Money. Purpose. Joy.

Speaking of saving on utility bills, one simple way to do that while helping the environment at the same time is to switch to compact fluorescent light bulbs (CFLs). According to the July issue of Real Simple, while CFLs cost more than regular bulbs, they use 70% less energy and last more than 10 times longer—10,000 hours vs. 750 hours with incandescent bulbs.

Matt’s View

Amid growing interest in removing the lowly penny from circulation, there’s a much bigger trend taking shape in the world of money—the move toward a completely cashless society. While plastic (credit cards and debit cards) is now a more frequent form of retail payment than cash, the latest type of credit cards are aiming to eliminate the use of cash for the smallest purchases. According to an article posted on U.S. News & World Report’s web site on 7/9, “contactless” credit cards, where users simply wave a card or other device (think Mobile Speedpass) in front of a reader, are growing rapidly. They’re being used at fast-food restaurants, vending machines, convenience stores, drug stores, and train stations. Specially equipped cell phones can now be used to make retail purchases as well.

Matt’s View

It’s a fact that the easier it is to spend money the more money we spend. Sociologist Georg Simmel noticed this more than a century ago as the use of checks grew, and today credit card companies have extensive research proving that people spend more when using credit. Using plastic is more abstract than peeling real dollars out of our wallet—hence, our tendency to spend more. Whether we ever become a completely cashless society, as we move further in that direction it’s all the more important to plan our spending before we get to the store.

Whoever came up with the phrase, “Our home is our castle,” probably didn’t have the typical split-level in mind. However, even if our dwelling lacks a protective moat, there’s a lot we can do to make our homes more fortress-like, at least on paper. According to a story posted on CNNMoney.com on 7/14, it’s a good idea to check our homeowner’s insurance policy for the following five provisions: Replacement cost (this covers the full value of what it would cost to replace our possessions, as opposed to cash value insurance, which factors in depreciation); Inflation guard, which adjusts the value of our home as the cost of building materials rise; Flood and sewage insurance (even if you don’t live in a flood zone, the article said such insurance may be a good idea since we’re a lot more likely to experience a flood than a fire); Building ordinance or law coverage (covers any added costs of rebuilding associated with new building codes); Living expenses (find out how long your policy will pay your living expenses if damage to your home would leave you living elsewhere while repairs are made).

Matt’s View

Insurance is one of those things we all hate to pay for, but are glad to have when we need it. Call your agent and ask about the items described above. When I called our agent I found out that our sewage backup insurance totals just $2,500 and does not cover furniture. When I inquired about flood insurance, I was encouraged to weigh the cost (about $400 per year) against the likelihood of a flood in our area. Since the nearest river is about four miles away and its banks are much higher than the water, we’re leaning against the coverage. A fifteen-minute call to your agent may not save you money on your premium, but it could save you a lot of headaches and money down the road.