Spending Smart: ; What tightwads will and won’t splurge on [Charleston Gazette, The (WV)]

Spending smart isn't about just maximizing value on groceries, insurance and phone service. It can also be about knowing when to splurge.

Splurging is easier for some than others. Some people are born tightwads, while others own a runaway spendthrift gene. And, studies show, those two types often end up at the marriage altar. Even among tightwads, a few purchases are more enticing than all the others. But it varies widely by personality.

We thought it would be fun to ask folks in the frugality and money-advice business what they splurge on - and what they would never buy. The results might yield some ideas and lessons about how to spend your own money smarter, even when you're being a little naughty.

* Jeff Yeager, author of "The Ultimate Cheapskate's Road Map to True Riches" and "The Cheapskate Next Door":

"My splurges? It's all relative," Yeager said. "A cheapskate neighbor of mine is aghast that I pay a service $85 every couple of years to clean out my septic tank. To him, that's a splurge. He cleans his septic tank out himself, by the bucketful. And he wonders why we never have him over for dinner."

Other things Yeager will splurge on include high-quality flower bulbs, Bontrager bicycle tires, Dewalt power tools and Philadelphia Cream Cheese.

The list of things Yeager would never buy is long, but it includes a cellphone, bottled water, a gym membership and "green" household cleaners. "Do you know about baking soda and vinegar?" he asks.

* J.D. Roth, author of the popular GetRichSlowly.org blog and the book "Your Money: The Missing Manual":

"I've thought a lot about this question. In fact, I think it's the fundamental question of personal finance," Roth said. "My general rule is to spend a lot on the things that matter to me and to cut corners on the things that don't."

For example, he'll splurge on a top-of-the-line Apple Mac laptop. "Not because I think it's cool," he said. "But because it just works."

He'll also spend money related to fitness, such as "an outrageous monthly fee for a Crossfit gym, but I have no regrets." Roth also spends freely on travel and travel gear.

He doesn't like spending on cars, clothes and recurring expenses.

* Kimberly Palmer, author of "Generation Earn" and writer of the Alpha Consumer column for U.S. News & World Report:

As a new mother, Palmer splurges on child safety. "If it will protect my child or keep her free of toxins, then I usually buy it," she said. "That logic has inspired me to spend $2,000 on removing the lead from our home as well as dozens of BPA-free sippy cups and hundreds of dollars each month on organic food."

She'll also splurge for craft beer, Lululemon yoga pants and the occasional fancy restaurant meal.

She doesn't like spending money on baby clothes - she'll buy secondhand - and shipping charges. "I will go out of my way to search for online coupons before making any purchase, which usually yields either free shipping or some other discount," she said.

* Teri Gault, coupon expert and chief executive of TheGroceryGame.com:

Gault said she sometimes won't skimp on shoes. "They absolutely have to be comfortable," she said. "I try to buy them on clearance, but I end up spending more on a good pair of boots or shoes than I ever would on clothes."

Gault will book hotel rooms on the discount site Priceline.com, but she will pay up to $10 extra for a room with a view, she said. She's even more liberal with spending on hotels for vacation, she said. She'll spend more for sheets, pillows, asparagus and organic yogurt. She'll also shell out for decorator accessories.

"I feel I can save money on furniture, and when you surround it with pretty things, it makes a room pop," she said.

She won't pay full price for meat, clothes or organic milk.

* Melissa Tosetti, founder of TheSavvyLife.com and co-author of the book "Living the Savvy Life":

"I was very good about living frugally but have always had an insatiable appetite for travel," Tosetti said. She skimped on having a nicer car, for example, to have money to travel to Scotland, China and all over the United States and Canada.

She also spends on martial-arts education in kung fu. "Tuition wasn't cheap, but I quickly realized it was worth it," she said. "The school was not only my gym, it was my entertainment, and very quickly became my community."

* Cathi Brese Doebler, author of "Ditch the Joneses, Discover Your Family":

Doebler will spend good money on healthy food and maintenance for the house and family vehicles because it can help avoid price repairs later, she said.

And as a writer, she values a good computer monitor. "To reduce eyestrain, I bought a larger monitor a few years ago, and I have never regretted the investment," she said.

She won't buy coffee at a restaurant but instead will make her own. And she'll avoid movie rentals in favor of free videos from the library.

* Natalie P. McNeal, author of "The Frugalista Files" and creator of TheFrugalista.com blog:

McNeal splurges on looking good, including buying a Chi flat- iron hair straightener. "When I style my hair at home, I don't want it scream 'kitchen beautician 'do!'" she said. "I like to make it look like a professional stylist put her hands on my tresses. ... You can get flat irons for way cheaper, but I prefer a higher-end brand so it won't burn out my hair."

But this fashionista won't splurge on mascara, eye makeup remover and pricey nail polish remover, she said.

She also won't buy a new car. "I think cars are the biggest rip- off," she said. "I bought my last car used, and I'm a better woman for it. I paid it off, and I will run it into the ground."

* Dave Ramsey, author of "The Total Money Makeover" and get-out- of-debt guru on radio and TV:

"I love to treat my family to over-the-top vacations," Ramsey said. "I work hard, and I vacation with the same intensity. We love to go on cruises and ski the best slopes. It's OK to splurge on whatever your passion is as long as you save up and pay cash for it."

Spending Smart weighs in

Yours truly has been writing the Spending Smart column for more than seven years. I would splurge on a mattress, kitchen knives, cigars and greens fees at cheap golf courses. I won't hesitate to buy reading material. Also, as I've gotten older, I've realized the value of professional advice over do-it-yourself. And anything related to a memorable experience will force open my wallet a little wider, including a decent camera, family vacations and a trip with my dad to spring training baseball in Florida. Academic studies show experiences make us happier than having more stuff. Generally, I find it's true. One thing I want to splurge on and haven't - yet: high-end wrinkle-free dress shirts.

Gregory Karp is the author of "Living Rich by Spending Smart."