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Every day we face decisions: Milk or cream. Bus or car. Gym or happy hour. But a lot of the tougher decisions? Those appear in our finances. Jack Otter tries to help with those decisions in his book "Worth It... Not Worth It?: Simple and Profitable Answers to Life's Tough Financial Questions." He's also executive editor of CBSMoneyWatch.com.

"Part of the cost-benefit analysis is is people aren't willing to spend the time to learn the sort of stuff you need to answer financial questions," Otter told Money host Tess Vigeland. "So I try to reduce that time so it doesn't seem so expensive."

Otter's book weighs the pros and cons for personal finance decisions like whether or not to move-in with your parents or live away from them, but in squalor. For Vigeland, the answer was clear, but Otter said it depends on an individual's priorities.

Vigeland challenged Otter to a lightning round of financial decisions: Cash back or travel rewards card? Present or gift card? Contract or pay-by-the-minute? Take a listen to the interview above to find out Otter's answers.

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Follow Tess Vigeland at @tessvigeland