Everyday Cheapskate - Column by Mary Hunt

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Columnist Mary Hunt does not consider "cheapskate" a bad word -- rather, she encourages her readers to learn to free themselves from debt with ...

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Everyday Cheapskate: Swap Books You Have for Those You Want

Mary Hunt

Dear Mary: I had the address of a Web site that allows you to list your books by ISBN and swap them with other members. My plan was to let my daughter enter all of our books into the system so she would have an allowance for her book purchases. Unfortunately, I have been unable to find that Web site again. Can you help? -- Echo W., e-mail

Dear Echo: The site you are looking for is PaperBackSwap.com. Your daughter can enjoy trading paperbacks, hardbacks, audio books and textbooks. The site is fantastic, with search features, reader reviews and ratings, similar to Amazon.com and www.bn.com. More than 4 million books are listed at PaperBackSwap.com. Membership to the site is "currently free for charter members," which leads me to believe the site will be instituting a membership fee in the near future. I would sign up quickly.

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Dear Mary: I started tracking my spending. I'm sure you will not be surprised, but I was spending way more than I realized. I have determined that I need to move out of my expensive apartment. What percentage of my income should I be spending on my rent or a mortgage? -- Rebekah H., e-mail

Dear Rebekah: Keeping track of where your money goes takes self-discipline. As you are learning, that's what brings us to financial maturity. The amount of income you should devote to housing depends on how much debt you are carrying, the size of your family and other factors. Generally speaking, housing (including insurance and taxes for a mortgage) should consume 28 to 32 percent of your gross income -- less if you have a lot of debt, slightly more if you are otherwise debt-free.

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Dear Mary: I finally am living with cash. The envelope system works so well that I actually have cash left over at the end of every month. I am retired and want to travel. In the past, I used credit. Now I save for my traveling.

For years, I have worked to improve my poor money management skills with your suggestions. I reread "Debt-Proof Your Marriage," and I'm on the right path. The chapter "You Can Get Out of Debt, Yes You Can!" helped so much. Your Rapid Debt-Repayment Plan is showing me the way. It truly is working. I have more than $50,000 of debt, and it will take a few years to pay back, but I know I can do it. Thank you. I appreciate the lifeline. -- Jill, e-mail

Dear Jill: I am so happy to hear of your progress. It's one thing to know what to do but another to do it! You are proof that my debt-proof living method really works.

The Rapid Debt-Repayment Plan recently was expanded as an online tool at our new Web site, http://www.DebtProofLiving.com, to include a management feature. You create your RDRP online using the RDRP calculator and manage it as part of your super-secure Debt-Proof Living membership. It is one of the best things about our new site!

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Do you have a question for Mary? E-mail her at mary@everydaycheapskate.com, or write to Everyday Cheapskate, P.O. Box 2135, Paramount, CA 90723. Mary Hunt is the founder of www.DebtProofLiving.com and author of 18 books, including "Can I Pay My Credit Card Bill With a Credit Card?" To find out more about Mary and read her past columns, please visit the Creators Syndicate Web page at www.creators.com.

Copyright 2009 Creators Syndicate Inc.

This news arrived on: 11/05/2009

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