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The Budget Stretcher
"Saving you money...One Dime at a Time!"
Week Of: July 14, 2008
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Grandpa Terry's Quips
Tip 1 - Never spend more than you make each month. It adds up
quicker than you think.
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***What's Inside***
Grandpa Terry's Quips
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 - Chicken Salad Sandwiches
Watch for next week's newsletter featuring:
Mortgage approval made easy
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Subscriber Tip #1
Hello Grandpa Terry,
Yes, its me again, from South Australia.
I noticed the letter from the lady asking about having tax
with-held from her husband's salary. The problem was having
enough deducted from the salary to cover taxes owed, and having
a large refund.
Our family actually use this as a savings plan.
In Australia, the PAYG ( Pay As You Go) system deducts a
certain percentage based upon your weekly or fortnightly income.
The first $6000 (generally - this is subject to change) is tax
free, so the amounts deducted if you have a second job always
seems to be much more than on that first job. People get into
trouble if they hold one job for a few months and claim the tax
free threshold, then change jobs and claim the tax free amount
again.
We ensure my husband completes his Tax With-Holding form each
year as if this primary job is a second job, meaning his pay is
taxed from the first dollar, not from the $6000 or so. YES, we
have less to use each week, but that refund at the end of the
financial year is a godsend. Being on a fairly low income (just
above the minimum wage here in Australia), it is very hard to
save, but this way, we know there is a window each year where we
can get ahead.
The Tax Office is not too pleased about the practice, but as my
husband works as an employee in a very small business ( under 10
employees), they let it go, as small businesses seem to be the
first to go under in difficult times. (Our Unemployment benefits
are also taxable which also can cause problems.).
I can understand people only wanting to pay the amount owing.
As the Tax department doesn't pay interest, obviously, if you
are on a decent income, paying more than you need to is madness.
In our case, getting a tax bill would drown us. By the way - we
also have a Medicare Levy (which contributes towards the cost of
public hospital care), which is charged on top of the tax rate
which can also cause some worries about having sufficient
amounts deducted.
Perhaps another way of looking at things..
Anne in South Australia
All you have to do is submit a "Subscriber Tip" and if it
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my Budget and Credit Card Calculating Forms or my Bill Pay
Management System.
Please use the form available at:
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Grandpa Terry's Update
Welcome to The Budget Stretcher!
I'm still receiving orders from subscribers that are paying the
full price for my products. On your Subscriber Benefits Page
there are links so that you can receive a 30% discount on all of
my products except Budget Stretcher Premium. In the future if
you order from me please use those links and take advantage of
your discount. The discount links are at the below page in the
right column:
Are you paying late fees or over limit fees?
I was just checking my electric bill and while we pay one of
the lowest rates in the country for power we can still be hurt
if we pay it late. We receive the bill at the end of the month
and only have until the 10th before a 10% late fee applies. On a
$200 electric bill that's an extra $20 late fee. That's high by
anyone's standards. Pay late every month and it's like paying
over 13 electric bills a year.
The last I heard credit card companies are charging $35 if you
pay your bill late plus another fee if you go over your cards
credit limit.
The bad part of paying bills late is that usually it's not
because there's not enough money, it's caused by a lack of
organization. The best way to prevent this is to have your bills
setup on a sheet showing the bill, the amount and the due date
(in order). Then check each bill off as it's paid.
If you pay your bills online you should pay them at least 5
days early. If you mail a check it should be sent no less than
10 days before the due date.
I personally use a system of two spreadsheets on the same Excel
file. One is a Budget Ledger where I list my bills in the order
of when they are due. The second is a check register where I use
online banking to ensure my checking account is always up to
date.
When I open the Excel file I can tell at a glance which bills
have been paid and what is left to be paid and when.
I've made this system available for $7.95 but as a subscriber
you can get a 30% discount and have it for only $5.57. You can
order your copy using the link in the right column of your
Subscriber's Benefits Page. Order the:
Bill Pay Management System
Of course you don't have to use my Excel system. You can do this
on a sheet of notebook paper. It's just very important and you
can save a lot of money by keeping your bills paid on time every
month.
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
Cutting Up Credit Cards
by Scott Bilker
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Grandpa Terry's Tip of the Week
Money Discipline
You can have all the money in the world, but, if you don't
manage it properly it will be gone in short order.
We've all heard the stories about some celebrity that has made
millions being forced to file for bankruptcy. How can that
happen? It's easier than you might think.
With all of their money they didn't realize that there is a
limit to what they could spend. It never occurred to them that
there might be a bottom to that money pit.
The same is true with your family's finances. Of course, most
of the time we aren't dealing with nearly that much money.
You can prepare a budget, set your spending limits and have
everything just the way you think it should be but that is only
a small part of managing your money. You have to make it happen.
In too many cases that budget and all the work you did to
develop your money plan ends up in a drawer or filing cabinet
within a couple of weeks and it's back to running your budget
out of your wallet.
The key element that was missing is the discipline to follow
your plan.
In nearly all other aspects of our lives we discipline
ourselves to get up in the morning and go to work or take care
of our home and family, sometimes both. So why is it so hard to
apply this same discipline to our finances?
The fact is that it shouldn't be. The same principles apply.
You can learn how to discipline managing your money the same way
you discipline yourself to do other things. Make it a routine
just like getting up and going to work or tackling that stack of
dishes in the sink.
Here are a few ideas that might help:
After you have developed a workable budget set a regular time
to manage it.
Budget all of your income to a spending category
Set up strict spending limits for each family member
Set a dollar amount that you agree to discuss with your spouse
if you find an item you want that exceeds that amount
Get the entire family involved
Use cash instead of writing checks or using credit/debit cards
for your household expenses
Only take the cash you will need with you each day
Set a goal that makes it to your advantage to follow your plan.
If you keep this goal in mind everyday it will be much easier to
watch your spending.
Set milestones to monitor your progress. It is extremely
rewarding to pay off a credit card that you thought would become
a permanent part of your family or finally getting $1000 in a
savings account when you have never been able to save before.
This will also help you stay on track.
Money is just a tool you use to accomplish the things in your
life that you need and want. This is much easier to do when you
are in control of your money instead of your money being in
control of you.
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Site of the Week
Tipztime.com
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Grandpa Terry's Email
(Response to last week's request for help)
Hi Grandpa Terry:
I have this in my Word File on my computer. I have not
personally used one of these programs, bought my home as a
repossession through HUD with a very low down payment.
Selecting a Down Payment Assistance Program Date: Fri May 16,
2008 5:54 pm
Didn't know there were programs for this. Sharing in case
anyone else needed the info- for more- just Google Down Payment
Assistance Program.
What to Look For in a DPA
Selecting a Down Payment Assistance Program
If you're looking to buy or sell a house, you may want to
consider using a nonprofit down payment assistance program.
These are programs that provide down payment gifts to
homebuyers. Since the down payment is a gift, it does not have
to be repaid. The experts the nation's largest nonprofit down
payment gift provider, AmeriDream, Inc., offer the following
tips on choosing a down payment gift provider and applying for a
gift:
Be sure you choose a program that has been around for a few
years, has a strong reputation, and has developed the technology
and infrastructure to create a solid organization that will be
there for you at the settlement table and beyond.
Make sure your lender or real estate agent does not get any
direct benefit or kickback based on the down payment gift
provider that is selected.
Section 8 of The Real Estate Settlement Procedures Act (RESPA)
prohibit anyone from giving or accepting a fee, kickback or
anything of value such as a trip in exchange for
referrals of settlement service business involving a
federally related mortgage loan.
Look for a program that provides English and Spanish versions
of its homebuyer course, and makes this course accessible
online. The most reputable down payment gift providers create
their own homebuyer education courses that they own and can
update constantly. Look for a program that provides home
retentionor loss mitigation program designed to help people stay
in the home they buy.
The program should be a 501(c)(3) nonprofit, not a for-profit
entity.
People who sell their homes using down payment gift programs
typically pay a processing fee to sell their homes. Look for
down payment gift program whose processing fees are low, but
that also provide excellent customer service and variety in
programs. Make sure the organization has a phone number you can
call, where you can talk to someone who can answer your
questions and verify your transaction.
The best organizations can be contacted through their Web
sites, phone number or nationwide representatives.
Once you've chosen a down payment gift provider, tell your
lender why you selected this organization. This is important for
lenders because the Federal Housing Administration holds the
lender accountable if the down payment gift doesn't come from a
reputable organization.
-------
Grandpa Terry,
I wanted to point out the fact that money problems are
relative. It really doesn't matter how much money you do or
don't make, if you're hurting, you're hurting -- plain and
simple.
Perhaps, as you say, instead of pointing fingers and stomping
feet, we should reach out to others who feel the only way to
survive is to buy microwave meals. Knowledge is power.
Might I suggest a challenge to all of us as readers: for
Reader's Tips, let's 'teach' those who might not know how to
stretch their dollars -- whether they be in the form of
paychecks, Social Security or Food Stamps. All of the other
information that you provide is wonderful and very useful, but
it seems we really need to get back to basics.
It makes my heart ache knowing that there are people out there
who don't have fresh fruits and vegetables in their house. I
don't have a lot, Grandpa Terry, but if I can't afford fresh, I
go frozen for veggies. And as far as fruits go, I wait until
they are less than $1/lb. These past two weeks, I was able
to get peaches and bananas.
I know it it's hard. I've been in some tight spots. But once
you have the knowledge and you make up your mind to make
something work, you can make it work. It takes faith, patience
and perseverance. And a little help from BS/BSP friends.
Blessings, as always,
Iva
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To Terri in NJ: I don't buy paper towels at all! I have cloths
(rags) that I use to clean up messes, and then throw in the
wash. Not only saving me money, but the environment as well.
Bobbie
-------
Grandpa Terry;
I was going through some old files and ran across this list I had
saved from 2000, thought you might like to see it. I believe it's
still relevant today and has lots of good tips.
Jennifer
My Response:
Hi Jennifer,
Thanks a lot for sending me these tips. I've put them in a PDF
download and will be including the link in next week's newsletter
for the other subscribers. Here is that link:
All the best,
Grandpa Terry
-------
Hi Grandpa Terry -
This is in response to the woman who is a first time homebuyer
- it sounds to me like the 15 yr ARM she's talking about is a 15
yr interest only, then the loan will convert to a fixed rate
after that, ARM periods are 1, 3, 5, 7, 10 (generally speaking)
- an ARM isn't necessarily a bad thing, I've had an ARM for 4
years, the first 3 years were interest only, I just went through
my first adjustment period, and my adjusted rate is 5% for the
next year which was at least a full percentage lower than the
street rate I could get here on a refinance in Las Vegas.
Thankfully, we can still afford the payment, but who knows what
rates will be next year? The other thing is, figuring out your
new rate when it adjusts is not that hard, in my case, my rate
was the Libor index 45 days prior to my rate change date + a 2%
cap - if you use a site like bankrate.com, you can figure out
what your rate will be long before you get your adjustment
notice. My advice to the 1st time homebuyer is to read and
understand, if you don't understand, I would consult with an
attorney for an opinion.
Hope this helps!
Debbie S.
-------
Hi Grandpa Terry!
I'd like to thank you for putting up the links to the websites
where I can sell books and my old cell phone. Granted, the cell
will only get me two dollars, but I checked to see how much my
son's American lit college books on the Civil War would get me.
For six books, I will be getting a tidy sum of over $26
deposited into my PayPal account. Woohoo! That's nearly $30 I
can put towards my $20 challenge I participate in at a blogging
website SavingAdvice dot com. And yes, I drop your name here and
there, letting people there learn about your website.
So, I've bookmarked BigCrumbs dot com as well, since this
definitely bears looking into. It's worth it because of the cost
of gas, and if we can get free shipping included in the mix, I
know I will have saved considerably.
This can be included into the newsletter with the exception of
the first paragraph, since it's a bit on the personal side.
Thanks again!
Jo
-------
For paying bills:
I use a notebook, separated into 12 columns, one for each
month. Along the side I list the bill companies to be paid and
when the bills are due. I get paid twice a month so I have to
have 2 parts to my bills...those to be paid at the beginning of
the month...and those to be paid at the end of the month. Each
month I write what is owed and when I pay the bill I check it
off. This way I have a month and a year of bills at a glance.
-------
Hi Terry,
Nanci here. Just a strange thought, but you might want to let
others know about.
When Isis passed, of course I was stricken. He was my baby. Got
all hysterical and couldn't just leave him buried
outdoors......he had always been an indoor cat !
Well.
While frantically finding a place to have him cremated, I found
out that usually with pets.....they do a 'mass cremation'
(several at once). In order to have the remains of JUST your own
Pet.....you Must ASK and find a place that will do Individual
cremation.....but you can then be sure the only one in the urn
is Your pet !! It will cost more than the mass cremation, and
all they do there is 'separate' out the ashes .
We went for Individual method, and are now at Peace over his
little soul and remains. But if others are creeped out about
'just separate' the ashes, when it comes to a darlin' pet
.......ASK before they take your loved one off to be done.
I've almost got the 'automatic crying' under control, and the
rest of life is moving on just fine. Our other two kitties are
adjusting, and even the 'little brother' who Isis raised, seems
to be moving thru kitty mourning in steps that are not going to
harm him. That's a blessing.
Talk to you again soon.
Nanci in Pgh.
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Subscriber Tip #2
Hi,
As always FREE is good !
My husband and I needed to learn French and after searching the
internet I found a fantastic site I would like to share.
The site is full of about 60 languages and they are all free to
download. It covers both the audio and the visual side of
learning a language and you can go at your own pace using a
great flashcard system.
We are finding it very easy to use.
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Subscriber Tip #3
In last week's Budget Stretcher, someone wrote in about how
Robo Form was so wonderful because it remembered your login
information and could even fill in some online forms for you. I
loved it at first, but I have so many online accounts that I
exceeded the number you could have for f.r.e.e. I also got tired
of it popping up all the time. Some time afterwards, I had
trouble getting to one of my usual sites through Internet
Explorer. A friend suggested downloading Firefox. Now that I use
Firefox as my internet provider (which is also f.r.e.e.) it
knows all of my login information. Just thought I'd offer that
as a suggestion. I love knowing I have an option to both
Internet Explorer and Robo Form.
Joyce Pierce
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This Week's Article Links
Just click the links to view the article
A dozen ways to get a down payment
By Marcie Geffner • Bankrate.com
(debt)
Are Rising Prices Scaring You?
by Jill Cooper
(Jill)
Common Billing Errors That Can Cost You Money
By Jeffrey Strain
(Jeffrey)
To read more articles visit:
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Benefits Visit The Below Links:
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Visit Our Forum
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Special Recipe
Chicken Salad Sandwiches
Chicken, cooked and cubed
Celery, chopped
Walnuts, peanuts or cashews, chopped
Salad Dressing (I prefer Miracle Whip.)
Mix. For a different twist serve these on a hamburger or hot dog
bun. If you are counting the calories, serve on a lettuce leaf.
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.
Grocery Shopping
AFTER SHOPPING
Always return a product that is spoiled.
Send off for rebates to get items free, or nearly free!
Learn the sales cycles of your favorite stores, and know when
to expect certain items to go on sale.
Shop at bakery outlets. Breads and rolls freeze very well.
Remember that no particular store has the lowest price on all
items.
Create a "shopping pool". Agree with family and friends to shop
sales for each other.
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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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