Coming to You For Free: The YMCA

I've just heard the most amazing news.  The Department of Defense is partnering with the Armed Forces YMCA to help pay for memberships at YMCAs throughout the United States and Puerto Rico.  This benefit will be available for:

• Families of joint deployed National Guard and Reserve personnel (Army/Navy/Air Force/Marine Corps)
  
  
• Active duty personnel and their families at independent duty stations
  
  
• Active duty families assigned to newly established joint bases
  
  
• Relocated spouse and family members of deployed active duty personnel

This awesome collaboration also includes provisions for respite child care and reduced price memberships at other gyms in places where YMCAs are not available.   Details will be available on October 1st (tomorrow!) at Military OneSource and the Armed Services YMCA websites.

Whoo hoo!   I can't wait to learn more about it!

Christmas Already? Ways To Save (Installment 2)

Today I'm focusing on gift giving.  I know that I spend way too much on presents each Christmas, and the ones that really get me are the last minute, impulse buys.  That's where the plan can really help.  Once you've figured out who you are buying for and how much you want to spend, here are some suggestions for stretching that money to get more gift for your dollar.  Add your suggestions in the comments, please!

1. Get crafty:  knit a scarf, paint an ornament, make a dried herb wreath from your garden.
2. Burn a CD of songs that you think they would really like.  Make a snazzy insert for the cover.
3. Get baking.  Banana, apple or pumpkin bread makes a wonderful present for the people on the outskirts of your list:  cousins, neighbors, and friends.  Cookies are a surefire way to thank the office staff at your child's school.
4. Or, don't bake.  Make pretty layered "cookie mixes" in glass jars.  Attach cooking instructions.
5. Think about your favorite household tool, and share it with your loved ones.  Whether it is your snazzy ergonomic can opener or your super-cool LED flashlight, if you love it, chances are they'll love it, too.  Most people would much rather have a fantastic $5 gift than a useless $50 present.
6. Consider the regift.  If you know that your sister would love the book you got for your birthday, and it is in good shape, then wrap it up and pass it on.  Thoughtful doesn't have to mean new.
7. Give photos:  Do you have a fantastic picture of your neighbor's child on the first day of school?  Your brother's wedding?  Crop it, blow it up, and put it in a pretty frame (try the thrift store for picture frames.)  I'm sure they'll love it!
8. Make a calendar with photos in it.  This is particularly popular with grandparents.  For the cost of 12 reprints, and the calendar body (which I've gotten at Target or the Dollar Tree for $1,) you've got a thoughtful and meaningful gift.
9. Are you into scrapbooking?  Put together a mini-album designed just for the recipient.  Include little anecdotes about your memories and picture that would be meaningful for them.
10. Think about a charitable donation.  This is a good gift for socially-conscious friends.  I like DonorsChoose and Heifer International.  The best part is, the donations can be quite small, and you don't have to disclose how much you've given.
11. Check out alternative buying sources such as Half.com for books.  Often their goods are brand new, but the prices sure aren't bookstore prices.
12. If you live in a warm climate, and you know the person well enough to pull this off, consider planting some plants for them.  One of the best gifts I ever gave was a flat of impatients planted in my grandmother's front garden while she was out one day...she hadn't gotten around to planting yet.
13. Contact other parents who share the same teachers, scout leaders, and sports coaches.  See if they'd like to pitch in on a more significant gift.  Five or ten dollars per family can really add up!
14. Also for teachers, consider gifts that they will always use:  pretty hand soap or antibacterial gel, a gift bag full of thank you cards, a box of sticky notes.
15. Save excess packing paper for gift wrap.  My movers always seem to lay a couple of sheets at the bottom of the box before they even start packing, and they are often in good shape when we're done.  Let your children paint, color or stamp holiday designs.
16. Or save the Sunday comics to wrap presents.  They are so fun and colorful.
17. You can also use the abundance of art that preschoolers bring home.  These projects make particularly great paper for grandparents.
18. Don't buy gift tags.  Use old Christmas cards, plain pieces of paper folded and cut with snazzy scissors, or just write on the gift with red or green markers.
19. Ribbon and bows can get expensive, plus they don't mail well.  Think creatively - I like to buy super thin craft ribbon when it is on sale four rolls for a dollar.  One year I splurged and bought those shiny metallic elastic bands with bows on the end and we've been reusing them ever since.
20. Plan for traveling or mailing- don't buy things that weigh a ton, take up a lot of space, or break easily.
21. If you are ordering gifts online or through a catalog, have them shipped straight to the recipient, or to a central location if you are traveling.  You can sort and wrap when you get there!
22. Consider shopping once you've reached your destination.  It might be a little stressful, but it beats paying for each suitcase or tons of postage.  Plus, you won't have to worry about breakage, or your things being lost en route.

Christmas Already? Ways To Save (Installment 1)

It is nearly October, and the stores are fast filling with holiday items.  I've got a lot of ways to keep Christmas more affordable.  The list is pretty overwhelming, though, so I'm trying to break it down by subject.  Today you get budgeting, tomorrow is gifts, and then we'll have travel, decorating, and frugal fun.  I can't wait to hear what good ideas my readers have!

1. Look at your budget.  Have you saved anything already?  How much can you put aside out of each of the 6 remaining paychecks before Christmas?
2. Gather up all the loose change around the house:  on your dresser, in the car and near the clothes washer.  Pool it all together to add to your Christmas fund.
3. Use eBay or Craigs list to clear out your clutter and make Christmas cash at the same time.  If you don't know how, ask a friend. It isn't hard and it works beautifully!
4. If you have a rewards credit card, see about cashing in your points for gift cards.  Use the cards to supplement your budget.
5. Make a list of holiday expenses.  In addition to gifts, be sure to include cards (and postage), extra food, travel, special clothing (or cleaning), babysitters, and any holiday traditions, such as Nutcracker tickets.
6. List everyone for whom you think you would like to buy a present. Then, figure out how much you can spend on each person.  Consider slashing your list dramatically, or figuring out an inexpensive yet thoughtful gift for the bulk of the list.
7. Seriously think about how much you are giving your kids.  My children already have way too many toys, and every birthday and Christmas we are blessed with presents from grandparents, aunts and uncles and friends.  Think about how little you can give your kids and still feel happy.
8. Talk to your family and friends.  Maybe they'll agree to draw names, or only give gifts to the children, or put a dollar limit on gifts.  Try to remember that it really isn't about the presents.
9. Think about group gifts:  instead of one gift for each person in the family, but one gift for the whole family.  A board game, a zoo membership or a Blockbuster gift card can fit in any budget and make you feel like you've included the whole family.
10. Inventory your Christmas stash:  most of us have picked up a few things through the year, and you need to make sure that you use them. Cards purchased last January, gift wrap that is still in the box from your last PCS, and gifts hidden in a tub somewhere.  Pull them all out and make a list so you remember what you have.
11. Plan ahead to limit your postage.  See the Postal Service's list of holiday mailing dates for 2008 and plan to get your packages in the mail early so that you can use parcel post instead of priority mail.
12. Think about the weight of gifts if you will have to send them.  My first holiday overseas, I spent more on postage than the presents themselves (and several were damaged during shipping.) 
13. Consider postcards instead of cards in envelopes (27 cents postage instead of 42 cents), or send ecards instead.

Museum Day 2008

Looking for something fun and frugal to do this weekend?  Saturday, September 28 is Museum Day 2008.  Museums across the country are offering free admission for Saturday only (Sunday if they're closed on Saturdays.)  I've looked through the list and I have found several museums in my area that I would like to visit.  There are museums near almost every large military base, as well.

For more information or a complete list of museums, visit Museum Day 2008.

Budget Balancing: A Monthly Battle

I recently learned a great tip for solving a common problem:  all of your big bills being due at the same time each month.  For most of us, our largest bills are all due at the beginning of the month.  Rent or mortgage payment, maybe a car payment, often your first paycheck is completely spoken for.  One possible solution is using an allotment to balance your payments.

I'm sure you're thinking:  An allotment doesn't give me more money, it just pays people.  How is that going to help?  Well, here's how...

For active duty military members, an allotment is a payment of a certain amount of money that is paid monthly to a specific company or bank account.  Allotments can be used for a variety of reasons.  They are often used to pay for privatized government housing, to pay for insurance, or to designate certain money for family members.  Much like a privatized housing allotment, you can set up a personal allotment for the amount of your rent or mortgage to be paid to the company, or to be put into the bank account that you use to pay your housing bills.

Here's how the math would work:  (this is a nice, round example)

Without Allotment:

Base Pay:  $ 2500 per month

Housing allowance:  $1500 per month

Total amount paid per month:  $4000, paid as $2000 twice a month

With Allotment:

Base Pay:  $2500 per month

Housing allowance:  $1500 per month

Total amount paid per month:  $4000, paid as $1500 allotment on the first, plus $1250 twice a month.

If you had $1500 in housing expenses, setting up this allotment would let you have an equal amount of money for other expenses throughout the month.  Without the allotment, you would only have $500 in the first half of the month after you had paid your housing expenses, but you would then have $2000 during the second half of the month.

If you are able to keep your money budgeted throughout the month, then you certainly wouldn't need to set up an allotment like this.  However, if you struggle because your biggest bills are all due at the same time, then maybe this would work for you.

One serious note to consider:  When you set up an allotment, they will take the money out for one month in advance.  In my example, the pay would be lower for the two paychecks before you received your first allotment payment.  If you are literally living paycheck-to-paycheck, this might be a problem for you.  Check with your financial office or Command Financial Counselor for more information about this.

I hope that some of you will find this helpful - I thought it was so interesting that I'd never heard of this strategy before!

Is Your Food Fresh? Good Things to Know

Over at SpouseBUZZ, that very smart shopper Love My Tanker has written a great post about food freshness.  There are guidelines for how long things can be consumed, plus tip recognizing when something has gone bad.  Click here to read more.

What About My Credit Score?

What About My Credit Score?

A lot of people have questions about credit scores and FICO scores. Suze Orman gives a great explanation of the basics in this video - check it out!

Brilliance on a Business Card (or 5)

Way past my bedtime last night, I stumbled over to The Simple Dollar and found this post that summarizes pretty much everything that is in all those fancy personal finance books that I love to read.  I read it, I liked it, and I went to bed.  When I woke up my computer this morning, it was still there, so I read it again.  In the light of the morning, it seems brilliant!  I know that I'm a geek about this kind of stuff, but I want to print it out, cut out the cards, and tape them up around my house for inspiration.  I'm sure that some of you will find it interesting as well.

Personal Finance Camp 09/22/2008

Today, pull out your last credit card bills.  Read them. The whole thing.  Maybe use a highlighter to show the most important information, or anything that doesn't make sense to you.  Call your credit card company if you don't understand what you are reading.  Knowing your interest rate, or the way your balance is calculated, is a good thing.  Hopefully this won't be too hard!

Yummy Goodness From Your Stove

What could be better than a cup of hot chicken soup? A cup of hot chicken soup that you made yourself, with almost no salt and tons of flavor. The basis of any good chicken soup (and many non-chicken soups) is Chicken Stock. You can buy it in the cans, which is expensive, chock-full of sodium, and heavy to carry home from the grocery store. You can buy it dehydrated in little packets, but even the low-sodium varieties are pretty salty and the flavor is thin. Or, you can make your own.

It is quick, it is easy, and you’ll be glad you did it. This recipe is pretty flexible – no need to measure and you can adjust the ingredients as you desire.

In a large pot, put a little oil and several pieces of inexpensive, bone-in chicken (use whatever is on sale) or your leftover chicken carcass. Cook at medium-high heat for several minutes to brown the chicken. Add several cups of onion, celery and carrot parts* and cover with water. Season with salt, pepper and thyme.** Bring to a boil and allow to simmer for one hour. If you have used whole chicken parts, remove them from the water, cool slightly, and remove the meat from the bone. Set chicken meat aside for another use and return the bones to the pot. Continue simmering at least one more hour, until the stock is flavorful. Strain through a colander or sieve (line with cheesecloth if you want to get all the little bits of chicken and seasoning out) and chill the broth.*** When cool, remove the fat from the top of the broth. Freeze in ice cube trays or muffin trays, transferring to a zip-top plastic bag when frozen.

* You can use the skins, leaves and other non-edible bits for this. (I keep a bag in my freezer to store onions skins and celery leaves for stock.) Some people also like to add parsley or turnips.

** Other popular seasonings include bay leaves, garlic, cloves, and whole peppercorns.

*** If you like your stock to be very clear, try this technique:  Separate the egg white from the egg yolk, discard the yolk, and reserve the shell. In a small bowl, combine 1/4 cup cold water, egg white, and crushed eggshell. Add to strained stock, and bring to a boil. Remove from heat, and let stand 5 minutes. Strain again through a cheesecloth-lined colander or sieve.

Another Great New Blog Discovered!

I stumbled across another great blog today, The Wisdom Journal.  I particularly like the comprehensive post titled 50 Frugal Things You Aren't Doing.  I feel pretty excited that I actually am doing a few of these things:  my husband and I talk about our financial goals regularly (#2), we don't have private mortgage insurance (#10), and we have a programmable thermostat (#28).  A few others we sort of do.  The author, Ron, challenges the readers to pick five things from the list and try to implement them.  Here are my goals: 

• write a better budget and stick to it,
• control my emotional (and unplanned) spending,
• set up a Christmas Club account (I had one organized, then I diverted the money to another purpose),
• make a personal inventory of our stuff,
• increase our savings rate

So, what five things could you do?  I think Ron has done an excellent job of giving suggestions that will help us all weather these tough economic times.  Thanks, Ron.

Wow! A Grocery Challenge I Could NEVER Do!

Today, I stumbled across this very interesting article at MSN's Money Central, asking the question, "Can a family eat on $100 a week?"  I encourage you to click over and check it out...it is fascinating.  This family didn't have the benefit of the commissary, coupons, or other sources of bargains (such as a farmer's market or warehouse grocery stores like Aldi.)  So, I guess that in theory, she could  have saved even more.

I've read comments about this article that think that her costs are high, and other comments that say that her costs are low.  I know that I found this article a lot more helpful than another I saw last week.  It told me how to make dinner for less than $25.  Seriously.

 

Regardless of your current grocery budget, there is probably some room for improvement.  This article is a good read for inspiring you to cut those food costs!

Personal Finance Camp 09/17/2008

I've been having a hard time keeping these PFC jobs as quick and simple as I'd envisioned, but I also don't want them to seem boring and useless.  So, today your task is this:  Post a comment telling me what you think.  About PFC, about the Paycheck Chronicles, about nearly anything that is moderately related, useful and appropriate.  I look forward to your input.  Thanks!

Does Your Spending Line Up with Your Values?

 Several years ago, I read a book that had a profound impact on me.  I can't remember the author or title (though after some research, I think the author might have been David Bach), but one concept has really stuck with me.  The author suggested that you make a list of four to six things that are important to you.  Place your list in a circle, not up and down, to show that none of these choices are more or less important than the others.  Some suggestions included health, family, education, service, the environment, freedom, marriage, and spirituality.  More suggestions lists can be found at The Simple Dollar, or from David Bach's article at Yahoo Finance.  None of these are meant to be comprehensive - if playing the accordion is very important to you, add it to your list!

The idea is to organize your spending around the the things you value.  When I did this exercise, one of the first things I noticed was that I don't list eating out or buying beer and wine as a core value, but both of those things take up a decent chunk of my spending.  I don't spend much at all on my health, despite listing it in my top values.

I challenge you to try this exercise.  Make a list of the things that are most important to you, then think for a bit about how your spending reflects these values.  Let me know if you find this useful!

Personal Finance Camp 09/15/2008

You've probably heard the advertisements:  Get Your Free Credit Report!  Find Out Your Credit Score!  I agree, it is important to check your credit reports regularly.  However, there are many companies that are trying to make money off your wish to check your credit report.  The real website for free credit reports is AnnualCreditReport.  From there, you can link to each of the credit reporting companies.  As you can request a free copy from each of the three companies every 12 months, I try to stagger mine.  For example, I might check the Experian report in January, then TransUnion in May, then Equifax in October.  While the information will not be exactly the same on all three reports, spreading out the checking will help you to catch errors or possible fraud as quickly as possible.

May people also want to know their credit score.  The legislation that authorized free credit reports did not address the issues of credit scores.  You can purchase your credit score from each of the credit bureaus, or get all three from the Fair Isaac company, who created the FICO score.  It is a bit expensive to purchase your FICO scores or other credit scores and you'll want to consider whether it is important for you.  Perhaps if you are planning to buy a house, or make another large purchase, checking your FICO scores might be important.  For regular credit issues, just clearing your credit reports is probably enough.

Don't forget - don't pay to check your credit reports!

TSP or IRA? Retirement Choices for Military Members

Once you've decided to start savings for retirement, there are a multitude of options available.  Active duty military members have two choices that may have tax benefits:  the Thrift Savings Plan (TSP) or an Individual Retirement Account (IRA).  There are two primary types of IRAs, Roth and Traditional.  Here are the main points about each type of account:

TSP

• contribute through payroll deduction
• contributions are pre-tax and will lower your current tax bill
• annual contributions capped at $15,500 for 2008 (unless you are over age 50)
• taxes are paid at the time of distribution
• tax-exempt income (such as combat zone pay) remains tax-exempt at withdrawal, though the earnings on tax-exempt income are taxed at withdrawal
• penalties apply for early withdrawal
• there is a loan program for borrowing against TSP balances
• limited investment options
• no choice of investment company
• very low fees
• contributions must be made by December 31st
• required minimum distributions once you reach 70 1/2 years old
• only for military members
• can begin contributions with 1% of base pay

Traditional IRA

• generally tax-deductible, depending on your income and filing status
• taxed at withdrawal
• penalties for early withdrawal
• set up through your choice of companies
• unlimited investment options
• fees vary by company and account
• annual contributions capped at $5000 for 2008 ($6000 for age 50 or older)
• may contribute until 15 April of the following year
• required minimum distributions once you reach 70 1/2 years old
• non-working spouses may set up a spousal IRA
• minimum contributions vary by company

Roth IRA

• not tax-deductible (you invest money after you've been taxed on it)
• investment and earnings are tax-free at withdrawal
• limits on contributions based upon income level
• penalties for early withdrawal, though some exceptions do exist
• set up through your choice of companies
• unlimited investment options
• fees vary by company and account
• annual contributions capped at $5000 for 2008 ($6000 if age 50 or older)
• may contribute until 15 April of the following year
• no required distributions
• non-working spouses may set up a spousal IRA
• minimum contributions vary by company

As you can see, this is a lot of information.  How do you choose?  As yourself these questions?

• Taxes:  do you want to pay them now or later?  How large is your current tax liability?  If you're already not paying any taxes, or you are receiving the Earned Income Credit, tax-deferrment is probably not a benefit to you.  Do you anticipate paying more or fewer taxes in retirement?
• Are you eligible for a Roth account, based upon your income level?
• How much flexibility do you want?
• How much money do you want to invest?  Are you starting small, or do you have a chunk of money to invest each month?
• Do you have an investment company that you like?  If finding an investment company is going to be hard for you, you might prefer to start with a TSP fund until you make a choice.
• Do you currently have tax-exempt income.

More useful information can be found at the Thrift Savings Plan website and USAA's Retirement Center.  Each individual company that offers IRA accounts will have a comprehensive page of information available as well.

There is no right answer for every situation.  Many people choose to have both TSP and IRAs.  Even more important than your individual choice is the decision to start saving (or to increase your savings if you've already started.)  Don't spend years deciding on the "right" account.  Once you've reviewed your options, make a decision and get going!

The Perpetual Grocery List

One tool that has saved me a lot of effort in the grocery store and kitchen is a perpetual grocery list.

What is it?  A basic list of the items that you need/want to keep on hand.  Sorting by the layout of your favorite grocery store helps.  (Of course, then the commissary goes and rearranges, but I can't seem to stop them from doing that!)

What do you do with it? Different people have different strategies. I print mine out before I go grocery shopping, run through it quickly and cross out anything that I have in sufficient stock. I then add my meal specific items for the week (meats, odd ingredients, vegetables that I don't buy every week.) If I'm feeling shoppy, I'll go through the local advertisements and pen a little mini-list on the back with special items to get at particular stores. Another way to use a perpetual grocery list is to print it off right after you fill up the cupboards and post it in the kitchen. Whenever you see supplies getting low, circle the items you need.  Some people like to do a laminated copy with a dry-erase marker, but that is just too messy for me.  On a good day, I actually walk around my kitchen and take inventory of the items on the list, other times I just print off the list and highlight/circle the things I know I need. The first method is more effective, the second is faster. I even keep a copy on a thumb  drive because I have been known to accidentally alter the copy on my hard drive, and recreating the list makes me very, very sad.  A low tech version is to use your old grocery receipts - hang them on the fridge and circle items as you use them up.  The circled items should be the things that you need to buy the next time you go shopping.

Why do it? It makes grocery shopping faster and easier and saves by money by stopping you from buying duplicate items. (Who really needs two jars of curry powder?)  Also, you will make fewer last minute stops for "just one item," which saves time and money.

How do I start?  I recommend you use an existing list and customize it to your needs.  Look here http://www.grocerylists.org/ultimatest/ or here http://couponing.about.com/library/blgrocerylist.htm for samples to get you started. Save a sample list, print it out, and go through your cupboard to make it reflect them items you really buy and use.   Every time that you need to buy something that isn't on the list, add it.  (Unless it is really obscure, of course.)

Good luck - I hope you find this useful.  It has saved me tons of time and money over the last few years.

Personal Finance Camp 09/12/2008

Today's training is about the Thrift Savings Program (TSP).  Go to the TSP website and see what tools and features are offered there.  If you don't have your TSP account number or personal identification number, you can request that the information be mailed to you.  Armed with your account number and PIN, you will be able to view statements and make changes to your account.  Don't wait until you want to log on - it can take over a week for the information to arrive by mail.

Personal Finance Camp 09/11/2008

Today, we're going to look at income.  Take five minutes to write down every bit of income you make.  It might be as simple as just your military pay, or you may have two working adults, plus a rental house, and other stuff as well.  Just figure out a number.  It's good to know, and we'll use it again.

A Surprising Rewards Card

You probably have a pocket full of rewards cards:  grocery stores, drug stores, fitness clubs, even fabric stores have them.  However, there is one card that you definitely need to have:  a library card.

Why?

A library card can save you money in so many ways. 

First, there is the obvious:  you can check out books.  Lots of books.  Fiction, non-fiction, children's, foreign language.  As much variety as the bookstore, but it is free!  In addition, most libraries offer videotapes, audio books and music CDs for checkout.  Current magazines and newspapers are usually for reading in the library, but often back issues may be checked out as well.

Beyond the books on the shelves, most libraries can order books from other libraries within the same system, or even outside of the system.  Just today, I got online and ordered an obscure book from another library system within the state.  It appears to be the only copy for miles, and it is still free!  I'm loving this for several reasons.  Not only am I glad that the price is right, but if I bought it, then it would be around my house forever.  Since I'm only borrowing it, the book won't be fighting for shelf space when I'm done reading it.

Most libraries also offer internet access.  I find this very helpful when my computer isn't working, or I'm a half hour from home and need to look something up, or I'm traveling and don't have a computer with me.  Policies vary, but a common standard is one hour of internet and five pages of printing for free each day. Library system websites commonly offer additional services, as well.  Users can access online databases, download audiobooks (and sometimes even movies), or receive free online homework help.

My daughters are voracious readers, and I'm glad.  This can get expensive, especially when they've latched onto a popular series and a new book is being released.  I couldn't believe it the first time I bought a just released Harry Potter book - I hate to buy anything at full (or near full) price and I think that hardcover books are a luxury.  My oldest has been waiting anxiously for a new volume of her latest love, but the $27.50 preorder price was really upsetting me.  Then I checked the library website and discovered that I could put a hold on it, even though it hasn't been released yet.  I'm not sure that every system has this capability, but my daughter is delighted that she'll get first dibs on the book AND save her money at the same time.

Every library system has its own collection of special services - mine used to offer Rosetta Stone language training, but no more.  I encourage you to head over to your local library, with a couple of proofs of residence, and sign up for a library card.  You'll be amazed at the things you can do and the money you can save.

For more thoughts on the library, check out Penelope's post at Our Fourpence Worth.

Personal Finance Camp 09/09/2008

Today's job is to make a list of every bank or credit union that you use.  Names, telephone numbers, account number, balances, payment addresses - anything you can think of!  Look at the list and consider if these banks and credit unions are meeting your needs.  Military service members have many choices and are lucky to be able to join numerous credit unions, depending on their location, duty station, and various memberships.  My family belongs to Navy Federal Credit Union (which is now open to all services, yeah!!!!), Pentagon Federal Credit Union, and USAA, which is not a credit union but is very similar.  We find that different products from each organization work the best for us:  we have our savings with USAA, our daily bank accounts with Navy Federal, and a credit card with PenFed.  Check them out, plus your local banks and credit unions, to see which ones will work best for you!

From the Mailbag (sort of)

This weekend, I was lucky enough to attend SpouseBUZZ Live, a military spouses' event in Hampton Roads, Virginia.  I was chatting with another military spouse who recommended that put up a link to the Joint Federal Travel Regulations.  That was a great suggestion! They are long, complicated, and often confusing, but the JFTR are the rules that govern many of the allowances that military members receive.  The parent website is the Per Diem, Travel and Transportation Allowance Committee, which also handles BAH (Basic Allowance for Housing, COLA (Cost of Living Allowance), OHA (Overseas Housing Allowance), and Per Diem rates .  If you have questions about any of these subjects, the best place to look is in the JFTR.  I'll be adding the link to my links bar on the left hand side of the page, so you can always look there to find the regulations.  I hope you find it helpful!

Personal Finance Camp 09/08/2008

Today's job might be very simple, or it might be very hard.  Locate all your paper bills and put them in one place.  Try to think of a good permanent home for that important mail!  Check above the visor in your car, on the kitchen counter, or any other place that you know they get misplaced.  I know very few people that never misplace a bill (myself included), and I think it gets harder as more bills are sent electronically.  The one little water bill that comes every three months can easily get lost if it doesn't have a home!

I hope that you're feeling a little more in control now!

Suze Orman and the Military Saves Campaign

Financial expert, talk show host and motivational speaker Suze Orman spoke recently with the American Forces Press Service about the financial issues facing military families.  You can read the article here.  I've always been a fan of Suze's straight-forward style and common sense advice.  You can find more of Suze's military specific advice in this press release on her website.  (You'll have to put your cursor on the scroll down arrow to get to the actual article.)  Thanks for the advice, Suze!

What Makes You Happy?

Carrie Kirby, a writer at Wise Bread, has written a thoughtful article about the financial choices we each make.  She points out that it is overwhelming to save every penny, make every good decision, and cut your expenses to the last possible penny.  She suggests that you choose which smart actions you actually enjoy, and work from there.  Here is the link to Carrie's article, Follow Your Frugal Bliss.  Thanks, Carrie!

Understanding the Fair Debt Collection Practices Act

Over at a website called Master Your Card , Jonathan has written a helpful post explaining the Fair Debt Collection Practices Act.  If you owe money to a creditor, they are probably going to contact you about it.  The Fair Debt Collection Practices Act is a collection of standards that explain what people trying to collect debts may and may not do.  Knowing these guidelines can help you to better understand their behavior, and when it is okay, or possibly even illegal.

Even if you've been very smart and don't have any looming bills, you may be able to help a friend or relative who is facing collection agencies and other debt collectors.  Head on over to this great article to learn more.

Personal Finance Camp 09/05/2008

Do you have an emergency savings account or emergency fund?  Experts recommend that you have 3-6 months of living expenses in a savings account for emergencies.  That sounds a little overwhelming to most of us, especially if you don't have any savings at all.  Make a goal to save one month's expenses to start.  Start a separate savings account and set up automatic transfers to it.  Even $10 each pay day will add up quickly, and you can add any extra funds to reach your goal faster.

Personal Finance Camp 09/04/2008

Today in PFC, we're looking at income.  First, get a copy of your last LES (Leave and Earnings Statement).  You probably get them online, at the MyPay website.  Take a look and see if it looks right to you.  If you have questions, the MyPay site has links in the lower right corner to explanations of each service's LES.  Be sure to read the remarks at the end of the LES.  That is where there will be notes about leave used, any debts that you might have, or other leave or pay related comments.

If you are confused or think that something is wrong, check with your disbursing or finance office.  They should be able to clear it up for you.  A thorough understanding of your LES will help you to understand your pay and also notice if there are any mistakes.

Well done!

A Small Way to Make a Little Cash

A friend recently introduced me to an on-line survey program called Partnership-Plus.  From the website, Partnership-Plus is made up of people just like you who tell us about the new clothes they get each month. Clothing manufacturers and stores use this information to study the kinds of clothes people buy and receive. Being a member of Partnership-Plus gives you the opportunity to help put the clothes you like in more stores.

Want to learn more?

Once you register, you log on to Partnership-Plus each month and tell them about your clothing purchases for the last month, including the style, brand, store, price, and materials.  They recommend that you keep your tags and receipts together, or use their handy downloadable record.  You will earn points for your participation, and the points can be used for gift cards or actual cash. By my calculations, if you filled out the survey every month, within the first five days of the following month, for one year, you would have enough points to receive a $50 check. The program even works if you don't purchase any clothes - just log in and indicate that you did not make any purchases in the prior month.

The registration page indicates that they use some type of criteria to select participants.  I haven't heard of anyone being turned down yet, though I suppose it might happen.  I joined in July and have filled out two surveys so far.  They took between ten and fifteen minutes each.  I'm delighted that they send out reminder emails, as sometimes I get distracted and forget about little things like this.

It seems to be a program worth your consideration.  I think that $50 a year for about three hours of time is a nice way to make a little extra money!  If you try it, check back and let us know what you think.

Emergency Preparations: The Financial Side

Well, we're smack in the middle of hurricane season and the storms have been coming fast and furious.  There has been a lot of talk about being prepared for natural disasters or other emergency situations.  Make sure that you include financial preparations on your to do list.

Things that you should do include:

1. Make sure that you have access to cash.  Without power, ATM machines won't work.  Bank branches may not be able to open.  Stores may not be able to take credit or debit cards.  Try to keep your cash in small denominations as it may be difficult to get change for large bills.
2. Have important documents stored together and easy to carry.  A zip-top bag will help keep them dry.  Include copies of your driver's license, passport(s), social security card, proof of residence (especially if you don't live in the place listed on your driver's license), insurance policies, tax records, etc.
3. Update your household inventory, take pictures or videotapes, or make some other record of your stuff.  Even the inventory from your last move will work.
4. Have appropriate and adequate insurance.  Renter's insurance, homeowner's insurance, earthquake or flood insurance.  Understand what each policy does and does not cover.
5. If you use a very local bank or credit union, consider keeping a small account elsewhere.

The Red Cross has a great page here.  It has a comprehensive list of all the steps you can take to be financially prepared for an emergency.  Other good sites include Ready.gov, 72hours.org, and the Are You Ready page at the FEMA website.  A few minutes preparing now will make your life a lot easier if an emergency situation arises.  Use these resources to create a plan that works for your situation, and then rest easier knowing that you are ready!

Personal Finance Camp 09/03/2008

Today's mission:  Make a list of all your insurance information:  auto, renters, homeowners, life, anything else.  Include the policy numbers, contact telephone numbers and addresses, and any other useful information.  Put a copy in a zip-top bag and put it somewhere safe.  Make a couple of extra copies and put them somewhere outside your house:  maybe at work, maybe in your glove box, maybe mail a copy to your parents.

Hopefully you will never need to use that information.  If you do, you'll be glad to have it available without searching all over.  Good work! 

Personal Finance Camp 09/02/2008

We're introducing a new feature here at the Paycheck Chronicles:  Personal Finance Camp.  Personal Finance Camp will be one quick, easy task that will help improve your overall financial health.  Okay, they won't always be quick and easy.  If we assign a PFC job that you've already completed, great.  If you can't get the PFC job today, that's okay.  Maybe you can come back and do it another day.  Even if you only do one PFC per week, you're taking steps that will add up to big results.

Today's PFC:  Balance Your Checkbook.  Either get online, or pull out your paper statement, and figure out how much money you have in your checking account.  Having a firm grasp of the balance is a good key to keeping yourself in line.  Decide for yourself how close you have to be - balanced to the penny?  Within a dollar?  Within ten dollars?  It doesn't matter what you choose, as long as everyone that uses that account knows the guidelines.

Awesome, you're done!  Check back tomorrow to see what we're doing in Personal Finance Camp.

Five Fast and Frugal Tips for Fixing Dinner

With the cost of groceries going up every month, I'm always on the lookout for easy ways to pare the grocery bill.  Here are my five fast fixes for food prices:

1.  Use what's in your cupboard.  Spend five minutes looking through your food to see what's there.  Then check your fridge and freezer.  Make a plan to use some long-forgotten ingredients.  Use a site like Allrecipes to find recipes that will make good use of your pantry finds.  Their advanced search feature lets you put in specific ingredients, then select a meal, food style, and method of cooking.

2.  Find a meatless dish that your family likes.  Whether it is meatless lasagna, quiche or beans and rice, you'll save a bundle over main dish meats.

3.  Use your slow-cooker.  They're great for dried beans (see #2), inexpensive cuts of meat, and those busy days when you might be swayed by the drive-thru if you don't know that there is a hot and hearty meal waiting at home.

4.  Try different brands.  You might find some great choices.  For example, I know that my kids don't care what brand of peanut butter I buy.  (The husband is a different issue.)  However, I do have one who is picky about her oatmeal.  If you are shopping at a civilian grocery store, they may have a satisfaction guarantee on their store brands.  Ask at customer service, or check out their website.  The commissary usually has several name brands of differing prices.  With a little trial and error, you will discover which brands you can save on.

5.  Stock up.  This sounds a little the opposite of what I've written above, but it isn't.  If the commissary has peanut butter for a fantastic price, buy one more jar than you need.  If your local chain grocery is running a fantastic special on cereal, stop in (if it is on your way) and pick up a few boxes.  Just think twice to be absolutely sure that a) your family will eat it, b) it will keep well, and c) it will be consumed before you move again.

There are thousands of grocery store money saving tips out there.  If you're overwhelmed, just try one of the things I've listed above.  Next month, try another one.  Eventually, you'll work out a frugal food strategy that fits your family and your wallet.