Update #4: Lottery Ticket Odds & $2 Savings Challenge

My $2 daily savings challenge has made me take a hard look at lottery tickets. As a small gift, I had promised to buy someone an instant lottery ticket. ($1) I honored that promise and briefly thought about buying a pair of tickets for myself. The odds of winning the top prize ($5,000) are roughly one in 2 million. (See below) So rather than scratch away my money, I put it in the bank.

Day Four Recap of the $2 Daily Savings Challenge
$2.58 daily portion of $500 telecommunications savings

$2.00 skipped the instant lotto tickets.

Day Four Savings: $4.58

Year-to-Date Total: $168.92

"Odds of Winning" for Hot Slots

prize:
$5,000.00 odds: 1-in-2,016,000

$500.00 odds: 1-in-60,000

$100.00 odds:1-in-5,000

$50.00 odds: 1-in-1,200

$25.00 odds: 1-in-300

$15.00 odds: 1-in-300

$10.00 odds: 1-in-150

$5.00 odds: 1-in-50

$2.00 1-in-30
$1.00 1-in-12
Free $1 Ticket 1-in-10

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Hairspray Star (Amanda Bynes) Sells $20 Clothing

Add another celebrity to the roster of frugal clothes lines. Amanda Bynes, who stars in the movie Hairspray, is launching Dear, a line of $20-and-under clothing at Steve & Barry's.

In her clothes debut, Bynes joins Sarah Jessica Parker, who also has a $20 line at Steve & Barry's. Parker's line is called Bitten and..."was designed for women of all ages and sizes, with a full size range from XS-XXL in tops, 0-22 in bottoms, and 5-11 in shoes. "

I checked out the "Dear" line and it's suited for my nine-year-old daughter. Cute, low-key and age appropriate for pre-teens and teens.

Steve & Barry's has this corporate objective: to sell clothes that cost less than a sack of groceries or a tank of gas. As such their prices are typically "50% to 90% less" than other stores. Here's the link to the company's website.

It will be interesting to see if the brands at Steve & Barry's are of a decent quality.

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Update #3: Triple-Digit Savings on The Vet Bill: $2 Savings Challenge

Under my new savings challenge, my daily target is to save $2. That's the minimum, but sometimes even a small target can produce big results. For instance, while I'm running around the house collecting coins and giving up my daily 99-cent bag of Lays Chips, my husband has started to brainstorm for ways to capture larger savings.

Today he saved on the vet bill. Our dog Scruffy really, really needed annual shots. Our vet would have charged about $207 for a round of five shots. But at our local branch of the Humane Society, we paid only $54 for that same pet medical care. Savings: $153.

(Yesterday, for example, he found a way to save $500 on our telephone/Internet bill over a six-month period. On a daily basis that works out to a savings of $2.58 per day.)

Meanwhile, I found a copper penny on the carpet. I didn't buy junk food. I didn't buy any new clothes. But then again, other than walking the dog, I didn't really leave the house today.

Day Three Recap
one penny (found coin)
$2.58 daily portion of $500 telecommunications savings

$153.00 vet bill savings.
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Day Three Savings: $155.59

Year-to-Date Total: $163.34

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Unusual Uses for Ice Cube Trays & My Ice Coffee Recipe

Sometimes my ice trays get too dinged up to use in the freezer. But I can think of several money-saving, time-preserving uses for those old ice trays: The little stackable compartments are great for storing coins, buttons and other trinkets.

New trays--super cheap-- at the dollar store can also be used for several organizational and culinary purposes. In my kitchen, we even use ice trays to prepare gourmet iced coffee drinks. Here's how:

1. Take brewed black coffee. (We use the extra coffee in the pot, which is also great --when cooled-- for darkening grey hair.)
2. Pour the coffee into an ice tray and freeze the tray.
3. As needed, pop out the coffee cubes and toss them into a blender.
4. Add in sugar, cream, milk, Cinnamon, vanilla or chocolate.
5. Blend the mixture
6. Pour the drink into a tall glass. Add whip cream and a straw.

The August 28 issue of Woman's World also has some great tips for ice trays. Here's a summary of that magazine's list.

• Office supply tray: Stash stamps, paperclips and thumbtacks in an ice tray.
• Paint holder: Use the compartments to hold and separate the small portions of paint during a craft or DIY project. (This seems great for painting furniture.)
• Pre-packaged cookie dough holder: Mix up the cookie dough, then freeze and store pre-measured, but unbaked cookie dough in the compartments of the ice tray. Remove the cookie dough cubes for baking as needed.
• Loose Change: An ice cube tray represents a low-tech, old-school cash register that is more organized than a jar of change.

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Update #2: Saved $500 in One Day: $2 Challenge

Day Two of the Save $2 challenge included a grand slam. A 30-minute phone call saved us about $500. Here's what happened. Today when he opened the mail, my husband studied a pitch from Earthlink that was priced well below our current plan with AT&T/Bellsouth.So my husband hit the phone.

His (polite) pitch: "Can you match this deal? Or should we consider moving our business?"
The conclusion: Our monthly phone bill/Internet/long distance package dropped by roughly $80 a month for the next six months or $480, plus a $50 refund for the current month.

By the way, the editor of Budget Savvy recommended a similar strategy for cutting your cable bill in this post.



When playing the match-this-deal card, it's important to really have a competing offer in front of you. The rate-cut appeal seems stronger, when you actually quote numbers and terms from the competing pitch.



In terms of our daily challenge, my husband's savings plan equals: $500 or $2.58 a day for the next six months.


Meanwhile, while organizing my working materials this morning, I found a lot of loose change:

• one quarter


• 11 dimes


• six nickles


• 22 pennies

----------------------------------

total $1. 87

Additionally, for lunch I had a Lays potato chip craving, which is easy to satisfy because I live near a little store. But I skipped the chips and saved 99 cents (and about 200 calories)

Day Two Total:

$1.87 found money

$1.00 skipped chips

$2.58 daily portion of $500 telecommunications savings

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$5.45 Day Two Savings

Year-to-Date Total: $7.75

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My Costly Clutter: How Organization Saves Time & Money

I've let the balance on gift cards and vouchers go unused. But that wouldn't happen if I were better organized. An organized home saves time and money, according to Standolyn Robertson, (pictured on the left) president of the National Association of Professional Organizers (NAPO) and president of Things In Place. Here's how organization can save resources around the home:

KITCHEN
• Generate lists: Standardized shopping lists reduce waste by eliminating duplications, impulse purchases and shortages. Type a shopping list onto your personal digital assistant (PDA), cellphone or home computer. Or keep a notepad near the refrigerator and write down food staples as supplies dwindle. ''Buying what you need and using what you have eliminates waste,'' Robertson says.
• Organize cabinets: With a well-stocked, streamlined kitchen, you're less likely to spend money on gourmet coffee, junk food and takeout meals. A system for organizing food shelves and tracking supplies will encourage you to cook more meals at home.
• Create morning routines: Use kitchen space to organize breakfasts, keys, backpacks and even travel mugs of coffee. A morning routine -- with designated locations for supplies and tools -- saves money and increases your productivity.

HOME OFFICE FILES

• Establish a rebate folder: Create a system for checking deadlines and storing documents -- receipts, UPC codes and other files -- needed to redeem rebate offers.
• Monitor gift card balances: Get the most for your money by creating space and procedures in your home office for tracking the balances on gift cards, vouchers, store credits and frequent shopper/flier bonuses. Too often those perks are squandered because consumers fail to track and use store credits and card balances.
• Store documents: Extra time and money is often wasted when consumers replace lost vital records such as passports, birth certificates and Social Security cards. Create a designated space for those records.
• Maintain a deadline calendar: Save on registration fees and travel expenses by establishing a calendar of early-bird deadlines for personal and professional commitments, conferences and travel. They typically feature significant discounts.

CLOSETS

• Buy missing pieces: Purchase the accessories and garments needed to fully use your clothes.
• Donate clothes that don't fit: Request a tax deduction from a nonprofit organization.
• Shop selectively: Don't purchase items that need to be altered or repaired.

This is from my latest column in the home & design section of the Miami Herald.

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Update #1: $2 a Day Challenge: Skipping Snickers

A Snickers ice cream cone costs about $2.13 at the little mom-and-pop grocery store near my home. Usually on Sunday, I buy a Snickers cone or we buy ice cream from an upscale ice cream store in South Beach.

Today, however, as part of my $2 a day challenge, I skipped the cone and saved $2.13, which I rounded up to $2.30. The best part: 280 fewer calories for me.

Year-to-Date total: $2.30
Next update: Monday evening.

Thought for the the day: "Do something every day that moves you toward your most important goal." --Change Your Thinking Change Your Life by Brian Tracy

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Baby Steps to Wealth: My $2 a Day Challenge

Going through a pile of junk, (finally cleaning and sorting my bookcase), I found an unusual challenge in a March 18, 2007 issue of Parade magazine:

"Goal: Be a Millionaire
Step 1: Save $2 a day."

--How to Set Goals and Reach Them by Joy Browne

The rationale: We achieve our goals by taking baby steps. Indeed, that's how I wrote a book this spring/summer. I gave myself a small goal each day and was astonished by the process: My daily commitment produced a manuscript.

On a bad day, I typically met the minimum small goal; on a great day, I accomplished far more than the daily quota. There is --I discovered --a lot value in momentum and daily habit.

Therefore, I'm setting a daily goal of saving $2 each day. I'm going to find a concrete savings plan each day, stash the cash in a bank and then invest the funds at the end of the year.

On a daily basis, I will post where, why & how much I saved on my blog. On Saturdays, I'll post my $2-a-day-account around midnight. On days that I can't post, I'll post a day-by-day update at a later point.

At the end of the year, Aug. 19, 2008, I'll decide where to invest 90 percent of the funds and give 10 percent to charity. My first post will be made tonight: shortly before midnight.



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Links I Liked: My Favorite Posts for the Week

Here are a few links that caught my eye this week:

From Ka-Blog!: 51 tips about credit cards

From Finance For Youth: QUALITIES OF SUCCESS: Brittany Spears, Lindsay Lohan, Anna Nicole Smith

From Free Money Finance: Time Shares are a Purchase, Not an Investment

From The Simple Dollar: Summer Camp In The Neighborhood: How To Get A Collective Of Parents Together To Save A Ton Of Money On Daycare During The Summer

From My 1st Million at 33: The Coast is Clear? snippet:

"Yeah, I’m still negative. This market I believe is going to be one of the most treacherous since 2000. The credit crunch caused by homeowners’ default is real."

From AllFinancialMatters: Maybe People Should Listen to Their Gut

From Living on a Budget: How to save on back to school supplies

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Guest Post:Miserly Mom Offers Frugal Tips

This guest column is from the Miserly Mom:


"Money-saving Tips for the Entire Family

By Jonni McCoy, The Miserly Mom

Bills and expenses are a typical part of life, but some simple changes can go a long way toward saving money. Finding clever ways to stretch the family budget allows for fun activities without breaking the bank.

After I spent ten years as a senior buyer, I had had a difficult decision to make after my son was born. I realized that I wanted to be a stay-at-home mom, but my salary contributed to 50 percent of the family income. That is when I learned first-hand how to manage my family’s budget. Since then I’ve written three books and started a Web site (www.miserlymoms.com) teaching others how to make frugality a lifestyle for the entire family. When I talk to parents about their spending habits, the biggest mistake I hear is how they shop. Whether it's for groceries or vacation, changing how we shop can help our budget.

Here are some tips that over time will help you and your family save money without sacrificing the things that are most important to you.

Family Time

Some of the most enjoyable experiences my family’s had are the ones that cost little to nothing. We looked for inexpensive and interesting activities for the whole family, such as:
* Take a hike through a park and watch the sunset. Take a loaf of bread and feed the ducks or pick wildflowers to bring home. Press the flowers and use in bookmarks or gift cards.
*Look for free tours at interesting places such as factories and museums. You'll have fun while you learn. Find children's museums or centers with interactive displays. Many are educational (but the kids still have fun).
* Have a contest for the kids – let them be creative. One of my favorites I did with my kids was an egg-drop contest. Kids have to build something that kept a raw egg from breaking when dropped off the playground.

Family Vacation

Traveling is a great way to spend time with the family and create memories that will last a lifetime, but it doesn't have to be expensive.
* Find hotels with free airport pick up. This can save you $100 per person. Utilize any complimentary breakfasts or happy hours with hors d’oeuvres.
* When we went to Disneyland, we called the local hotel and asked for local attraction deals. We asked if the local grocery store chains were offering any 2-for-1 coupons for Disneyland. We were able to get some and make our trip even cheaper.
* Instead of emptying your wallet to fill your tank, use a rebate credit card to earn rewards or save money. For example, with the Shell Platinum MasterCard (R) from Citi (R) Cards you earn 5 percent rebates on all Shell gasoline purchases and 1 percent rebates on all other purchases. At today’s average price that is a rebate of 14 cents a gallon. To calculate a trip’s total savings, go to www.877MYSHELL.com to see how much you can save.

Family Meals

Often we are so busy we end up eating out or buying convenience foods which can be costly and unhealthy. We were able to cut our grocery bill in half – that's several hundreds of dollars – by just changing how we shopped and cooked. Here are some simple changes that can save you money:
* Limit your use of coupons. Coupons are for name brand items which cost more than lesser known brands, and coupons are for convenience foods. Use a coupon if the item is also on sale or you really were planning to buy that brand anyway.
* Plan your weekly menu around the sale items on the grocery fliers. This one step can save 35 percent off grocery bills.
* Cook several meals at once and freeze them. It will reduce the chances of eating out when you are busy, and will save preparation time and money when you buy groceries in bulk.

These are simple solutions to enjoy huge savings. As you try out these tips, you’ll find that you can still have a blast as a family while staying on a budget.

Courtesy of ARAcontent
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Jessica Alba's DIY Project & Frugal DIY Tips

Actress Jessica Alba recently shopped at Home Depot as part of a DIY renovation project, according to this account in Us Magazine.

'Jessica Alba (at the home improvement store in Hollywood July 27) oversaw the renovation of her parents' kitchen: "Now we can cook and hang out," she said.'

There are a number of ways to save money through Do-it-Yourself (DIY) projects, according to my husband, a design/construction specialist.

Here are his tips:

1. "Put a price on your time," he says. Given the time demands of the project, are you really saving money by doing it yourself? (Skip this debate if the project involves a hobby or a passion). But if saving money is part of your equation, it's important to figure out how much the DIY project will cost in terms of lost wages and aggravation.

2. Look for simple, low-skill, low-tech projects: Paint, fabric and decorative hardware (new knobs and fixtures) are easy and frugal methods of giving a room a facelift.

"Decorative knobs at $1.50 a piece can make all the difference in the world to an out-dated cabinet," my husband says.

On the Internet, my friend found D. Lawless Hardware (http://www.dlawlesshardware.com/), an Illinois-based company with great deals. ''I was amazed at the incredible selection. Even better, the prices ran the gamut,'' she said. For $1.79 each, she purchased cobalt blue glass knobs, with matching pulls for $3.79 each. The company will match prices if you find better deals elsewhere and my friend received free shipping because her order was over $50.
I wrote about knobs in this post.

This article provides 10 Money-Saving Tips for Home Improvement Projects. Of the 10 Tips, here are my favorite suggestions:

1) Establish priorities: What matters most? What is urgent?

2) Keep the scale manageable: Don't exceed your comfort zone; and

3) Select improvements that will increase the re-sale value of your home.

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Money & Management Lessons From a Lemondade Stand

A very profitable lemonade stand fills the gap between school and camp for my kids. My youngest children -- elementary and middle-school students -- earned about $60 in their first two days (less than three hours total) as beverage entrepreneurs.

The lemonade stand did more than fill their wallets with cash. We all learned some valuable lessons about sales and personal finance. Here are our group lessons:

• Earn money from something you enjoy. "A lemonade stand is an easy way to have fun and get money," my son said. All of the career management/get rich books that I have read make the same point. "No man can succeed in a line of endeavor which he does not like."--Napoleon Hill in Think and Grow Rich (Ballantine Books.) "Successful people do what they love to do." --Brian Tracy in Change Your Thinking, Change Your Life (John Wiley & Sons.)

• Expect disappointments: "Some people pretend they're going to stop [for lemonade], but don't," my daughter said as she described false leads. Career gurus offer this advice: "Don't take it personally," --says Brian Tracy in Change Your Thinking, Change Your Life . “Failure can be our best teacher,” says Gillian Hennessy-Ortega in It’s Not Where You Start, It’s Where You Finish (John Wiley & Sons.)

• Accept or solve difficult working conditions: "Being in the hot sun is very hard," said my daughter. On Day 1, she stopped working after an hour. On Day 2, the young entrepreneurs finally accepted our advice and moved to a shady spot.

• Marketing Matters: "You have to yell lemonade to get attention," my daughter said. Her brother also held an attractive sign. The marketing mavens agree: “In high performing organizations, everything starts and ends with the customer.”-- Ken Blanchard in Leading at a Higher Level (Pearson Prentice Hall)

• Do the Math: "The hard part: you have to give people change and figure out the math," my daughter says. Napoleon Hill in Think and Grow Rich would applaud her statement: "Money without brains is always dangerous."

• Carefully select business partners: My 12-year-old son recommends setting up a lemonade stand with a younger partner. Why: "It gets more money," he told me. The cute factor is instant gold. His sales slowed down when my daughter (the younger biz partner) retired early one day because of the heat. As a pair, they were unstoppable. The business management world agrees about the importance of careful selection of partners for professional and personal collaborations. Team work is important: "When teams function well, miracles happen.”-- Ken Blanchard in Leading at a Higher Level (Pearson Prentice Hall)

• Contain costs: Through trial and error, my children developed a winning and profitable recipe for lemonade. Filtered tap water, ice, powder mix and a few slices and squeezes of lemons or limes. It's expensive and time consuming to produce fresh squeeze juice from lemons and limes, my son said. "Using powder is easier than actually squeezing lemons," he told me. We did, however, enhance the mix with lime slices, juice and pulp.

• Location, Location, Location: My kids set up shop on a high-traffic corner and on the second day, they moved under a large shady tree. A real estate agent was hosting an Open House for a large home. The corner was decorated with large signs and balloons from the Open House. The real estate agent cut a deal with my kids: She directed traffic to their stand and encouraged them to promote the Open House.

Lemonade Advice from a Corporate Finance Specialist:

Location is very important for many businesses, especially a lemonade stand, says Michael Mitirione, a mergers and acquisition specialist. The kids who operate a highly successful lemonade stand in his neighborhood usually select a high-traffic spot.

"They sit on the corner inside the guard gate," Mitrione says: "Location, Location, Location."

Here are my other tips for parents of Lemonade Stand Entrepreneurs:

1. Keep tabs on the stand. My children were close to our home. I could check on them through the window. My husband and I constantly visited the operation. They were also on a high traffic area under the watchful eyes of neighbors and friends.

2. Let them make the signs. Their handmade signs were eye catchers.

3. Make them pay for the ingredients. When we paid for the ingredients, a fortune was spent on lemons, sugar, cups, etc. When the raw materials came out of their own pockets, they opted for frugal powder mix. (We kicked in a few limes for added spice and flavor). This pay-for-it-yourself procedure provided an education in profits, costs and losses.

4. Encourage the kids to establish their own hours. Let them be self-starters. Our kids decided when to open and when to close.

5. Assist with the preparations, but don't force the kids to accept your ideas. My husband and I had our own ideas about the stand and marketing. We offered our tips, but let the kids select their options and business practices.

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Tip for Converting Clutter into Space, Time & Money

Clutter is a hotly negotiated currency in many homes, especially when one family member's treasure looks like junk to another. Clutter conflicts often develop when a pack-rat shares a home with a space-clearing maven.

I spoke to experts about how to resolve the clutter battle. Here are some of their suggestions:

• Trade treasure for junk. Trent Hamm, author of TheSimpleDollar.com, a personal finance website, uses a barter system to cut clutter in his home. When his wife insists on hoarding treasure during a closet cleaning session, Hamm negotiates. Waving another hotly debated item, he tries to cut a deal: Keep one, trade one. From that initial bid, the dealing continues until the closets are streamlined.

• Barter with time. When the item-for-item barter system fails, Hamm and his wife trade time for merchandise. She retains her treasure and he earns a golfing session.

• Trade junk for cash. Your unwanted merchandise can be converted into cash, says Catherine Halley, web editor for Domino magazine (http://www.dominomag.com/) and author of the Scrappy Girl Decorates blog. Your extra clutter can be sold at a multifamily garage sale, through eBay or Craigslist.

• Convert clutter into art.Halley uses household objects -- empty thread spools or an old drawer -- to make multimedium sculptures. Her art pieces have become so popular that friends have started to make requests. Halley also sells her clutter-into-art pieces at ETSY.com, which showcases handmade crafts. ''You can operate your own store [on the website],'' she said.

• Earn a tax credit. Many charities provide tax credits for donations of clothes, furniture and other merchandise. Some charities seek out specific items such as eyeglasses, business suits and prom dresses.

• Give it away. Create your own hand-me-down boutique by giving away the lamps, books and clothes that are cluttering closets. Halley, for example, had held onto a velvet Prada jacket that she found in a thrift store for $8 -- far below the normal triple-digit price tag. But the jacket didn't fit. A few weeks ago, Halley finally surrendered it to a friend.

This is from my latest column in the home & design section of the Miami Herald.



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Part 2: Frugal Tips from GQ's List of 25 Most Stylish Films

Classic Hollywood films have great tips on dressing well without spending a fortune. That's the insight I acquired after reading "The 25 Most Stylish Films of All Time," by GQ magazine. A little while ago, I featured the first half of the list, here's the rest.

How to Steal a Million, director: William Wyler 1966

Stars: Peter O'Toole and Audrey Hepburn

Style Tip: Excellent fit makes you look like a million.

Due to precise fit, even in a bathrobe O'Toole looked "suave." Here's the style verdict from GQ:

"He looks so fluidly elegant, you almost--almost--don't notice his magnetic costar Audrey Hepburn dressed head to toe in Givenchy." --GQ

In the Mood for Love, director: Wong Kar-Wai 2000

Stars: Maggie Cheung and Tony Leung

Style tip: Hair and attitude matter.

The characters wore beautiful suits and traditional Chinese qipaos, but their hair and attitude grabbed even more attention.

The Harder They Come, director: Perry Henzell 1973

Star: Jimmy Cliff

Style Tip: You don't need a big budget to look good.

As a classic reggae film, the movie was shot on "an extremely tight budget."

• The cast wore clothes from their own closets.


• "Cheap local stores" in Jamaica provided additional garments.


• The film's costume designer imitated high-end fashion by buying a black fake-leather jacket and a fake alligator skin cap.

Also Mentioned:

Blowup, director: Michelangelo Antonioni 1966

Godfather II director: Francis Ford Coppola 1974

Ocean's 11, director: Lewis Milestone 1960

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Links I Liked: My Favorite Posts for the Week

The financial benefits of relaxation, feng shui and the costs of habits are a few of the topics that caught my eye this week:

From The Simple Dollar:
Six Habits I’ve Given Up In Order To Save Money - And How Much It’s Saved Me This Year

From Daily Cents: Extreme work culture has extreme effects

From Wise Bread: Making the most of your guilty pleasures

From Dual Income No Kids: Money & Feng Shui

From Broke-Ass Student: A Lesson On Compounding Interest For My Niece

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5 Tips for Saving Money While Unemployed

There's no magic pill for generating cash when a steady paycheck disappears. But there are strategies for saving cash. I recently received a list of cost-cutting tips from Take Charge America:

"Surviving Between Jobs: 5 tips on Cutting Costs During Unemployment


The key to survival is to focus on necessary costs and cut out frivolous expenditures.

1. Revisit your Personal Budget – While employed, your personal budget may have focused on short-and long-term goals such as planning a summer vacation or saving for a child’s college tuition, but now your budget should focus on only short term goals regarding your daily living necessities. Rework your budget to only include essential expenses such as food, clothing, housing, transportation and health care. To help you get started, write down every payment you absolutely must make to survive --- that is, rent or mortgage payment, food, car payment and health insurance.

It is also important to protect your credit during this difficult time. Since you don't know how long you might be without a job, you may want to be proactive and contact any creditors who might allow deferral of payment until you can secure regular employment. For instance, school loan providers often will extend a grace period in case of emergency.

2. Get Out the Cookbook – By preparing meals at home, you can dramatically cut costs. In a survey conducted by the National Restaurant Association, the average household expenditure for food away from home in 2005 was $1,054 per person. Take advantage of coupons and specials, and try to ignore brands and fancy labels when shopping at the supermarket. There are a number of websites offering easy at-home meal planning and ideas for creating low-budget, healthy home-cooked meals.

3. Cut Out Credit Card Spending – Using credit cards can often lead to poor spending habits – something you can’t afford, especially when you have no income coming in. Remove the temptation by removing your credit cards from your wallet and placing them in a safe place like a desk drawer. By avoiding credit card spending, you can more easily track where your money is going and where you can eliminate unnecessary spending.

4. Create a Cushion – It is important to set aside money for emergencies. You should put away as much as possible, but at least enough to cover an emergency like having an unexpected car expense. The important thing to remember is to make sure you can cover all of your necessary expenses and have a reserve for an emergency. A fun hands-on way for kids to participate and learn good money saving skills is to have them hunt for loose change around the house and in the car and collect it in a bottle or jar. By including the entire family, everyone can learn from and feel good about making good money management choices. For more kid-friendly money saving tips visit www.familyeducation.com.

5. Drive Less – With gas prices continuing to rise, carpooling or use of public transportation can help you cut your expenses. Since you will be searching for a job, you may need to drive to interviews, so save your gas money for these critically important trips. If you must drive, save gas and time by planning trips in advance and combine your trips whenever possible.

Plan your meals for an entire week and make one trip to the grocery store instead of sporadically throughout the week. Also, if you need to make multiple stops, plan the best route so you are not driving all over town. Visit www.fueleconomy.gov for more tips on saving gas, time and money.

Mike Sullivan, director of education for Take Charge America, says that cutting out needless expenses is a lot easier than you might think. “If you saved all of the money spent on coffee runs, vending machines, movies and late fees, you would probably have a small fortune,” he said. “By being creative and committing to trimming down costs, surviving between jobs is possible.”

By keeping these tips in mind, you can greatly reduce your monthly costs and easily manage your budget between jobs. Sullivan says, “The key is to be creative in the ways you cut back and to analyze all aspects of your spending trends to see where you can save money while maintaining basic needs and protecting your credit as much as possible.”






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Is Back-to-School Shopping A Big Scam? The Hype & The Numbers

When and why did back-to-school shopping become such a spending big holiday? The average family will spend about “$563.49 on back-to-school merchandise, up 6.9 percent from last year’s $527.08 average. Total back-to-school spending this year is expected to reach $18.4 billion,” according to data from the National Retail Federation.

Here’s how we’ll spend the money:

Electronics: $129.24 vs. $114.38 in 2006
Footwear: $108.42 vs. $98.34
School supplies: $94.02 vs. $86.22
Clothing and accessories: $231.80 vs. $228.14 in 2006

With a 13 percent year-over-year increase, electronics represent the back-to-school category with the largest hike. Here the explanation from the National Retail Federation:

“Electronics have evolved from luxuries to necessities, not only for college students but also for their younger siblings,” said NRF President and CEO Tracy Mullin. “While some students may be pleading with mom and dad for an iPod or a cell phone, parents are also investing in desktop or laptop computers, educational software and printers to support their children’s learning.”

Hmmmm? Is this just hype?

Clothing, represents about 95 percent of the back-to-school budget and consumers are expected to spend about $7.6 billion on clothing and accessories.

But I just don’t get it: Many schools — including those attended by my children — require uniforms. School uniforms have been marketed as big money savers and many school districts (public and private) require uniforms. The concept: School uniforms reduce peer pressure and trim the family school clothes budget because there’s less need for all kinds of accessories and trendy clothes.

Plus many schools have uniform banks where families can pick up second-hand school uniforms. Other families pass around hand-me-down uniforms in good condition. And if you’re in the market for new uniforms, I’ve seen school uniforms at very affordable prices at different stores, especially days after the school year starts.

So where and why is all of this money being spent? Is back-to-school shopping just a scam and are we being hyped into spending far more than needed?


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How to Recycle Cell Phones, Printers & Computers

At my children's school, old cell phones have been collected as a fundraiser and as a recycling project. Those were worthwhile drives. Overall around 130 million cell phones are thrown away annually, (about 65,000 tons of waste), according to the April 2007 issue of Real Simple magazine.

With recycling in mind and help from my son Tali ( a great intern), I've put together a list of recycling resources

To Recycle Cell Phones:

• There are many ways you can recycle cellphones: http://www.call2recycle.org/
• or http://www.collectivegood.com/.

To Recycle Computers:

Recycling old computers is tricky, especially if you are paranoid about data on the hard drive. There are, however, a few options for recycling computers, monitors and printers. You can even make a few bucks in the process. Here is a great list that I found in the April issue of Town & Country magazine.

• Donate computers to schools: Computers for Schools is a Chicago-based organization that refurbishes and donates computers to schools. http://www.pcsforschools.org/
• Gadgets for underprivileged: Recycles.org connects old computers and gadgets with those who need those items.
• High-Tech donations: National Cristina Foundation (cristina.org) provides high-tech equipment to underprivileged consumers.
• Dell Computers and Apple: When you buy new equipment, you can get your old hard drive and monitor recycled free through Dell.com or Apple.
• Hewlett-Packard: Sell your used equipment (any brand) to HP "for $13 to $34," according to Town & Country magazine. www.hp.com/recycle

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How to Make the Home-Office Work

As our personal and professional responsibilities continue to merge, a home office has become a fact of life. Home-office experts offer these suggestions:

• Identify your work style. Make the office work for you, says Linda Formichelli, co-author of The Renegade Writer. For instance, some home-based workers thrive in the center of family activities, but others operate best with a closed-door policy. Arrange space and buy products -- especially organizational systems that really fit with your personality. ''If it isn't something that works for your lifestyle, it'll be a waste of money,'' Formichelli said.

• Understand your assignments. Before you shop, study your job description, says Melissa Perlman, an Office Depot spokeswoman. Do you need file space, a wide desk area for projects or a conference table for meetings? You can save money by defining your purpose.

• Buy flexible products. A living room can easily double as a home office, says Andrew Schneider, director of brand management for Staples. Many home-based workers work in multipurpose spaces. Flexible products includes the Mission Pop-up table at Staples, which looks like a traditional coffee table, but has a surface that pivots into a pop-up desk with storage space. The product is featured in the photo above.

• Be creative. Make a large desk by placing a door ($10) over a matched set of filing cabinets ($5 to $40), says Nancy Daly, chairwoman of The Habitat for Humanity Restore in Broward County. Restore sells desks priced from $25 to $250. The store's merchandise includes new furniture donated by area stores such as City Furniture and El Dorado. In South Florida and throughout the country, Restores receive new furniture (slightly damaged or discontinued pieces) from major retailers.

• Keep supplies close at hand. Make sure you have easy access to high-use items, recommends Formichelli. ''You don't want to walk across the room to get something five times a day,'' she says.

• Shop with the school calendar. You can get office supplies at bargain prices during back-to-school sales. ''From early July to early September, there are a number of killer deals of different items,'' Schneider says.

This is from my latest column in the home & design section of the Miami Herald.

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Links I Liked: My Favorite Posts for the Week

The value of credit unions, an anti-procrastination cheat sheet, the benefits of tap water and the perks of constant education are a few of the topics that caught my eye this week:

From The Simple Dollar: Seven Ways To Save Money While Cooperating With Your Neighbors - And How To Get Started



From Queercents: The Anti-Procrastination Sheet



From Free Money Finance: Boost Your Career with Professional Classes and Save Thousands Each Year with One Simple Step



From Financial Freedumb: Money Spent On Anti-Terror Or Infrastructure…Which Would Have Been Wiser?



From Wise Bread: Power Shop Your Way to Financial Independence: Eleven Strategies for Success



From calgirlfinance's journey to financial freedom: Drink Tap Water and Things I Do to Save Money

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Costs of Pampering Pets

The average pet costs about $11,000 over the course of their life, according to Consumer Credit Counseling Service. This release from CCCS had some great tips for containing costs, while enjoying pets.


"Considering a Pet? Consider the Costs

If your home is one of the more than 70 million that includes a pet, you already know the joy and unconditional love that comes with having a furry friend as part of your family. In addition to the companionship that having a pet brings, research shows that contact with animals can have real health benefits too, including reducing stress, preventing illness and allergies, lowering blood pressure, and aiding recovery after surgery or illness.

“While pets can be a wonderful addition to any family, it is important to consider the costs of purchasing and caring for your pet over its lifetime,” said Jessica Cecere, president of Consumer Credit Counseling Service of Palm Beach County and the Treasure Coast (CCCS).

According to the American Pet Products Manufacturing Association (APPMA), consumers will spend 40.8 billion dollars on their pets this year, including more than $16 billion on food and almost $20 billion on vet care and supplies. Pet owners will spend $2.9 billion on grooming, boarding and other services for pets.

Caring for your cat or dog will cost about $11,000 over their lifespan, which averages 8 years for large dogs, 14 years for smaller dogs, and 16 years for indoor cats. Some birds have a life expectancy of 40-50 years.

CCCS suggests that consumers consider all the costs before bringing Fido or Fluffy home:

To purchase or adopt

Adopting a pet from your local humane society or animal rescue organization is much less expensive and most adopted animals will already be spayed or neutered.

Healthcare

While annual vet visits for dogs and cats can cost $175-$250, keeping your pet healthy will save money in the long run. Annual physicals, routine dental care, and vaccinations are all part of ensuring an active and healthy pet.

Food costs

Consumers will spend an average of $188 to feed a cat this year, and $217 to feed a dog, according to the APPMA. The cost to feed a large dog can be up to $10 or more per week. This doesn’t include vitamins or treats, which add another $70 to $140 per year. For homes with multiple pets, the cost of feeding the animals can get very expensive.

Boarding

If you plan to take a vacation this year and leave your pets behind, boarding or pet sitting costs can add hundreds to your annual budget. The average family will spend $150 to board a cat and $225 to board a dog this year. In-home pet sitting services may cost a little more, but can be less stressful for your pet. Offer to trade pet care duty with a neighbor and you’ll have more money to spend on your vacation.

Grooming and basic care
Keeping your pet groomed won’t just make him look better; it can improve overall health. Regular trips to the groomer can add up to hundreds of dollars a year, but there are inexpensive things you can do at home. Keep your dog or cat’s nails trimmed. Brush them regularly—this will help cats avoid hairballs.
Learn how to clean your pet’s ears, especially if they are prone to ear infections. Brush your pet’s teeth regularly with toothpaste specially formulated for them. This can help prevent the needs for dental cleanings, which can cost $200 or more per visit. If you have cats, maintaining litter boxes can add an additional $250 or more to your annual budget.

The little extras

Designer pet attire, brand name shampoo and grooming products, gourmet treats and food, personalized food and water bowls… there is no shortage of items out there for the pampered pet. Whether it is a trip to a doggy day spa, a monogrammed sweater, or a self-cleaning litter box, the cost of these pet accessories can add up quickly. Avoid the impulse to spend money on these items and opt instead for some quality time with your pet."

www.cccsinc.org or 1-800-330-CCCS.
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Frugal Tips from GQ's List of Most Stylish Films (Part 1)

Classic Hollywood films have great tips on dressing well without spending a fortune. That's the insight I acquired after reading "The 25 Most Stylish Films of All Time," by GQ magazine. Here's a partial list of the most stylish movies & the frugal tips about clothing.

1. Three Days of the Condor 1975

Director: Sydney Pollack

Starring: Robert Redford

The Look: College Professor/Intellectual

Frugal Lesson: You don't need a large wardrobe to make a style statement.

Evidence: "[Robert Redford] wore one outfit throughout the whole picture." --Sydney Pollack

2. Stranger Than Paradise by Jim Jarmusch 1984

The Look: Anti-fashion

Frugal Lesson: You don't need a big budget to dress with style. Don't follow the crowd.

Evidence: Fashion for the main characters came from the casts' personal closets.

"We were like 'Yeah, yeah, yeah--that's great. Nobody wears that.' " -Jim Jarmusch

3. Badlands by Terrence Malick 1973

The Look: Outlaws and outcasts

Frugal Lesson: Shop at thrift stores

Evidence: "Donna Baldwin dressed the cast in thrift store finds," CQ reported adding that star Martin Sheen used his own t-shirts and jeans for the movie.

4. Bullitt by Peter Yates 1968

The Look: Hard-driving, no-nonsense look for actor Steve McQueen

Frugal Lesson: Don't be a snob

Evidence: McQueen's wardrobe came from "someplace like Sears," said the costume director.

5. American Gigolo by Paul Schrader 1980

The Look: High-end elegance

Frugal Lesson: Reach for the unknown. Skip past the well-known designers.

Evidence: Giorgio Armani was just "an up and coming designer" when his clothes were selected for Richard Gere (one of my favorite actors). "He had tiny distribution at the time," said an Armani executive about the designer's status during that era.

6. Reservoir Dogs by Quentin Tarantino

The Look: Low-budget

Frugal Lesson: Cheap can work. It's all in the frame.

Evidence: The film maker and designer sought to: "keep it black, white, cheap and simple."

Although the suit worn by actor Harvey Keitel was a gift from Agnes B. (a French designer), "everything else came from vintage stores and bargain bins."

The Rest of the Stylish List:

Clockwork Orange by Stanley Kubrick 1971

North by Northwest by Alfred Hitchcock 1959

Get Carter by Mike Hodges 1970

Diner by Barry Levinson 1982

Breathless by Jean-Luc Godard 1959

Purple Noon by Rene Clement 1960

Shaft by Gordon Parks 1971

Quadrophenia by Franc Roddam 1979

Rushmore by Wes Anderson 1998

A Hard Day's Night by Richard Lester 1964

Shampoo by Hal Ashby 1975

8 1/2 by Federico Fellini 1963

I'll have the rest of the list tomorrow.

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Odd Uses for Tea Bags

I've used tea to season food, steam my face and to soothe aching muscles. What's more, I've heard of using brewed-out tea bags (or coffee grinds) for plant fertilizer. There are a number of unusual uses for tea bags, both used and new. I've collected a few with some of my own experiences tossed in.

• Anti-rust. When you have finished washing and wiping down a cast-iron pot, swipe it out with a brewed-out tea bag. Why? "The tannins [chemical compounds] in the tea create a rust-preventing layer" in the pot, according to a past past edition of Woman's World magazine.
• Dry skin treatment: Green tea is great in the bath. Here's the recipe: Place a couple of tea bags under the faucet as you run hot water for a bath. Green tea has a lot of antioxidants. "The antioxidants will rehydrate your skin." --WW
• Anti-odor kitty litter. Place the contents of used, but dried out tea bags into your cat's kitty litter. The antibacterial features of the tea "neutralize odor."--WW
• DIY facial. The editors of WW recommend the application of warm, but wet tea bags on the face. "The tannins will tighten pores and reduce puffiness."

I have my own version of the DIY day spa. In Manhattan, I once spent about $65 for a yummy facial. But get this: about 40 percent of the facial consisted of a pot of herbal tea, one large towel and my sweaty face. As I bent over the steaming tea with my head covered by the fluffy towel, a little voice in my head said: You can do this at home for far less money.

So with my own hot water, mint tea and towels, I've steamed my pores. This treatment works best if 1) you let the water cool a bit. I don't recommend hot-hot-hot steam; 2) put on New Age music and; 3) burn a scented candle. Finally, close your eyes. Under those conditions, you'll feel as if you are in one of the most expensive spas in South Beach or Manhattan.

I also recommend tea for cooking. By opening unused bags of tea, I have spiced up soups, stir-fried veggies and meats with unusual tea flavors. Celestial Seasonings, with its wide and random selection of tea flavors and spices, makes great teas for cooking.

Here's a link to cooking with teas, with great recipes for: chocolate mint bread pudding, meatballs, Thai dumplings and chamomile cauliflfower soup.

Here is a link to other uses for teas and teabags. I recommend the puffy eye treatment.

And Happy Skye has 101 uses for tea, a list that is also entertaining and informative.

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Home Repairs: When to DIY; When to Hire a Pro

When our sliding glass door gets stuck, my husband blasts the track with WD-40, a popular lubricant. But not all home repairs are so simple. Home improvement experts offer these guidelines.

There are a number of basic repairs that homeowners should master, according to Stefano Bello, manager at A1 America's Handyman in Miami. ''A normal person should be able to patch a wall,'' Bello said. Painting and pressure-washing of outdoor walls are other simple tasks.

EASY REPAIR PROJECTS
Here are some additional DIY projects:
• Fix a loose or stuck toilet handle. The online how-to library at Lowe's (http://www.lowes.com/) has an extensive and illustrated primer on the mechanics of different repairs. To repair a toilet handle, for example, Lowe's outlines these steps: 1) Take off the tank cover; 2) Remove any buildup or residue from ''the mounting nut,'' which is inside the tank, just behind the handle. Apply vinegar with a brush to remove limestone crust from the mounting nut. 3) Check the tension in the handle chain. Loosen or tighten the chain by hooking the chain on a different link.

• Basic drain repairs. Consumers should be able to clear drains with a plunger or replace drain traps. For those tasks and other basic plumbing projects, Home Depot has a step-by-step guide at http://www.homedepot.com/, click on "know how" guide.

READ THE BOX
For these next three projects, follow directions that come with the product. If you still have questions, call the toll-free number or ask for help at a hardware store:
• Change door knobs and locks.
• Remove and replace a sink faucet.
• Install a sink stopper.

Consider A Pro
Attempt these intermediate-level jobs if you have the necessary skills, knowledge and equipment:
• Insulation installation. A novice should not attempt to handle and install fiberglass insulation in walls or a roof. ''You have to know how to protect your hands and your eyes,'' Bello said.
• Bathroom tiles.
• Tub installations.
• Low-voltage installations. Home Depot offers an online guide for installing a telephone extension and a jack for cable television.

Hire a Pro
• Installation of windows or glass sliding doors.
• Electrical installations of major fixtures or wiring

This is from my latest column in the home & design section of the Miami Herald.
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How One Couple Saved $98,000 in Five Years

Two New Yorkers -- both self-employed web designers -- saved $98,000 to buy a $445,000 two-bedroom Manhattan apartment. Their story was recently featured in the New York Times. The money-saving tips in the article are interesting and I think the same strategies can be used for retirement plans, college-savings or other long-term goals.

Here's what they did.

1. Stopped smoking
2. No more Happy Hours with friends after work
3. Started cooking for friends rather than eating out. Entertaining at home saved a fortune.
4. Stopped buying new clothes
5. Saved tax refund checks
6. One spouse took a bank job and they banked that salary and lived on the income from the free-lance web design income.
7. Halted buying new gadgets and other stuff for the house.

Whenever they wanted to buy drinks, gadgets or cookware, they asked each other: “Do I want an iPod or a house? Do I want a latte or a house?”

--New York Times

Without parental assistance, the couple saved about almost $100,000 from 2002 through 2006.
Here's are the numbers: "In 2002, they saved their $3,000 tax return and another $5,000 between them."

Over the next two years, they each saved $15,000.By 2005, they thought about using their accumulated $38,000 in savings for a down payment. When they realized that they couldn’t afford anything, Mr. Agüero got a job at a bank and saved his entire annual take-home income of about $40,000. They lived off Ms. Lee’s salary. That drove their savings up to $78,000. By 2006, they had saved another $20,000, which pushed their savings up to $98,000.

The New York Times article also included other stories about the home-savings plan used by other people, including a single woman. Very helpful reading.
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Links I Liked: My Favorite Posts for the Week

The importance of disability insurance, smart driving and meal planning are a few of the topics that caught my eye this week:

From The Simple Dollar:
Five Really Easy Recipes To Make Once-A-Month Cooking Work For Busy People

I have a friend who operates her kitchen with marathon cook, freeze and marathon session. I've been tempted to give that strategy a try.


From Money Ning:
Waste Miles Per Gallon of Gas

I don't drive. I want to drive and I plan to learn and when I do learn to drive, I will make use of this strategy.

From Generation X Finance
Protect Your Most Important Asset With Disability Insurance

From Wise Bread
Going Freelance: The Top 10 Tips

From AllFinancialMatters
Is It Silly to Buy More Stuff Just to Get Free Shipping?


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Kiplinger Asks: How Will $1,000 Improve My Life

Can $1,000 really make a difference in my life? The folks at Kiplinger’s Personal Finance think so. The staff sent me a list of what can be done with $1,000. I've added a few ideas of my own. The magazine's list, which is a preview of the August issue, includes:

"Boost Your Career With Professional Classes. New Horizons, a computer school with 148 locations across the country, offers software courses for less than $1,000. UC Berkeley Extension offers both career-directed and liberal-arts classes online. For less than $1,000 you may get a lucrative promotion or simply learn something new.

Let Time Cut Future College Costs. Contributing $1,000 to a state-sponsored college-savings plan is a great way to take a bite out of future college costs. Earnings through a 529 plan grow tax-deferred and withdrawals are tax-free if used for qualified educational expenses. Check out www.savingforcollege.com for more details.

Invest in Some College Advice. Worried about getting Junior into college or grad school? For $1,000, an admissions consultant can help your child narrow down thousands of options to a dozen or more schools that could be the right fit. For more details, visit the Independent Educational Consultants Association website: www.educationalconsulting.org

Take an Energy-Saving Tumble. Front-loading clothes washers run about $1,000 and use 50% to 70% less energy than top-loaders. While a front-loader may cost $300 to $400 more than a top-loader, it will pay for its extra cost in utility-bill savings within the first few years of its 13- to 15-year life span.

Earn 18% Guaranteed. No investment can promise that rate of return—but paying down a credit card can. Six in ten of us carry a balance, many at a rate of 18% or higher. So put $1,000 towards that credit card bill and guarantee yourself $180 in savings."

Here's what I would do with an extra $1,000:

1. Invest in the Florida Pre-paid college plan or a 529 plan.
2. Attend a summer or winter writing workshop program.
3. Invest in a web designer for my blog.
4. Take a short vacation to Paradise Island and Atlantis.
5. Buy a new energy efficient refrigerator and freezer.
6. Buy a new AC system.
7. Hire a professional organizer to help me sort through my clothes, papers and junk.
8. Take a speed reading course.
9. Take off a week from work and donate 40-plus hours of my time to a charity.
10. Purchase subscriptions to every literary journal, newspaper or magazine I enjoy reading.

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