Readers' Tips
Investing for Retirement
Now: Contribute enough to your 401(k) to obtain the maximum match and no more. Use the "more" to contribute to your Roth IRA. (If this maxes out your allowable Roth contribution, then the next place to put those dollars is to add it to what you already pay to reduce credit card(s) debt faster.) A Roth IRA, outside of your employer, is a good thing to have. I suggest you look to a "discount brokerage firm," such as, but not limited to, Vanguard, Fidelity, American Century, and T. Rowe Price.
With your 401(k) at the match maximum and your Roth IRA funded to the full extent allowed, you should consider opening an account at a "discount brokerage firm," such as, but not limited to, Vanguard, Fidelity, American Century, and T. Rowe Price. I suggest you consult with one of the planners available at the place you pick to help you develop your investing mix via no load mutual funds. Select funds that give you a good diversification and reasonable return.
In general, stay away from annuities, excepting perhaps only those offered by Vanguard or Fidelity. (These have the lowest commission and expenses when last I looked. If you find others with comparable expense and commission rates to these, they may be included in your review and analysis.)
Suggested reading: I really like an older book titled Get Rich Slowly: Building Your Financial Future Through Common Sense
Right after you retire: Open a roll-over IRA with that
discount brokerage firm and roll all of your 401(K) over into
it. By then, you will have an advisor you trust to help you
with investing the proceeds of the 401(K) roll over.
Richard
editor's note: For more on Investing for Retirement, check out the discussion in The Dollar Stretcher Community.
Winterizing Your Dog's House
I've found that I can use Mother Nature to assist with
insulating my dog kennels and dog house. We are doing fall
cleanup and using the fallen leaves in them. They are great
insulation and generally easy to clean up. My dogs love to
snuggle into the leaves to take a cozy nap. It's free bedding.
What else can you ask for?
Brian B.
editor's note: For more money-saving strategies for dog lovers, please click here.
Raising Grocery Shopping Guerrillas
Tight budget times can be used to teach children valuable lessons they will need as adults. We have unit pricing on grocery shelves here in Oregon. I taught my kids math and how to be thrifty by having them find items on the list when we were shopping and asking them to get the best buy per unit. They learned to comparison shop, how to multiply and divide and whether a sale item was really a good deal. They learned that deceptive packaging could make an item look like there was more inside than there really was.
We also talked about value at home, discussing whether the
less expensive brands were a bargain if too much liquid was
added or if the taste or appearance was inferior to other
brands.
Lynn
Smelly Plastic Containers
To take the smell out of plastic containers, wet newspaper,
scrunch it up, put it into the container, and seal it. Then
put the container into the freezer for a couple of days. When
you take the container out, throw away the newspaper and the
smell will go with it. I've used this when my husband left a
salad with meat and a boiled egg in his car for a few days and
it really does work.
Fiona
editor's note: For more on cleaning smelly plastic containers, please click here.
Easy Inside Weatherstripping
The windows in my apartment leak cold air, but I found a way
to deal with it. Buy some foam tape weatherstrip (I bought a
3/8" wide 10' roll at Wal-Mart) and put it over those areas in
the windows that are leaking air. You need to do this on a day
when the window frames are dry without a lot of condensation
on the glass/window sills. It has made a real difference for
me!
Carleen N.
After Purchase Savings
When shopping, it is so hard to find just the right deal. When I purchase anything, I always save the receipt. That way, if I see an item on sale after I have made the purchase, I can go back and be reimbursed the difference. Most stores will do this within a two-week to 30-day period. Check with the store when making a purchase to see what their policy is. Stores will honor this even if the item goes on sale at another store.
I just purchased a stovetop for my kitchen. Two weeks after I
made the purchase, I saw the same stovetop on sale for almost
$100 less. All I did was take in my receipt and the ad and
they credited my account the difference.
Tori
Gentle Wash
Instead of spending a lot of money on fabric washes like
Woolite®, I use regular shampoo to clean items like hosiery,
bras, etc. It works great, removes the dirt, and smells great!
Donna
A Fresher Fridge
For musty refrigerators, you can simply put a sheet of
newspaper inside and close the door. This works just like
baking soda to keep the smells out. Change it as needed, and
if you read the paper, it is free!
TJ
The International Shopper
To save money, I shop for some things at an international food
market. I got almonds and cashews there for $6.99 versus $8.99
at my usual store. Today I got 7 ounces of turmeric spice for
under $2. Also I got kale for 79 cents a pound today versus 99
cents a pound. And saved about 20 cents a pound on apples. It
really adds up to a great savings.
Donna W.
Customized "Hot Pockets"
My daughter likes the "hot pockets" that have egg, sausage, etc. in them. We tried them when I had a coupon and they were also on sale. The regular price is rather high and she didn't really like the cheese inside, but they are convenient in the morning.
We make our own using crescent roll dough (you can also make
this from scratch if you want) and adding the fillings she
likes. Just bake and freeze in individual pockets. Heat up as
needed in the microwave. Or if you have a waffle iron or
sandwich maker, you can put the dough and fillings in these
and make them fresh in minutes.
Ann
Stain Removal
Try cooking spray to take paint and marker stains off of hard
surfaces. Spray on the spot directly and wipe off in a
circular motion. Stains come right off.
Jennifer in NC
The "Money" Facts of Life
My friend has children who make their own spending money through odd jobs. One day at the store, one of them was throwing a fit about not having money in the budget for soda. Out of frustration, my friend said, "Our responsibilities as parents include love, a roof over your head, an education, clothes on your back and food to eat. It does not include soda, chips, movies, etc." Other parents in the store applauded. Her child was so shocked that not another word was said on the subject.
The point is that when things were good, we just gave them
everything they wanted. Unfortunately, they continue to expect
as much now that times are harder. It's time to sit the kids
down and explain what is a necessity, what you as a parent
will provide, and what is not a necessity. After your child
puts the appropriate amount in savings, let them spend the
rest of their money on whatever they want. My friend's
children only bought soda and snacks a few times since then
and then decided it was just a waste of their "hard earned
money."
Mary
editor's note: It's important to keep our financial discussions with children age appropriate. Older children should understand the difference between needs and wants. But, please don't tell younger children too much about your finances. They trust you to take care of them. Don't take that security away from them by telling them financial facts that they're not ready to handle.
Double Dipping at the Drug Store
I noticed that one of my local drug stores runs out of their
specials towards the end of the week. Especially if I don't
have any coupons for the sale product, I get a rain check for
the greatest amount I can. So, even if I do use the product,
but don't have a coupon to compliment the sale, I can wait
around for a coupon to come out to buy it to maximize savings.
I also have the option of getting the most out of a sale.
Since I probably wouldn't buy four bottles of shampoo at one
time anyway, I can use it over time as needed.
Dana C. in Middletown, PA
Cooking for 1
If you're working, find someone to trade meals with one day a
week. I used to trade meals with a guy on his busiest day and
he brought me meals on the day I had a night class at the
university.
P.
Griddle Cleaning
My ceramic top stove has a griddle on the side. After grilling
various foods, it tends to leave a stuck on mess. I found that
if I place a couple pieces of ice on the grill while it's
still hot and scrape lightly, the stuck on mess cleans off
easily.
DJG
The Tourist Un-Trap
When I travel, I always stop in the local grocery store for a
quick scan. Sometimes the savings are staggering from one
region of the country to another. In Massachusetts, walnuts
have not dipped below $5.99 a pound. In Pennsylvania, I bought
them for $2 a pound. I always leave room in my suitcase for a
few bargains.
Mary Z. in Woods Hole, MA
Easy Indoor Storm Window
To help reduce our winter heating bills, I further insulate our windows by sewing a simple panel of white polar fleece fabric and hanging it on a tension rod in the window. Fabric stores often have polar fleece for 50% off and it takes very little for each window.
You simply cut a panel slightly wider than your window and about 4 inches longer than the window. Then you sew a pocket across the top to hold the tension rod. No fancy finishing needed. If you don't sew, you can cut the panel and then fold it over the tension rod and fasten with safety pins.
By putting this between your window glass and window drapes,
it adds another layer of warmth. When the season is over,
simply lay the panels flat and store between your mattress and
box spring!
Betsy H. in Texas
editor's note: For more on stopping winter's drafts, please click here.
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