Category archive for ‘Frugal Forum’ 
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Another resource for frugal ideas and how to save on gas
I am always looking for new frugal ideas. Sometimes the ideas come from conversations with friends and neighbors or from students in one of my classes at the university. But it never hurts to expand your horizons and keep looking elsewhere. Surfing the web is a pretty efficient way of finding what you are looking for.
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Managing your utility costs
I recently received an email from a fellow Sun City resident indicating that every year they get a letter from Nicor asking them to enroll in a fixed bill gas program. They asked me what I thought of the fixed bill plans. This is an interesting question. Gas, like electricity and telephones, is a regulated utility service.
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Getting old has its advantages
This was the first year that I realized that getting to 65 has its advantages. I got my reduced fare permit and have enjoyed traveling on the Metra and CTA transportation at significant savings over my rides at 64. Although I am quickly reminded by my elder neighbors that I missed out on the last few years when it was “free” for seniors. That’s okay. I knew that wouldn’t last forever and getting older faster wouldn’t be worth it.
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It could be worse
As I write this column, gasoline prices at the nearby pumps are at $4.37 per gallon. In 2008, we were in shock because the price of gas broke through the $4-per-gallon barrier. Here we are again setting record highs.
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Battling Inflation one small purchase at a time
A recent article in MSN Money reviewed a report issued by the American Institute for Economic Research (AIER) on the EPI Index, an index of everyday prices. The EPI index measures the changes in everyday prices people pay for food, gas, electricity, child care, and personal care items like shampoo and toothpaste.
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Another option for electrical power
Our electric bill shows up each month from ComEd and we pay it. Since we have been in Sun City, we have enjoyed a consistent supply of power. We have been impressed as to how quickly ComEd gets power restored after storm outages. Of course, we “manage” our electrical usage by turning off lights when not in use and employ other power-saving techniques as we can.
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Good to the last drop
Each morning, the routine seems to be the same. I rise before Sue and get her the first cup of coffee. There is an unwritten rule in our house. No communication transpires before she has her first cup of coffee. There have been very few times in our 41-year marriage that I have broken that rule. When I did, I paid for it.
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The retirement state of our state
Did you have an opportunity to hear Gov. Pat Quinn deliver his State of the State speech before the Illinois Assembly earlier this month? The commentary that followed was quite critical, asserting that the Governor missed the most critical issues – Medicaid and government pensions. “I felt like I was listening to a game of fantasy government,” said Tom Cross, House Minority Leader. Apparently, the big issues will be addressed by the Governor in a follow-up speech later this month.
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My Favorite Free Smartphone Apps
A recent survey commissioned by Consumer Cellular (www.consumercellular.com), a leading provider of cell phones and cell phone plans to Boomers and the exclusive cell phone plan provider for AARP members, demonstrates that seniors and Boomers are becoming smartphone savvy and use their cell phones to connect with friends and family more than ever before. Ninety percent of the respondents indicated they taught themselves how to use the smartphone.
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5 money saving tips for 2012
Happy New Year! Let’s hope 2012 proves to be a frugally prosperous year for us all. While we ponder what our New Year’s resolutions will be for the ensuing year, here are a few money-saving ideas that may get you off to a good start.
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It’s the little things that are most memorable
As I think back on my younger years, I remember how excited I was on Christmas Eve, how difficult it was to get to sleep, knowing that I better, or Santa wouldn’t stop at our house. I would wake up at 4 or 5 a.m. and scramble to the Christmas tree to see what gifts Santa had left. Of course, I couldn’t open the gifts until Mom and Dad were up, or I would be spending time in the corner on Christmas day.
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Why buy when you can barter!
We just got through the first mad dash of the holiday season – Black Friday. I couldn’t believe it when the retailers were opening at midnight on Thanksgiving day to start Black Friday early. There were some outstanding deals to be had at the additional expense of not getting to bed that night. Our bleak economy has us all shopping for the best deals. A renewed trend that is picking up popularity is bartering. Why use cash or credit when you can swap your “treasures” for what you need? You don’t have to hold a garage sale to sell your collectibles.
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Social Security Survivors Benefits
I recently received an inquiry from one of our Sun City neighbors about how Social Security benefits work for surviving spouses. I did a little research on the web and found a website called “Social Security Survivors Planner.”
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Paying more, but getting less
There was an ABC TV broadcast earlier this year that raised our attention to some subtle changes that we should watch out for at the grocery store. They reported that the average prices at the grocery store would only rise about 3% this year. That sounded like good news until you heard the rest of the story.
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Are you owed unclaimed money?
I often receive emails claiming that I am the long-lost son of a millionaire who put money in trust for me in a foreign bank account and that all I have to do is provide some personal information to prove my identity to claim it. This is a type of scam that is becoming more frequent.
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Is your privacy protected?
Every so often, we receive a notice from the financial institutions and credit card issuers where we have accounts explaining the extensive procedures they have in place to protect our privacy by not sharing our personal information with any of their business connections. They go to great lengths to protect our information. Just try to obtain information about your spouse’s account. You won’t get it.
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And here’s the rest of the story
My recent column entitled, “Have you been declared prematurely dead?” reported that the Social Security Administration erroneously includes in its Death Index database approximately 14,000 persons annually who, in fact, are not dead.
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Countdown to 65
In each day of calendar 2011, an average of 7,000 persons will reach the age of 65. This is the first wave of Baby Boomers – those born in the years 1946 to 1964. According to a survey conducted by AARP in December, 2010, 31% of those Boomers reaching age 65 in 2011 are still working, and 40% of them do not intend to ever retire. This is a bit of a shift from prior generations, where 65 was the magic year for retirement.
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Have you been prematurely declared dead?
The Social Security Administration maintains a Death Master File, which contains the Social Security numbers, names, birth dates, death dates, zip codes and last-known residences of more than 87 million deceased Americans. A recent headline in CNN Money reported that “Social Security wrongly declares 14,000 people dead each year.” Approximately one in every 200 deaths are incorrectly recorded in the Death Master Files of the Social Security Administration.
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What’s the best age for retirement?
In my father’s day and age, this wasn’t even a question. It was 62, then 65, and now?? Well, now depending on when you were born, you have a different “full retirement age” according to the Social Security Administration. Leave it to the Federal government to complicate things. If you look through the Social Security Administration’s website, it is loaded with detailed information to help you determine when the best age for retirement is “just right” for you.
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Should we pay down that mortgage?
The U.S. government is now struggling to devise a plan for managing our debt. Should they raise the debt ceiling or cut spending? As I watch the politicians battle over the issues, I am reminded of a faux pas I made early in life when deciding what to do about my college education loans.
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Financing your retirement
Given all the challenges we are facing with our current economy, the topic of retirement financing is frequently discussed among Sun City neighbors. In times past, we relied on financial planners to provide the expertise, prudence, and guidance in managing our investments to provide for retirement.
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Health savings accounts setup
This article is targeted to our Sun City Residents who are between the ages of 55 and 65. The rising costs of health insurance have forced many of us to change our health care coverage to higher deductible plans to reduce the insurance premiums.
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Inheritance and Estate Taxes
I received a number of emails from readers who responded to our last column on the Federal Gift Tax. They noted that the Gift Tax was imposed on the donor versus the recipient of the gift, and they raised the question of what taxes, if any, must be paid by the recipients. Currently, there are no taxes paid by recipients of gifts at the Federal or Illinois state levels for Illinois residents. Residents of other states should check with the applicable state’s revenue department to determine if the state imposes taxes on recipients of gifts.
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The Federal Gift Tax
The current economic environment has created some unique circumstances for us Baby Boomers. Our sources of income from retirement resources may be fixed or declining due to market losses, yet, we see ourselves needing to pay for goods and services that are rising in cost. We may also need to subsidize family members who are victims of the unemployment crisis or fund long term care costs for aging parents.
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Credit vs. Debit Cards
A 2010 survey conducted by Credit.com revealed how American consumers pay for their purchases. The survey said 40% use cash, 39% use debit cards, and only 21% use credit cards. Apparently the downturn in the economy has driven the majority of consumers to not spend what they don’t have.
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Can we afford sustainable living?
“Sustainable living” is a lifestyle that attempts to reduce the use of the earth’s natural resources – what we commonly refer to as “going green.” A recent study conducted by OgilvyEarth, a leading sustainability consultancy, found that 82% of Americans have good green intentions, but only 16% are dedicated to fulfilling these intentions.
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Are you an impulsive buyer?
A recent study conducted about consumer buying habits by ShopSmart magazine indicated that 60% of the respondents identified themselves as impulsive buyers. This didn’t really surprise me after I considered a typical shopping experience in the grocery store. It’s like entering a minefield.
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Counterpoint to ‘We are Victims of Our Own Success’
I recently received a letter from one of our readers (who will remain anonymous) in response to the column on “We are Victims of Our Own Success.” That column referenced a recent ABC News segment called “Made in America.” Our reader made some very interesting insights which I would like to share with you here.
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Labels and Boxtops for Education make difference for Grandchildren
For more than 37 years, Labels for Education has been awarding free educational equipment to schools in exchange for proofs of purchase from the Campbell family of brands. Today, over 60,000 schools and organizations are registered with Labels for Education, benefiting more than 42 million students.
