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Newsletter to Your Friends (Use this link only if you receive this newsletter by email) Week of February 22, 2010This is an OPT-IN list ONLY! If you feel that you have received this message in error, please follow the directions at the bottom of this email to unsubscribe. Thank you.Click Here to view this newsletter online. Navigate This ColumnGrandpa Terry's Update Welcome to The Budget Stretcher! myFICO Insider’s Guide to 2010 credit card reform and new FHA mortgage rules is a free download in PDF format the will explain the new rules on credit card reform and FHA Mortgages. This is written in plain english and easy to understand and learn how these new rules will apply to you. Download myFICO Insider’s Guide Yes, here's another article on saving money on groceries. I've published a bunch of them. But, with food being a very large percentage of your budget learning how to cut your grocery bill can save you a lot of money. Besides this article is on a very trusted site, Suite101.com. Tips to Save Money on Groceries Kashless.org. The first marketplace where everything is free. This is a non-profit demonstration implementation of much of our technology. Visit Kashless.org and find free offers in your area. That's all for now. Remember, I really enjoy hearing from you folks. If you have any comments, complaints, suggestions or just want to say Hi, please send me an email to tre2000@midwest.net If you know someone that may be interested in subscribing to our newsletter just copy and paste the below link into an email to them and have them subscribe: http://www.homemoneyhelp.com/confirmsubs.html Have a great week, Grandpa Terry Sponsor AdvertisementAre you frustrated trying to get by on the money you make? Would you like to get a good view to where all your money is going? Would you like to start saving your money, or save even more? Looking for something easier then software like Quicken or Money? Would you like to teach your children about finance? Click Here to check out My Budget Planner Today Grandpa Terry's Tip of the WeekCompliments of The Christian Science Monitor Sponsor AdvertisementPaying highest-interest debt first is the SLOWEST way out ... You can laugh at money worries - if you follow our simple plan. Discover savvy consumer money secrets your friends don't know and banks won't tell you. Limited time only. ACT NOW: ///////////////////////////////////////// Grandpa Terry's Emailbelow is what I'm responding to:"I am in the same boat. There are tons of articles sites, and people who have many ideas on investments, but when it comes to a safe approach to taking the distributions and investing its like they hit a wall. If any thing surfaces, sure hope any information is good enough so you can include in the online site line up. Have a nice weekend. Regards, dean " I thought I'd throw in my 2 cents about Dean's questions re: investments & distributions. Dean doesn't give any details about his situation, so there's no way to specifically answer his question. If he's already pays his credit card balances every month in full, and he already has a 6 month emergency fund, and is now looking to invest in in stocks and bonds, then he needs to start researching this a lot before he invests one dime, and he needs to know what level of risk he can handle, which is somewhat age dependent. He needs to realize that, for the most part, the research isn't going to be free - but if he's got money to invest, then he should be willing to invest in his education about it. And when it comes to distributions, he should talk to a CPA if he doesn't already have one - this kind of advice is too dependent on one's specific situation to be answered generally. I signed up for Motley Fool's "Stock Advisor" which gives me access to their recommendations (with their reasons why, along with under what circumstances they would sell the stock) and the ability to track companies performances - which is really helpful in finding out one's emotional risk level (i.e., how do you really feel when you see the numbers go down?). It's helped me to learn the lingo, and to understand the issues and logic around it all. Morningstar and Bankrate are places I've gotten basic info from early on, for free, as a place to start. Morningstar also offers more detailed info for a fee. My bottom line on this is don't be "penny-wise and pound foolish." Lastly, when it comes to saving accounts, I don't worry too much about the interest rate it's earning, because the most important factor is that it's safe (i.e., only deposit in FDIC banks), and available if there's an emergency. Bankrate offers a search for the best rates available in your area, as well as online banks (such as ING, and Emigrant Direct). Trying to get too clever with earning as much as possible on savings can be foolish - i.e., don't use CD's for your emergency fund, unless you can set up one one per month, so there's always some coming available - you really don't want to pay a penalty on it if an emergency comes along (and have to close the CD early). all for now, Slee Dean's Response: Thanks Terry & Thanks Slee! Looking back at the question, like Slee said, the subject I asked about was more complicated requiring more details to arrive at a more correct solution. Slee did an expert job in using my few details to work with, and delivering very sound advice. Its not always about earning most interest either, as he stated. I will try Slee's recommendations with the Motley Fool and others to build a foundation. As what was said about emotional level, etc. this too, is something to consider while building a how to invest foundation too. In closing, Slee also caused me to see I should have had the foresight, and established early on an investment plan & use for the IRA money at forced distribution. Guess I am going through an investment rebirth if you will to match todays markets and situations! I want to again THANK The Budget Stretcher with It's Valuable talent like Slee and Terry who have walked me through my situation/ question, Any person considering joining Budget Stretcher should do so without reservation. Not only will You find answers to your questions, you will find much material to research, spend quality time onsite , and best of have a whole lot of Fun! Warmest Regards dean Featured ArticleBy Alyssa Davis
So you've decided that your home, or a part of it, needs remodeling. One of the worst things that can happen is to be halfway through the remodeling job, only to find out that there are costs you didn't expect to incur, or something goes wrong and you end up having additional expenses to fix the problem. Do you stop the project and try to salvage whatever can be redeemed, leaving you less than satisfied with the end result? Or do you bite the bullet and bear the costs, feeling guilty for overspending? Managing your budget is an essential part of the remodeling process, which is why you need to know how to go about doing it before you begin the remodeling. Having clarity about your budget will help you make wise decisions about issues when they arise. You will also feel better knowing you are in control of the remodeling and the finished result. Get estimates: When you have a rough idea of what you want out of the remodeling job, begin creating your budget by getting estimates of every foreseeable cost. Interview contractors and do your homework to obtain accurate numbers. Remember that the budget will be refined as you gain more information and a clearer idea of your needs. You can find free remodel budget templates and remodeling cost calculators online to help you get started with an estimate. Include budget for unexpected costs: Most people recommend setting aside 20% of the budget for costs that may arise unexpectedly. Maybe there is rotting wood behind your wall, or the electrical wiring is outdated. You may find yourself having to do necessary repairs or replacements in order to continue with the remodeling work, so be prepared. Set your remodeling goals and objectives: An important piece in managing your budget is to write down your objectives, priorities, and preferences surrounding your remodel. There are often many specifics to make decisions on, such as brand of products, types of materials, design options, and so on. Identify those that are crucial to include, and those that you would enjoy but can do without. This will help you focus on getting the important aspects covered first. Avoid the temptation to overspend: As the remodeling is in process, you may discover that there are some features you didn't think to include before. As far as possible, don't incur additional costs, since it is probably something you don't really need. If it becomes a priority item, consider ways to cut costs on other things without adjusting the overall budget. Have flexibility in your strategy: There are different ways you can allocate costs without blowing your budget, and as the remodeling progresses you may find that you need to tweak your plans. This is part of managing your budget, so don't feel alarmed or guilty if things don't go exactly according to plan. For instance, you may be able to do some of the home repairs yourself to save costs, or you might decide to wait to install a feature later if you can't afford it now. Home design expert, Alyssa Davis of Metal-Wall-Art.com, is particularly skilled in designing with fleur de lis artwork and abstract metal artwork. |
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