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I took advantage of one of those vacation packages offered by a timeshare company. Personal budget management is easier with a free vacation. I had just finished my first year of work and was looking forward to a nice week off. The package included a 2 day stay in Fort Lauderdale, a 3 day cruise, and a 2 day stay in Orlando. I had never been on one of these trips and I had no idea what to expect. I was excited to get away from New York for a while.

On the second day of our arrival, we were loaded on a bus to view one of the properties. It looked nice enough, but I wasn’t really interested in a timeshare at all. During the “sell”, they presented me with various facts and figures in regards to vacation inflation and how I could protect myself if I bought a timeshare now. Not only would I be protecting myself, they said, but I could “bank” my week and vacation almost anywhere else in the world. For one reason or another, I got duped into buying one. They even made me feel better for picking a $14,400 unit as opposed to a $16,900 unit. Whoopdidoo!

My home budget was in for a shock. The interest on the loan was 19.99% and they would bill my credit card — which had already had a balance on it! The monthly amount charged on the card was about $260. I thought that charge was the end of my financial commitment. I was wrong, though: towards the end of the year, I received a bill to pay for real estate taxes as well as maintenance fees, which seemed to have increased every year. My last bill was over $600. Not only that, but today if I want to bank my week and use it someplace else, I have to be a member of a vacation exchange company which has annual fees all unto itself. I also have to plan my vacation nearly a year in advance if I want to go to any remotely popular location.

I’ve paid off the loan (and my credit card) but I am trying to get out of my timeshare. Little did I realize that timeshares are a heavy buyer’s market. My timeshare has been sitting listed at about $4500 and I’m thinking about reducing it again. Next time I take advantage of a “timeshare” marketing ad, I’ll make sure to pass on the sales pitch and most likely will pitch the offer in the garbage.

Mint’s Take Away:

Timeshares are a form of vacation property ownership where the use and costs of running the resort are shared among owners. They can be a suitable purchase for some people and a very poor purchasing decision for many people. It is definitely a purchase consumers should take extra care in, as it can easily be a long term financial commitment! In the story below, our train wreck submitter shares their experiences on buying a timeshare.

Purchasing a timeshare — as with many financial decisions — should require an in-depth research before commitment. If you solely rely on the timeshare salesman’s pitch, you will surely be doing yourself a disservice.

Additional Resources:

• The Pros and Cons of Owning a Timeshare from AskMen.com
  
• Timeshare Pros and Cons at Redweek.com

Train Wreck Tuesdays are a weekly post of horrible financial mistakes. They are posted anonymously. Submit your story; if you’re selected, you get a free personal finance book. The best comment gets the same prize! Check out past Train Wreck stories.

Further reading on personal budget management

• Personal Budget Management
• Create a Personal Budget Online
• Household Budget Software
• Budget Software and Tracking

Money saving tips are something that we care about here at Mint. Learn more with great money saving tips in our blog article index.

Young. In Love. A thin wallet (New: and a small home budget).

Actually, scratch that.

You don’t need to be young, in love, or even have a thin wallet to enjoy cheap, affordable, and fun dates. Here’s a list of money saving tips you can try out for a fun day/night with that special someone.

Let’s See What’s Out there

• Take a walk together.
  A stroll through the neighborhood or local park can be relaxing during the right season. Have a dog? Take the dog for a walk together and bring the Frisbee.
• Fly a kite.
  Strangely a common recommendation for affordable date. When was the last time you flew a kite without having a child with you? Rediscover childhood and have fun making and flying a kite together at the park or at the beach.

Low Cost but High in Culture

• Local high school, community college, musical or plays.
  They aren’t high-cost productions, but they can still be entertaining and especially affordable. Even better, your admission keeps these local programs going.
• Local campus events.
  Unless it’s one of those high-profile universities, many local high school, colleges, or university events can be fun and easy on the wallet. Student fairs, guest speakers, and sports are all things you should keep an eye out for. Check the local campus newspaper for listings of upcoming events.
• Really into this person? Make it a weekly date deal by enrolling in dance lessons together at the local community center or college. Now you’ll have an excuse to call every week without being labeled as needy. Sweet.
• Awesome museums across the country.
  Museums can sometimes be seriously underrated. If you haven’t been to one since your elementary class day trip, consider dropping by again for a quick night out. Many museums have special afternoon or student rates. You can even visit some of the very expensive museums for free on Museum Day.

Nothing Beats the Home Court Advantage

• Game night for a fun night.
  A fun night in with the special someone or even the family might just be what the doctor ordered. Classic board games are timeless for a reason. Spice things up by taking out a deck of card to play a round of high-stake, no-limit Texas Hold’em. Winner gets another date.
• Rent or borrow a DVD/VHS from the library.
  Nothing new here, but sometimes it’s just nice to be able to cuddle in privacy on the couch.
• Dine-in and cook together.
  Can be incredibly fun or incredibly messy. Regardless, you’re spending time and sharing an experience with the person you care about.

Looking for more ideas? Check out more cheap date and family activities ideas at The Dollar Stretcher. (New: They’ll be sure to help you with your financial management.)

Further Reading on Home Budgets

• Household Budget Software
• Online Financial Management Software
• Financial Tools
• Money saving tips, tracking, and tools

I’ve always loved to shop, and I think a lot of women and men can identify with the lure of shiny new things. Unfortuantely, I was never one with strong personal budget management skills. While in college and shortly after, I was with a man who made less money then myself.

He’s generally conservative with money; I’m not. I spend frivolously on parties, weekends, nights out, dinner, lunch, new shoes . . . anything. And I write off credit card debt to “Well, my income will just keep going up, so I can afford it!”

So here I sit. I’ve bought a condo and while the market was hot, I took out $28,000 in equity to ‘remodel’ — and, well, I’ve remodeled the bathroom and done some minor fix ups, and I paid down (but not off) my credit card debt.

And I keep spending.

The market has gone flat and my condo is worth about $15,000 less than I owe to my mortgage and equity loan — maybe $11,000 if I’m lucky. I can hardly afford to make my mortgage and association payments. And so I use credit to keep bringing more shiny, new things home.

Things I don’t need have accumulated into another $14,000 in credit card debt. And a $17,000 car loan. And I’m in graduate school, so I have to pay tuition too.

I’m single now and the two of us could hardly afford our lifestyle. Now I’m saddled with debt but hesitant to change my lifestyle drastically to make it better. I like my life. But I don’t sleep many nights because of the stress.

I am a train wreck and I need to find a way out. I struggle, struggle, struggle to pay bills and am now paying off one credit card with another — a sure sign of disaster.

The thing is, I’m making enough money to afford my lifestyle — if only I hadn’t already spent that money before I was making it. Hopefully with Mint’s financial management software, I’ll be able to change and get to a point where I can live a much less stressful life.

Train Wreck Tuesdays are a weekly post of horrible financial mistakes. They are posted anonymously. Submit your story; if you’re selected, you get a free personal finance book. The best comment gets the same prize! Check out past Train Wreck stories here.

Further Reading on Budgeting

• Personal Budget Management
• Household Budget Software
• Personal Expense Management & Software
• Create a Personal Budget Online