Valentine’s Day is one of the most popular days to get engaged, according to the Diamond Information Center. An engagement ring generally carries a high price tag and tends to be one of the larger purchases a person makes in their lifetime.

A common belief (most likely perpetuated by the diamond industry, in my not-so-humble opinion) is that the cost of an engagement ring should be equivalent to three month’s salary.

Three month’s salary is a lot of green, particularly in these tough economic times. Recession or not, spending a small fortune on an engagement ring is unnecessary.

If you are planning on popping the question this Valentine’s Day (or any other day), here are some ways to lessen the blow to your bank account.

But first:

Diamonds 101

Before we get started, I have a few words about the “Four C’s” of diamonds: Cut, Clarity, Color, and Carat. If you consult a jeweler, it’s likely that they are going to give you an in-depth presentation on the importance of these four factors. In my opinion, not all of them should be weighed evenly.

The clarity of a diamond is related to the imperfections within the stone. Most of them are microscopic and cannot be seen with the naked eye. The diamond in my engagement ring actually has a huge flaw in the corner of it. At least, that’s what I’ve been told because it’s certainly something I have never noticed. Why pay more for something that isn’t noticeable?

The color rating of the diamond is related to the absence of color within the diamond, or how “yellow” the stone is. Yellow, being undesirable. The highest rated diamonds are given a D, E, or F in color. The next tier on the color scale is G, H, I and J. Unless you are comparing a D stone to a J one, the differences in color are difficult to detect with the naked eye. You can save yourself a ton of dough by sticking to the second tier.

Fine jewelry designer Staci, of AnaStaci, says, “A big, colorless diamond with very few inclusions is much more rare to find than one that has some color or a few imperfections. I believe the most important of the 4 C’s are cut and carat weight. Color is very personal. I have had clients like a little color in their diamonds, where others love the clear blue vividness of a D color graded diamond.”

The cost of a diamond is largely based on the carat, or size of the diamond. There are ways to create the illusion of a larger stone, as mentioned below in this article, but there is another way to cut corners around this one. Purchasing a diamond just below a whole number will dramatically reduce the price. For example, a diamond that is .9 carats, versus 1 carat, is much less expensive. You can use this rule wherever your budget falls on the stone sizing.

The cut of the diamond is what gives it its sparkle. A poorly cut diamond will have a huge impact on how the light reflects off the stone. Think about putting a significant portion of your budget into a diamond that is properly cut. Staci also says, “The cut is the only part of the diamond that is man-dictated, and really defines the brilliance of a stone. Inclusions are hard for many average people to see, so you can ‘give’ in this area.”

Finally, where you purchase your diamond is ultimately more important than any of the Four C’s. Diamonds are beautiful and they may last forever, but the social and ethical price to bring them to market is larger than any dollar figure can ever amount to. Some ethical and socially responsible diamond dealers to consider are BrilliantEarth.com and TurtleLoveCo.com.

Now that you are all diamond aficionados, we can get down to the nitty gritty: How to buy an engagement ring on a budget.

Take the pressure off.

Whether your budget is $50 or $50,000, keep in mind that an engagement ring is a symbol love and commitment, not keeping up with the Joneses. Starting a life together with unnecessary financial stress and burden completely misses the point of the meaning behind a marriage proposal. Let go of the idea that the size of the ring is equivalent to the magnitude of your love and settle on a figure that is within your means.

Select a style.

Certain engagement ring styles are more affordable than others. Here are a few to consider:

Pronged Setting. This style uses less metal, which significantly lowers the price of the setting. You can use the extra dollars you saved to invest in the stone or your IRA. Just saying’.

Fancy cuts. The least expensive cut right now is the marquis, an oval-shaped diamond with points at the ends that appears larger than it is. Round cut diamonds are the most expensive, as they are classic and are the only stones that can offer a perfectly mathematical, symmetrical cut to provide the most fire and scintillation. According to Staci, ”Princess cuts, ovals and cushions are great options, as they fit nicely in the very popular vintage-inspired settings that many girls like these days. These ‘fancy cuts’ as they are termed are less expensive per carat than rounds.”

Engraving and filigree. Skip eternity settings (bands that are adorned with tiny diamonds all the way around) and opt for engraving or filigree instead. This is an easy way to “fancy” up a band without shelling out big bucks for a ton of sparkle. Fun fact: My wedding ring is intricately engraved all the way around and is often mistaken for an eternity band.

Halo setting. A halo design is where the center stone is surrounded by a circle of smaller stones. This design gives the optical illusion of a larger center stone, if that’s what you are going for. Halo settings are high on the “wow” factor and give the ring a vintage feel.

Something old vs. something new.

Certain antique stores carry exquisite and unique alternatives to traditional engagement rings. A family heirloom is also an excellent alternative option that also carries deep meaning. I have a particular fondness for antique engagement rings because they are timeless, one-of-a-kind pieces that come with a rich history.

Think outside the box. Errr…. Diamond.

There are plenty of stunning stones that make beautiful alternatives to diamonds. Consider using your partner’s birthstone or a stone related to the month of an important date in your relationship. Blue, pink or yellow sapphires are popular alternatives, as are citrine, peridot, moonstone, and pearls. Moissonite, a stone harvested in a lab, is rising in popularity because of its sparkly, inexpensive, and socially responsible nature.

Staci also recommends using alternative stones. “I love tourmaline stones as they are so unique. They come in a range of color from hunter green to watermelon pink. I did an amazing 8-carat bi-color tourmaline (meaning the color of the stone had an ombre effect that started green at one end and faded into a beautiful light pink on the other) set with yellow gold and diamonds.

Thinks waaaaay outside the box.

For some you wild and crazy cats out there, an engagement ring just isn’t your thing. There are plenty of cultures that honor marriage in other ways and who says you have to put a rock on someone’s finger to symbolize your commitment to each other? Maybe you want to create your own tradition or ceremony when you decide to commit to your partner. The important thing is that you feel connected to the symbol, whatever it may be. There are no rules in love, just… love.

Morgan Benzian is a freelance writer and blogger living in Southern California with her two daughters and flock of backyard chickens. You can read more of her at The Little Hen House.

As fuel costs rise and the demand for food increases, so do the prices at the grocery store. For example, domestic wholesale food prices rose a dramatic 3.9 percent in February 2011, the largest increase in a single month since 1974. Internationally, the cost of food rose 37% in the year between February 2010 and 2011, according to an organization of the United Nations.

In the midst of a recession, even a slight increase in a grocery budget can have a major negative impact on the family budget. The financial burden of digging deeper into your pockets to cover basic needs, like food, often means going without. Instead of making the hard decision between essentials like food, medical expenses or utilities, reworking your grocery list may be the ticket to making your dollars stretch.

The following food items are inexpensive pantry and refrigerator staples that are also the foundations of many tasty and nutritious recipes. Just add a meat (on sale, of course!) and additional vegetable or side, for a simple, budget-friendly meal.

You can also check out MintLife’s weekly Frugal Foodie column, as well as this article about how to grocery shop frugally and ethically.

Keeping a continuous stock of these items guarantees you will always have something to feed the family. These items are all on the inexpensive side and because you can make numerous breakfast, lunch and dinner meals by re-using the following ingredients, you will also save money by keeping the grocery list small.

Seasonings

-Garlic
-Salt
-Pepper
-Dried Italian Herbs

Produce

-Pre-washed salad greens and at least two other salad vegetables of your choice
-Apples
-Potatoes
-Onions

In the Baking Aisle

-All-Purpose Flour
-Regular Sugar
-Brown Sugar
-Vegetable Oil
-Olive Oil

Grains and Pastas

-Rice
-Sliced Bread
-Oatmeal
-Spaghetti Pasta
-Ziti Pasta

Canned Foods

-Beans
-Crushed Tomatoes
-Tomato Sauce
-Chicken Broth or Stock

Dairy

-Eggs
-Milk
-Butter

Example meals include:

-Eggs and toast or oatmeal with brown sugar for breakfast.
-Roasted potatoes with garlic and onions and a meat of your choice for dinner.
-Various rice dishes, such as fried rice (rice, eggs, chicken broth, onion and another vegetable of your choice).
-Various pasta dishes (spaghetti, crushed tomatoes, garlic, dried Italian herbs, salt and pepper).

Lori Hutchison teaches high school English and owns the site, Masters in Teaching. In her spare time, she enjoys writing guest blog posts about various topics of interest — especially how to save money!

Teaching kids about money, like teaching them about anything, isn’t always easy. Raising financially-fit children, however, is one of the key duties of a parent, so any time spent in this area will pay off.

Parents must start teaching their children about money when they’re young. The lessons learned in early childhood will last children through their teenage years and into adulthood It’s more difficult to start giving lessons to teenagers. Therefore, the earlier you start, the more likely the lessons will stick.

With that in mind, here are a few guidelines for teaching kids about money:

Give an Allowance

The allowance is a child’s firs t experience with an income and it teaches many lessons about where money comes from, how it works, and what to do with it when you have it. Even young children can be given small allowances and taught to count out the bills and coins and keep them in a safe place. The allowance is a child’s own money and having his or her own money encourages a sense of responsibility for it.

Encourage Saving

When you do give an allowance, it’s a good idea to encourage, or even require, the child to save a percentage of it. Younger children can do this by putting aside some of the cash in an envelope or box. Older children might put it in a savings account at the bank. Encouraging saving at an early age teaches fiscal responsibility and this lesson can put children ahead of many adults.

Teach Budgeting

All families operate with a budget and it’s helpful for children to understand how budgets work and why it’s important to keep them. Include children in family financial discussions and budgetary planning sessions and explain to them how the budget plays out in everyday life. For instance, if the money for entertainment has been used up for the month, explain to the children why the family will stay in and play board games one night instead of heading out to the movies. Understanding where the family’s money goes, and why, is an important lesson for children to learn. Helping them feel part of the budgeting process also makes them feel like vital members of the family. It models for them good budgeting behavior that they can enact and replicate themselves.

Have Them Keep a Financial Journal

Get a spiral notebook and have the children keep track of their allowances and other income, along with any expenditures that they have. Writing down the figures and keeping track of their money, even in a rudimentary way, can help children to understand where their money goes and how much things cost. It can also help them when they’re saving for a large purchase to keep track of how much money they have to spend.

Participate in Philanthropy

It’s never too early to learn about giving, so it’s a good idea to encourage children to give a portion of their allowance to charity. Charitable contributions might go to a church program in which they’re involved, a local food bank or homeless shelter or a children’s charity. Such contributions teach children that they’re part of a community and their money can help others.

Introduce Them to Stock Investing

You can open custodial accounts for children and help them to follow the process of researching stocks and investing money. Choose stocks that relate to a child’s everyday life, such as Coca Cola, McDonald’s, or Nike. Investing, even at an early age, helps children to understand how the stock market works and its relationship to the products and companies that surround them.

Help Them to Get Work

Part-time employment in high school teaches teenagers about money, time management and responsibility. Assist your children in looking for jobs locally and help them as they go through the application and interview process. Work will also help them as they apply for college, since it demonstrates initiative and professionalism.

We all know that children learn more from what we do than what we say and this holds true for finances, as well. Parents, therefore, must model good financial behavior, creating a budget and sticking to it, avoiding excessive debt, saving money, doing comparison shopping and keeping financial records. More than anything else, such modeling can be a worthwhile investment in both a child’s and a family’s overall financial health.

Vivian Wagner is a freelance writer in New Concord, Ohio. Vivian blogs via Contently.com.

A romantic Valentine’s Day meal may be the fastest way to your sweetie’s heart – and an empty wallet.

The National Retail Federation expects that the 35.6% of people who say they plan to take their significant other out that night will spend a collective $3.5 billion, second only to jewelry in terms of holiday expense. Houston Asset Management, which creates an annual “Cost of Loving Index” for common gifts, says diners can expect to spend 9% more this year, due largely to higher food prices.

Despite these figures, it’s relatively easy to be both frugal and romantic, whether you’re eating out or dining at home:

Grab a voucher

Sites like LivingSocial and Groupon offer a regular rotation of half-off deals to local restaurants. Just make sure your date is OK with it. “I haven’t found it to be tacky in the slightest,” says Washington, D.C., resident Sharon Rosenblatt, who has been on a number of dates where her beau whipped out a voucher. The key: The guys noted in advance that they’d scored a deal, and picked cool places that wouldn’t otherwise be affordable.

Use everyday savings tricks

Restaurant reward programs? Check. Discounts from apps and happy hour deals? Check, check. Plenty of restaurants offer specials on Valentine’s Day to increase traffic, so make sure you peruse the options to find a good deal.

Order delivery

Sites that let you order restaurant food online for home delivery often offer discounts themselves. For example, first-time customers on Delivery.com get 25% off, and Eat24.com lets frequent customers earn VIP rewards, including free dishes. Provide your own candles and wine and, voilà! Instant atmosphere.

Cook together

“[My wife and I] will sometimes buy special ingredients and try something new or a classic favorite of ours,” says Mike Allen, chief executive shopper for Shopping-Bargains.com. “The 
time together and the home ‘dinner and a movie’ approach is lots of fun 
and rather inexpensive.” A few ideas for cheap romantic meals:

Oysters with spicy vinaigrette. A classic and expensive-seeming aphrodisiac, this dish actually clocks in at under $10.

Beef goulash. A steak dinner can cost more than $80 on Valentine’s Day, which is why Isra Hashmi, of “TheFrugalette.com,” says she prefers a slow-cooked version that lets you use a cheaper cut. Her version costs $3.45 per serving, leaving “a lot more leftover for flowers,” she jokes.

To make it, warm two tablespoons vegetable oil over med-high heat. Add two pounds of beef chuck in 1” pieces, turning until brown on all sides. Put in a slow-cooker. Add two chopped onions to pan and fry until soft. Add two cloves chopped garlic, a tablespoon each of paprika and tomato paste and two cups chicken broth. Bring to a boil, then pour over beef in slow cooker. Add one chopped bell pepper, cover and cook on low for 5-6 hours. Season with salt and pepper to taste. Serve over egg noodles topped with a little sour cream.

Chocolate-covered-cherry cake truffles. Kris Schoels, of “YoungMarriedChic.com,” suggests swapping in this recipe for standard homemade truffles.

Roast Cornish game hens. They’re often more per pound than a roaster chicken, but at a lower weight, still clock in at less than $10 for two. Here’s how Candace Conley, of “TheGirlCanCook.blogspot.com,” prepares them:

Preheat oven to 450. Rub hens with 1 tablespoon of canola or grapeseed oil. Season hens inside and out with salt and pepper. Place two lemon wedges and a sprig of rosemary in the cavity of each hen. Arrange in a large, heavy roasting pan with a pound of baby potatoes and two chopped onions scattered around the hens. Roast for 25 minutes, and then reduce oven temperature to 350.

In a mixing bowl, whisk together a third of a cup each of white wine and chicken broth. Add a pound of chopped mushrooms to the roasting pan and pour the wine mixture over the pan contents. Roast another 25 minutes, or until hens are golden brown and juices run clear. Baste with pan juices every 10 minutes. Once hens are cooked, transfer pan juices to a medium saucepan and boil about 10 minutes, until they reduce to a sauce consistency. Serve the hens split open, with vegetables and sauce.

Frugal Foodie is a journalist based in New York City who spends her days writing about personal finance and obsessing about what she’ll have for dinner. Chat with her on Twitter through @MintFoodie.

Valentine’s Day comes hot on the heels of the holiday gift-giving season. If you’re like most people, you’re sitting around looking at your bills wondering how you’re going to afford another holiday. What people often forget is that Valentine’s Day isn’t about expensive chocolates, flowers or fine dining — it’s about you and the one that you love spending time together. Whether you’re newlyweds or old marrieds, here are some ways you can spend February 14 that will have you remembering the very first time you met.

A Home Cooked Meal

Especially if one of you tends to do most of the cooking, a home cooked meal can be a nice change of pace. Get quality ingredients and make an event out of it. Let the person who normally does the cooking sit back and relax. If you both tend to share cooking responsibilities, you can spend time cooking together. Accomplishing tasks in common together is proven to bring couples closer together.

A Guide to Dining Out

Dining out doesn’t have to be pricy. You can easily feed two people well for under $50, including a desert and have a night to remember. What you want to do is look for an out of the way place that’s a little off the beaten path. Not only will it be cheaper, it will also be quieter. Throw in some inexpensive flowers, gentleman, and your date will be telling everyone just how romantic you are the next day.

Skating

For the person who lives somewhere with an ice skating rink, this can be a great way to get close to one another. Someone without a lot of experience on the rink will be clinging to the person with more experience. Roller rinks are another way to do this for people who live in warmer climates. In both cases, you’re going to go have flashbacks to the more whimsical days of your youth. You won’t spend more than $20 or $30 on a night like this, and it will create memories that will last a life time. You can’t put a price on that.

Karaoke

Karaoke is a  great date because it gets you to open up and act a little sillier than you might normally. Unless you’re heavy drinkers or live somewhere where drinking out is expensive, you won’t spend a ton of money on this date, but you’ll have a ton of fun. Even if you or your date can’t sing, who cares? Karaoke isn’t about singing. It’s about having fun.

Window Shopping

If you live somewhere with an upscale shopping district, why not take a walk through it with that special someone dreaming of the days after you hit the lottery? Walk around looking at stuff you can’t really afford. Even try some of it on. Note to gentlemen: It’s probably a good idea to spend $50 or so on something small for her so the evening isn’t just a reminder of what you can’t afford. You can always get her a bottle of nice perfume for that price; but the time she has doesn’t have a value.

Hiking or Running

If you and your partner are active, why not have an active night together? A walk in the park can be made into a serious hike. If you prefer running, why not go for a serious five kilometer run together? If you’re used to the run, there’s no reason why you two can’t bond over the run — and you wouldn’t be the first runners who prefer running to just about everything else. A lot of cities even have couples runs.

Crafting Date

For the creative and crafting types, you can spend the evening together crafting. Even if one of you isn’t that into crafting generally, it can be fun to spend time together making something for the other person. When the night is done you will each have a gift that money couldn’t buy, as well as the memory of good time spent together.

The Best Things In Life Are Free

Whether it’s the view from Mulholland Drive or just the natural beauty of looking at a majestic mountain out in the sticks, there’s a good chance where you live boasts something of natural or man-made beauty that costs nothing at all. Pack yourself a picnic lunch and head out there for some quiet time together.

Nicholas Pell doesn’t have any plans for Valentine’s Day at press time.

You might have experience booking hotels, planning rental car pick-ups and purchasing the cheapest flights within the United States, but when you travel abroad, you have many more things to take into consideration, especially when you’re budgeting. The main concern: Currency exchange. If you’re going to a country that uses another currency, it’s important to know the best ways to exchange without getting hit with fees or losing a ton of value in the process. Here are all the ways to exchange currency while abroad and the details of why you should.

ATMS

Avoid or Use: Use

Why: Debit cards often get you the best deals when used at ATMs and when you withdraw via a debit card, you are able to take out a high quantity of money, which lowers your rate and allows you to pay fewer transaction costs, according to MSNBC.

What to be aware of: MSNBC also advises you to let your bank(s) know you’ll be abroad. If you don’t, they might assume the card has been stolen and freeze your account. Also, Rick Steves says in his European money travel tips to avoid ATMs that aren’t bank ATMs, as any other type will most likely charge extremely high fees.

FOREIGN BANKS

Avoid or Use: Use (sometimes)

Why: Exchanging at foreign banks is better than exchanging at airports or train stations (as explained below), but there are sometimes better options (like using an ATM or even sometimes checking out currency exchange businesses).

What to be aware of: USA Today says the fees that come along with in-person bank transactions are generally more than at currency exchange businesses, so check those out first and scope out the area for any bank ATMs nearby before you head into the bank. However, The New York Times quoted Tom Meyers, the editor of eurocheapo.com, who said, “European banks’ rates are generally lower than other commercial exchanges.” It seems this advice may differ according to what country you’re in.

CURRENCY EXCHANGE BUSINESSES

Avoid or Use: It depends on the following factors.

Why: USA Today also mentioned that currency exchange businesses compete with each other when they’re in busy tourist areas, so negotiating a better rate or lower fees is usually possible.

What to be aware of: That said, it might not always be that easy to make a deal in areas that aren’t major cities, so it’s always best to know the exchange rate before comparing the businesses’ offerings and those of local banks, hotels, etc., so that you know where to get the best deal and can avoid getting ripped off.

AIRPORT EXCHANGES

Avoid or Use: Avoid

Why: Airport currency exchanges have high fees, according to bankrate.com. The same goes for train stations and probably any other major transportation destinations where people can be entering a country.

What to be aware of: Bankrate suggests looking around for an ATM before settling for the airport’s currency exchange. They can come in handy, though, for small amounts of exchanges so that you can get by in the first few hours.

HOTEL EXCHANGES

Avoid or Use: Depends

Why: Sources don’t always match up about this topic, potentially because the hotel currency exchanges vary too much from hotel to hotel and from country to country. The MSNBC information previously mentioned in this piece says that hotels and banks tend to offer better prices than local exchange booths, so opinions differ. Your hotel might actually have a good rate comparatively.

What to be aware of: The same NYT article previously mentioned has Meyers’ opinion on hotel exchanges, as well, and he says they tend to have bad rates and high fees. The important thing to keep in mind is that every area will be different, so compare rates and choose what’s best.

CONCLUSION

While there are some general rules of thumb when it comes to choosing a currency exchange location, it’s always best to do research and look into the area you’ll be staying at. If you trade Forex online, then you may have some knowledge on exchanging currency.  Compare the rates when you arrive at your destination, especially when it comes to the differences between hotel exchanges and general exchange businesses. Regardless of where you get the money, it’s advisable to withdraw or exchange a decent amount so that you can minimize the number of fees you have to pay.

“The Best Ways to Exchange Currency Abroad” was written by Kelsey Libert on behalf of UFXMarkets.

Do the dull days of winter have you dreaming of summer vacation? Here are smart ways to start saving for your summer vacation now and tips on how to find deals that will make the most of your money.

What’s Your Motive?

Realtors often ask homebuyers to make a list separating the “must-haves” from the “nice to haves” to identify where negotiations can be made. The same approach can be invaluable when planning your summer vacation. Options are abundant when it comes to finding travel deals and the more flexible you are, the better your chances of scoring a major discount. But there is a difference between a cheap price and value. If your heart is set on a spa or putting your way through a top-notch golf course, commit to finding the best price on the trip that will deliver what you seek. Much like buying a house, this list will serve as the guide for where you can make trade offs and find deals, while still delivering the experience that you want.

Establish Your Fixed Costs

The key to vacationing within your budget is determining what you can afford to spend and what your “fixed” expenses are, just as in any budget planning. Many vacation budgets are blown because people fail to account for all the costs, including getting to and from the airport, taxes and fees associated with car rental and resorts and tips for services.

Conduct initial research on basic flight and car rental prices using comparison tools, like Kayak, to review offers from various carriers and vendors, and experiment with the impact on different dates, models and pick-up and drop-off locations. Kayak even offers a handy table of all the potential fees you’ll face if you check a bag and allows you to include those costs into your quote for a true look at what you’ll spend to fly.

Determine Your Bottom Line

Once you have a basic understanding of the “going rate” for your destination, commit to that amount in your budget. That’s not to suggest that you shouldn’t find deals, but be realistic about what the vacation you want will potentially cost. Now, make it your mission to stay on top of fare wares and consider all the savings you can find as “icing on the cake.”

Sign up for customized alerts from your home airport at online travel sites and from airline websites. If you’re really flexible on your destination, check out the “cheap flights map” on Skyscanner , which will show flight prices to a variety of locations on your preferred travel dates. “Like” Facebook pages of your favorite travel sites, properties and airlines, and follow them on Twitter, too. Often, “flash sales” are announced via social media and can result in significant savings.

If the ballpark price for airfares is simply out of reach right, consider other options, like driving, or taking a bus or train for a portion of the trip. (For more on this, read “Is Driving Still Cheaper Than Flying?”).

Get Connected—and Creative

Once you’ve established how you’ll get where your going and what it will likely cost, move onto lodging options. Nancy Schretter, managing editor of Family Travel Network says that while sites like Priceline and Hotwire are a great way to find  bargain hotels, you have to know what to bid to uncover the true deals. She recommends The Bidding Traveler and Better Bidding to compare the hotel’s retail price to its “auction price,” to see which hotels are most likely to offer savings.

While technology has taken some of the legwork out of travel planning, don’t underestimate the power of dealing with a live person. Catherine Ross, executive director of the Winter Park-Fraser Valley Chamber of Commerce suggests connecting with the local chamber of commerce at your destination in the early planning phases to understand peak travel times, which are not always intuitive. For example, early summer can bring surprisingly low prices to mountain areas and dude ranches and the weekend is not always the most expensive time to visit a place. She also recommends reaching out to individual travel properties to inquire about special deals. If you’re a returning visitor, let them know; it can earn you perks on your rate and additional discounts at local restaurants.

Using Time to Your Advantage

If you’re booking well in advance, Christina Ernst, president of VIP Alpine Tours, recommends that travelers not lock into the cheapest rate but instead, pay a little more for flexibility in case a better deal is offered closer to travel time. For example, she notes that the Marriott often offers a promotion for the “4^th night free.” A traveler who has booked with the flexible rate can “switch” into it, ultimately saving about $200. “This is the best trick and the same goes for cruises,” says Ernst.

Unless a resort was specifically on your list of “must-haves,” renting direct often presents a host of lodging options at less than half the price than you’d pay at a resort. If you’re traveling with family, a group or small children, many properties offer multiple bed and bathrooms and come fully furnished so that not all meals have to be eaten out.

Vacation Rentals By Owner (VRBO) offers an extensive list of options, including property picturesand reviews by past guests. If you’re taking a summer vacation of a month or more, consider Corporate Housing By Owner. Remember that in both of these situations, you are dealing with a person who has a vested interest in the property. Some owners are willing to negotiate fees or rates, particularly during a “last-minute” scenario where the property would otherwise be empty, or during the low season. Be respectful of the value of the property when inquiring about a potential discount but don’t be afraid to ask, especially if you can offer them something in return, like referrals to friends or co-workers also planning a summer trip.

Stephanie Taylor Christensen is a former financial services marketer based in Columbus, OH. The founder of Wellness On Less, she also writes on small business, consumer interest, wellness, career and personal finance topics.

They’ve lived through the Great Depression, raised kids from diapers all the way through adulthood, worked for decades, bought and sold homes and even managed to save a bit. Now our elders are sharing their life lessons via Cornell University’s “The Legacy Project,” a survey of more than 1,200 Americans (most 70 and up) on the best practical advice they’ve absorbed throughout the decades.

Here are five money lessons we can learn from grandma and grandpa:

Avoid getting into debt

“These wise Americans say you should wait to buy everything — except for a house and an education — until you can afford to pay for it without taking on debt,” says gerontologist Karl Pillemer, the lead researcher on “The Legacy Project.” In an era when we get loans for everything from cars to jewelry, this may seem a bit extreme but financial advisers say it’s not a bad idea.

“It’s good advice,” says Graydon Coghlan, President and CEO of Coghlan Financial Group. “You can write off your debt for a house and you typically need an education to get a job, but for the rest of it, just buy what you can truly afford.” To avoid getting into debt and start making a savings plan, use a free budgeting site like Mint.com.

“It’s also important to have emergency savings of between six months and a year’s worth of income to help provide a cushion should you lose your job or have to shell out cash for something,” Coghlan says.” Finally, having the right insurance, such as health and auto insurance, is important so an event like a hospitalization or a car wreck won’t force you into debt,” he adds.

Buy experiences, not things

While those stilettos in the window at DSW sure are tempting and that crocodile handbag seems to whisper “buy me” every time you pass it, you will probably be better off spending your money elsewhere. “This group overwhelmingly said that you should spend your money on experiences, like travel, not things,” says Pillemer.

Their instinct is spot on: Researchers Elizabeth Dunn of the University of British Columbia, Daniel Gilbert of Harvard and Timothy Wilson of the University of Virginia, found that people are happier when they spend money on things they can do, like a trip or a concert, rather than stuff they own, like a new pair of shoes or sweater.

Plan to live for 100 years

Sure, the average life expectancy is just 75.4 for men and 80.4 for women but a small percentage of people do live to be 100. While it’s unlikely you’ll be one of them, our elders say that it “can’t hurt to plan that you’ll like for 100 years,” says Pillemer. After all, if you do live to 100 but only have enough money to live until you’re 80, your last 20 years probably aren’t going to be quite as fun as you’d expected. ”This, too, is good advice,” says Coghlan.

Think small

“While big-ticket items like a brand-new Mercedes or a remodeling job for the kitchen get us salivating, we may be better off buying a series of smaller things more frequently,” says Pillemar. “These wise Americans say it is more important to enjoy simple daily pleasures and savor them, rather than holding out to buy one big-ticket possession,” he says. Again, research backs this up, with studies showing that frequency of pleasure tends to be more important to our happiness than intensity of pleasure. So, put those frequent coffee breaks with your friends in your budget!

Don’t let money rule your life

Yes, money is important, but you can’t let it rule your life.  “According to the elders, a fulfilling job and life trump a higher paying, but unsatisfying. job,” says Pillemer. Go ahead and pursue your dreams of becoming a professional dog walker or working for a non-profit — just cut down on those unnecessary purchases so you can live within your means no matter what you do.

“5 Money Lessons We Can Learn From Grandma and Grandpa” was written by Cheap Chic.

The promise of a 20-minute meal sounds well and good but if you’re not careful, kitchen haste can lead to wasted ingredients, rather than an easy dinner.

Home cook Diane Lockard reports giving her muffin pan a fast spritz with the can of spray oil, only to discover that she’d accidentally grabbed a yellow can of starter fluid that happened to be near the sink. “It could have been a very dangerous situation,” she says.“ I told the family our new motto was, ‘Start your day with Blewberry muffins — do not try at home.’”

Charis Freiman-Mendel, author of “Cook Your Way Through the S.A.T.,” was chatting with her mom while making chicken soup when she accidentally flipped open the wrong side of the jar of red pepper flakes, dumping, rather than sprinkling, some into the organic chicken soup. “Read: Expensive ingredients and delicious meal destroyed,” says Freiman-Mendel, who salvaged the situation by making frozen bouillon.

The lesson in both cases: Focus. Moving quickly in the kitchen doesn’t work if you don’t take the time to make sure you’ve grabbed the right ingredient or measured out the right portion. Here are some other “fast” mistakes that can result in a wasted meal:

Cooking with cold ingredients.

Cold eggs or milk lead to denser baked goods, rather than when you let those ingredients warm to room temperature, according to Real Simple. Let those items sit out for 30 minutes to an hour before using. On the other hand, butter or oil placed in a cold pan will be absorbed into the food, rather than coating the pan, they say. Avoid oily food by heating the empty pan for a minute or two before adding the fat.

Rushing to add garlic.

“Lots of cooks add garlic to recipes too early in the cooking process, which causes the garlic to brown and sometimes burn,” says chef-turned-marketer David Schreiber. That can change the flavor profile of the dish or simply make it taste bad. “Make sure the garlic isn’t the first thing in the pan,” he says.

Using tough cuts and fast techniques.

Try a quick sauté of flank steak or brisket and you’re bound to be disappointed. Tougher cuts typically need marinades or a slow braise to get them at their best. “Cooking them fast just makes them tougher,” says Jackie Keller, executive chef of nutrifitonline.com.

Turning meat too soon.

The meat won’t have time to brown, according to Real Simple. Plus, each flip pushes juice out of the meat, making it tougher and drier. Wait until one side is sufficiently browned to flip it.

Multitasking.

Yes, simultaneously trying to prep the salad, pour drinks, set the table and stir the stir-fry gets dinner on the table faster. “But it also increases the risk that something will get over-cooked,” says Schreiber. Dried out or burned items aren’t easy to salvage, so take the meal a task at a time.

Frugal Foodie is a journalist based in New York City who spends her days writing about personal finance and obsessing about what she’ll have for dinner. Chat with her on Twitter through @MintFoodie.

Balancing a checkbook has become something of a lost art in this era of digital access to accounts, online bill payments, debit cards, and other forms of electronic money. In fact, some people have done away with actual, physical checkbooks entirely by paying their bills entirely online, with debit cards, or by automatic payment.

Knowing how to balance a checking account is still important, maybe even more so in this era of e-money. It’s vital to know what’s in your account and where your money goes each month, since it’s the only way you will know for sure how much money you have, avoid overdrafts and completely understand your financial situation.

With all of that in mind, here is how to balance your checkbook in five easy steps:

Step 1: Keep Records

You must keep records of all of your deposits and purchases if you want to have any hope of balancing your checking account. This means that every time you use your debit card, write a check, deposit a check, make a withdrawal, transfer money, or make automated payments or deposits, you need to record it in your check register. Write them in exactly, since exact amounts are key to balancing your account. If you use an accounting program or app, like mint.com’s free money management tools, these amounts will be electronically recorded for you, which will help you stay organized if you forget to write something down.

Step 2: Obtain Your Bank Statement

It seems obvious, but this is a vital step. Many people never even look at their bank statements, especially when they’re paperless and sent via email. It’s vital that you access and save your statements, even when they’re electronic. If you’re not sure how to get your statement, log into your bank account and check under “settings.” There is usually an option there to get your statement by mail, by email, or by both. Depending on your financial institution, you might also be able to integrate your statements with your accounting software, so that your statement automatically gets aligned with the records you’ve been keeping. Quicken has software tools that aggregate all your account information for you into an easy-to-read format.

Step 3: Find the Last Transaction

It’s important that you understand where the statement ends and when the bank stopped figuring amounts. This will be a specific date and time, and your statement will have this marked at the top for your information. You’ll also want to look for the last transaction to determine whether it’s a payment or a deposit. This will let you know the window of time that you’re looking at and give you the baseline figure from which you can balance your checking account. Record the balance that is at the last transaction on your account and then compare that balance to the one that’s after the same transaction in your records. If the number is the same, lucky you! Your account has balanced. If it’s not, however, it’s time for the next step.

Step 4: Check What’s Cleared and What Hasn’t

The fact is, not all payments or deposits from or into a checking account clear immediately, and you’ll need to determine the status of all pending transactions in order to balance your account. Go through the statement line-by-line and check off which payments and deposits have cleared, and which are still outstanding. If you’re using software, you might be able to do this electronically. If not, you’ll need to do this by hand. It’s somewhat tedious but it’s at the heart of balancing a checkbook, since you need to know exactly how your records match up with your bank’s.

Step 5: Subtract or Add as Necessary

Here’s the tricky part. If you have any deposits that haven’t cleared, you’ll need to subtract them from the bank’s balance. Likewise, if you have any payments that haven’t cleared, you’ll need to add those to your bank’s balance. You’ll also want to look at your bank statement for any fees that might have been applied to your account such as, overdrafts, ATM transactions, or monthly surcharges. Then, subtract these from the balance in your checking account to bring the two balances in line with one another. Ideally, once you’ve done all this, the balances should match exactly. If they don’t, it means that there is an error somewhere, and it’s usually going to be something you left out of your records. Go back over step 4 and 5 until you get the balances to match.

Congratulations! When you’ve made it this far, you’ve balanced your checking account. You’re all set — until you have to do it all over again in a month.

Vivian Wagner is a freelance writer in New Concord, Ohio. Vivian blogs via Contently.com.