One of my biggest fears is owning a bunch of stuff that I regret buying. It's always ranked up there as one of the worst feelings in my book and I now try to avoid it as much as I can.

A couple of things in the past that I regretted after buying:

1. An aquarium. I really believed that I would like owning fish. I was wrong. Looking back on it now, what I should have been thinking was whether I wanted to take care of fish. This was a big mistake that cost a couple hundred dollars and wasn't worth near that amount. Lesson: Remember to measure the work and the reward.
2. A bass guitar. This was a hard lesson in hobby selection. I've always loved music and when I bought the guitar I thought I would learn how to play it. I didn't stick with it though and felt like it was a bad purchase every time I walked by it. I've since noticed that I'm very fickle with hobbies. Lesson: Don't get into hobbies that require a large amount of money to start.
3. A food processor. This isn't really something that is useless, because I would use it a lot if we had room in the kitchen. But we don't. Our kitchen is pretty small with very little counter space. A food processor just gets unwieldy trying to get it in and out of storage, especially when it's only used for special occasions. I really had grand ideas for it, but the reality is that I never use it. Lesson: Look at the reality of ownership and not just the fantasy of ownership.

There have been large purchases that I haven't regretted and there are things that I've paid quite a bit of money for and have been happy with the purchase. I just need to remind myself every now and then that I'm not happy with everything and need to think about things more before jumping in. I've gotten a lot pickier now before buying things that I might or might not really enjoy.

And if anyone wants a 50 gallon aquarium, let me know.

First, get a Time Machine.

Go back about ten years and get a nice job. Then spend less than you make.

When you want to buy that new computer, don't. Use the old one for a little longer and justify needing that new computer. Ditto the TV. Ditto the new house.

Cook your food. If you eat out more than once a week, you're wasting too much money. Get TV dinners if you have to. Talk to Mom about meals she made when you were a kid and how to make that great potato soup that costs $5.00 and lasts a week.

Get cheap hobbies. World of Warcraft is not a cheap hobby. Writing is a cheap hobby. Reading is a cheap hobby, especially after rediscovering the library. Get a hobby where you make things and then sell those things. Get a hobby that you feel proud of when you're done. TV watching is not a hobby.

Get rid of recurring monthly expenses. Do you need cable? Wouldn't it be cheaper to download the shows you like to watch and not pay for everything else? Do you need that expensive cell phone? How much does it cost you a year? Is that really worth it?

Now that you have all this money sitting around, pay off your debts. Credit cards first. If you have credit card debt, don't save money in a bank account. Pay off the credit cards. Banks pay at most 3% interest, credit card interest rates are 20%. If you save the money instead of paying off the debt, you're throwing away money, about 17% to be exact. Pay off student loans for the same reason.

Then save your money. Put it in CDs. Forget about it. Save at least enough to live on for 6 months. Then save enough for 12 months. Then save more. The less recurring expenses you have, the less you need to save to cover those 12 months and the more you'll be able to save. Got a raise? Save more. Save into your employer's 401K, they're probably matching your contributions, which is free money. Always take free money, especially from "The Man".

How to Sleep at Night During the Next Recession

Do the above without the Time Machine. Start today.