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Follow us on Facebook!
Our Facebook fan page for Frugal Press is alive and rolling!
I’ll be posting freebies, money management tips, better budgeting tips, financial tips, money making tips, coupons, bargains, discounts, coupon codes, deals, frugal tips, recipes, etc. on our Facebook fan page.
Facebook will now be our preferred mothod of sharing these latest news updates, along with letting subscribers know about my latest books available, ebooks, reports (such as frugal living, better budgeting, money saving tips, recipes, etc).
To get the latest, become a fan by clicking the link below … and tell your friends!
http://www.facebook.com/pages/Frugal-Press/184376571588206
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Back to School Saving Tips
It’s that time of year again – time to get the kids ready for school! Back to school season is just as fun for moms as it is for the little ones. But, it’s even more enjoyable for the moms that can get the most bang for their buck on back to school shopping!
If you’re ready to learn how to shop for school supplies ’til you drop without dumping your money into overly priced products, read the back to school shopping tips featured below.
Thrift Stores
Thrift shopping is often frowned upon because the items are secondhand, and you might fear that they may be dirty and germy. However, a quick wash in the laundry will do the trick for most used clothing items. Thrift stores, such as Goodwill and the Salvation Army, often run tag sales. Sometimes all items with pink tags are priced 50% off, or items with red tags are priced under $3.50.
These items can include jeans, brand name suits, and shoes, among other things. Sometimes, you can score an entire secondhand wardrobe for under $25! But of course, you have to be a savvy shopper. When you learn to shop the tag sales at thrift stores, you’ll be able to dress your children for pennies on the dollar!
Make Use of Your $1.00 Store!
Did you know that dollar stores in your area may actually accept coupons on their already discounted merchandise? The most notable dollar retailer that accepts coupons is Dollar General. However, by checking the FAQ of your local dollar store’s website, you’ll be made aware of their coupon policy.
If you have a $1 coupon off an item that you’re going to purchase at the dollar store, you’re going to score the item for free! Thankfully, if you have coupons for a large quantity of items you need, you may be able to score half, or even more, of your back to school shopping deals for nothing but a few cents in tax.
Stockpiling Coupons
If you have three kids or more, it makes sense to consider stockpiling coupons for school supplies as soon as you can. A little trick that many savvy coupon moms like to use is stockpiling coupons for the essentials by purchasing the newspaper, printing online and requesting that coupons be directly mailed to their mailbox.
By the end of the summer, the coupon moms that stockpile coupons often find reduced deals because the items have been on the shelf for most of the summer. Often times, many items end up being free or laughably cheap.
Shopping a Year Early
When you go back to school shopping, it may be tempting to simply shop a few weeks before the semester begins, like most parents. But, if you purchase items, such as binders, pieces of clothing, pencil holders, etc. just a few weeks after school has begun, just about everything in the store will be marked down considerably.
To further your savings, sign up for email newsletters of all of your favorite stores. Stores like JCPenney send out quarterly coupons for 10% to 15% off of all of their merchandise, including their sales items. It isn’t uncommon to find children’s shorts and t-shirts on sale for less than $5. So, the savings can be considerable.
There are so many ways to save on back to school shopping for your family. You can stockpile coupons, shop for free (with coupons) at the dollar store, and even go shopping a year early in order to get your shopping out of the way completely.
If you’re willing to invest your time, and keep an eager eye, you’ll be able to score amazing deals for both school supplies and clothing.
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Tightwad Group, Come Join!
I’ve recently been granted to take over the Tightwad group, a long time Yahoo tightwad living group.
http://groups.yahoo.com/group/tightwad
The group’s owner had disappeared long ago, leaving the group to spammers posting yucky stuff. I have deleted a lot of messages and hopefully got rid of all the nasty ones.
We are wanting to jump start the group again, bring it back to life, to what it was intended for… tightwad tips, frugal living, budgeting, freebies, and coupons. So I am asking my readers here to join up and share their freebies, tightwad tips, frugal recipes, coupons, etc. Basically any and everything that pertains to tightwad living.
The group posts are moderated to keep the icky spam out.
So come on and join and spread the word to your friends!
Tightwad
http://groups.yahoo.com/group/tightwad
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Debt can help us get the things we need and want in life. But if we’re not careful, it can spiral out of control and take over our lives. Staying on top of our debts is crucial if we want to avoid becoming yet another sordid credit statistic.
If we practice good debt management from the start, we’re less likely to get in trouble in the first place. And if we do have unforeseen problems, taking action quickly can keep them from getting any worse. Here are some simple things you can do to keep your debt under control.
* Stay away from credit cards with annual fees. There are plenty of them available that do not charge these fees, and you can usually get them even if you have little or no credit history.
* Avoid high-interest debt. When you’re first starting to build up your credit, you might have to settle for a credit card with an interest rate that’s not so good. But as soon as you build up a good payment history of six months or so, start looking for a card with a better rate. When you find one, stop using that high-interest card (but don’t close the account, because having available credit is good for your credit score).
* Pay your balance in full each and every month. If an emergency comes up and you can’t pay the entire balance, make certain that you pay it off within two or three months at the most. This will save you money in interest and keep you from running up a high balance.
* Build up some savings so that you don’t have to rely on credit. Having an emergency fund that equals at least three months’ income is the best way to keep yourself afloat in the event of job loss or some other sort of financial disaster. Depending on credit to get you through such situations sets you up for more trouble down the road.
* Instead of charging the things you want, save up the money to buy them. Most of our wants can wait until we are able to pay cash for them. And the habit of charging non-necessities (unless you pay the balance in full right away) can be a very dangerous one.
* If you find that you’re not going to be able to make a payment, talk to the creditor immediately. Some will allow you to skip a payment with no penalty if you’re experiencing a temporary setback. Just don’t make this a habit, because interest will continue to accumulate even though no payment is required.
Being responsible with your debts makes life much easier. If you follow these simple steps, you can keep your finances under control and avoid a financial meltdown.
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Reverse mortgages have existed for a few decades, but only recently have they received a significant amount of press. Touted as a way for senior citizens to utilize the equity in their homes, reverse mortgages have become increasingly common. But is a reverse mortgage right for you?
As the name suggests, a reverse mortgage is pretty much the opposite of a regular mortgage. Instead of taking out a loan to buy a home, you put up your home as collateral and receive money. But unlike a home equity loan, you do not have to make monthly payments. No payment is due until the borrower dies, sells the home or moves out for twelve months or more. When one of these events occurs, the loan must be paid in full, including accrued interest. This is accomplished by selling the home or obtaining a traditional mortgage.
The proceeds of a reverse mortgage may be distributed in a few different ways. The borrower can take a lump sum payment. He can request a line of credit to use as needed. Or he can elect to receive monthly payments. Some lenders will even allow you to receive payments by two different methods, such as half in a lump sum and the other half as monthly payments.
Requirements for a Reverse Mortgage
Unlike other mortgages, a reverse mortgage does not subject the borrower to income requirements. Since there are no monthly payments, there is no need to verify income. The amount a homeowner is eligible to borrow is dependent on the equity he has in his home.
There are, however, a few requirements that must be met. These include:
* The borrower must be at least 62 years of age. If there is a co-owner who is under 62 years old on the home’s title, that person’s name must be taken off before the loan can be made.
* You must have a certain amount of equity in your home. If you have an existing mortgage, it must be paid off. But you can use the proceeds of the reverse mortgage to do this.
* There are certain criteria that the home must meet to qualify. The owner must live there, and if it’s a multi-family dwelling, there must be four units or less. Manufactured housing must meet certain requirements to qualify.
* Before a reverse mortgage can be made, the borrower must undergo counseling approved by the Department of Housing and Urban Development (HUD). The purpose of this counseling is to make sure the borrower understands how the reverse mortgage works. When completed, the borrower receives a certificate that must be presented to the lender.
A reverse mortgage can provide funds to senior homeowners to use any way they choose. They do not have to make monthly payments, and they can remain in their homes for the rest of their lives or until they choose to move out or need to do so for long-term care. But it’s very important to understand all of the implications of a reverse mortgage before making a decision.
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In this time of uncertainty, many people are concerned about their children’s college fund. In researching the various alternatives available, here are some suggestions if this applies to you:
One online source advises your best course of action would be to contact the financial officer at the college to discuss what options are available for your son or daughter. If you have suffered a severe financial loss during this economic downturn, they may be able to offer you financial assistance by extending the loan payments up to one year.
Conversely, you may be able to apply for a loan through Sallie Mae. These loans require a co-signature and the interest rate is quite low. Since most banks are not lending at the moment, this may be appropriate for you to check on further. In fact, there are some universities which offer a loan repayable up to ten years. So it doesn’t hurt to call and or visit them personally.
Kiplinger.com offers information on obtaining a so-called 529 college-savings plan. There are current 49 states that offer the plan where you can find an adequate selection in a direct-sold plan. Its lower expenses mean that more of your money will go toward building your college fund.
In addition, Kiplinger offers advice on specific plans for your child’s college education. They are quoted as:
* If low investment costs are your primary concern, take a look at the Utah Educational Savings Plan Trust. The plan serves up a menu of nine Vanguard index-fund portfolios and charges only 0.38% per year for its most expensive option.
* The pre-fab portfolios offered by 529 plans are only as good as their underlying mutual funds. That’s why we like Maryland College Investment Plan, which uses a great mix of funds from T. Rowe Price. Maryland cut its annual fees this year, and the plan’s most expensive option costs just 0.99% annually.
* The Michigan Educational Savings Program, run by TIAA-CREF, is ideal for investors who shy away from putting their college savings into the stock market. The plan has a savings option that guarantees principal and a minimum annual interest rate based on a Treasury note index. That option doesn’t charge an annual fee. The plan also offers portfolios of TIAA-CREF mutual funds that are tilted more toward bond funds than most other 529 plans. Those options cost a very low flat fee of 0.45% annually.
* If you feel more comfortable using an adviser, ask about the Virginia CollegeAmerica plan. You’ll pay more in fees than if you bought a plan directly, but your adviser can craft a solid portfolio with 22 top-notch funds from American Funds.
Finally, you can check out this website for a state-by-state listing of the types of savings and loan programs, including 529s. You may wish to bookmark this site for later reading as it does offer many alternatives if your son or daughter chooses to select an out-of-state college.
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