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May 02, 2008 -- What's in and what's out with your money

It's no surprise that people are becoming more careful with their money. Research shows that folks are more interested in what people like Clark have to say. He's like a firefighter and the economic house is on fire -- they want him to put it out.

In an effort to scare up more cash, Christa recently had a garage sale. Unfortunately, she had 2 bikes stolen during the sale. Wow, times must be really tough; both bikes had flat tires and she was only asking about $10 each!

The San Francisco Chronicle recently ran a chart that detailed what's "in" and what's "out" when it come to your finances. These are classic examples and you may already be doing many of these. It's "in" to save, eat in, take a staycation, fix your old car, work past 65 (!), go to the library, drink tap water, take public transit and patch up your house. It's "out" to borrow, dine out, take an expensive foreign trip, buy a new car, retire early, go to the book store, drink bottled water, drive and remodel your home.

Clark recently read another story about a remodeling company that catered exclusively to wealthy clientele. This company is pink-slipping 25% of its workforce because even the rich folks are scaling back on remodeling. Likewise, the volume of laser eye surgery is declining because of cost. Maybe wearing glasses isn't so bad after all…

There's one area where Clark doesn't think you should cheap out. Waiters and waitresses are reporting that their tip income is down. The reason isn't only attributable to a decline in traffic. Rather, people are becoming stingy tippers. But you shouldn't take the tip income out of your server's pocket because you lived it up with fancy wine and lush desserts. Tip fairly based on service.


Unfortunately, Clark won't be able to answer any questions submitted via commenting. If you have a question, please try posting it to our message boards.

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What others are saying

  • Tipping
    First of all, servers only get paid $2.13/hour (which doesn't even cover taxes) Every week we get a $0 paycheck so our entire income comes solely from tips. At most large restaurants we are required to pay a tip out (usually around 2.5% of our gross sales) to the restaurant. This tip out is distributed among the bartenders and hosts. Basically, whatever you tip the server deduct about 2.5% and that is what the server actually gets to keep (If you don't tip at all, then the server actually paid for you to eat there! We ARE required to report our tips when we clock out at the end of every shift. If we try to claim too little tips we must have approval from the management. Joe...you are obviously ignorant and cheap!).Restaurants should pay servers a higher hourly rate since their menu prices are so high. However, until that day comes, should hardworking servers have to suffer because of it? Tips should reflect service. If the service is wonderful, then one should tip 20% or more of the total amount(before the deduction of gift cards or any other discounts). For those who feel that service has gone down hill...this is partly because service also reflects tips. If all of you are too cheap to tip when great service is given, then don't expect great service in the future. Especially in small towns, servers remember the faces of those who tip well and those who don't. Some older servers made bad choices and are stuck in the job. Maybe you should have some compassion and tip them, if they do a good job. Andrea's, you should tip 5-10% for carryout orders and this is why. The server took the time to be on the phone and take your order, then put it in the computer, then box everything up and make sure that you have all of your specific condiments and whatever else you requested. While doing all of this for no tip they could have been spending time with their table that actually might tip them. If you don't want to tip for carryout then don't waste their time. Another comment made by Andrea mentioned her working extra time for no pay and that servers should be expected to do the same. Usually after a server is done taking tables they have many other tasks to do before they can leave. This usually includes cleaning their tables (10-20min.), rolling silverware (30-45min.), and doing sidework in the kitchen (30-45min.). So the average server spends an extra 1hr - 2hrs after they are done taking tables doing other duties. For an average 5 day work week this amounts to about 6-10 hours of work without pay. We also have to attend regualr meetings, again, for no pay. I have always thought that you must walk in someone else's shoes to truly understand their world. After reading these posts I am convinced that ignorance is prevalent and this old adage is true!
  • Tipping
    I do not eat out very much but when I do, I tip up to 20% for good service. But here lately, even service has gone downhill. Seems like the waiters and waitresses expect a tip. Tight wads need to stay home. Tip according to service. If the service stank, go somewhere else next time.
  • Begging is Un-American
    Waiters and Waitresses-- buck up and change the system. Begging for tips from customers is not the American way. It is offensive to most of us. Instead of begging from me, demand that your restaurant management have a tip free policy. Heck, most have gone smoke free... why not tip free?
  • Restaurants
    Going to school and working in a restaurant is a good plan. It shows you that it makes sense (and cents) to get a job other than waiting tables. It is a demanding job that pays little. I can't believe people are stiffing wait staff to save money. One good thing about the food shortage and high cost of eating out is that we will win the obesity war now!
  • Tipping
    Let me ask the you guys a question? Did anyone tell you that you need to go to a restaurant to eat because you neither had the time nor the inclination to fix a meal at home? Probably not! Waitering staffing are providing a service to the customers who neither had the time nor the inclination to fix a meal at home! As a person who has held a waiting job, it is a job that is long, hard, and demanding to hopefully provide relxation while also keeping the economy going!!! Please be kind! You should feel good about tipping. Just imagine what it would be like if some of you had to be a waiter to provide a means for sustainment. Again, feel good about tipping.
  • Tipping humiliates
    Restaurants should pay their wait staff a decent wage. Tipping humiliates.

    Clark you should know better than this.
  • owner of a beauty salon
    do i have to tip the owner for coloring and cutting my hair. she is
    real high for a color and cut $95.00.
  • Some of us are students AND wait staff
    Some of us are working our way through school and working as wait staff. It is one of the few jobs that goes well with my day science classes. Please tip fairly based on service.
  • tipping
    i NEVER tip...all income earned by restaurants must be reported!!!!!
  • Tips
    Even though I try to tip at least 20%, I am glad there are some people who view waitress jobs as little. My daughter chose to quit her last semester of college when she was half way done with the semester to be a waitress. I wish more people would provide less tips so she will understand what I mean when I say she is a restaraunt slave. People use them up and show no appreciation. Hats off to the tight wads who won't tip. Maybe you guys will be the one that forces my child back to school to finsh her last semester to get her degree.
  • Tips
    I receive tips for small constuction jobs on occasion. One weekend to Sacramento My wife fell and gave herself a BIG BLACK eye. We left the Hotel, stopped at a Restuarant and ordered breakfast. The waitress looked at my wife. She came back with our coffee cups. She placed mine in front of me. There was some stuff in the empty cup that looked like poop. I mentioned it to her and she got me a new cup. Did she do that on purpose and does she deserve a tip? Even a retard would know that the cup placed in front of me was gross. There were four paramedics sitting right behind us and they said nothing. Tip if your treated right and the rest can work.
  • Tipping
    Always tip generously for good service
  • Surviving the new depression
    Support you library! I used to rent videos then went to the mailing video service back when it started. Videos were about $4 each to rent and the service was almost $20 with tax and charged me for one that never made it to me. I now go to a good library and get virtually new releases for FREE. I don't waste any fuel either since I plan my days which I go by the library anyhow. Clark would be proud, very proud. PS the library is so popular that people line up outside it every day before it opens and it is packed on Friday and Saturday nights (who would have thought?). I take my entire family for a very cheap night out.
  • Surviving the new depression
    Sorry wait staff, please go to school and get better jobs. I have been cooking at home a lot and was amazed at the restaurant prices (breakfast for 3 over $20, and I brought my own coffe with me). I tipped 20% but won't go out to eat real soon-so don't worry about the tip-find a better job while the restaurant is still open.
  • Wait Staff and Tipping
    Andrea hit the nail on the head with her comments earlier today. More and more when I go to restaurants, it seems I see less and less of the wait staff during my visits. So why should they be miffed if the tip is reduced accordingly?
  • Remodel your home
    Another way to save money is to finish your basement and rent it out. This can get you anywhere from $600 to $800 monthly. My husband and I are currently finishing our basement for rental. We are sub-contracting everything ourselves and will save about $10,000 by doing so. We called the heat and air guy to install the heat pump and he charged us $3200. Next, we bought all the wood and had another guy do the framing, that cost us $400 for 2 days. Next will be the electrical and plumbing which will also cost us $200 per day and the most will be 4 days each. The sheet rock wich cost and labor will be about $2000, roughly everything will cost us under $10,000 which we can recoup in 14 months if we rent for $800 a month.
  • Responsibility of Wait Staff Salary
    Clark, I am sure that I am in the minority regarding my beliefs about being responsible for the salary of wait staff. Restaurant owners make HUGE profits on the markup of food/beverage prices. When I pay these very high prices, the wait staff salary should be built into the meal price like most corporations when they sell their products. These aren't the days of cheap diners where food is at a minimal cost. You calculate the actual number of minutes that a server spends at your table compared to what $$ he/she expects to be paid for that little amout of time. Wow--great rate of pay. It especially irritates me when I'm expected to tip or pay a carryout charge when no one has even waited on me. I might as well tip the big oil producers for the gasoline that I buy. I never got tipped working corporate jobs where I was expected to typically work an extra 15-20 hours extra each week for free. If I wanted to keep my job, I had to work overtime without pay. I usually didn't even get a "thank you." Anyway, that's my two cents worth from the peanut gallery.

    P.S. Are your running for City of Atlanta mayor? Please, please consider it. There are alot of smart people who would vote for you. We need someone who can add and substract.
  • SAVING in time of layoff
    Got laid off last July.I have been in mortgage business for 20+ years, can't find a job. When severance received, paid utilities 1 year in advance. Rented out house with mortgage and moved to small cabin w/no mortgage. Do not have TV, have stand alone DSL to apply to jobs. Have cheapest cell phone out there; only take car out twice a week, make sure eat EVERYTHING in fridge before shopping. Had some savings but now running out; will keep seeking ANY employment but am rejected continuously for being overqualified...surviving layoff!
  • Dollars&Cent$
    We are in a consumer recession and EACH
    of us MUST spend carefully, eat halthy,exercise and protect the person you see in the mirror - continually.
  • Tips
    Sorry, I don't believe in tipping "fairly". When restaraunt prices were reasonable, I tipped. Now $3 for a diet coke?? Come on... The restaraunt lobby must be STRONG to keep waiters at $2 per hour. We need to change that!!! I'll gladly let the market determine what restaraunt prices are with reasonable wages paid by restaraunts, rather than today's non-working system
  • What's and What's Out
    Let's kick out the politicians who caused all this and get some new ones in this November!
  • Bottled Water
    Blak!

    You never tasted my tap water. The stuff is horrible. Yet each year they send me stats on how great it is.

    PS they make bottled water with flouride for kids.
  • Tipping
    I realize waiters and waitresses depend alot on tips, but if people stop dinning out, there will be no tips at all
  • Bottled water
    It's nice to see that people are cutting back on bottled water, but cost is only one of many reasons folks should just say no to bottled water. Truth is, it is no purer than tap water and uses many resources that could be used better elsewhere. Ever think of all the petroleum used in the production of those bottles and the gasoline used transporting it to your favorite store? And many people don't know that bottled water does not have flouride, so giving it to your children is actually doing them a disservice. And I could go on....
  • agree on the tipping
    Although I'm glad that people DO go eat out (a lot of jobs depend on it), I just got done with a shift where I busted my rear and got many 10% tips for no service reason; i think people were just being cheap. It often takes just an extra dollar to make the tips average out, and we (contrary to popular belief) have to actually very carefully report our tips in percentages and tip-out based on percentages so if I make average below 15% then I lose money on tip-outs and taxes (most servers I know pay a LOT of money when it comes to tax time because our small 2.13 an hour doesn't usually cover all taxes.)
  • Libraries are awesome! Free Talking Books program
    Libraries are great, and a wonderful source of free books! But did you also know about the FREE Talking Books program? For more information on this and other free library resources, check out http://talkingbookslibrarian.blogspot.com/
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