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MONTHLY PRINTED NEWSLETTER
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"The Dollar Stretcher" and Dollar Stretcher, Inc. does not assume responsibility for advice given. All advice should be weighed against your own abilities and circumstances and applied accordingly. It is up to the reader to determine if advice is safe and suitable for their own situation.
In this issue:
Introduction
Consolidation Loans
by Gary Foreman
10 Ideas to Help You Remember
by Maria Gracia
Cinnamon Treasures
by Brenda Hyde
Fixing a Broken Toilet
The Natural Handyman
Tips, Quips, Quotes & Questions
Introduction
by Gary Foreman
gary@stretcher.com
Hello to all my Frugal Friends!
As you might imagine, being married to The Dollar Stretcher for 25 years could be a challenge (at least, that's what my wife says!). One thing that I've always respected about her shopping is her ability to research prices and values. If there's a bargain available, she's more likely to uncover it than I am. Recently she's keeps telling me that she finds great values at the Lands End clearance area. She doesn't buy a lot, but when she's looking for something she checks the "overstocks."
Here's what she had to say about them. "There are excellent buys on high-quality merchandise on the Lands End Overstocks page. They regularly offer merchandise at substantial discounts. And every Saturday limited quantities are offered "On the Counter," where the price is discounted further as the week goes on."
So you might want to check it out. Often the best ultimate value isn't just the lowest cost item, but rather a quality item offered at a discount. You'll find them at www.stretcher.com/resource/LandsEnd/LE1.htm
All the Best!
Gary
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Consolidation Loans
by Gary Foreman
Dear Dollar Stretcher,
What you would advise as far as getting loans to pay off credit cards. I have two of them with a minimum payment of over $100 a month. Its very hard to make that. Should I take a loan out from a bank?
I've tried doing balance transfers and I still end up having to use the card to help pay for the groceries that I can't cover with cash. It also gets used when it comes to car repairs and house emergencies. We don't use it foolishly only as a lifesaver for necessities. I am scared of having a late mortgage payment. That is going to happen this month for the first time. It seems things are getting worse financially. I really hope you can help us out.
Curly
Based on our mail Curly is not alone. In fact The American Bankruptcy Institute reported that during the second quarter of 2000 there were over 300,000 personal bankruptcy filings. And other sources indicate that there are over 1.5 million people using credit counseling services to help them dig out of debt. So Curly has a lot of company.
Her question really has two parts. First, could a consolidation loan relieve the monthly payment pressure. And second, would that solve her debt problem?
It's likely, but not certain, that the consolidation loan would reduce the monthly payments. Without knowing what introductory rates she's found or how long they will last, it's impossible to tell for sure.
She'll need to know that most bill consolidation loans will want to use her home as collateral. That means that her home is guaranteeing the repayment of the loan.
The consolidation loan will probably have a lower monthly payment per $1,000 borrowed. That's accomplished by spreading the repayment of the loan over a longer period of time. So Curly needs to ask herself whether she'd rather struggle to pay $100 per month for 3 years or would she prefer to pay $50 per month for 9 years. That's a very rough estimate, but does explain the available options.
Trying to continue to find credit card 'teaser rates' is not likely to work. Issuers can identify 'swappers' from their credit report. It shows accounts that were open for a short time and then closed.
When potential lenders access her credit file, they'll also find the late mortgage payment that Curly says will occur this month. Those two facts combined make her an undesirable risk for credit card companies. So sooner or later she'll be facing a more normal credit card interest rate of about 16%.
Given what's happening to her payment record Curly could be facing even higher rates. If she misses her minimum payment she'll trigger late charges. Her interest rate will also go up. Rates of over 20% are not uncommon. And that will mean even larger minimums each month.
Curly will probably do best if she does try to consolidate her credit card debts. She'll need to shop for a lender that won't add a large 'origination fee' to the loan amount. She'll also want to see if the lender can demand immediate and full repayment. And, if so, under what circumstances. She doesn't want to be a few days late with a payment and have them demand repayment of the whole loan.
Consolidating the credit card debts is only half of the battle. She needs to understand how the balances were accumulated. To do that she will need to compare income to expenses. The bottom line is simple. If you spend more than you make on a regular basis, you're going to accumulate debt.
It's easy to pull out the credit card when cash is low. Millions of consumers do it every month. But Curly needs to consider what happens when she charges groceries. Suppose she can't afford to pay cash for the $100 worth of groceries in the cart today. When she uses her credit card she's agreeing to pay $115 for those same groceries over the next year or so. That's because she'll be paying for the groceries plus the interest on the money that she's borrowed. Each time she does that she digs the hole just a little deeper.
Curly says that they don't use the cards 'foolishly'. And that's good. But if they're spending more than their income, Curly will heed to redefine 'necessities'. What exactly is a 'lifesaver'? Is that buying enough food to survive? Or does that include prepackaged convenience foods. It's easy for non-essentials to slip in with the really important expenses.
It's important to note that consolidating the debts will not solve the problem unless Curly's income is larger than her expenses each month. That's not meant to lecture Curly. Just to warn her that most people only get to consolidate their debts once. If they go back and do it a second time they're much more likely to be heading for bankruptcy.
Hopefully Curly will find a consolidation loan to help her out of the current payment problem. And then she'll find a way to make sure that they make more than they spend on a regular basis.
Gary Foreman is a former Certified Financial Planner who currently edit's The Dollar Stretcher website www.stretcher.com You'll find hundreds of free articles to help you save time and money. Visit today!
10 Ideas to Help You Remember
by Maria Gracia
You are busy and you have tons of things to do. How can you possibly remember it all?
Having a sharp memory recall can be as simple as finding ways to help jog your memory throughout the day. Here are 10 quick ideas:
1. Write It Down With the amount of things you have to remember in any given day, why should you try to stuff it all into your memory bank? When you want to remember something, the very best thing to do is write it down. Then, when you need to recall it, it will be there for you in an instant.
2. Keep It Together When you write down things you want to remember, keep them in one consistent place. Otherwise, you're going to spend a lot of time looking for your notes.
3. Good Health Eat healthy foods, get enough sleep, and exercise. These are all important for your memory, staying focused and being alert.
4. Record Your Thoughts Sometimes you might want to remember something, but it's impossible for you to write it down, such as when you're driving. A little hand held tape recorder is a wonderful gadget to carry around with you and record your thoughts, or your parking space number, or a phone number you see on a billboard.
5. Call Yourself If you're at the office, and you want to do something when you arrive home, call your answering machine and leave yourself a message. When you get home, you'll listen to your message and remember exactly what you wanted to do.
6. Believe In Yourself If you keep saying you have a bad memory, you'll probably continue to have a bad memory. It's important to have a motivated, I CAN remember attitude.
7. E-mail Reminders There are many free e-mail reminder services available. You simply type in what you want to remember, such as a birthday, anniversary or event, and you then receive an e-mail reminder when the date is approaching. Try www.calendar.yahoo.com
8. Post-It Notes Those wonderful, little sticky notes can be amazing memory helpers. Want to remember something before you leave the house? Jot it down on a Post-It Note and stick it on the inside of your door. You'll be sure to see it as you're getting ready to walk out. Have to make an urgent call first thing in the morning? Leave a Post-It Note on your telephone.
9. Times and Alarms Take advantage of alarm clocks and timers throughout the day. Have to take the clothes out of the wash at 3:00? Set your alarm clock to remind you. Want to leave for the basketball game by 6:15? Set your timer to beep a few minutes before.
10. Visual Reminders Visual reminders can help you remember and focus. I especially like visual reminders for remembering your goals. If your goal is to take a trip to a beautiful island in a few years, keep a magazine photograph of the island right on your desk. If your goal is to own your own business one day, find a picture or ornament that will help remind you of this goal each day.
Maria Gracia edits the Get Organized Now! website www.getorganizednow.com. FREE Idea-Pak and E-zine filled with tips, ideas, articles and more to help you organize your home, your office and your life at the Get Organized Now! Web site!
Cinnamon Treasures
by Brenda Hyde
Cinnamon is not only easy to craft with, but it's a smell that reflects the warmth and charm of a cozy winter home more than any other. These gifts can be used as additions to baskets filled with homemade breads, muffins or cookies. You can also package them alone for small gifts to give teachers, friends and house guests.
Mulled Tea Bags
Ingredients:
- 5 tsp. loose black tea
- 4 whole cloves
- 6 whole allspice berries
- 2 tsp. coarsely crushed cinnamon stick
- 1 tsp. grated orange rind
- 1/2 tsp. grated lemon rind
- fine-mesh cheesecloth
- Cotton string
Cut two five inch squares out of the cheese cloth. Place 1/2 of your tea ingredients on one square, and the other 1/2 on the second one. Bring the corners together and tie into a bag with the string. Place the teabags into a mug, with these instructions:
To brew place one tea bag in a mug and 1 cup of boiling water. Steep 5 minutes and enjoy!
If you wish you can also include a small jar of honey, an antique spoon (easily found at a thrift store), 2 cinnamon sticks for stirring and a novel to enjoy reading while drinking.
Santa Cinnamon Sticks
You will need:
- 1 6 inch long cinnamon stick
- red, peach or cream, black and pink acrylic pain
- small paintbrush
- tiny stiff paintbrush for textured paint
- "snow" textured paint
Paint Santa's hat on a 1/2 inch space at the top of the stick, using textured paint for ball and trim. For face, paint 3/4 below the hat using peach or cream paint, paint eyes black and cheeks pink. Lastly use texture paint and the stiff brush to paint eyebrows and the beard.
These make charming gift toppers, or additions to gift baskets and flower arrangements.
Cinnamon Christmas Ornaments
Two recipes, both simple, for making these neat ornaments that can also be used as package toppers. If making ahead, I would put each one in it's own plastic bag and store in a cool dry place.
You will need:
- 4 ounces of ground cinnamon
- 1 tablespoon ground cloves
- 1 tablespoon ground nutmeg
- 3/4 cup of applesauce
- 2 tablespoons of white craft glue
These are not edible because of the glue. Mix together well, roll out and cut your shapes. Poke a hole at the top of each one for hanging before they dry. Put them on a wire rack for about a week and let them dry, turning them over about once a day.
Cinnamon Ornaments
You will need:
- 3/4 cup applesauce
- 1 4.12 ounce bottle ground cinnamon
Mix together to form a stiff dough. Roll dough to 1/4 inch thickness. Cut with cookie cutters. Make hole at top of ornaments on rack to dry. Let dry 1-2 days or until thoroughly dry, turning occasionally. Hang with decorative thread, ribbon or natural raffia. Makes 12-15 ornaments.
Table Decorations
You will need:
- Cinnamon sticks, 4-5 inches long
- natural raffia
- dried flowers of your choice
- got glue
To make a centerpiece glue together two cinnamon sticks, then top with two more, gluing the four of them together. Glue dried flowers to the top of the sticks to decorate, but not overwhelm. Tie a few pieces of raffia around the middle of the sticks and flowers to form a bow with a few ends hanging slightly off the piece. Place one in front of each place setting during your holiday meal. Guests can then take home their cinnamon craft.
Cinnamon Stick Candle Holder
You will need:
- 1 clear glass votive candle holder
- about 20 cinnamon sticks
- transparent tape
- scissors
- hot glue gun, glue sticks
Measure the height of your holder, and add 1/2 inch. This is the length you will need to cut your cinnamon sticks. Cover the holder completely with tape. Hot glue does not adhere well to glass, so this will give you a good surface to glue to. Glue each stick vertically to the holder, making sure they are placed evenly, until the entire surface is covered. Use like this, or decorate with raffia, or other small holiday decorations.
Brenda Hyde is a wife and Mom of three, a freelance writer and editor. Visit her for more old fashioned holiday crafts, recipes and traditions at http://OldFashionedHolidays.com or subscribe to Holiday Tidbits by sending a blank email to: oldfashionedholidays-subscribe@egroups.com
Fixing a Broken Toilet
The Natural Handyman
Dear NH,
Do you know of a way to repair a broken toilet base? When reseating the toilet I broke the flat portion of the base around the bolt hole. Will a heavy duty epoxy work?
GJ from Hurst,TX
GJ,
I can usually come up with a repair or at least offer some hope, but in your case I'm afraid I can't. Toilets are made from clay, baked and glazed to a smooth finish. Though they appear to be very tough, an abused toilet will break just like a piece of fine china! Sometimes a "temporary" emergency repair can be made to a cracked bowl or tank (neither of which I recommend). The break you describe is at a high-stress area of the toilet. There is no adhesive that exists today that I would trust to make this repair. Should it re-break when the toilet is being used, severe leakage around the wax seal under the toilet could occur with dire consequences!
The break probably occurred because you overtightened the mounting nut, causing the ceramic to crack. Another possibility is that the base already had a slight stress crack that finally gave way during reinstallation. Old toilets are particularly prone to this sort of breakage.
Breakage during installation is the most common toilet installation problem and even happens occasionally to pros. Why? Because the mounting nut never really feels tight, making it too easy to accidentally overtighten it! For future reference, the tightness of toilet mounting nuts is judged by the stability of the toilet, not the apparent tightness of the nut! If the toilet easily turns or "wiggles" under pressure (either by hand or by actually sitting on it), then it requires a little more tightening.
There is one exception. If the floor is slightly uneven (which should be obvious by looking under the base of the toilet) breakage is even more likely since the entire base may not be tightly against the floor! Careful tightening followed by caulking around the toilet base will give sufficient support and stability. Remember, tighten the nuts firmly... just not too aggressively!
NH
Have a small home repair question for THE NATURAL HANDYMAN? Just click on this URL www.naturalhandyman.com/aitikia/aitikia.htm. For more home repair information, visit his growing index of original home repair articles and quality links at THE NATURAL HANDYMAN... www.naturalhandyman.com .
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Tips, Quips, Quotes and Questions
Christmas Blessings
Last year was our first Christmas in our new house and we did two things that I expected to enjoy, but was surprised at how much my children loved these simple things. The first thing we did was to have dinner by candlelight the day we put up our tree. My children, who are 5 and 7, loved this so much, we did it for the rest of the holiday season. It did make us slow down a little and emphasized what a special time of year the holidays are. My younger daughter has already mentioned doing this again.
Our family opens gifts on Christmas Day and we have not had any Christmas Eve traditions. Our new house has a fireplace, so last year, after the girls had their bath, we lit a fire and had hot chocolate and just enjoyed each other and looking forward to the coming day. I think we have found our Christmas Eve tradition! Happy holidays to all!
Deborah G.
Please share your holiday ideas for gifts, decorations and family fun with our readers. Just send them by email to terry@stretcher.com with "Holiday_Happiness" as the subject. We'll include many of them in the
newsletter and on the website in weeks to come.
First Time Home Mortgage
We bought our first home about 2 1/2 years ago. The mortgage company had us read a workbook and then quizzed us to make sure we knew what we were getting into. There are many online calculators that will give you information about calculating your monthly mortgage costs. Most realty sites have links to them. Remember that in addition to your P&I (principal & interest) which is what the most sites calculate, you will be paying money into escrow for taxes and insurance. You will also be paying a PMI (private mortgage insurance) if you put down less than 20%. Most first-time buyer programs will allow you to put down between 3% and 5% if you do not have a lot saved up. The loan we obtained was a 5% no PMI loan. We had to pay one extra point at closing. A point is equal to 1% of your loan amount. This kind of loan is good for someone who can come up with more funds to put down but wants lower payments. Compare lenders. Ask friends and relatives who they have had good business dealings with; also, agents are often familiar with good lenders and can steer you away from problematic ones. Any reputable lender should be able to give you the costs associated with obtaining a loan through them. These costs are sometimes negotiable and often vary depending on the company. When you have selected your lender they will check your credit and will make sure anything questionable is resolved before they lend their money. They will expect any unpaid debts to be settled and ask for letters explaining any negative history. Finally, the lender will provide you with a good faith estimate. This discloses all costs expected to close on your home.
Good luck on your home buying process.
WG
more info on getting a mortgage, including advice from a lender, at
www.stretcher.com/stories/00/001127a.cfm
Homemade Veggie Wash
I work for the Canadian Food Inspection Agency, so I asked one of our food specialists here what FIT was made of. Know what he told me? Mainly vinegar, with a few other ingredients. My grandmother ALWAYS soaked her produce in vinegar/water (equal amounts) and then rinsed with cold water, and it was extremely clean. FIT doesn't really clean any better than this, it just does it with a little less effort. A small cautionary: Never soak mushrooms in this manner. Scrub them, then rinse minimally under cold running water. Letting them soak allows them to absorb extra water. As long as you have a large bowl and a colander, you can make your own "FIT" dip-vat as well :) Place the colander inside the bowl, fill with vinegar-water mixture, and put your fruit/vegetables inside. Then when they've soaked for 5-10 minutes, just lift the colander out and rinse! Works great!
Lynne T.
more suggestions for cleaning your veggies at www.stretcher.com/stories/00/001127b.cfm
Please send your tips to gary@stretcher.com with "Tips" as the subject. If we use your tip or reply to 'Can You Help' in any of our publications we'll send you the next three issues of our print newsletter as a 'thank you'. The monthly print edition contains articles that do not appear in our online editions. For a sample copy, send your name and address, along with $2 to: The Dollar Stretcher, Dept OL, PO Box 23785, Ft. Lauderdale, FL 33307.
Additional Stories on the Dollar Stretcher Website This Week:
Aging Wheels
Hang on to that car for as long as you can
http://www.stretcher.com/brm/001122.htm
Homemade Veggie Wash
Is there a cheaper way to make sure you're veggies are pesticide free?
http://www.stretcher.com/stories/00/001127b.cfm
Consolidation Loans
by Gary Foreman
A way out? Or just getting in deeper?
http://www.stretcher.com/stories/00/001127c.cfm
10 Ideas to Help You Remember
by Maria Gracia
Make it easy on yourself during this crazy season
http://www.stretcher.com/stories/00/001127d.cfm
Cinnamon Treasures
by Brenda Hyde
They're easy to make and your home will smell wonderful, too!
http://www.stretcher.com/stories/00/001127e.cfm
Frozen Assets: Getting Started
by Deborah Taylor-Hough
She saves both time and money on groceries
http://www.stretcher.com/stories/00/001127h.cfm
Harvest Home Decorating
by Colleen Moulding
A natural look for the holidays
http://www.stretcher.com/stories/00/001127j.cfm
Replacing Bad Habits
by Dr. Bob Osgoodby
Live healthier and happier. Yes, you CAN do it!
http://www.stretcher.com/stories/00/001127k.cfm
Potatoes!
by Rachel Paxton
An appetizer, vegetable or main course! It's up to you
http://www.stretcher.com/stories/00/001127m.cfm
Avoiding Annuity Errors
by Tina K. Baughman, CLU
Annuities can be a safe investment if you know what to watch out for
http://www.stretcher.com/stories/00/001127p.cfm
Clean Up Shortcuts
by Jacqueline McLaughlin Hale
Make cleaning a more efficient operation!
http://www.stretcher.com/stories/00/001127r.cfm
First Time Mortgage
What should you look for when you're getting a mortgage?
http://www.stretcher.com/stories/00/001127a.cfm
Driven to Do Good
Your old car can help a good cause -- and give you a tax deduction
http://www.stretcher.com/brm/001122t.htm
On-line Banking
As X.com ends checking accounts, new online choices check in
http://www.stretcher.com/brm/001117.htm
Your Money Outlook
Fed holds the line on interest rates, but still worries about inflation
http://www.stretcher.com/brm/001117a.htm
Preparing for Tax Season
Just six weeks before Y2K is complete
http://www.stretcher.com/brm/001117b.htm
IRS Give Back
$67 million in tax refunds waiting for rightful owners
http://www.stretcher.com/brm/001120a.htm
Going Down?
Debt consolidation loans can leave you in a deeper financial hole
http://www.stretcher.com/brm/001120b.htm
A Fool & His Money
10 most creative swindles from today's clever cons
http://www.stretcher.com/brm/001121.htm
Now's the Time to House Shop
It may be cold outside, but lenders and home sellers will give buyers a warm welcome
http://www.stretcher.com/brm/001123.htm
Santa Claus Loves Gardeners, Too
by Don Trotter
Our gardening expert shares some gift ideas for your gardener
http://www.stretcher.com/stories/00/001127n.cfm
Ask the Tax Advisor
Love, marriage, immigration and the tax collector
http://www.stretcher.com/brm/001121t.htm
Fixing a Broken Toilet
The Natural Handyman
Whoops! Now what?
http://www.stretcher.com/stories/00/001127f.cfm
Ask Dr. Don
Refinancing a house, and choosing between a home equity loan and a line of credit
http://www.stretcher.com/brm/001120.htm
Ask Dr. Don
What are the best financing options for buying a new home?
http://www.stretcher.com/brm/001122a.htm
Flex Plates
Ask Bob: The Auto Answer Man
She was told to replace it. But, what is it?
http://www.stretcher.com/stories/00/001127q.cfm
Readers' Tips
http://www.stretcher.com/stories/00/001127t.cfm
For Your Small or Home Business
Free Information for Start-up Businesses
by Maria Marsala
Use these resources to help boot-strap your small business
http://www.stretcher.com/stories/00/001127g.cfm
Cheers!
Thank your staff with a holiday office party
http://www.stretcher.com/brm/001120d.htm
New Workforce?
Teen girls find the big corporate thing a total turn-off
http://www.stretcher.com/brm/001122b.htm
Venture Capital
It's not just for dot-coms anymore
http://www.stretcher.com/brm/001123b.htm
Lights, Camera...
Are you ready for videoconferencing?
http://www.stretcher.com/brm/001117d.htm
SmallBiz Adviser
If you're looking to expand, a commercial loan is the way to go
http://www.stretcher.com/brm/001121b.htm
SmallBiz Adviser
Do local research before building a strip mall
http://www.stretcher.com/brm/001117c.htm
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Copyright 2000 "The Dollar Stretcher, Inc.". All rights reserved unless specifically noted.
Write to the Dollar Stretcher at:
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PO Box 23785
Ft. Lauderdale,
FL 33307
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