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The Budget Stretcher
"Saving you money...One Dime at a Time!"
Week Of: May 12, 2008
AOL Users Please Visit Online
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Grandpa Terry's Quips
Tip 2 - Don't keep your bill collectors guessing. It will hurt
you a lot more than it will them.
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Support Our Sponsor
"Raising Money Smart Kids" open access until May 31st
In 1998 Mike DaSilva had $90k in debt. His kids, still
in diapers, would be finishing school by the time it was
paid off. Mike studied everything he could get his hands
on about personal finance, and by 2003 he was a millionaire.
Looking back Mike says, "I do not want my kids to have to
live through what I did. What I learned at age 33, I could
have and should have learned when I was a kid."
"Raising Money Smart Kids" is a collection of Mike's
practical advice and information for every parent. Normally
sold as part of the KidsWealth Money Kit, you can get open
access at no cost until May 31st.
Teach your kids how to spend less, invest, live their best
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***What's Inside***
Grandpa Terry's Free Ebook
Subscriber's Tip of the Week 1
Coupon Savings
Grandpa Terry's Update
Credit Card Information
Grandpa Terry's Tip of the Week
Site of the Week
Grandpa Terry's Email
Subscriber's Tip of the Week 2
Subscriber's Tip of the Week 3
This Week's Articles
Special Recipe - Poor Man's Chicken Fried Steak
Watch for next week's newsletter featuring:
6 ways to buy checking 'float' time (Beating Hard Times)
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Subscriber Tip #1
What we have done just recently to save money:
* Take old shampoo./dishwasher liquid bottles to the Food Co op
and have them refilled. One bottle lasts...well ..we haven't
worn out a plastic bottle yet. With 3 urchins, I just like that
we aren't throwing all the extra plastic in the trash
*We have stopped as much as possible BUYING bottled water. WE
use REFILLABLE tap water from home. What ever "special" squeeze
bottle they want is fine, it's cheaper than buying for every
event.
*Three Urchins + Tae Kwon Do+ dance= lots of money literally
that is just "peed" away. Tap water=free $$. Sometimes the kids
remember to fill bottle 1/3 full and put in freezer, then fill
it before we leave= COLD bottled water! I think we save at LEAST
ten dollars a week just doing this.
* We take our kids to charter school 40 minutes from home. I
pack Snacks for when we pick them up so we aren't Sucked into
the "I’m so hungry I’m going to pass out PLEASE stop at
McDonald's trap".
*I joined the kids Charter School Board so I would know what is
REALLY going on. Benefit: I KNOW what is going on. We RARELY
have ANY parents or staff come. How does this affect money??? I
am helping Shape MILLIONS in the budget, teacher salaries etc.
Your readers can save by this tip maybe: Our managing company
gives a small kick back to an employee if they don't take the
insurance. (Say for instance a spouse had insurance and it
covers them). Benefit to school is thousands in Cost, even though
ALL savings doesn't go to employee, it is more cash in their
pocket.
* I got addicted to "Propel" water drink. I was buying it at
$1.75 a bottle from one of the schools vending machines where I
teach Sign Language EVERY day. I found the Powered packets TEN
for a dollar, and use them as a TREAT once a week IN my bottled
tap water (remember the item above?). And guess what??? Its'
JUST FINE!!! LOL.
OH well I could go on and on...but Thanks again Grandpa Terry!!!!
Donna
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Coupon Savings
by Michelle Jones
When you order Michelle's Coupon Saving Ebook I will send you
a list of dozens of links to find coupons that could save you
hundreds of dollars! Just order her ebook and send me the
receipt by email to tre2000@midwest.net
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Grandpa Terry's Update
Welcome to The Budget Stretcher!
I have to mention Michelle's Coupon Saving Ebook and how much
information there is to help you whether you are an expert
coupon clipper or a beginner. I was really impressed with the
way she put this together.
Now, I have a collection of links that contains dozens of web
sites that offer coupon or rebate savings that I will send you
if you order Michelle's ebook. After you order all you have to
do is send me your receipt by email and I will send you the
links. Here is how to order:
Also, one of my Budget Stretcher Partners has an extensive list
of money saving coupons, Here is a link to that site:
My daughter Becky has found a couple sites that lists almost
every available rebate.
Summer is just around the corner and most of us will be kicking
in our air conditioners. There are a lot of ways to save on
those cooling costs. Here is an article that will give you a
few ideas:
25 cheap ways to keep your house cooler
MSN Money Staff
Saving money on gas now is more important than ever. I have a
link that lists dozens of things you can do. Some of them I
haven't see before. Here is the link:
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
If you know someone that may be interested in subscribing to our
newsletter have them visit:
Have a great week,
Grandpa Terry
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Credit Card Information
Smart ways to use credit cards
By Walecia Konrad • Bankrate.com
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Grandpa Terry's Tip of the Week
Social Security - Retire in Poverty, Die Penniless
If you live in the USA, work, pay into Social Security and plan
to retire with only that income, that is exactly what is going
to happen to you.
By the Social Security Administration's own admission, Social
Security was never intended to be your only source of income
upon retirement. Here is a quote from SSA.com:
"Achieving a secure, comfortable retirement is much easier when
you plan your finances. Most financial planners recommend you
prepare for the future with a combination of Social Security,
private pensions and personal savings."
If you earn just $30,000 per year you will pay approximately
$3800 into social security each year. You won't see all of this
on your pay stub because your employer matches your withholding.
Actually, this is money your employer could pay you if there
were no Social Security.
When you consider that $3800 paid in to Social Security
annually and the fact that you will work under their system for
approximately 40 to 45 years, your total investment is about
$150,000.
What do you get for that $150,000 investment? If you live long
enough you may get your money back. What happens to the money if
you die early? It's gone unless you have a surviving spouse or
minor children and they will get a whopping $255 to bury you.
Of course there are some benefits like disability, and survivor
benefits but your monthly benefit, no matter when you draw it,
will still put you below the poverty level.
Now, let's take a 401k program where you contribute 6% of your
pay and your employer matches that 6%. Using the same $30,000
earnings for 45 years with a very conservative estimate of a 5%
return, you would have over $600,000 in your investment
account. That's your money. No matter when you die that will go
to your beneficiaries.
One myth about Social Security is that you are paying into an
account with your name on it. The fact is that the money you are
paying now is being paid to the people that are currently
drawing Social Security benefits. What's left over after paying
the current beneficiaries goes into the federal government's
general revenue fund to be spent as they see fit.
The bottom line is that you will be depending on your kids to
pay your social security benefits. It is estimated that by 2018,
it will take 2 taxpayers working to pay the benefits for one
Social Security recipient. It's no wonder so many of our young
people don't believe they will ever draw any benefits.
Now, with all of that said, you are still going to be required
to contribute to Social Security and may not be able to afford
to contribute 6% of your earnings to a 401k program.
What you can do is to get serious about saving for your
retirement and not depending solely on Social Security for your
income.
There are just about as many ways to plan for retirement as
there are people that should be planning. The nice thing is that
you have the internet to help.
Learn as much as you can and find a plan that you can afford.
Remember, you will be in this for the long haul.
While I'm not recommending any particular plan over another,
here is a link to a retirement calculator that may help you get
started:
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Site of the Week
Expired Coupons Help Military Families
From Donna L Montaldo,
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Grandpa Terry's Email
Can you help these subscribers?
Hi
I was wondering if anyone had any ideas on what my mom can use
for an itchy scalp? she's tried head and shoulders, nizoral and
also applying vinegar after she gets done shampooing her hair
and nothing seems to work.
Thanks Dawn
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Hi, Grandpa Terry.
You and your audience have given me good advice in the past,
and I am in need of opinions and ideas by you and your readers.
Thank you in advance for responding!
I am power of attorney for my ex-husband, who was recently
incarcerated. I am attempting to take care of his affairs, so
that he will have the "things" that are important to him
(putting stuff in storage, and liquidating assets). It is hard
to guess what will be meaningful to someone who will be homeless
when returning to the real world in a few years. The problem,
though, is that I have no experience in finances.
My first question really involves the sale of his house, or
lack thereof (foreclosure?). I have talked to one real estate
agent, who says that in the very poor current market and run
down condition of the house and low quality of the neighborhood,
it doesn't make sense to try to sell the house. His
recommendation is to do a quick sale for the lender. I
understand that he (realtor) will make a bit of commission for
doing that process, and that my ex-husband would not have a
negative mark against his credit rating (which is pretty bad as
it is).
The loan is currently 102, 000. The last tax valuation I could
find was $145, 000 in 2005. The realtor says that he would not
list the house for anything over $40, 000-80, 000. So, Grandpa
Terry, and knowledgeable readers, is it better to foreclose in
this situation? I truly had hoped to sell for enough to pay the
loan and to pay for storage for awhile.
Second question: What should I do about the other bills for
which my ex is liable, which include a huge hospital bill from
1-1/2 years ago and all of the attached vendors (ambulance,
doctors, etc. most of which are already in collection) and the
normal bills (utilities, etc). My idea is that I will send them
each a letter explaining the situation and suggesting that
perhaps they would be able to "write off" the debt with monies
that are available in a case like this. At least that way they
will know that there is no chance that they will be paid and
they can quit sending invoices to him. I could possibly pay the
normal bills off over several months, but hate too if they might
take a hardship case into consideration and absorb the loss. (I
can barely pay my own bills!) Does anyone have any suggestions
or ideas on that scenario?
Does anyone have a solution or perhaps a way for my efforts to
be not in vain? I covet your opinions and advice, and am
anxiously awaiting responses to my query. Terry, can you forward
any responses to me to expedite my actions? Thank you all so
very much.
wordyblue!
-------
Hi,
My question is why are seventeen year olds left out? We didn't
get credit for her on our taxes, so we don't get a rebate for
her. This is something she could use for college. She also is a
good little worker and worked full time plus+++ last summer and
filed taxes herself. and she doesn't get it because we claimed
her on our taxes. We don't get a rebate for her. My question is
why are they left out? She is a 18 year old now. She worked hard
graduated a half year early from high school and the next week
started training to be a cosmetologist. She wants to get her
cosmetology degree, so she has that to be able to work her way
through college and earn get a degree to work with special needs
children. I hate to see a good hard working kid left out.
Shelly
-------
Hi Grandpa Terry:
Thanks so much for printing my article about banks, interest
and saving money with coupons. It is good to know you help so
many people and let us give our views.
I'm reading your Budget Stretcher in the hospital, staying with
my daughter after she had a total hysterectomy. She is doing
well, but has had a lot of pain.
Her husband is a computer programmer/EE and has my
granddaughter, me and himself on 3 different laptops. The
hospital doesn't have wireless access but he has modems with him
and hooked us all up! Hooray, I don't have computer withdrawals!
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Subscriber Tip #2
Bonus Money
Getting paid weekly, I budget on 48 weeks (four paychecks a
month) rather than 52 weeks. I hardly notice the difference
across my budget items until it comes to those extra four
paychecks per year and having that money to spend as "extra."
Those four checks get earmarked for really unusual expenses that
might come up, get put into savings or are used for a vacation.
K.
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Budget Stretcher Partners
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At Home Parent
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Tidbits from the Pantry
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Subscriber Tip #3
Before You Call the Repair Service
When I have an issue with my appliances, like washing machine
or even the coffee maker, I have often saved a service call by
doing the following. I go to a search engine and type in the
appliance name and the symptoms. Many times, I have found that
it is a common problem, and people have offered simple
instructions on how to fix it. In some cases, it is a simple
adjustment that you just need to know where to find the screw to
tighten or the panel to take off and clean behind. Other times,
I have found that I can fix it by replacing a part that costs
less than $50.
Many times, this has even included detailed instructions on
where to order the part and how to install it. I have also found
out occasionally that it is a complex problem that costs more to
fix than to replace the item, or it is a complicated or delicate
repair that requires an expert and well worth the service call
charge. Sometimes, it doesn't give me any help, but since it
takes only a minute and doesn't cost anything, I'm not any worse
off for doing it!
I have even done this with my computer when I start getting
weird messages. I type in the message and find that it is a
simple fix, find that it is a complex fix I don't want to mess
with, or find nothing at all.
U.
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This Week's Article Links
Just click the links to view the article
Trading in gas guzzler may cost you
By Terry Jackson • Bankrate.com
Educating teens about credit
By Caren Weiner Campbell • Bankrate.com
From Bad to Worse
by Gary Foreman
To read more articles visit:
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Special Recipe
Poor Man's Chicken Fried Steak
1 lb. hamburger (You can use pre-made patties.)
1/4 cup milk, placed in a shallow bowl
1/4 - 1/2 cup flour, placed on a plate
1 egg, whipped with fork and place in shallow bowl
1/2 -3/4 of a tube of crackers, crushed, place on plate
Form hamburger into 5-6 patties. Dip each patty into milk,
flour, egg and last of all crackers. Place in a hot frying pan
with a little oil. Season with salt, pepper, onion and garlic
powder. Turn down heat and fry on one side then flip to other
side. Hamburger is done when the juices run clear.
This recipe compliments of Living On A Dime. Get more of the
recipes you can actually use:
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Everyday Savings
These Tips provided by The Frugal Shopper
Please show your appreciation for these great tips by visiting
this site.
Nearly everything can be cut in half -- use only half a dryer
softener sheet, half the recommended amount of detergent, half a
cotton ball, etc. Try it on anything you can think of - if it
works, you save money, if it doesn't, what do you lose?
The same idea goes for quick dinners. If you're putting
together, for example, Hamburger Helper (or another "instant"
meal), consider using a 1/2 pound of meat per box (or just make
up 2 boxes at a time, with a full pound of meat). Most of us
actually get far more protein in a day than we need, so cutting
back to a 1/2 pound of meat doesn't hurt any of us.
How about instant drink mixes? If you're buying mixes that
don't have the sugar added (which, by the way, is cheaper than
buying the mixes with sugar already in them), think seriously
about how much sugar you mix in. Do you REALLY need to use a
full cup of sugar with that small packet of flavoring? Or could
you cut it back to 1/3 or 1/2 cup and decrease the amount of
sugar your children are getting in each serving?
The next time you're simply following directions on any grocery
item, take a moment to evaluate the claim before you do as it
says. You may save yourself some money!
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Contact Information:
Budget Stretcher
1203 Madison 228
Fredericktown, MO 63645
FAX: 573-783-5982
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Disclaimer: This newsletter is only intended to provide
information on proper money management. Budget Stretcher or
Terry Rigg can not accept responsibility for any injury or
damage that may be caused to yourself, others, or property when
following any advice given.
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