Welcome to the 295th edition of the Carnival of Personal Finance, a weekly roundup of the best personal finance blog posts on the Web.

This week’s theme is the seven deadly sins of personal finance. From lusting after unnecessary expenses to slothfully letting debt grow, we’re all a little guilty of financial transgressions from time to time.

Throughout this carnival, we will explore the seven sins of lust, wrath, pride, envy, gluttony, greed and sloth. Enjoy!

Editor’s Picks:

• Free Money Finance shows how easy it is to make $1 million, but goes on to explain why most of us never get around to making it happen.
• Credit Card Forum brings up a topic I haven’t heard much about: whether you can get a credit card without a Social Security number.
• As someone who is getting married in less than two months, this is one that really interested me. Mighty Bargain Hunter discusses why having joint finances is the only way he would want to handle finances with his wife.
• Wallet Blog explains why it’s important that you know the statute of limitations for your debt.
• Debt Consolidation Advice presents a list of 10 ways to eliminate credit card debt.

Lust

Lust is the act of excessively desiring something, whether it be the latest Gucci bag, an expensive race car or expensive jewelry — all things that can lead to major debt regret.

• While some may only lust after people for their looks, Retire by 40 says having the right partner is the most important investment fundamental.
• Are you craving a shiny new house? Don’t rush into it. Green Panda Treehouse lists some of the first house-related expenses you’ll have to pay.
• If you have your heart set on using a zero percent balance transfer credit card, but don’t know which one to use, Bargaineering presents two of his current favorite cards.
• Dreaming of a new romantic partner? You may end up with more than you counted on. Red Stapler Chronicles explains how moving in with a romantic partner saves money, which means that Match.com may be more of a financial site than we think.
• If you’ve fallen in love with a home, you may want to throw down money immediately. Not so fast. Money Thinking explains the closing process involved in buying a home.
• The Dividend Guy explains why investing in ScotiaBank may be his next financial move, especially since he loves Canadian banks.
• Every sports fan lusts after Super Bowl tickets. But what happens when they go to a homeless couple who needs shelter and food more than anything? Thousandaire discusses this recent situation and whether he thinks they should have sold the tickets.
• Sometimes it’s OK to lust after far-fetched financial goals, says Little Miss Moneybags, who thinks that life should be about saving for and experiencing great things.

Wrath

This sin consists of anger, hatred or revenge. Perhaps you are angry at your financial situation, hate doing taxes or have arguments with your spouse over money. Getting angry at your money situation isn’t going to help you solve it. Here are some suggestions:

• Intelligent Speculator reveals that Yahoo is on his hate list and explains why you would be crazy to own Yahoo stock.
• Being selected for a tax audit is enough to make any taxpayer angry. Money Ning explains what your rights are and what to do if you’re audited.
• Don’t lose your cool when you’re asked illegal interview questions. Cash Money Life tells you your rights and offers several ways to gracefully handle the situation.
• Live Real, Now explains what to do when you’re feeling frustrated and sick of paying off debt and how to get motivated to keep chugging.
• Pennywise 2 Pennyworth hates being in debt, but he disagrees with one of Dave Ramsey’s key pieces of advice for dealing with debt and retirement.
• If you don’t communicate about money with your spouse, you’re sure to have some fights. One Frugal Girl discusses the importance of talking about your finances with your partner.
• Do you despise life in a cubicle? Passive Family Income explains how to quit your day job with little risk.
• Consumerism Commentary questions when it’s OK, if ever, to lie to your spouse about money — a topic that can quickly result in acrimony and arguments.
• Spruce Up Your Finances helps take some of the frustration out of tax time and explains which medical expenses you can deduct.
• Mad that you lost money converting your IRA? My Dollar Plan helps you decide whether you should reverse your Roth IRA conversion.

Pride

Pride can get in the way of setting your finances straight. We may act as though we know what we’re doing with investments or loans when we don’t, or we may not ask for help when we’re drowning in debt.

• Don’t Quit Your Day Job lists several radical changes you can make to save more money and retire earlier.
• There’s nothing wrong with not completely understanding how student loan debt works. Money Mamba uses semantics to explain the difference between the various types of loans and financial aid.
• Don’t be so prideful as to rush into a loan without being informed, says The Sun’s Financial Diary, who helps you determine which loan is right for you.
• Getting rewards for hard work isn’t just for kids. Personal Cents emphasizes the power of rewards and explains how you can find an appropriate affordable reward to keep you motivated.
• Money Cactus discusses why it’s wise to stop being afraid and take risks if you want to prosper and get ahead.
• Don’t get too caught up with your net worth. Gen Y Wealth reveals three other financial stats you should calculate and take pride in.
• It’s easy to get ashamed if you don’t know much about investing. Buy Like Buffett helps solve this with a guide to understanding cash flow statements.
• It’s also easy to feel embarrassed and overwhelmed by credit card debt. Credit Card Assist provides a guide to getting out of debt so you can feel proud about your finances again.
• Sometimes we need to set aside our egos and ask for help. Accumulating Money helps readers learn whether credit counseling or debt settlement is the better solution.

 
Envy

Ah, envy. Have you ever found yourself jealous and resentful of others’ things, such as a vacation you can’t afford or lifestyle you can’t attain? Envy can get us into all kinds of financial situations that are beyond our reach. Better to stay real than to be real broke.

• Do you envy those who are retired? Maybe you shouldn’t — many retirees struggle with debt, says Military Wallet. He also provides advice on how to prevent this situation.
• Watson Inc. discusses the financial implications that come from politics of envy, i.e., “If I can’t have it, no one will.”
• Don’t be jealous of those who seem to have their finances completely organized. Money Under 30 thoroughly explains how you can organize and thrive, too.
• It’s hard not to be resentful when your friends take amazing vacations, but don’t throw caution to the wind and put a pricey trip on your credit card if you can’t afford it. Credit Card Offers IQ lists this activity and four others as things you should never use your credit card for.

Gluttony

Gluttony, waste and overindulgence can all send your finances into a downward spiral. Yes, we all need to splurge a little here and there, but keeping your gluttony under control will save you more than just money — it will preserve your financial sanity. 

• Don’t waste water and money needlessly. Sustainable Personal Finance explains how you can cut back on both by installing low-flow toilets. 
• Do you have a glut of debt? Smart Balance Transfers provides advice on how to get out and stay out of credit card debt.
• There’s no need to throw out leftovers or food you that you don’t think you’ll use. Surviving and Thriving explains how to make garbage soup, which is a way to enjoy food you would normally throw away. It’s perfectly OK to be gluttonous with this frugal concoction! 
• You don’t have to overindulge just to have a good time. Before You Invest lists five ways you can save money and still have fun.
• When it comes to saving for your child’s education, the more money you can amass, the better. Moneyed Up explains how you can earn extra money to save for college.

Greed

Greed can cause you to lose perspective on your finances, possibly leading you down a road where there are no u-turns. Sometimes just giving yourself 24 hours to ruminate about a purchase can cause you to rethink if you really need it or if you’re succumbing to our fourth sin: greed.

• Want to make a big purchase but can’t exactly afford it? Prairie EcoThrifter lists 10 easy ways to save money.
• When we get a new raise, it’s very tempting to spend all the new income. Compounding Returns explains why you should pretend as though you never received it.
• Well Heeled Blog recounts a situation in which someone was surprised that she wasn’t donating more money, but reveals why important financial goals — not greed — are the cause.
• We all want the biggest tax refund we can get. Investor Junkie reviews Turbo Tax, a tax filing service that’s meant to simplify taxes and get the maximum refund possible. 
• It’s frustrating that yields are currently low on bonds, CDs and money market instruments when we all used to earn much more before the recession. A Modern Gal explains how to cope in a low-yield environment and make more money.
• Best Credit Cards IQ presents a list of ways you can stay out of credit card debt, including living within your means rather than being greedy and buying everything in sight.
• Some people salivate at the thought of earning stock dividends. Grumpy Rumblings of the Untenured explains what DRIPping is and how it allows you to buy more stocks without a brokerage fee.
• Sometimes we make rash investment decisions because we think it will make us more money. Barbara Friedberg Personal Finance gives an anecdote that reminds us why it’s so hard to tell which investments will overperform and which will underperform. 
• Are all banks simply after our money? Dough Roller questions whether CNN’s list of the most evil banks is accurate. 
• You can’t hope to make a killing in the stock market without knowing some background information. Observations discusses the historical relationship between the P/E ratio and future returns.
• Dividends Value explains why consumer goods is a stable sector to invest in and which stocks you should be paying attention to as you grow your portfolio.
• We all want to retire with as much money as possible. Free From Broke discusses the best retirement plans for self-employed people or small business owners.
• The Smarter Wallet recounts an incident in which his daughter’s purse was stolen at a party, and he explains why they had to notify the credit bureaus. He also explains how to understand your credit report and credit score.

Sloth

Sloth is the sin of idleness and laziness. When applied to finances, sitting back and letting debt pile up, filing taxes late or never checking your bank accounts can all lead to disaster.

• Don’t be lazy and let your money just sit in a savings account because it’s easier. The Wisdom Journal explains why you should move it to a money market account.
• Working only a few hours a week and letting others handle most aspects of your business may sound nice, but it’s not for everyone. The Financial Blogger compares “The 4-Hour Workweek” concept from Tim Ferriss with the “Crush It!” concept from Gary Vaynerchuk.
• Money Beagle discusses why it’s so important to remain diligent and check your bank account every single day, even when you don’t feel like it.
• Some may think that retirement means just sitting around all day without doing anything. Retire Happy Blog explains why that’s no longer the case and lists five new retirement trends.
• Tax time is no time to be lazy; delayed filing will result in penalties. The Digerati Life prepares us for tax filing by comparing tax filing products with tax professionals. 
• Money Walks provides a list of several summer purchases you can save money on if you get on the stick and act now.
• Procrastination isn’t always indicative of slothfulness or laziness. An excerpt on Canadian Finance Blog explains why procrastination may be the byproduct of having the wrong job.
• Sometimes, the idea of simply driving to the bank to deposit checks is enough to make us want to avoid dealing with money. Studenomics reveals four ways to save money with online banking.
• It’s a waste of time to invest without doing any research. Squirrelers shows what you can learn from historical stock trends.

That’s it for the 295th edition of the Carnival of Personal Finance! Well Heeled Blog will be hosting the next edition. You can submit your entry here.

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