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Post by SAR01 on Jan 7, 2020 20:29:42 GMT -5
TODAY'S THRIFTY TIP: A resolution to save can be a simple as putting a change jar on your countertop (one of my favorite methods for socking away a few extra hundred) or cutting out your morning stop at the coffee shop a couple days a week.
Other useful resolutions include creating a budget (if you are not in the habit of doing it monthly) or writing down every dollar you spend in a month. That is a real eye-opener if you have never done it before.
Keep your resolution realistic and you won't feel discouraged right off the bat. The important part is to decide on something and get started. The first step is the hardest and you will be surprised at what you can accomplish with just a little bit of discipline.
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Post by SAR01 on Jan 14, 2020 19:34:18 GMT -5
January 14, 2020 Greetings Thrifty Friends, If you have been reading Thrifty Tips for a while you know that food waste can really put a dent in your budget. I'm guilty of it too, but a couple years ago I started a habit that has saved me a lot of food, a lot of time and a lot of money.
Keep a vegetables box in the freezer.
I cook a side dish of vegetables with almost every meal I make, usually broccoli, carrots, corn, peas, or celery, and there is almost always a bit of leftovers. I would be embarrassed to tell you how many perfectly edible broccoli stalks I used to throw away. But now, whenever I have a few bits of vegetables I throw them in a small resealable container I keep in the freezer.
Keep pinchin' those pennies, Penny
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TODAY'S THRIFTY TIP: Whenever you have any sort of leftover raw vegetables, just spoon those veggies into that container. When the container is full, boil up some water, add some spices (a few bay leaves, black peppercorns and parsley are my favorite additives), toss in some diced chicken breasts (and some stock if you've got it), then add the vegetables and let it all boil together.
In 45 minutes you have a really inexpensive (and delicious) chicken soup that's different every time you make it. You can thicken the water/broth with a bit of corn starch to make it more like a stew, or add pasta if you want.
This is a great way to not waste leftover vegetables, add volume to your freezer, and produce a very delicious and simple meal for pennies.
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Post by SAR01 on Feb 18, 2020 17:22:12 GMT -5
February 18, 2020 Greetings Thrifty Friends, Bulking up this year's tax return with a few smart deductions is good, but keeping more of your money from being taxed next year is better. The time to look for tax savings is now. The following ideas could really pay off when you're going next year's taxes.
Keep pinchin' those pennies, Penny
P.S. Did you miss an issue? You can read every issue from the Gophercentral library of newsletters on our exhaustive archives page. Thousands of issues, all of your favorite publications in chronological order. You can read AND comment. Just click GopherArchives
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TODAY'S THRIFTY TIP: Increase Your Tax-Deferred Savings
One of the best ways to cut your taxes is to set money aside in a tax-deferred retirement account. Not only are you doing the wise thing by saving for retirement, you could trim your income enough to fall into a lower tax bracket. So if your employer offers a tax-deferred program like a 401(k), make sure that you are taking advantage of it; especially if your employer matches contributions.
Consider an IRA
Individual Retirement Accounts are a straightforward, easily accessible way to cut your taxes the same way the 401(k) does. But they do have strict rules. If neither you nor your spouse participate in a workplace retirement plan, then you can contribute $5,500 ($6,500 if you're 50 or older) to an IRA and wham, take that off your taxable income - even if you don't itemize deductions.
Get Tax Credit for Your Charitable Work
Tote up out-of-pocket costs of doing good. Keep track of what you spend while doing charitable work, from what you spend on stamps for a fundraiser, to the cost of ingredients for casseroles you make for the homeless, to the number of miles you drive your car for charity (at 14 cents a mile). Add such costs with your cash contributions when figuring your charitable contribution deduction. You'll need to itemize your taxes to claim these.
Go Green and Get Green Back
A tax credit is available for homeowners who install alternative energy equipment. It equals 26 percent of what a homeowner spends on qualifying property such as solar electric systems, solar hot water heaters, geothermal heat pumps, and wind turbines, including labor costs.
Take Advantage of a Health Savings Account
See if your workplace offers an insurance plan that you could combine with a Health Savings Account, or consider opening one yourself if you buy your own coverage. A health savings account lets you put money pre-tax for a wide range of medical bills, including deductibles, co-pays and other medical expenses that aren't covered by insurance, such as vision and dental care.
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Post by SAR01 on Mar 3, 2020 17:44:24 GMT -5
TODAY'S THRIFTY TIP: Don't replace shower liners before their time. You can clean mildew stains and soap scum from your plastic shower liner just by putting it in the washing machine with a little detergent and baking soda along with a couple bath towels (to provide abrasion).
But when it does come time to replace old shower liners, never throw them away! They make great covers for outdoor items in the winter (such as chairs, patio tables, grills, etc.), and they are invaluable as drop cloths.
BONUS TIP: Speaking of showers, do you know that you can use hair conditioner instead of shaving cream? If you are a lady who shaves her legs and under arms in the shower you can save a lot of money just by buying a cheap bottle of conditioner (usually not much more than a couple bucks) to shave with instead of expensive shaving creams or gels. It leaves your legs and under arms smooth and silky.
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Post by SAR01 on Mar 24, 2020 17:53:24 GMT -5
March 24, 2020 Greetings Thrifty Friends, Illinois, and many other states, has issued a so-called 'shelter-in-place' order to slow the spread of the new coronavirus. That means, except for a number of essential businesses, people are supposed to stay at home for the next two weeks. This comes on top of earlier orders for all bars and restaurants to close their doors.
These interruptions in business have impacted millions of people financially. And two weeks may not be the end of it. If infections continue to accelerate it is not unreasonable to expect the shut down could be extended an additional two weeks.
This is the most extreme example of why it is so important to have enough money to cover 3 to 6 months worth of living expenses socked away in a savings account. Because the truth is that an alarming number of Americans don't have enough savings to cover 1 month's worth of expenses. If you are financially strapped right now I feel for your situation and sincerely hope you have a personal network to fall back on and help you out.
But even if you do have a little emergency fund set aside, it is still a good idea to be frugal right now.
Keep pinchin' those pennies, Penny
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Post by SAR01 on Mar 31, 2020 18:52:20 GMT -5
s your store out of cleaning products? Have no fear: you most likely already have everything you need at home.
Preliminary studies have shown the Coronavirus virus can remain viable for up to 24 hours on cardboard and for two to three days on plastic and stainless steel. So it's smart to disinfect.
TODAY'S THRIFTY TIP: Bleach
Bleach is a great defense against viruses. Don't use it straight from the bottle though as that would be way too strong. Instead, mix a solution of 1/2 cup of bleach to a gallon of water. Use this to disinfect everything in your kitchen from the sink to the floor.
Hydrogen peroxide
Per the U.S. Centers for Disease Control and Prevention, common hydrogen peroxide (it should say 3 percent on it) will deactivate the rhinovirus, which is what causes the common cold. Since the rhinovirus is thought to be more difficult to kill than the coronavirus, it's believed that hydrogen peroxide will work for this as well. Simply pop it into a spray bottle and spray it onto a surface. Let it sit for a few minutes before wiping away.
Soap and water
Hopefully, you still have some good old fashioned soap remaining. Wash your hands thoroughly, with warm water and soap for 30 seconds. Soap works to destroy viruses by dissolving the fat membrane so the virus becomes inactive. Just make sure you use a clean towel to dry!
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Post by SAR01 on Apr 7, 2020 15:33:33 GMT -5
TODAY'S THRIFTY TIP: Nothing helps your credit score more than your ability to make payments on time. If you can pay off your credit card balance in full each month, that helps. If you make your monthly mortgage payment every month without delay, that's huge.
Credit cards with the highest interest rates are the ones that place you at the most risk of racking up more debt, thus hurting your credit score. By paying these cards off first, you are reducing your debt risk and ultimately will see your score rise.
Anything That Gets Your Credit Utilization Under 30 percent. Your credit score can be negatively impacted if you have high revolving balance. Generally speaking, if you are using more than 30 percent of your available credit, that's a problem. So work to make sure you're borrowing less than a third of what you are allowed.
If you have debts that are very late, it's best to still pay back what you owe. This may not ultimately boost your credit score significantly right away, according to FICO, but new lenders will still want to see that you paid back what was owed. Prioritize the most recent past-due bills first.
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Post by SAR01 on May 5, 2020 20:32:02 GMT -5
May 05, 2020 Greetings Thrifty Friends, You would be amazed at how much you pay for packaging and a label. With a little bit of creativity you can find cheaper, and often healthier alternatives to many of the pricey products you use in your home.
Please scroll down for a couple simple, effective and most importantly CHEAP ideas!
Keep pinchin' those pennies, Penny
P.S. Did you miss an issue? You can read every issue from the Gophercentral library of newsletters on our exhaustive archives page. Thousands of issues, all of your favorite publications in chronological order. You can read AND comment. Just click GopherArchives
Paper Towels Sold Out? Streak-Free Has Got You Covered!
TODAY'S THRIFTY TIP: Windshield Washer Fluid
Don't pay lots of money for Windex. Wait until the gallon size Windshield Washer fluid for cars goes on sale, and stock up. I see it in our area on sale for 99 cents quite often. Refill the Windex bottles you have, and save!
BONUS TIP: Bug Off!
Dead bugs all over your paint after a road trip? Use baking soda on a moist sponge and they just soften right up and wash off. Easy and inexpensive, and won't scratch the finish!
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Post by SAR01 on Sept 29, 2020 12:58:41 GMT -5
September 29, 2020 Greetings Thrifty Friends, Most financial experts will advise you to keep enough cash in a savings account as an emergency fund to cover at least six months worth of expenses. This is in addition to long-term savings like an IRA or a 401k.
And it makes perfect sense. If your furnace blows up, or you are hit with a major car repair, or heaven forbid you find yourself back on the job market for a few months, you don't want to rely entirely on credit cards.
But say you are financially responsible and you DO have six months worth of spending cash in a savings account. The rest must be gravy, right?
If you have a few extra thousand lying around, up your savings game with CDs.
ODAY'S THRIFTY TIP: With certificates of deposit at banks (called share certificates at credit unions), you commit to setting aside your cash for a set period of time. In return, you earn a better interest rate than with a regular savings account. Plus, the temptation to dip into that money is dampened by the penalty you would incur with an early withdrawal.
The trick is finding the right balance between having your money accessible and letting it grow. CDs can be a great tool to help achieve overall savings goals, as long as you scout out the best rates.
Short-term CDs can be less than 12 months.
Securing a CD with the highest interest rate and avoiding early withdrawal fees should be your main priorities. Short-term CDs make the second goal possible. They don't do as well with the first goal. Bank-issued three-month CDs come with an average annual percentage yield of just 0.15%. That's not much more than you'd get on a basic savings account at a brick-and-mortar bank. BUT your money stays very liquid with only a 3 month commitment.
Mid-range CDs (1-3 years)
Better rates, more discipline required
With a one-year CD, you will have to work a little harder to stay disciplined and not withdraw your funds prematurely. In exchange, you will receive a slightly better rate. The average APY for a one-year bank-issued CD is 0.41%. Just be sure that you won't need quick access that cash or you might be tempted to dip into your CD.
Long-term CDs (4-5 years)
Best rates, if you can handle the commitment
If you are handing over your money for up to five years, you will want a stellar rate in return. Bank-issued five-year CDs have an average rate of 1.07%. But credit unions and online-only banks will be your best bet, with some offering long-term CD rates over 3%.
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Post by SAR01 on Dec 17, 2020 15:24:08 GMT -5
*-- 8 Tips To Beat Holiday Stress --* 1. Get enough sleep. Sleep deprivation is a major disturber of people's moods. Jet lag, traveling, parties, and over-excited children all make it hard to get your usual number of hours. Making an effort to get to bed at a decent hour really pays off. 2. Exercise. Studies show that one of the quickest and surest ways to boost your mood is to exercise. If you're away from home and can't do your usual routine, even a short walk will help. Even better, exercise outside, where the sunlight will help improve your mood and focus. 3. Stay in control of your eating. It seems to me that guilt about holiday binging is a major source of the blues. 4. Take your time; plan ahead. Hurrying to pack, rushing through stores, sprinting to make a flight- these are sure to put you in a bad mood. Try to give yourself plenty of time to do what you need to do. 5. Learn from the past. What has made you unhappy in years of old? Think back. Avoid your triggers. Stay out of the kitchen, stay out of the mall, stay away from Uncle Billy. Sometimes there's a weird triumphant satisfaction in getting worked up, yet again, by a particular situation. Don't do it! Don't expose yourself to known happiness risks. 6. Make time for real fun. Sometimes holiday vacations, which are supposed to be "fun," are actually a huge hassle. Figure out ways to have fun. Include time for things YOU like to do: going to a movie, taking a nap while everyone else goes skating, going to the gym. 7. Behave yourself! If you sulk, snap, tease, or shirk, you're not going to feel happy. It may feel good, but only for a moment. Then you're going to feel bad. Instead, try to help out, bite your tongue, clean up, or run to the store. Look for opportunities to say, "Don't worry, I'll take care of it," or "This is fine," or "What should I be doing?" Do good, feel good, this really works! The way we act shapes the way we feel, so if you act in an affectionate, thoughtful way, you'll feel more affectionate and thoughtful. 8. Fill your with love. My Twelfth Personal Commandment is "There is only love." If you're heading into a difficult situation, take a moment to fill your with love. Think of all the reasons that you're grateful to your family and friends, and the happy memories you've shared, and how things might look from other people's perspectives. This can be hard to do, but it will make you happier. And if you're happy, you're going to be better able to make other people happy. That is the mystery of the Second Splendid Truth.
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Post by SAR01 on Dec 29, 2020 18:34:07 GMT -5
TODAY'S THRIFTY TIP: Forecasting Expenses
Forecast your fixed and variable expenses for your yearly budget. Some of the fixed expenses will be the same for each month such as mortgage payments or any loan payments. Make unique expense categories in planning a yearly budget to place each expense so that you are able to identify the exact reason for the occurred expense. For example:
- Mortgage, rent, maintenance - Car loans, student loans - Food and groceries - Insurance - Personal - Utilities - Transportation
List all fixed expenses, variable expenses, and miscellaneous in separate columns.
Occasional Expenses
Write down occasional expenses that aren't paid every week or month. These may include automobile excise tax registration, insurance and inspection renewals, real-estate taxes if they aren't part of your mortgage payment, etc. You'll need to list any recurring expense during the year and may need to look up old bills for reference.
DON'T FORGET!
Don't forget savings. Make saving a part of your budget. Savings should include TWO categories: 1 Long-term retirement investments like a 401k or an IRA, and 2 a liquid emergency fund for things like medical expenses, home and car repairs and unemployment.
Figure your income
Figure your monthly take-home income and multiply it by 12 to derive your annual income. To make it really simple, If you are paid weekly, multiply your pay by 52 weeks. If you're paid bi-weekly, multiply by 26.
Divide and conquer
Divide the annual total by 12 to get your new monthly budget and divide the annual budget by 52 to get your weekly budget. Cutting it down to size in this way will give you a better idea of what your income and expenditures look like in shorter terms.
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