The Elastic Dollar

My apologies.....

2009-01-17T08:29:00.000+01:00

It seems once again Google has gone after this blog, with no reason, as a "spam" blog. Despite the last time, when I spent TWO months writing to them and requesting reviews, they insist on this type of behaviour.

I sincerely apologize to anyone who reads this blog, or would like to contribute, for this interruption. This blog is NOT SPAM!! I write every article myself. I often include links to other sites or articles that might be of interest to readers on this blog. I never claim these linked articles/sites as my own. I believe in giving credit where credit is due. When I do provide a link to another resource, I will often give my own thoughts, reactions, comments, or insight on the content of the linked resource. Even when I do provide my own review of the linked content, I will almost always encourage you directly to review the linked resource yourselves.

My hope is that Google will stop these unprovoked, and undeserved, attacks on this blog. According to their warning message, this should be resolved in two days (and hopefully not the TWO MONTHS it took last time). I hope that you all will keep reading, despite this issue.

My best wishes to you all as you strive for your financial health and well being.

Being Debt Free

2009-01-15T08:05:00.003+01:00

As the world economy has begun, and continued, to decline in the last few quarters, many people have begun to look seriously at their own financial situations. One thing I have heard from many people is a wish that they could be debt free, or at the very least, in less debt than they are.

I recently came across this post, "20 Things that Rock About Being Debt Free", and I was impressed by the description. I agree with every point on that list. There are many wonderful things about being debt free, and I encourage everyone to read this article, and maybe find a motivation to start their own debt reduction journey.

Taking a Look at Your Financial Health: Review Your BUDGET!

2009-01-12T10:02:00.001+01:00

Financial preparedness is an important part of life, especially in these perilous financial times.

One essential step to being financially prepared is having a budget. It doesn't have to be complicated and involve the use of advanced mathematics, it just has to work for you. Budgets often start out simply, as you learn about your finances, and can evolve to be more complicated as life changes and you get a better hold on your financial health.

Once you have a budget in place, it is important to review your budget periodically. Make sure it is still working for you and your family. Are there new expense streams that you aren't including? Are there old expense streams that you can eliminate? Have you considered adding a "rainy day" fund to your budgetary expenses? Take time with your spouse to review your budget and make any changes that might be necessary.

If you don't have a budget yet, this is a good time to get an idea of what you might need. There are several great resources for starting a budget.

The Church of Jesus Christ of Latter-day Saints offers a basic budget worksheet.

Brigham Young University also offers a series of on-line courses in personal financial management at their new personal finance website.

Other resources are available from MSN Money, ranging from topics such as budgeting to college expenses.

Even the government offers resources for personal financial management through the Federal Reserve.

Talk to your friends, your neighbors, your spouse. Use the resources above, share your ideas, your successes and your failures. Take this time to get a look at your financial health.

Budgeting and Financial Communication

2009-01-12T09:59:00.003+01:00

Another important part of your financial health is managing your money....a.k.a. BUDGETING!

Keep in mind that the word "BUDGET" means something different to everyone, and that that is okay. They way that you choose to budget may not be the same as your neighbor, or even your spouse.

BUDGET is not a bad word! The goal of a budget is not to restrict you, starve you of fun, or make you miserable. The goal of a budget is to help you be in control of your money, to be responsible with your stewardship.

While the execution may vary, the basic principle of a budget is to help you spend less than you earn. There are a multitude of ways to do that. I have heard ideas ranging from envelopes of cash for expenses, to complicated accounting practices involving electronic tracking of expenditures. No way is going to be the right way for everyone. You have to find a way that fits your finances, your lifestyle, and your knowledge....and keep in mind your way may change as those factors do!

With that said, there are a few things to keep in mind when making a budget:

Know what your expenses are. You can't budget for things you don't know about or acknowledge. Keep track of what you spend for a time (most appropriately for a month), holding on to receipts can help. After tracking your expenses for a time you will have a better idea of where your money is going.
Be realistic about your expenditures. Make sure your budget realistically reflects your needs. Budgets need to cover not only your bills, but also your expenses. So, if you buy that latte or donut every morning but don't have it as part of your budget, you could get derailed pretty fast. You have to be honest with yourself (and your partner) about what you spend and where you are spending it.
Know what your income is. This seems pretty easy, as we all generally get paystubs or some other document telling us how much money we are receiving. Make sure you know how much you are getting, especially keeping in mind things like taxes, fees, retirement, etc that may be automatically removed from your pay before it gets to your bank or your hands.
Make sure your budget doesn't exceed your income. When you match your expenditures up to your income, make sure that they are at the very least the same, but preferrably having expenses lower than income. If you find that your expenses exceed your income, it's time to do a financial inventory and see what can be cut or at least cut back.
Remember budgets are dynamic. What your budget looks like today will likely be different than it will look in a year or two. Make sure to periodically review your budget to make sure it continues to meet your needs. You may find expenses that are new that need to be added, old expenses that no longer exist, or amounts that need to be adjusted. You may start out with a simple budget which may become more complex as you learn more about your money and budgeting. Don't be afraid of the change!
Share the budget. If you live with other people (like children or a spouse) make sure that they know what the budget is....especially if they spend money from that budget. This can also be a useful teaching tool for your children.
Don't be afraid to get help. Budgets don't make themselves, and financial education is not generally prominent. Don't wait to make a budget simply because you think you don't know what to do. There are plenty of resources (many of them free) to help you get started. Look online (see the sidebar for some links to financial resources), you can find free worksheets, budgeting tips, even forums for people to discuss budgeting. Ask friends and family for suggestions or help. Make use of community resources available. Don't be afraid of budgeting, learn, get help, and get started!

While budgeting will certainly help with gaining control of your financial help, if you have a partner, FINANCIAL COMMUNICATION is another vital aspect of your financial health. Your finanical health is a joint venture between you and your partner, and you both are stewards of that financial health, responsible for its condition.

Just as there are a variety of ways to create your budget, there are a variety of ways to divide responsibility and facilitate communication. Regardless of how you choose to budget or divide the financial responsibility, good commuinication is essential.

Here are a few ideas on how to facilitate financial communication, and keep everyone in the loop, that were shared at our monthly meeting, and elsewhere:

Hold regular "financial" meetings. This was the most stated suggestion. Frequency varied from weekly to quarterly, but most suggestiosn were for monthly meetings. You and your partner can go over your budget, discuss expenses for the month, discuss future expenses, and share your experiences with your financial responsibilities.
Be financially honest. You shouldn't be afraid to share your financial concerns, successes or failures with your partner. It may not be easy, but financial honesty is essential for good financial health and a good partnership.
Have some place where financial health is documented. These suggestions ranged from a checkbook ledger to electronic logs (such as money management software). Having this information written down can help to facilitate communication, and help you both keep a handle on your financial health.
Be involved. While one might be responsible for paying bills, and the other for buying groceries, you should both be involved. You may choose to divide financial responsibility in different ways, but make sure you both participate in this important aspect of your partnership.
Take a money day. We all take sick days, vacation days, even holidays, but how many people think to take a money day? Take a day, sit down with your partner, and talk about your money. Take your monthly meeting to a new level. This can be done as often as you want, but is recommended that you do it at least once a year. Set financial goals, review your budget and make any changes needed, take stock of your financial health. Discuss your financial responsibilities with your partner and make changes in that if needed. Don't want to pay bills this year, well maybe you can trade responsibilties or adjust your range of responsibilities to what suits you now. Give your financial picture a good looking over.
Make your plan together. While, on some level, this may be best done before your partnership begins (in fact experts recommend you discuss finances before getting married), sometimes we get started late in the game. You may have missed the pre-marital window, but that is no reason to not have a plan. Discuss with your partner your expectations for your finances and for each other. Very rarely do two people with exactly the same financial ideas get married. You'll likely have to compromise, but if you sit down together to make a plan, it is more likely to work. But dont' forget, even the best laid financial plan needs to be dynamic. Life changes and so will your plan!

The process of having a workable budget and good financial communication will take time....nothing that important happens overnight! Don't be discouraged if the process seems to take longer than you would think or like. By taking the first step to create a budget and share financial communication with your partner, you have done the hardest part.

Financial responsibility, living with in our means, and being financially healthy are important aspects of our lives. This is made even more poignant by the recent economic crisis sweeping across the world. Some times it is hard to think of the "lean" times when there is plenty, but the lean times will come, and having a handle on your finances will make those times much less scary and stressful.

Resources and Articles:

Happily Living Within Our Means

Family Finances

Where does the money go?

Five Steps to Financial Well-Being

Know Where your Money goes

Make Marriage a Partnership - Couples Counseled at Fireside

Making a Financial Rainy Day Plan

2009-01-12T09:56:00.001+01:00

With the changes happening in the world these days, it is imperative that everyone be prepared financially. One way to be prepared for those turbulent times is to have an emergency savings fund or a "rainy day" fund.

While this will take time, experts recommend having at least 6 months, but preferably a year, of your expenses set aside in case of an emergency (such as a job loss, disability, accident, etc). You can start out small (say one pay period) and work up slowly (say the next step being 3 months) toward whatever level you have decided on. A little savings is better than none.

While this doesn't mean that you have to rush out tomorrow and have all your rainy day money set aside and every contingency taken care of, you do have to start somewhere.

Here is what it does entail:

Review your income. Determine how much you have coming in.
Review your expenses. This ties into our mini-challenge for the last period of making a budget.
Determine what your expenses would be for a 6 month period. Assume that for this 6 month period you have no income coming in.
Now you know how much you need to save.
Determine a goal length for saving your total. Consider saving it over a year, two years, 6 months, whatever you think your income will allow and what fits your needs and wants.
Decide on a way to break down the total into manageable chunks, whether that is by week, by pay period, by month, etc. In whatever way fits with your timetable and income.
When you have determined how you want to break down the total, make a plan for saving it. There are plenty of ways to find the money.

Add it as a budgetary item, which is easy if you are breaking the total down by weeks or pay periods.
Consider assigning "excess" funds, such as tax refunds, pay bonuses, or gifts to meet your total.
Save your spare change from cash purchases, and after a set time period, deposit the total towards your goal.
Have 26 pay periods a year instead of 24? Consider budgeting using the 24 and deposit the "extra" 2 pay periods into your rainy day fund.

After you've made your plan (and don't forget to include your partner), think of ways to keep yourself on track.

Consider making a chart that will allow you to mark off as you contribute to your rainy day fund. Think of those giant thermometers that help us see how much we've contributed to various charities. This can help motivate you as will have a visual reminder of your progress.
Think of a reward for when you reach your goal. Maybe a dinner out, a new movie, something to look forward too....just make sure that you have set aside funds for that too :)
Keep a "checkbook" ledger to help you track your savings.
Consider adding all the dividends and interest from investment and bank accounts.
Consider giving up a vice or luxury (such as the morning latte, cigarettes, candy bars, etc) and putting that money toward your goal...it could not only make you richer, but healthier too!

Now, you are on your way to having a rainy day fund! Remember this is meant to relieve some of your financial stress, and give you some security.

As time goes on, your expenses and savings may change. Remember to review your "rainy day" plan and adjust it as is necessary for you.

If you have any easy or cool ideas on how to set aside those pennies, or success stories on how you have saved, please post them! Even if it is just a little at a time, you can do it!

Special Cards for Special people

2008-11-17T15:32:00.001+01:00

I will apologize now, if this offends anyone, but I wanted to share. While this doesn't have much to do with stretching the dollar, it does have something to do with being thankful for the dollars we are able to earn.

A friend forwarded me this address. The idea is to make an extra card or cards this holiday season, and send one on to the address below

A Recovering American Soldier
c/o Walter Reed Army Medical Center
6900 Georgia Avenue,NW
Washington,D.C. 20307-5001

These cards will go to some very deserving service members who have been injured in the line of duty. They don't have to be extra fancy, in fact I imagine that many cards that will be sent will be store bought. But, I thought it might be mighty nice for these men and women to receive some cards.

Please don't feel as if I am demanding you participate, I am not. But, if you are going to be doing some holiday cards, please consider sending one. I have the opportunity to live in a military community, and I have the honour of seeing first hand the sacrifice that our military members and their families make on our behalf....this is just a little way to say thank you.

So I looked at the snopes website and it had a link to another snopes website that talked about the Walter Reed address and it actually said that is false. Walter Reed will not accept cards to "recovering soldiers." The website on that is:
http://www.snopes.com/politics/christmas/walterreed.asp
BUT, it is true that this year the Red Cross will be hosting an event like that where we can all send in cards and they will distribute them. The website about that is:
http://www.redcross.org/email/saf/

Death of the Coupon

2008-04-17T08:25:00.004+02:00

I found this article on MSN.com. I am intrigued by the prospect of having my coupons waiting at the register for me.

Here is the link: Death of the Coupon

Now my comments. I do some drawbacks to this system. I can use multiple paper coupons, and depending on the store, the number I can use varies. So if I buy 12 packs of Huggies diapers, theoretically, I can use 12 paper coupons. There was no information on the use of multiple copies of the electronic coupons.

Secondly, some stores do not have shopper loyalty cards (which is not necessarily a bad thing), such as DeCA (military) commissaries. What happens when you want to use electronic coupons at these locations?

Thirdly, what is the cost to set this system up at stores? If the cost of introducing, tracking, and ensuring the proper application of these electronic coupons, and associated systems, is too expensive, stores may not be willing to utilize it.

As noted in the article, some stores are already making the transition. In reality, it seems that introduction should not be more difficult that the application of rebates that stores often link to shopper loyalty cards. For several chains, your card automatically gets you rebates on certain products, with little or no effort on your part, and those rebates are tracked and displayed on the stores website.

Tax Time

2008-04-08T11:10:00.005+02:00

Well, it is that wonderful time of year again...Tax Time. Most of us will have to do our little dance with the IRS, filling out the endless bureaucratic forms, pledging our firstborn for debts, and hoping we don't get audited.

Some of us will likely be getting a refund from Uncle Sam.....some small, some large (I am very grateful for that child tax credit). Most of us will be getting the economic stimulus rebate as well. With a minimum $600 payment for adults ($1200 for married couples), and additional rebates for qualifying children (who said having kids wasn't worth it), it could turn out to be a serious pay day for a lot of American tax payers (here's to hoping that all of you are among the lucky ones).

The question then is, what to do with all that money? I've heard that most Americans overpay their taxes (by having too much withheld from their pay checks), banking on the tax refund to pay off debts, finance vacations, or force them to save a nice chunk of money. While the topic of tax withholdings is an entirely separate article, it is important to carefully consider what to do with any money the IRS will be sending your way.

Options

I'm going to Disneyland!

There will undoubtedly be many Americans who will channel their rebate and refund checks to pay for the annual family vacation. Whether it is Disneyland, Yellowstone, or Italy (which is my choice for my summer trip), be sure you spend those funds wisely.

I'm not advocating that you not take that trip, in fact part of the point of the rebate is to stimulate the American economy, and so taking that trip could be a good thing for everyone. Consider making it a nice weekend, a long weekend, instead of a two week extravaganza.

Check out sites that offer vacation packages, which often save you money. Just make sure you're not paying for a package that costs more, and getting extras you won't use. Be sure to compare prices between sites for the same packages or services to make sure that you are getting the best prices. Sometimes these sites will match prices from their competitors just to get your business. You may also be able to haggle out some extra features for your money.

Consider doing a local vacation. Visit all those fun and/or historical sites in your town or state. You don't necessarily have to go far to find something to do. Plus, by visiting local sites, more of your money will be circulating in areas that directly affect you.

Now might also be the time to spend those extra dollars to visit Grandma and Grandpa. It's not a "sexy" vacation, but spending that money to make some memories might be the best investment.

The most important thing to remember is not to get conned into going on a trip you can't afford. You won't be too relaxed if you know that trip is going to leave you in debt.

A shiny new set of wheels

Some of you may be drooling over the latest fad from Motor City, or maybe the new import on the showroom floor has caught your eye. Once again, purchasing a car can be a good use of your refund and rebate (still in line with the spirit of the economic stimulus package), just be smart.

While that car that can do 0-200 MPH in 3 seconds, or has a phone, a coffee maker, and a wet bar, might look like a dream come true, being saddled with a car that is showy but useless, can be a nightmare.

Find a car that meets your needs. Notice I said NEEDS and not WANTS. While your wants can be important, don't drag yourself into debt for a bunch of fancy extras. Make sure that the car meets the basic needs of space, durability, gas mileage, and some of those psychological needs (hey go for the leather seat covers). If you are a soccer mom with 4 kids, that two door Mustang probably isn't going to be a good investment.

Make sure that you also choose a car that you can afford. When you make the average wage (usually around $40,000 a year), going for that $250,000 Lamborghini is probably not a good idea. You should review your income to make sure you can either afford to outright purchase the car, or that you will be able to reliably make any payments required under financing. You don't want to buy a car and then find the repo man towing it away a few months later.

Research your financing options. While I would usually argue that you shouldn't buy a car you can't pay cash for, I realize that sometime that isn't possible (whether that is due to emergencies or simply a lack of funds for those who are just starting out). Make sure you understand all the options for payment. Often dealers will offer in home financing, which can be a good deal, but check the rates form your local bank or credit union.

Also look into dealer rebates, or other rebates you may qualify for due to your status (some dealers or manufacturers may offer special rebates for veterans or active duty military service members). Compare the cost of buying the car off the lot, or financing it. Sometimes it can be a close call, but make sure you've reviewed all the options.

Realize that the car will be worth 5-15% less than the purchase price the minute you drive it off the lot, so don't expect to be able to sell it for what you paid. Also, check the dealer policies on returns. Some dealers offer a 72 hour return policy, some do not.

Consider buying a used car. Some great places like CarMax.com offer a wide selection of used cars. With CarMax, they have generally thoroughly inspected the vehicle, cleaned it, and made sure it's in good shape. Used cars have already depreciated in value, so your immediate (driving off the lot) loss in investment value is much less.

With either new or use cars, make sure to get information on the manufacturer's warranty or dealer warranty for service and repair. Sometimes even new cars can have serious mechanical issues, and you don't want to dig yourself deeper in debt fixing it up.

Also, make sure to review your insurance costs. Buying a new car will likely raise your insurance costs, especially if you opt for comprehensive and collision coverage (which will help to replace the car in case of an accident). Call your insurance company and ask for quotes based on the make and models you are looking at. Compare the costs for both used and new vehicles (used cars will likely have a lower insurance cost), and factor insurance premiums into the overall cost of the vehicle. You'll also need to consider the cost for registration of your new ride in your local jurisdiction, some areas require you to pay registration fees based on the age, make, model or gas usage of your vehicle.

Keep the gas mileage of the car in mind as well. In the current era of skyrocketing gas prices, buying the fuel efficient hybrid (like the Toyota Prius), might be a better idea than the monster Hummer.

Get rid of the shackles

Getting out of debt can be a great way to spend those new found funds. It is usually a better idea to pay off your highest interest rate debt first (likely to be credit cards or car loans). Even if you have smaller debt amounts at lower interest rates (such as $1000 at 5% versus $5000 at 22%), apply those funds to the higher interest rates. It will be more effective, and save you more money in the long run.

Also evaluate the status of the debt. Some debt is considered "good" (such as home loans and student loans), and doesn't necessarily reflect negatively on you. Some debt is considered "bad" (such as high interest credit card debt), and can negatively impact your credit ratings or ability to get loans.

If you are lucky enough to not have credit card debt, or car loans, or student loans (or some other form of financial shackles), consider putting the money towards your home. If you own your own home, consider making an extra mortgage payment (or two), to cut down the principal. If you haven't bought a home yet, consider putting some of that (or all of that) money aside for a down payment.

You may want to consider consolidating your debt into one place (usually a HELOC or onto one credit card). Consult a financial advisor to determine what might be best for you.

Saving for a rainy day

Now might be the time to start that rainy day fund. Most financial experts recommend that you have at least 3-6 months of your living expenses in an emergency fund. Calculate what you would need to have to survive (pay all your bills, utilities, rent, food, car fuel, etc) for that time frame, and then put that money aside in a savings account.

If you are already on the ball and have your emergency fund, start another fund for college, a new car, a new house, or whatever else you might want to buy in the near future. Save that money up so you can pay for the item outright, or in the case of college or a home, you can let that money sit there and grow.

Look at putting some of that money into a retirement account, such as a Roth IRA or employer sponsored 401(K). It is never too soon (or too late) to start saving for the future. Make sure to research your contribution and income limits. Research the options to make sure you are getting the best bang for your buck, and the best tax savings for the future.

You may simply want to put the money away to grow. Consider a high interest savings account (available from INGdirect or other online banks), CD, or brokerage account.

Other Options

There are plenty of other ways to spend your money: a shopping spree to the mall, that new plasma TV, a new computer, a pet, or the newest gizmo to make life easier.

Whatever you decide to buy, consider a few things.

1. Do you need the item? Is this something that you will use or need, or will it simply acrue dust in the attic/basement?

2. Is this the best price? Compare items, and retailers, to make sure that you are getting the best price. If it is a seasonal item, consider waiting until it will be on sale.

3. How long will the item last? Is this a long term investment, or a short lived high?

4. Have you met all of your financial obligations?

5. Can you afford it?

Tax rebate time can you give you a high, but don't let that high leave you broke, or in more debt than you had before.

The Simple Dollar

2008-01-30T09:35:00.001+01:00

This is another good site for some financial discussion and advice. Check it out.

The Simple Dollar

Make it Yourself....Laundry Detergent

2008-01-30T09:21:00.000+01:00

One way to save money is to make items yourself. I found this great article on-line about making your own laundry detergent. Though I don't know if I would want to have a large bucket of sludge in my house, it might be worth i....

Here is the link:

How to Make Your Own Laundry Detergent

Shopping for Kids Clothes

2008-01-29T12:30:00.000+01:00

You all know that kids clothes can be very expensive, especially when they seem to grow out of them every other day. Here are my recommendations for saving money on this expense.

Make a list of basic needs. Create a list of basic wardrobe needs (number of pants, number of shirts, etc). These are the items that you HAVE to have to dress your kids. Don't be too stingy, but don't go overboard either. make sure the list includes items you need for your regular activities (school, sports, church, etc).
Keep a list of items you need. It helps to have a list of clothing items you need for the coming year. Start with your basic wardrobe list, and make sure the list has a quantity for each item. Keep this list in your purse or car, essentially carry it with you, so if you are ever out shopping and you find a good deal, you know what you need.
Shop clearance racks. Scour the racks at your local department and discount stores. You can find great deals here. This is where your "needs list" comes in handy. Make sure you aren't just buying stuff because it is on sale. It is okay to get extra items, or special items, that you don't really need, but make sure you don't go overboard.
Shop off season. Using your needs list and basic wardrobes list to decide what you need each season. You can save money by shopping off season clearance sales. Wait to buy your winter clothes until spring and summer, and vice versa. There may be slim pickings, but if you watch carefully, you can snap up some great deals and beef up those wardrobes.
Visit your local outlet mall. You can find great deals at the stores in these malls. Often these malls are home to regional stores, which means that they get the clearance from others stores in the area. These stores also tend to have "clearance" racks, with deeply discounted items.
Know your local stores. Talk to store managers and ask about scheduled sales, when they clearance items out, and any special offers they might have. Getting to know the staff and managment of your local stores can help you find the best deals.
Shop thrift stores and consignment shops. Most of these places offer special sales or coupons, which can lead to additional savings. You can often find brand new clothing (with tags still attached), or nice gently used clothing here. These are also great places to find gently used toys, books, and other kids items.
Start a clothing swap. Have a ton of boys clothes you don't need, but looking for some cute girl's dresses? Start a clothing swap in your neighborhood, church or other community group. Members can trade items they no longer need for items they are looking for. make sure that you check the quality of items you plan to swap...you don't want to be giving away spit up stained t-shirts.
Prowl E-bay and other like minded sites. Just like thrift stores and consignment shops, you can find great items for low prices on these sites. You can also sell your unwanted items there, and help finance your new purchases.

Happy Shopping!

Online Coupons

2008-01-28T16:03:00.001+01:00

Considering that I am a big fan of online coupons, and I have been writing about them lately, I thought you might enjoy this article about them. The article includes references for sites where you can find some good ones.

The article originally appeared on MSN Money.

The Basics: How online coupons save you hard cash

Saving on a Shoestring

2008-01-28T16:00:00.001+01:00

Saving is an important part of financial health, and one that in our culture, is often overlooked. This is an old article that I downloaded from MSN ages ago, but it still applies.

No matter how much you make, you can save money. You may start out small, but starting is the hardest part.

Here is the link to the article: 20 Ways to Save on Shoestring

Taking a "Money Day"

2008-01-28T12:21:00.001+01:00

This was a good article. For those of us trying manage our finances, or those who may be trying to get started on that journey, taking a "money day" may not be a bad idea. Just think, we usually take time to do our taxes, go to the doctor for a check up, take our car to the mechanic, etc. So why not take (at least) an annual "money day" to take care of our financial health?

Here is a link to the article for those of you who want to take a look

Taking a "Money Day"

The Grocery Game

2008-01-28T12:03:00.000+01:00

For those of you looking for ways to slash that grocery budget (and let's face it, it is a huge expense, that is getting bigger every day), coupons and sales are often an "easy" way to cut costs.

The problem for most people is that maximizing savings generally involves hours of looking through ads, clipping or printing coupons, and matching them up. Now some of us (me included) enjoy the hunt, and have no problem doing the tedious work of coupon clipping and sale hunting.

For those of you who do not want to spend your weekends planning, clipping, and hunting, there is another option.

You can go to The Grocery Game. This is a website that does all that work for you (more or less). Now this is a PAID site, so it will cost you a little to get results, but if you really despise the effort, it might be worth it.

I have gotten some great feedback about the site, and several friends have sworn by it. If you decide to try it out, please come back and leave a comment about your experience!

More Internet Coupons

2008-01-28T11:54:00.001+01:00

Several individuals have given me other sites to get internet coupons from, so here are some new links!

Coupon Mom

Grocery Coupons

Mommy Saves Big

Cool Savings

My Coupons

Military Shopper

Your Money or Your Life

2008-01-28T11:49:00.000+01:00

This is a great book. "Your Money or Your Life" by Joe Dominguez and Vicki Robin. Most libraries have it, and Amazon.com has it pretty cheap (about $10).

I recommend this book to anyone who is looking for ideas about a financial plan for the future! We've been reading it at our house. A lot of it is common sense advice, but sometimes we need to hear that over again!

I disagreed with some of their "rhetoric" (they are decidedly environmentalists), but their financial advice was good. I liked the fact that their goal wasn't fame and riches, but a healthy relationship with money.

Truly if you think about it, what is more important, your money or your life?

50 Ways to Trim Your Budget

2008-01-22T19:58:00.000+01:00

This was an article posted on MSN Money, and seems to have a lot of common sense advice about cutting costs. Sometimes its not easy!

50 Ways to Trim Your Budget

Online Banks

2008-01-20T21:38:00.001+01:00

In this modern age of the the World Wide Web, the banking industry has kept up. In addition to banks offering on-line access to accounts, internet bill paying, and other modern conveniences, there has sprung up a large number of "internet only" banks.

These banks generally have no "brick and mortar" locations (traditional banking branches), and their services are totally linked to the Internet. while there is some trepidation in trusting you money to a "virtual" bank (they are not totally virtual, as they have "brick and mortar" headquarters and offices), they can offer great benefits.

Most of these banks offer the same conveniences as traditional banking institutions. They have on-line bill paying (which is such a convenience especially for regular and reoccurring bills). They offer checking accounts, with check services and ATM/Debit cards.

Most also offer credit cards (if you need another one) and other loan services. Some, such as ING Direct, also offer mortgage services.

They also offer savings accounts, which are perhaps the greatest benefit to this incarnation of the banking world. Where as most traditional "brick and mortar" banks are offering something in the range of 0.5-o.75% interest (my traditional bank is offering around 0.75% interest), these online banks are offering much higher rates. ING Direct (my choice for on-line banks), is currently offering 4.1% interest on their savings accounts. This means that your money is working harder for you.

While you will probably need to use a combo of both a traditional bank and an "Internet" bank, you can make great use of these services. My family and I keep our "working" money (the money we use for daily expenses such as groceries, gas, etc) in a traditional bank, to ensure easy access, we have chosen to put our long term savings in an Interent bank (after a lot of research and discusssion, we were a little uneasy at first about Internet banks, we chose ING Direct). This way, the money we don't need to get at fast is making us a ton.

ING Direct also allows you to link your traditional banking accounts to your ING account, so that you can easily transfer money between them.

At least ING Direct (and hopefully some of the other options), also offers incentives for signing up. They give you a certain dollar amount as a "gift" for signing up. You can also make more money by referring friends and family. ING offers a way for you to invite your friends (by sending them an e-mail), and if you friend signs up for an ING account using this invitation, they receive about $25 dollars in their account, and you will receive a $10 deposit in yours.

While these Internet banks can offer great benefits, make sure that you do research your options and understand the risks and requirements of doing your banking this way. I would recommend starting out with a small sum and seeing how your experience goes. I have also found it best to make sure that you have either made arrangements to get easy access to your funds, or only place money you don't need right away in this type of institution.

Here are the site links for two of the most popular Internet Banks. Ask friends and family for any recommendations they may have, since if you know someone who has had a personal experience with the bank, it might be easier to make a choice.

ING Direct

HSBC

Happy Savings!

UPromise

2008-01-20T21:31:00.000+01:00

This a program that offers you a percentage (up to 5%) of money you spend back, into an educational savings account. Their site (UPromise) offers a list of qualifying products and purchases.

You have to sign up on their site to set up an account. You then have to register either your credit and/or debit cards or any Shopper Loyalty Cards you have with participating retailers. UPromise then tracks your qualifying purchases, and offers you quarterly statements on your balance.

Their site offers more information on the rules of the program, such as who can use the money you save.

Shopper Loyalty Cards

2008-01-20T21:09:00.000+01:00

Nowadays many stores offer Shopper Loyalty Cards. They have cute names, but they really all have one thing in common...they can save you money.

These cards often allow you access to sales prices (most stores that offer these cards tie sale prices to their use, meaning if you don't have the card, you pay full price), special promotions, and other savings benefits.

The Downsides

There are downsides to using these cards. You often have to provide personal information (such as name, phone number, and home address), and unless you are willing to provide blatantly false information, the stores will be able to contact you. There is also a risk that this information will be sold to third parties, so by signing up for such programs, you run the risk of being the recipient of a ton of junk mail.

The stores also track what you purchase. While this can be good for you (as often it allows you to receive special coupons, rebates, or other store benefits), it can also mean that someone is watching. Stores use this information to base marketing programs, new products, and their purchasing patterns. As long as you don't mind companies knowing what you brand of toothpaste you buy, then this isn't much a downside.

The other downside is that you often have to have the card on you when shopping. This means that if you lose the card or leave it at home, you lose the benefits. Stores will usually allow you to replace the card (normally you can get a new at the customer service desk), but if you had built up any benefits on the other card, you lose them.

The Upsides

These cards certainly have a lot of benefits. The biggest one being that often times you cannot get the sale prices at your store without one, so they offer you immediate savings on your items.

Many stores also offer frequent buyer programs, that track overall purchases or purchases of certain items, and give you points . These points add up and then often can be redeemed for special savings (such as a percentage or dollar amount off your next purchase, free items, or sweepstakes entries).

Other programs include clubs for certain groups. The most common one that I have found is tied to baby products. Most stores have some savings gimmick for individuals who frequently purchase baby products. My favorite one is from SuperFresh (and east coast grocery store), which tracks your baby purchases (crediting they purchase price to your account), and when you have spent $200, you get a certificate for $20 off your next purchase.

Some stores (such as Weis Markets) also offer clubs for those who purchase pet products and other frequently bought items.

Another benefit to using a store Shopper Loyalty Card, is found in UPromise. This is a program that offers you money for college for buying certain items. Companies sign up to participate, and select some of their products to offer. You receive 5% of your qualifying purchases, which is placed in an account for you. Your purchases can be tracked in two ways: through your credit/debit card(s), which you have to register, or Shopper Loyalty Cards which you also register. Once you register your Shopper Loyalty Card, UPromise starts to track your purchases, and will send you a quarterly statement about your account balance.

You should check with your local store to see what Shopper Loyalty Card they offer (if any), and what the requirements of their program are. Often they will have a brochure or other information regarding the requirements and benefits of their card. Only you can decide if you want to utilize this service, but if you are looking to save money, these cards can offer you plenty of ways to do it.

Rebates....

2008-01-20T20:37:00.000+01:00

There are several ways to get rebates, through manufacturers, stores, or third parties.

Manufacturer Rebates

Manufacturer rebates are usually found on packaging of their products. Rebate forms are printed on product packaging, and usually require the submission of receipts and UPCs (you want to check and make sure that you know whether the company wants the original receipt or just a photocopy). Sometimes rebate forms are found in the ad sections of the Sunday paper (usually in the same sections that contain coupons and store ads).

Even if you aren't sure that you'll use them, it can't hurt to cut them out, and save them. I have had it happen several times that I didn't think I would use a certain rebate (wasn't planning on buying the products), only to find a great deal and realize that I would meet the criteria.

You can also find rebate forms on the websites of certain manufacturers. They usually follow the same requirements (receipts, UPC's and form), but may be easier to find, and if you have favorite manufacturers, you can easily check their sites to see what is available.

Store Rebates

Store rebates can be a great way to save money on products. Many stores offer them now, either on their own products, certain brands, or on many brands. Several stores like Rite Aid and Weis Markets, offer monthly rebate programs. These programs are tied to receipt information or information from the store's Shopper Loyalty Cards. Some of them require more active participation on your part (like Rite Aid), and others simply handle themselves (weis).

Keep in mind that many of these programs offer you the rebate, regardless of what you paid for the item. So if you combine it with store sales and coupons, you can get items cheaply (or if you are really good..FREE), and then get the rebate, which makes them FREE or sometimes even BETTER THAN FREE!!

Sometimes these store programs are not widely advertised, but you can check on the company website for information, or sometimes, there will be signs posted in stores. If all else fails, you can inquire at your favorite store's customer service. These are some of the ones that I have used in the past.

Rite Aid

On Rite Aid's website you sign up for an account and then enter information from each of your receipts during the qualifying rebate period. The site then processes the information on your qualifying purchases, and keeps a tally of how much of a rebate you have earned. You then request your check at the end of the month, if you don't request it, then you lose the money.

Weis Markets

You sign up for an account on Weis's website, using your Shopper Loyalty Card information. The site then tracks your qualifying purchases through your shopper's card. You can request your rebate check at any time, or they will automatically mail it to you at the end of the rebate period. Remember though, if you request you check before the end of the period, you cannot receive another one. This means that if you buy more items which qualify for the rebate program, you will not receive the rebate for them.

Other Rebates.....

Occasionally, you will see that stores and manufacturer's team up for rebates. Many stores now have the "coupon" printers at the checkout, so that store coupons and manufacturer's coupons will automatically print out at the end of your purchase (usually based on the items you have just bought). These printers can also print out rebate forms.

These forms are usually a collaboration, and are often based on special programs (such as Superbowl promotions, Christmas, etc). Sometimes the rebate forms are printed, triggered by the items you are buying. Make sure you check out everything that is printed from these machines to ensure that you haven't thrown away or disregarded valuable rebate forms.

Stores can offer rebates in other ways. One chain in our last duty station (SuperFresh), offered $20 off a purchase, when you made $200 dollars in qualifying baby related purchases. Other stores have similar "baby club" promotions. I know it sounds steep, but when you consider the cost of baby diapers, food, formula, and other products, that $200 is easily surpassed. The program is tied to a Shopper Loyalty Card. The nice thing about the program at SuperFresh, is that the qualifying dollar amounts for items, was before coupons (and sometimes sale discounts) were taken into account. So if you time the sales and coupons right, you can get the items for little or nothing, and yet still bulk up your qualifying dollar amount.

Make sure to check with all the stores you shop at to insure that you aren't missing out on great and easy rebates.

Internet Coupons

2008-01-19T23:08:00.000+01:00

There are tons of great sites out there for internet coupons. Most of them are related to grocery items, but there are some for other items. I've listed some of my favorites below.

Most sites allow you to print only two copies of each coupon within a certain time period (usually about a month).

Remember to check with your local stores to make sure that they accept these coupons. Many do, but some may require a dot scan barcode beneath the expiration date.

Coupons.Com
This site provides a variety of coupons, for a range of products.

Very Best Kids
Sign up for their newsletter, and they will include coupons for several Nestle products (usually totaling about $8) a month.

Betty Crocker
Some great coupons for products we buy often, especially cereal and baking products. Also a great source for recipes.

Pillsbury
This is run by the same company that produces Betty Crocker, so you'll find some duplicate coupons on this one, but they are still good!

Box Tops for Education
This site is also run by General Mills, and duplicates some of the coupons from the Betty Crocker and Pillsbury site. The nice thing about this one, is that by signing up, you can earn Box Tops, which can be given to the school of your choice to provide them with additional income. All the products which have coupons on this site also have boxtops on their packaging, so remember to clip them and give back to your schools!

Smart Source
Like Coupons.com, this is a general grocery coupon site.

Baby Food

2008-01-19T22:44:00.000+01:00

If you have kids, then you have probably been through the fun of buying cases on cases of intriguing combinations of fruits, vegetables and meats, otherwise known as baby food.

Considering most children on baby food for at least 6 months, the expense can be quite large. Several of the large manufacturers offer lots of coupons and other incentives through their websites. These include postal mailings and internet coupons (you'll have to check with your local store to find out if they accept these).

Gerber also offers special offers when consumers mail in UPC's from their products. You can find the .pdf form on their web site, under the special offer links.

Gerber

Beechnut

Baby Formula

2008-01-19T22:29:00.000+01:00

If you are like me, and you have to use baby formula, it can get EXPENSIVE! With all of my kids, I have been looking for ways to save money on this burgeoning household expense.

Several of the formula companies offer free samples to new parents (sometimes more than one), and they also offer checks or coupons for significant savings on their products. These checks come every couple of months, and range from $11 to $1 dollar off formula products.

You generally have to sign up for their "baby" club, which includes mailings, special offers, etc. So if you don't mind having your name on some mailing lists, it is a worthwhile venture.

Here links to all the sites I've found.

Parent's Choice (available at WalMart Stores)

Enfamil

Similac

Nestle Good Start

You want in?

2008-01-18T18:13:00.001+01:00

If you would like to contribute to this blog, just leave your e-mail address in a comment, and I'll send you an invite!

Getting Started.....

2008-01-18T18:05:00.000+01:00

Whether your rolling in the dough, or like me, looking in consternation at the balance in your bank account, we can all use ways to make our dollars stretch. So in the spirit of sharing, I have started this blog.

You are welcome to post ideas and suggestions on cutting down expenses; tips on boosting savings; websites you have found that are helpful....pretty much anything that makes that dollar work harder!

If you choose to post, please use labels (e.g. "baby products", "groceries", "savings tips") so that people can target posts specific to their wants or needs. Also, if you are sharing an article that others might find useful, please include a link and NOT the entire text of the article, if possible.

With all the sharing, maybe we might just find our dollars stretching!