Saving money

SAVING MONEY IN A BAD ECONOMY

Everyone can use some help to save money in days like these. Here are a few that might keep a dollar in your pocket and out of someone else’s.

MAKE GIFTS THIS YEAR. Whether it be kid’s crafts, your own special hot cocoa mix, or cheaply framed family photos, this can be fun and cheap. Or, offer a card with an evening of babysitting as a gift to young parents. Maybe even swap out with them rather than exchanging gifts.

ONE MONTH WISH LIST. Put a wish list on the fridge for items you may like (new watch, camera, etc.) but may not really need (you may need a transmission). Any item over whatever dollar amount you decide must be on the list one month before it can be bought. Just write the date and see if you still really want it next month. Odds are, something else will catch your eye in between. Also, if you put your credit cards away, you will have to come home to get them. That helps with impulse spending.

FUN FOR CHILDREN. Your children really want time and attention more than stuff. Next time they deserve a treat, let young ones go wild in a dollar store and you are only out 1.09 each. Or, take them on special Daddy-dates to do something free like feeding geese, skipping rocks at the river or exploring a hiking trail.

CLEAN OUT AND SELL. Closet cleaning can lead to a yard sale, a consignment shop, Ebay or a donation for the tax deduction.

LESS PACKAGED MEALS. If it comes in a package, it is usually less healthful, more fattening and more expensive than the alternative. For instance, think of the cost and nutrition of a bag of chips and dip versus two quartered apples with peanut butter. Cooking is usually cheaper and better than just heating. Crockpots are Godsends in this area.

IF YOU SMOKE OR DRINK, QUIT. There is little out there that takes as much from you as smoking and drinking. In the case of cigarettes, they cost you dental problems, health care, dry cleaning, gum, mints and lost wages. They cost you more on insurance and cause you to live an unhealthy and shorter life. Drinking is likely to cost you a lot as well. In addition to health, it also affects the liability of driving and so forth. Unfortunately, drunk drivers will take lives every year.

CUT BACK ON TV, AND GET MOVIES. Make sure you really want the channels you pay for. Some are paying for HBO, Showtime and Cinemax and never watch them. We love NETFLIX for movies and always have what we want on our schedule, with nothing we don’t want.

USE online bill payment. No stamps, trips to the post office, cost of ordering checks, etc. There is also less chance of an overdraft, because you can check it anytime. Let your bank pay the postage.

BULK BUY AND FREEZE. “You freeze milk?” We hear that question a lot. Just because I make a good living, by the grace of God, does not mean we cannot try and save money. We buy in bulk at Sam’s or Costco every couple months and freeze seven gallons of milk. They thaw overnight, and you cannot tell. You might want to buy a freezer. We also freeze bread. Buy items we use a lot of in bulk, like trash bags, laundry detergent, aluminum foil, and oil. The bigger benefit of this might be that we almost never have to stop at the store, where the temptation to pick up a few more things usually hits.

BROWN BAG. For lunch, trips and other things, take your own lunch. We are always cooking in bulk and keep the extra for lunch or dinner later. For instance, if you brown a ton of ground beef, you can make Chili, Sloppy Joes, Tacos and Hamburger Helper, and be ready for different days.

COUPONS. Take your Wednesday and Sunday coupons, match them up to the sale flyer and use them. Also, get free or low-cost coupons over the net. Often, we can use more than one coupon, get them doubled, and buy on sale. Sometimes, the store has actually paid us to carry home a box of cereal. Many save about 45% on groceries with couponing. That means you pay about $99.00 for what others pay $180.00 for.

In addition to being thrifty, Mr. Peel seeks justice for those injured in car accidents, work place incidents, medical malpractice, and nursing homes. He often addresses churches, clubs and groups without charge. Mr. Peel may be reached though PeelLawFirm.com wherein other articles may be accessed.

BOOMERS HAVE REGRETS

BABY BOOMERS HAVE SOME REGRETS

A recent article by Rebecca D'Angelo in USA TODAY found that there are some common regrets among those born between 1946 and 1964.

This is what they wished they had known earlier:

•The stock market can go down as well as up.

•Your home equity line should not be used as a personal ATM.

•Youth doesn't last forever, but moving more, and eating less can delay old age. Comments like, "Why didn't I start with the sunscreen sooner so I wouldn't be so wrinkled?” as well as consternation over bulging waistlines, weight-related illness or ailments, and decreased physical capabilities are common.

•Our parents weren't blowing smoke when they said "Live within your means" and "Save for a rainy day." Now "they're afraid they'll outlive their money" because they didn't plan and save enough and certainly didn't predict the economy's meltdown.

In general their comments might be summarized as: “A little less ice cream and a lot more saving.”

If they live another 30 or 40 years, they will find longevity brings challenges. Some folks are realizing that 35 years of work cannot easily support 35 years of retirement.

It is not as if Baby Boomers did not have great role models. The generation that fought World War 2 has often been called the “Greatest Generation.” I am sure that the Depression era that preceded World War 2 did more good than harm to the character of Americans. It seems that the further we have gotten from those awful financial times, the more spoiled and selfish we have become.

Is there anyone now who will rise up and claim that Generation X, Generation Y or whatever we have now, will be the greatest generation? I certainly can’t imagine it.

But, the folks in the mid 1920’s never thought they would see a full out stock market crash in 1929, ushering in the worse Depression in American History. It is fairly well accepted that there were five causes or aggravations of the Great Depression.

1. Stock Market Crash of 1929: One of the major causes that led to the Great Depression.

2. Runs on Bank as Banks Failed: Over 9,000 banks failed and deposits were uninsured, so the money was just gone. You can recall a run on the banks in the classic Christmas movie, “It’s a Wonderful Life.”

3. Spending and Jobs Dried Up: Lack of money and fear kept many from purchasing items, which led to a reduction in the workforce. Foreclosures and repossessions followed. The unemployment rate rose above 25%, and that was likely not even accurate due to the conditions of that day. In many places it was much higher. My Granddaddy used to say, “There just wasn’t no money back then.”

4. American Economic Policy: Desperate for anything that would help, the government tried the Smoot-Hawley Tariff in 1930 to help protect American companies by charging high tariffs on imports. Trade stagnated further.

5. Dustbowl: The Mississippi Valley’s epic drought in 1930 caused many to have sell their farms. This was the topic of John Steinbeck's “The Grapes of Wrath.”

Today, we may be looking at similar conditions. Rising unemployment, stifled spending, a lack of production, foreclosures, less credit availability, rising food and gas prices and a staggering and growing national debt. If a natural disaster, a terrorism cyber attack or other unforeseen tragedy occurs, that may be all it takes to begin building a couple of truly great generations.

Mr. Peel may be available to address your civic club or church, please contact his office at www.PeelLawFirm.com