How Much for that Item in the Window? 25 Weeks.

If the recession hasn’t obliterated your non-essential spending altogether, how do you determine whether you can afford the fancier restaurant, the better suit or the weekend away? Most personal finance metrics take a monthly view on budgeting — how much money is coming in minus cost of regular monthly expenses (rent, utilities, groceries, etc.). Whatever is left over is usually recommended for savings. That’s when your own math comes in — of the amount left over, how much can you spend on the better life? And that’s between you and your conscience — or, uh, your personal budgeting philosophy.

But My Two Dollars has another view, one that while clever and perhaps effective in keeping spending fantasies in check, may also induce more guilt and a sense of burden: Tallying the number of work hours required to cover the cost of desired purchases. Here’s how it works: Say you earn about $50 per hour. If you’ve got your eye on a $38,000 BMW, that would cost you in cash, after taxes, about 1,000 hours, or 25 weeks of work ($50 x 25% taxes = $38/hour) — and that’s without laying out for food and shelter. Ouch…

Recession Obsession: Forever 21

I wouldn’t mind being 21 again, to see what it’s like through wiser eyes and maybe correct some of my youthful screwups. But I don’t think I could take it for more than a few days. On the other hand, I could spend a week in Forever 21.

During the boom, when some fashionable friends started pushing the teen store as a source of cheap, trendy duds, I popped my head into New York’s Union Square location. It was loud and so packed with adolescents I didn’t even check out the merchandise. “I like to shop with grownups,” I said.

But when the recession rolled my clothing budget back to where it was when I was 16, I took another look at Forever 21—and discovered its discount charms. The shop is a great source of sexy summer dresses, shorts and accessories…

Easy Etiquette, Recession Approved

You may have lost your job recently, but that’s no excuse to lose your manners, too. Of course, with so many friends and family members struggling with unemployment and financial woes, you may not be sure exactly what proper etiquette even entails anymore.

After all, who’s supposed to pick up the check at dinner now that all of your i-banker friends aren’t feeling so flush? And when is the right time to start networking at a party? Today’s recession is quickly changing all the rules, and bringing up questions that no Miss Manners book in the library is ready to answer.

Luckily, a bevy of “etiquette experts” have been doling out recession-friendly advice over the past few weeks and putting together some general guidelines…

How to Buy Tech on the Cheap

For years, I covered tech. But it’s still not the same as knowing how to shop smartly for my next laptop (I can’t wean myself off of the pricier Macs) or figure out what to do about my ancient TV that pulled broadcasts out of the air via rabbit ears.

CNET has a nice package on shopping for tech on a budget that I’m finding useful and maybe you will, too. Their pieces don’t just list what to buy, but help you to understand the products and trends around them. The point is to shop smarter so that you spend your money wisely on products that will serve all your needs, and will last. Some highlights:

Laptops — Try a Netbook. If your computing needs are low, or even basic (web browsing, office doc work, and not too much need for heavy-duty graphics or HD video), Netbooks offer a great package for very little money. Mainly equipped with Intel Atom processors and running Windows XP, they’re not so great a multitasking, but they’ll do the work that most computers handled five years ago with ease…

Buying Time, or How I Learned to Spend Again

When I got laid off last December and had to curb my spending, there were some things that were hard to give up. I bitched about downgrading from a fancy gym to a utilitarian one. (Read Frugal Fitness for other tips.) I tried to convince my hairstylist to come to my house so I wouldn’t have to forego his services. I was sad about not sending my laundry out—and not just because I don’t like doing the wash. (Read I Miss My Dry Cleaner.)

But there were plenty of upsides to my new frugality. It was cozier to invite friends in for drinks than go out to a bar. It was fun and creative to craft a necklace out of a vintage brooch instead of dashing out to buy something new for a formal party. Though I hate negotiating, I convinced the cable and cell phone companies to give me discounts. I’ve always been financially responsible, but I felt especially virtuous in my new restraint and resourcefulness.

The downturn seemed to have a similar impact on society as a whole. It put the brakes on rampant consumerism. In record time, we have become less materialistic, less wasteful, less brand-obsessed. The savings rate has risen from zero to nearly 7 percent, the highest it’s been since the early 1990s. I’ve been hoping that the recession would be short, but have a lasting effect on our spending habits.

A little more than a week ago, I accepted a three-month consulting gig. It inspired a mix of emotions: I was relieved to have a steady flow of income for a while. I wondered what it would be like to work in an office again. I worried about doing a good job.

But mostly what I felt was an urge to spend, spend, spend…

Recession Briefing 6.26

What you need to know today to survive and thrive in the recession.

U.S. limousine companies are laying off workers and closing offices as the recession cuts into demand for the shiny black symbols of wealth and power. (Reuters)

The income of Americans soared in May because of the government’s economic stimulus, leading them to increase spending modestly and boost the saving rate to the highest in 15 years. (Wall Street Journal)

Over the next three months, more than 3,200 post offices and retail outlets — out of 34,000 — will be reviewed for possible closure or consolidation. (The Big Money)

According to a study, the economic downturn is making Britons mean, with people ignoring friends’ birthdays and refusing to buy rounds of drinks in the pub. (WalesOnline)

Initial claims for jobless benefits clicked higher once again this week, but amidst that grim news there are hopeful signs that the employment picture may soon improve. (TIME)…

Buy Now or Pay More Later

The economy may be looking up as of late, but that’s not necessarily good news for everyone. Or for shoppers, at least. That’s because many of the “recession discounts” and super sales that have been going on at stores across the country will most likely become a thing of the past once stocks go up and consumers return to their usual ways.

So what goods and services should you start buying now before the bargains dry up? Forbes has a rundown:

Real Estate: The combination of falling interest rates, discounted foreclosure properties, government incentives, and bottoming home prices is making this a great time to buy. Not that this news is especially shocking to you, we’re assuming …

Recession Briefing 6.22

What you need to know today to survive and thrive in the recession.

More women are turning to sex work in the bad economy. Strip clubs, X-rated Web cam companies and escort managers across the country have reported an increase in job applications in the last several months — ironically, at the same time that business is largely going down. (Salon)

Healthcare without insurance is like construction without power tools. It can be done, but it will take longer and require a lot more effort. And at times you’ll feel like you’re hammering your thumb. (Los Angeles Times)

Some people are handing over vintage toys, sets of dishes, baseball cards, furniture and clothes to auction houses and online auction sites hoping to generate cash. (New York Daily News)

How to Get Cheap Newspaper and Magazine Subscriptions

Are you a papervore who is still reading newspapers and magazines? Good—we are too. And while searching for frugal ways to renew subscriptions that are expiring in the middle of a recession, we found two new ways to get our favorite publications.

Magazine resellers often give better deals than the publications themselves. Even lower prices can be had on eBay. Yes, eBay. We renewed New York Magazine for $15, versus the “bargain” $40 offered in a mailing. We spotted BusinessWeek for just $10. Hitch is, the selection is pretty random.

Frequent flyer programs are another good bet. For 500 Delta Skymiles points, we got a year’s worth of Fast Company. (Time, Sports Illustrated, W and People en Espanol were among the other titles.) United Airlines’ program offers the Wall Street Journal for just 3,300 miles. If you calculate the value of miles at one cent each, that means you can get a full year of WSJ for $33—which is basically amazing. The regular price right now is $441.

But don’t get mad at us if there are restrictions, like offers for new subscribers only, or delivery only to the continental U.S. As always, check the fine print before you buy.

Recession Briefing 6.15

What you need to know today to survive and thrive in the recession.

Vegetable seed producers and merchants across the country are reporting sales increases of as much as 75% this year, and even some shortages, especially of staples like beans, potatoes and lettuces. (Washington Post)

Fake furloughs: Some workers work through their unpaid vacations, because they fear for the long-term safety of their positions and hope their self-sacrifice impresses the management. (New York Times)

The downturn is forcing men to spend more time at home, altering roles everywhere from the laundry room to the child-care center. (Christian Science Monitor)