Your stupidest money moves

Be clothes-minded

Speaking of impulses, many posters owned up to having closets and drawers full of them.

"JHill" said she used to go shopping "once or twice a month, usually for clothes or high-end makeup. I never spent a lot of money at once, but it did add up. I hate that my closet has about 15-20 items that I don't really like and don't plan to wear. Imagine what I could be doing with that money now! I want to get to a point where everything in my closet are must-haves that I will wear for 5-7 years."

"Berrysunny1" cut her losses by selling 50 pieces of clothing, each worn only once or twice, on eBay for a total of $100, recouping $2 for each $15 or so that she spent.

"Yeesh," she wrote. "At least my closet is much cleaner."

Berrysunny1 is now "trying to save more money by not shopping for clothes anymore unless I absolutely need to (like for work)."

Some ideas that may help those whose closets are bulging:

• Consider a clothes fast. If you shop for entertainment or out of boredom, you may need to forswear all clothing stores for a while to break the habit. Not buying clothes for a few months can also give you a better idea of what you really wear and need.
• Shop with a list. As with grocery shopping, a list can help you resist impulse purchases and make sure you get what you're shopping for.
• Get help if you need it. Sometimes clothes buying is a symptom of a more troubling disorder. Read "Are you a compulsive shopper?" for more details.

Pet peeves

"Dagro," at 18, spent $1,100 on a dachshund puppy, "not realizing I had no time for him," while attending school. The expensive pup fortunately was taken in by dagro's vet.

"Alaskagurl," by contrast, got a puppy for free -- initially. She left the little darling in her new Toyota 4Runner "while I got a collar, leash, food etc. Came out -- she had chewed through the seatbelts in the back. Completely! That made her a $960 dollar puppy . . . and still counting. Good thing she is such a great dog -- although I still don't take her on many car rides!"

"HW3" is also still counting the cost of the "free" stray kitten that her husband found.

"The kitten needed shots, de-worming, cold treatment, fixing: $600. Soon after fixing, the dumb animal swallows a coin. Surgery: $400. Reasoning: we already paid $600, might as well add $400 instead of putting her to sleep. . . . Add to this, leather furniture ruined by the pre-existing cat."

You can't, of course, put a price on the value of animal companionship, any more than you can predict how much upholstery it will destroy. But an estimate of how much a new pet is likely to cost you can help you decide whether animal husbandry is right for you.

The American Society for the Prevention of Cruelty to Animals offers the following averages, which include food, medical care and various accessories:

First-year costs of common pets

Small bird	$195	Small dog	$810
Fish	$235	Rabbit	$911
Guinea pig	$645	Medium dog	$1,190
Cat	$715	Large dog	$1,580

Source: ASPCA

If your animal gets sick or hurt, your costs could skyrocket. Reading "Should you buy pet insurance?" could help you decide whether to sign up for coverage.

The Bank of You

Another common sinkhole of cash: lending money to family and friends. As "Eddie2" noted, "Funny how they can still live comfortably, yet never offer to pay the money back!"

"LoneSeattleGOP" confessed: "When I was 18, I bailed out a boyfriend to the tune of $5,000 because, 'Once I get out from under this debt, I'll be on track for real success.' I totally bought the line. . . . Besides, we were going to build a life together and I was young and in love."

The money's long gone, of course, and here's the rest of the story:

"Because we have friends in common, I still see him and hear about him on occasion. Fifteen years later, he's renting a room from a friend and his daddy still has to help him make rent because he can't/won't hold down a regular job. Oh, and much like when I met him, he's still in the process of getting his band together."

You may find it hard to say no, but here's something to keep in mind when people approach you for a loan: If they were good risks, banks would be falling all over themselves to extend them credit.

If you've already been a soft touch, you might want to read "How to hassle the pal who owes you."

Liz Pulliam Weston's new book, "Easy Money: How to Simplify Your Finances and Get What You Want Out of Life," is now available. Columns by Weston, the Web's most-read personal-finance writer and winner of the 2007 Clarion Award for online journalism, appear every Monday and Thursday, exclusively on MSN Money. She also answers reader questions on the Your Money message board.

Updated Jan. 25, 2008

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