• Toilet Paper

  Can you think of a time in your life when toilet paper isn’t needed? Since we all need it, why not buy it in bulk? Bulk-buying toilet paper can be up to 50% cheaper than just buying a couple rolls at the grocery store each time. As long as you have the space to store it, buying toilet paper in bulk is a no-brainer. Try storing extra rolls underneath your bed if you run out of cupboard space and save some serious bucks.

• Office Supplies

  Things such as ink, folders, staples, pens, and paper are great items to buy in bulk. A quick price comparison will show you that standard pens bought at warehouse price are 50% less per pen than at regular stores. Even the U.S. federal government has taken advantage of bulk shopping to cut costs. The U.S. Office of Management and Budget announced in 2010 that it would buy office supplies in bulk for the entire U.S. government, consolidating costs and buyers. It was reported that this measure saved the government as many as $200 million per year.

• Vitamins

  Warehouse clubs offer a great value for multi-vitamins and other health supplements. The price per pill comes in at around 6.7 cents; whereas buying from local pharmacies is closer to 9.3 cents per pill. However, buying a bottle of 500 or more pills is only a great value if you intend to take all the pills before the date of expiration. Consider the amount of people in your household and how often these pills are consumed. If it makes sense to buy such a large supply (in general vitamin tablets last four to five years), then the savings could be worth it to buy in bulk.

• Toothbrushes and Toothpaste

  Changing your toothbrushes every so often is a key factor for good dental hygiene. So, why not purchase toothbrushes and toothpaste in bulk to save money? Toothbrushes come in packs for significantly lower prices per brush. Floss and mouthwash are also good items to stock up on.

• Laundry Detergent

  There’s pretty much no way around doing laundry so why spend more on smaller tubs of detergent when you stock up and save up to 17 cents per load? Overall, you can save 40 to 50% on laundry detergent in bulk, which usually means two giant containers of liquid or powdered soap sold together. Follow instructions on how much to put in for each load and it will last you a long time.

• Non-Perishable Food

  Soft drinks, bottled water, dried pasta, canned goods, and freezable goods are generally great items to buy in bulk. Don’t overdo it though, as you might get tired of eating the same products over and over again and end up throwing them out to make room for extra space.

• Paper Plates & Utensils

  While they’re not the most eco-friendly item to buy, paper plates and plastic utensils are cost effective if purchased in bulk. You never know when you’ll need massive quantities of these items for an event, a cookout, or a gathering. There are even biodegradable options for those eco-minded shoppers.

• Alcohol

  You don’t have to be an avid drinker to stock up on alcohol. Sometimes, it just makes sense to go for the larger pack or bottle to save time and money. Warehouse clubs offer impressive deals on wine, beer, and other spirits. According to Consumer Reports, bottles of Corona beer cost around 25% less in comparison to retail chains. What’s even better is that you don’t need to be a member at warehouses like Costco or Sam’s Club to buy alcohol. The loophole is due to post-prohibition laws in selected states that don’t allow alcohol sales through members-only policies.

• Diapers

  Anyone who’s been a parent will tell you, diapers aren’t cheap. On average families can spend about $1,100 in a single year, just on diapers for one baby, according to the Baby Center Cost Calculator. Warehouse prices offer anywhere from 25 to 35% savings, resulting in $350 in annual savings. The tricky thing about buying diapers in bulk is that your purchases may outpace your baby’s growth. So don’t buy too many packages at once, and gauge your baby’s growth while purchasing for sizes.

What is Credit?

By way of analogy, think of credit as your borrowing reputation. It represents the likelihood that you will repay your loans based on borrowing history and shows your consistency with payments. When your borrowing history is collected and compiled, it is called a credit report/history. Based on the information provided in this report, reference agencies can determine what rating to give you. The credit rating is totaled and evaluated before a score is awarded. This is the most important part of a credit process and consequently, where most of the confusion and technical details come into play.

Scores are established by using mathematical algorithms based on five key areas in your report: payment history, new credit, amounts owed, types used, and length of credit history. Based on the information provided in those categories, a three-digit number is generated to score your credit. This is the number used by bankers, landlords, and others in determining risk associated with your borrowing habits. Although your borrowing reputation is not really tangible, it certainly has a tangible impact for many aspects of life.

What is it used for?

Much the same way as your reputation earns trust with others and gives you greater opportunities for responsibilities and privileges, your credit score tells certain people whether or not to trust you with a loan, an apartment, a rental car, etc. The most common instances when scores are checked before trust is established include:

1. Loans
2. Renting
3. Utilities
4. Employment
5. Insurance

In each of these instances, your score gives the lenders, landlords, insurance companies, and the others an idea of whether or not you’re trustworthy enough to be given the privilege you are applying for. In some cases, a minimum score is required.

How to Build Good Credit

Knowing how important good credit is, the last question to be answered is “how do you attain it?” Students or those who have never had credit before may find themselves at an impasse when it comes to renting their first apartment or applying for a loan. If you’ve never borrowed before, it can be tough to acquire basic living quarters and other necessities with no history to prove your responsibility.
There are three basic principles to keep in mind when building your credit:

1. Charge only what you can afford.

Once you have obtained a credit card, make a relatively small purchase that you know you have the money for anyways. For example, if you’ve saved up enough money for a car, put the $4,500 on your credit card even though the money is in your bank. Although this seems like a fairly straightforward concept, many people are tempted to borrow outside their available means. When they can’t make all the payments, they end up with poor credit right off the bat.

2. Keep up with your payments.

It’s much easier to stay current on your payments if you’ve followed the first principle, simply because money is easier to spend when it’s in the bank. Since your history is evaluated partly on how consistently you make payments, this is one of the most important steps in establishing good credit. Furthermore, this is the best way to build credit over time as well.

3. Don’t apply for multiple accounts.

Every time you apply for a loan or new credit card, it affects your score. Although incremental, it can eat away a high percentage of your score over time. Like a leaky oil pan in your car, it drains the credit slowly but surely. Keeping your cards down to a minimum helps things stay uncomplicated and easier to manage. When you don’t have to worry about multiple payments, there is less chance of any of them being late. Furthermore, you will only have to deal with one or two interest rates at a time.

For those who have bad credit history and want to rebuild it, the steps are the same with one prerequisite. If you can’t get a card from a big bank because of your poor history, you can usually obtain a department store card (such as Target’s Red Card, or a Macy’s card), a secured card, or one from a smaller, local branch. Be sure to avoid prepaid credit cards regardless of the fact that they are available no matter what your history or score is. These cards do not build credit for you, only for the provider. The Federal Trade Commission will direct you to free checks and other services so you can evaluate your progress, score, rating, and more.

Coming up with a solid budget is an important part of being financially secure. Your budget should represent your views regarding money and it is always important to remember that it is hard to stick with a plan that doesn’t represent your beliefs. Here are 10 finance tips that should be reflected in your budget.

1. Dedicate At Least 10 Percent Of Your Income For Saving

   Saving money is important. Placing at least 10 percent of each paycheck into a savings account will help you weather through bad financial times.

2. Place Another 10 Percent Into Investments

   Investing your money will help it grow over time. Stocks, bonds and government bonds are all safe investments with predictable returns.

3. Keep Your Debt Level Low

   Make sure your debt-to-income ratio is no more than 35 percent. Anything higher than that is too risky. Start cutting back on spending if this happens.

4. Don’t Rely On Credit Cards

   You should only have one credit card for emergencies. Keep the balance as low as possible and try to pay the balance in full each month, if possible.

5. Plan Ahead For Large Purchases

   Keep a separate savings account for large purchases. You should start saving as soon as possible if you think you want to buy a car, house or other big-ticket item.

6. Get Medical Coverage

   Medical bills can ruin your financial outlook. Your employer should have a health plan you can enroll in. Healthy living will cost you less money in the long run.

7. Cap Your Discretionary Spending

   Make a firm budget each month when it comes to discretionary spending. You don’t want to deplete your savings because you went out to dinner every night.

8. Plan Out Your Meals

   Have a set grocery budget each month. Plan out your meals as a means to keep food costs lower. You will spend less if you go to the store with a grocery list.

9. Conserve Electricity And Fuel

   Keeping an extra stash of blankets handy can reduce heating bills. Carpooling to work each day will reduce the number of trips you make to the gas station.

10. Properly Maintain Your Goods

    Properly maintaining your car will keep it running like new for many years. Regular maintenance can also keep the warranty valid on many items in your home. Refrigerators, televisions and computers can be replaced for free if you have a valid warranty.

Good budgeting can keep you on solid financial footing. All it takes is some planning and solid financial beliefs. Your financial habits should always be reflected in the budget you make.

Everyone should be striving for a credit score of at least 680. This is the score at which borrowers can start getting better rates on loans. Lenders want to know that you are not a risk to default on a loan. Borrowers should start thinking about rebuilding credit as soon as possible.

It Could Make Getting a Job Much Easier
Your employer wants to know you are responsible. Someone with a credit score of 500 is far from responsible. Even a great resume cannot always save you from a terrible credit score. Start making plans to improve your credit as soon as possible.

One thing to think about is taking out a secured credit card. Secured lines of credit are obtained by depositing your own money into the account. Your credit line is based on how much you initially deposit.

Your Family is Going to Grow
It is hard to raise a family in a tiny apartment. Doing so is even harder if you are stuck living with your parents. You will have a hard time getting a bigger place to live if you have poor credit. Start rebuilding your credit at least two years before you want to apply for a mortgage.

Your best bet is to apply for an FHA loan. These loans help people with lower credit scores get loans. They will meet you halfway if you can prove you are getting serious about your finances.

You Can Negotiate With Your Creditors
The easiest way to improve your credit score is through a debt settlement. Your creditors will agree to accept a lump sum payment for half of your current balance. Using a credit counselor may allow you to pay this settlement in installments. A friendly creditor will note that your accounts are paid as agreed. This will significantly raise your credit score. The reduced debt amount will also help your credit score.

Getting your credit back to where you want it to be isn’t that hard. All you have to do is get into a habit of paying your bills on time. Lenders are more concerned about your ability to pay bills at the present time. They don’t care as much about what you did a year ago. Increasing your income is another way to appease lenders. People with higher incomes have a better chance of paying their bills each month. Start taking steps to improve your credit as soon as possible. There is no reason why you should live with poor credit.

In this age of advanced global technology, the threat of identity theft becomes more real every day. Countless companies peddle services that claim to prevent your identity from being stolen, but there’s no guarantee that these services work well. And for some unfortunate folks, it’s too late; their identities have already been “borrowed.”

How do you know if your identity has been stolen?

Monitoring your financial statements and reports frequently will help you identify possible identity theft sooner. While checking your finances, you may discover any or all of the following red flags:

• Your debit or credit card statements list charges for items and services that you did not buy.
• Creditors or debt collectors contact you about purchases that you didn’t make or outstanding bills that you believe you have paid.
• You are approved or denied credit for cards or accounts for which you did not apply.
• Bills or other expected mail does not arrive. This could indicate that someone changed your billing address without your authorization.
• When applying for a loan or other credit, you are denied credit or are offered a high interest rate for no apparent reason.
• You cannot find debit or credit cards, or you are missing other identifying information like a driver’s license or membership ID card.

What should you do if you believe your identity has been stolen?

1. Put a fraud alert on all of your credit reports, and review your reports immediately.

   Fraud alerts prevent identity thieves from opening any other accounts under your name. Call any one of the following credit reporting companies; they are required to contact the other two for you, and all three will place fraud alerts on your reports.

TransUnion: 1-800-680-7289
Equifax: 1-800-525-6285
Experian: 1-888-EXPERIAN (397-3742)

Once the fraud alert is set up, you may request free copies of your credit reports. Go over them very carefully and highlight any listings that you don’t remember or recognize. Make sure your personal information is correct.

2. Close all of the accounts that you know or suspect have been opened by the thief, as well as any current accounts that the thief may have touched.

   For each company, talk with somebody in the fraud or security department. In addition, send a letter with copies of documents that support your position. This written notice is extremely important, so it’s best to send them by certified mail and request a return receipt; this way, you’ll know that the companies received your correspondence.

3. File a report with the police either locally or where the theft happened.

   Obtain a copy of the police report to present to creditors as proof of the crime. If the police are reluctant to help, then either go to your state police or ask to file a “Miscellaneous Incidents” report.

4. File an official complaint with the Federal Trade Commission.

   This helps them to track down and stop identity thieves.

5. Stay alert.

   To reduce the risk of recurring problems, monitor credit reports and financial statements frequently. Continue to watch for warning signs of possible theft as listed above.

Remember, although identity theft can cause problems if not caught and dealt with promptly, it’s not the end of the world. Many people have successfully stopped identity thieves and rebuilt their financial credit over time. Most importantly, stay vigilant and spread the word so others don’t become victims too.

What To Know Before Signing Up For A Credit Card
Having access to a credit card can be quite useful. However, you need to know all the terms you are agreeing to. Review the terms just like you would with any other loan. Failing to fully understand what you are getting yourself into can lead to problems in the future.

How Do You Trigger The Penalty Rate
Many credit card companies have a penalty rate for customers who miss a payment. This rate is generally 29.99 percent. Cardholders who are even a couple of days late with their payment may be hit with this penalty as well. Sometimes you will have to pay this rate after missing only one payment. Most credit card companies allow you to miss two payments before you have to pay a higher interest rate.

Check Your Credit Score
Any loan you take out is going to be dependent on your credit score. Borrowers with good credit can expect to pay a lower interest rate. They can also expect to be eligible for cards with perks such as airline miles and other rewards. Knowing your credit score ahead of time will help you choose a card you will be approved for. Keep in mind that your credit balance will also be based on your credit score.

How To Redeem Your Rewards
Credit card companies are notorious for making it hard to redeem rewards. Make sure you go over the terms of the loan carefully. It should tell you how rewards are applied to your account. The fine print may also contain several restrictions on the use of any rewards points. These terms and conditions are important if you were planning to use a credit card solely for the rewards points.

What Protection Am I Afforded
The security of your card is very important. You need to know what measures are being taken to protect your information. Shopping online can pose security threats from time to time. Check to make sure you don’t have to pay for any purchases made without your consent. Many credit card companies will not hold you liable for fraudulent purchases. They may even call you if anything suspicious occurs.

Your credit card is a powerful financial tool. However, you need to know what your obligations are. Understand what happens if you are late on a payment. Knowing how secure your card is can help you make a more informed choice when you apply for a credit card. Staying on top of your credit score will also help you find a card that is appropriate for you.

Credit reports are a financial tool that you should review on a regular basis. A report will help you calculate your total debt along with helping you decide whether you should apply for a loan. When you review your credit report, it will also allow you to see the companies that are checking your credit.

After you’ve ordered a copy of your report, you can determine if incorrect information is filed from an unknown source. Another benefit to periodically reviewing your account is to confirm that your current creditors are reporting your payment history correctly. For example, when you make timely payments, this should be reflected.

Your purchasing and payment history is followed by banks and credit card companies along with other creditors. As a result, they will use this information when deciding to lend you money. You should check your credit report at least once a year from the three major credit reporting agencies, which are Equifax, Experian and Trans Union. Furthermore, you can request a free copy of your credit history every year from the three agencies. You can order reports more often, but should expect to pay a small fee.

Be sure to order a report from all three agencies as the companies may show different history, and you’ll want to make sure each company is reporting your history correctly.

Once you’ve discovered errors reported under your name, you can dispute the mistake. Keep in mind that the reporting company may investigate errors for up to 30 days. Therefore, when you’ve requested a review, be patient during the investigation timeframe. When you request a copy of your credit report, the agency will typically include a form that will allow you to notify them of mistakes.

Upon filling out the error form, be sure to include as much information as you can. Also, you may include verification to prove your claim. For example, if a credit card company is reporting late history, then you can send a copy of your bank statement proving the payment posting dates.

Credit information remains on your report for up to 10 years. When you have accurate negative reporting, you can improve your credit report by consistently paying current bills on time. Also, consider paying off as much of your debt as you can without accumulating additional financial obligations.

When credit denials occur, they can happen as a result of poor credit, insufficient history and overextended finances.

Creditors will view your improved payment history and debt reduction in a positive light, which will help you during future credit requests. Lenders like to see positive payment history for at least a year. Furthermore, this step may help you attain reduced interest rates to help you pay down debt faster.
Credit reports are on file to guide both you and the companies who are considering lending you money. Therefore, you’ll both benefit from an accurate report.

1. moneyStrands

   MoneyStrands makes it easy to understand how your money is budgeted, implementing pie graphs that show your various expenses, a customized budget page, and alerts for when you need them. The pie charts can be broken down into categories, such as entertainment, and with a simple swipe you can see all of the different ways you’ve spent money on entertainment for that month. The customizable budget helps you to see the weeks in which you spend too much money eating at restaurants as opposed to the more budget-friendly home-cooked meals. Alerts will display a red exclamation point for quick assessment of any issues arising in spending or other areas of personal finance. It also shows you popular merchants that you regularly visit as well as your most recent purchases.

2. MyTab

   If you and your friends regularly spot one another on food or other expenses, MyTab is the perfect app for keeping up with what you owe each other. Each debt entry automatically syncs up with both devices, so either party can create a new tab and it will show up on the other’s phone as well. You can update each entry as you’ve paid off your debts, and then your friends will approve it from their end before the app removes it from the list. You can add notes beneath each entry such as “paid for our concert tickets” to help jog your memory on why you owe the specified amount.

3. Pay Off Debt

   Developed by Parallel Focus, the Pay Off Debt app helps users slowly get rid of debt via the snowball method of debt reduction. It works with a number of different currencies, with built in conversion rates when necessary. Adding a new debt is easy. You simply specify the type, such as credit card, car loan, generic debt, mortgage, or student loan. After you enter the amount you owe and your current balance, you are prompted to add the interest rate, due date, and minimum monthly payments. The rest is essentially done for you. The snowball method can be activated with a single click, and you record your payments as you make them. The app is especially effective at motivating you to pay off your debts in a manageable way.

4. Expenditure

   Expenditure is unique in that not only can you keep track of individual credit card transactions and your various expenses, but you can also take photos with your phone’s camera of the item purchased or the paper receipt. Expenditure keeps track of your personal income and budgets expenses, always updating the current balance accordingly. There’s no setup required, and the interface prides itself on extreme simplicity, with only two different screens to toggle between. Categorize your expenses as one of the provided categories or create your own. You can also use the built in calculator with currency conversion to calculate how different expenses will affect your budget prior to purchasing them.

5. The Mint App

   The Mint app was named Best Finance App by the 1st Annual App Awards and Time magazine’s 50 Best iPhone Apps of 2011. Mint helps you keep track of your finances by listing all of your accounts in one place and providing helpful budgeting features. You can factor in costly transactions to see how they will affect your bank account without waiting through the pending period. You can also make a personalized list of different budgets that you’d like to stick to, such as how much you’re willing and able to spend on Starbucks per month. Due to the sensitive nature of the information kept on the app, Mint is completely password protected, so a stolen phone won’t result in unwanted theft.

6. Pageonce

   The Pageonce app allows you to track your debt and pay off bills without the hassle of postage and paper waste. Pageonce will send reminders so your bills are always on time and notifications if anything is amiss with your payments or account. You can also track your investment portfolio, your frequent flyer miles, and even your cell phone minutes and text usage. The interface is easy to use and your accounts can be displayed in dashboard view or calendar view. You can add an infinite number of accounts and view all of your statements and purchases in one place, enabling superb organization for your personal finances.

7. Groupon

   Sometimes managing debt is just about finding cheaper ways to relax and have fun. Groupon is an excellent source for finding local deals for events, products, foods, and more around your area. The Groupon app makes it easy to browse deals and buy them when you find something exceptionally worth purchasing. Each deal is redeemable from your phone without having to print out individual coupons, and the percentage off the original price can help you to find deals within your price point. By making smarter decisions about how you spend money, your debt can be lowered substantially over time. Groupon makes it easier to unwind without slimming down your wallet.

8. Debt Payoff Planner

   The Debt Payoff Planner for Android shows you different strategies for lowering debt in a visual way. Users can see promotional rates and establish pre-payment plans. Graphs help you visualize how close you are to getting rid of debt once and for all. All of your debt information can be exported to Excel or email. Likewise, the app estimates how long it will be until you’re debt free.

What is the Federal Reserve?

The Federal Reserve acts as the central bank of the United States. The purpose of the Federal Reserve is to regulate monetary policy, oversee banks and maintain the stability of the United States economy. It was originally established by Congress in 1913 to bring stability and flexibility to the financial system. Stabilizing prices and encouraging the pursuit of full employment in the country are two of the most important responsibilities of the Federal Reserve.

The central bank uses its influence to regulate the supply of money and the availability of credit. The Federal Reserve is also responsible for providing financial services to various organizations that are a part of the federal government.

Who owns the Federal Reserve banks?

MSNBC explains that the Federal Reserve is a completely independent organization. It is not owned by the government, and it is not a company.

The Federal Reserve is structured as one central bank in Washington, D.C. with 12 separate banks operating regionally. While these Reserve banks do issue stock to other banks, the stock does not work like the stock of a publicly traded company. Stock can only be issued by the Reserve banks and cannot be bought or sold. The amount of return on the stocks is regulated by law.

The Federal Reserve maintains independence in order to effectively regulate the monetary system in the country. As an independent entity intended to help regulate and stabilize the economy, the aim of the Federal Reserve is not related to making a profit.

Who appoints the Board of Governors for the Federal Reserve?

The Federal Reserve Bank of New York discusses the appointment process for the Board of Governors of the Federal Reserve. While the president is responsible for appointing governors, it is necessary for the president to consider some important factors before appointing governors.

Every district must be represented by one governor on the Board. There are a total of 12 governors on the Board. Concerns related to each district must be considered prior to appointment to ensure that the representation is as fair as possible.

Once a governor is appointed to the board, a term lasting 14 years will be served. Each governor may only serve for one term. The chairmen of the Board of Governors is chosen from the current Board by the President of the United States and serves a four year term.

How does the Federal Reserve release money into the economy?

The Wall Street Journal provides a guide on how the Federal Reserve releases money into the economy. Essentially, the Federal Reserve buys securities from banks and gives the bank reserves of funds in exchange. If the bank has more reserves than it needs to back up current obligations, it can use these reserves to lend to other banks. In other words, the Federal Reserve adds funds to the economy by buying securities from banks and increasing the amount of reserves available at any given time.

What caused the United States housing market collapse?

According to Commerce Clearing House, there were several factors that contributed to the United States housing market collapse. One of the biggest contributors was the fact that valuations of real estate were increasing rapidly between 2001 and 2005. This rapid increase was dangerous to the market because it was likely that a significant decrease in the value of real estate would occur once people realized that home values were inflated.

The collapse is also blamed in part on the historically low mortgage rates that were available during the period of time when home values were rapidly increasing. Some people claim that the housing bubble was caused by these low interest rates.

Following criticism related to the historically low interest rates, the Federal Reserve began to increase rates. Rates went from one percent in 2004 to five percent in 2006. There has been speculation that this increase led to a slump in housing sales and a decrease in home prices.

Another contributing factor to the housing market collapse was the common practice of subprime lending. Homeowners often borrowed money based on the inflated value of their homes during the housing bubble. Once the bubble burst, there was nothing left to back up these loans. Subprime lending also refers to banks offering mortgages to people who would have ordinarily been denied due to poor credit. By 2007, borrowers were defaulting on mortgages at an alarming rate. Defaults on mortgages put United States banks in a financial crisis.

What is the Monetary Reform Act?

The Monetary Reform Act is a proposed act that is intended to create stability and enforce accountability in the United States monetary system. One of the main points outlined in the proposed act is that the regulation and supply of money should not be maintained by an independent entity. Instead, the money supply should be maintained and regulated by an agency that answers to the United States Government. The Board of Governors should be elected officials that are chosen by the voters.

The Monetary Reform Act proposes that the government should be given permission to create money instead of relying on the banking system. The aim is to take power away from financial institutes. Proponents of the act point to the historical success of government-run monetary systems.

1. Beyoncé’s $100,000 Leggings

   Beyoncé has made it explicitly clear that she’s not just a woman, but a complete diva. The singer spent $100,000 on a single pair of Balenciaga leggings for her 2007 tour, which she paired with a gold lamé bikini top. Literally, the starlet is able to spend more on one article of what most people would consider undergarments than most of us make in several years of a salary. The leggings are gold and segmented to look like a robot. While Beyoncé pulled them off, she could pull off pretty much any outfit and still look like a complete bombshell for far less than $100,000.

2. Roman Abramovich’s $47,221 Lunch

   Russian business guru Roman Abramovich has plenty to go around, as he made very clear after hosting a lunch that cost him a staggering $47,221. Roman took several friends to Nello’s, a restaurant in New York City. Some of the noteworthy items on the bill include $200 worth of truffle carpaccio, three bottles of La Tache for $5,000 a piece, and two bottles of Cristal Rose at $5,000 per bottle. Abramovich tipped $5,000 in spite of an included gratuity of $7,328 that was already included to amount to a whopping $52,221.09 total for the lunch. For a lunch that pricey, let’s hope everyone left completely satisfied.

3. Elton John’s $450,000 Flowers

   After spending around $55 million in the span of 20 months, Elton John has accrued some ridiculous purchases on his credit card. John sued JREL, his management firm, in 2000. In the court case, some of his lavish spending details were revealed, including $450,000 he spent on flowers alone during the 20-month period. When asked how he could possibly make such ludicrous purchases, John responded with, “Well, I like flowers.”

4. Kim Basinger’s $20 million Braselton

   In 1989, Kim Basinger paid $20 million dollars for the entire town of Braselton, Georgia. This came back to haunt her when she was sued for backing out of a film she was contracted to star in, and she had to sell the town for significantly less than she originally paid, at a mere $1 million. Apparently, Basinger planned on developing the town into a tourist attraction with film studios, but that didn’t pan out when her fortune was squandered. Given that she was born in Athens, Georgia, it’s understandable that Basinger has some state pride, but buying an entire town is a bit over the top.

5. Drake’s $189,375.98 Night Out

   On November 6th, 2010, Drake threw a massive party in the Tryst Nightclub at Wynn Las Vegas. The party was supposedly in part for the recently prison-released Lil Wayne who was also performing with Drake at the time. Somehow, the duo raked up a bill of nearly $200,000 for that night alone. The bill contained expensive items such as Veuve Clicquot, Dom Perignon, and 55 shots of Grey Goose. Remarkably, the tab had literally zero food items on it. The pair was able to spend this fortune on drinks alone. Imagine how much damage they could do with the addition of fine dining.

6. Celine Dion’s $2,000,000 humidifier

   While staying in her Las Vegas hotel room, Celine Dion purchased a $2 million humidifier to protect her delicate vocal chords while she slept. Humidifiers typically fall between $25 to $100, as a machine that simply generates mist to keep a room moist. The water vapor can have its advantages, particularly in a dry climate, as it can help relieve colds, coughs, and the flu. Dion can’t afford to get sick, particularly where it concerns her lungs, so she apparently needed the absolute highest quality humidifier in existence.

7. Nicolas Cage’s $276,000 Dino Skull

   In 2007, Nicolas Cage added to his money problems by outbidding Leonardo DiCaprio on a dinosaur skull. The bones cost Cage $276,000. There was no mention of where he would possibly keep this artifact, considering his recent bankruptcy, nor what exactly he intends to do with a giant dinosaur skull. However, Cage’s radical purchase can keep the public assured that his outlandish, expensive tastes have not become more reasonable with time.

8. Bono’s $1,700 Plane Ticket for His Hat

   When Bono left London for Italy on business, he left his prized hat at home. Rather than spending his fortunes on a new hat, he paid a ridiculous $1,700 to have the hat flown over to him in Italy. The hat got first class treatment, which makes one wonder if it actually traveled in the plane’s cabin. If Bono really needed that exact hat, one would think he could have overnighted it from London via regular mail, but perhaps that’s simply too peasant-like for him.