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Week of March 22, 2010

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Grandpa Terry's Update

Grandpa Terry's Tip of the Week

Grandpa Terry's Email

Featured Author's Article

Grandpa Terry's Update

Welcome to The Budget Stretcher!

New Law Saves Money

Do you have 2 balances on your credit card statement? This normally happens when you obtain a cash advance and the interest rate is much more than your normal rate for purchases. Until now most credit card companies applied your entire payment to pay the balance with the lowest interest rate. There was no way to have your payment applied to the high interest cash advance balance until the lower interest rate balance was paid in full.

Under the new CARD Law which became law on February 22, 2010 credit card companies are required to apply any extra money you send, above the minimum payment, to the higher interest rate balance. This can be a significant savimgs because in many cases the cash advance rate could be 20% or higher, even if you have a low rate on your normal purchases.

I strongly recommend that you review your credit card statements and if you do have a higher balance for cash advances that you send as much as you can to get that paid off.

Peeling boiled potatoes
THIS IS INCREDIBLE!!!!!

I received the below email from Valerie, a subscriber, about a easy way to peel boiled potatoes.

Dear Terry,

How did my friend in England get this "state-side" YouTube item before I heard about it? Have you seen it yet? Great tip for peeling potatoes.

There's a little text down the page and then the link to a YouTube site to view the demonstration. I hope you can offer this link in your newsletter.

Thanks, as always, for your great newsletter & offers.

Valerie

Click Here to view the video on YOUTUBE!

Gas In Fredericktown MO - $2.59 a Gallon!!!

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

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Grandpa Terry's Tip of the Week

Quick Money Tips #3
from Budget Stretcher

This is the 3rd in a series of articles that provide helpful money tips that you can use to stretch your budget.

1. Don't blame someone else for your money problems.

2. Don't pay for Credit Card protection.

3. Review your budget and spending habits at least once every three months.

4. Learn how to earn more on your savings through investments.

5. File your important papers, deeds, birth certificates, etc where you have quick access to them.

6. Never pay the minimum payment on your credit cards.

7. Do your grocery shopping with a price book.

8. Look for ways to turn your hobbies into cash.

9. Keep your vehicles in good running condition.

10. Buy your kids school clothes when you find these items on sale, not just before school starts.

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Grandpa Terry's Email

I would like to thank both Crystal and Joyce for their great tips in Saturday's newsletter dated the 13th. Joyce's tip was about storing delicate/breakable Christmas ornaments. This gave me food for thought by also recommending egg cartons for storing the smaller ornaments - breakable or otherwise - that could easily fit in each egg holder. It also helps with recycling the cartons.

Crystal's tip is a great one, which I will "employ" as well. Where I live, hard water is a problem. With a septic tank, I don't want to compromise the friendly bacteria that is needed to process the waste. That is why I curtail the use of harsh chemical cleaners; plus, I have cats and a dog. The 40/60% solution of white vinegar and water, in addition to baking soda in the Loo, is a sound and effective way to get rid of the mineral build-up. That and a little elbow grease goes a long way to get the needed results.

Here's a tip of my own regarding paying off one's credit card.They're called "snowflakes" which I read about from a financial whiz, so will not take credit for this one. And I do apologize in advance if I've already posted this.

Snowflakes, not your winter variety, are a great way to quickly pay off credit card debt. If you get cash-back rebates and refunds from the three biggest drugstores, immediately put those into your checking account and apply them to a credit card payment, even if you've already made a monthly payment towards the card. Anytime I turn in my coin which I've collected over time, perhaps monthly or quarterly, it gets deposited into my bill paying account and applied to my credit card that I want to pay off quickly. So, along with the Snowball method, apply the Snowflakes to the payments as well. This will speed up one's strong desire to get rid of debt. I make sure, too, to not give much thought to the rebate checks I am anticipating in order to avoid spending the checks before they arrive to mailbox.

Jo

<><><><><><><><><><>

Terry,

As a subscriber to your newsletter, I wanted to say that I really enjoy the advice you make available to everyone - from the subscriber tips to all the other info you pack into your weekly newsletters - everything is very helpful.

I have a tip that I'd like to share, as well as a credit card question I need to ask.

First the tip - My 12 year old daughter decided to cook a corn dog in the microwave a couple days ago. When she put it in she set the timer for 13:00 minutes instead of 1:30 minutes - needless to say the corndog ended up resembling a black brick-on-a-stick and the microwave smelled horrible and nothing I could think of (microwaving a cup of lemon juice, using bleach to clean it, etc.) would get rid of the smell. After talking to a co-worker about this it was recommended to me to do the following - use a plastic cup filled with a 1/2 cup of vinegar mixed with 1/2 cup of water and microwave for 5 minutes - not only did it get the smell out but it also made all the other baked on stuff easy to wipe out. I will use this trick to clean the microwave from now on! The inside of my 2 year old microwave now looks as it did when I took it out of the box! Its great!

Now my question - I got my credit card bill last week. I have a Capital One credit card with a $500 max - it is the only card we have and it is used very sparingly. My due date has always been the 18th of each month. My question is about the due date - this month's statement has a different due date on it - the 21st. Does that mean that from now on it will always be the 21st because of the new law or can they change it back to the 18th? I just want to make sure because in all the time I've had this card I have only paid late 1 time and got smacked with over $80 in fees because of it - and even then, I paid it on the due date but after 3pm - the cut off time for same day transactions - and I don't want to run into that again. I have always been extremely careful as far as this card is concerned - I don't want a higher balance, because it's too easy to spend and I want to know when it is due so I can plan on when I'm going to pay it. I appreciate any info you have to offer!

Thanks again for the great newsletter & keep them coming!
~Christine

My Response:

Hi Christine,

Thanks a bunch for the tip. I think I'll try that.

According to the new credit card law companies are required to keep your payment on the same day of the month Yours should be on the 21st. If it's not call the company and remind them of the new law and to set your due date accordingly.

Here is what the Federal Reserve web site has to say about due dates:

Standard payment dates and times. Your credit card company must mail or deliver your credit card bill at least 21 days before your payment is due. In addition

Your due date should be the same date each month (for example, your payment is always due on the 15th or always due on the last day of the month).
The payment cut-off time cannot be earlier than 5 p.m. on the due date.
If your payment due date is on a weekend or holiday (when the company does not process payments), you will have until the following business day to pay. (For example, if the due date is Sunday the 15th, your payment will be on time if it is received by Monday the 16th before 5 p.m.).

You can read more at the below web site:

http://www.federalreserve.gov/consumerinfo/wyntk_creditcardrules.htm

I hope this helps,
Terry

Featured Article

Managing Your Budget
As You Remodel
By 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.