and I had been paying attention to all those shows about ways to reduce you homoe ownership expenses and had heard about the water heater being up to 30% of the electrical bill. So, as we headed out of the house, I flipped all the circuit breakers and was a happy duck on the beach. Until day 8, when I realized that I had also flipped the kitchen breaker which meant that the refridgerator/freezer,recently filled with an in-law's deer, was now without power. I was in quite an unhappy mood for the remainder of the vacation and learned the value of "Odo-gone" in getting rid of the stench of rotting meat.
I continue to get ribbed by the in-laws, 20 plus years later, about my efforts to reign in expenses.
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