Saturday, January 21, 2012
10 STEPS TO IMPROVE YOUR FINANCIAL SITUATION
1. Pay Yourself Weekly
This may seem a bit odd, but this is an excellent way to start building a substantial savings. On a weekly basis, pay yourself $25-$50 and immediately put it in a safe place. You can even open a special savings account where this weekly "payday" can by placed to help minimize or eliminate impulsive spending. Think about it this way, if you paid yourself $25 a week, in two years you'll have accumulated $2600 (not including interest)!!! That's almost $3000 from just putting $25 aside every week! Take advantage of this money-saving opportunity. Simple, yet very effective.
2. Don't Shop
For those of you that love to shop, you may find that this is one tip that could save you hundreds, maybe even thousands every year. Start using the "Need or Want" strategy. Before you spend a single dollar on anything, ask yourself, "Do I really NEED this item, or do I just WANT it??" You may find that many of the items we purchase, we do so just because it "caught our eye" or it was "an impulse buy" or "my friend bought the same thing". All these excuses just add up to wasteful spending. You can probably get by without another sweater, or a new pair of jeans, so just buy what you absolutely need, and pass on those items that aren't necessities.
3. Use Your Bank's Own ATMs
Some banks will charge you money for using other ATM machines. Even though you will be able to withdraw money using your ATM/debit card from literally any machine, banks will charge you $2 (generally) for using a machine other than theirs, in addition to a standard $1.50 charge the machine charges for its use. In other words, if you use the ATM at your local 7-11 to take out $20, you'll most likely end up paying $3.50 in additional charges! If you do that 5 times a month, you'll lose $17.50 for that month, or $210 per year! What a waste! Try and stick with your own bank's ATMs whenever possible.
4. Track Your Spending
Take the time to track your spending habits for one week. Take note of every single dollar you spend, even those sodas and candy bars purchased here and there. This will give you a "birds-eye" view of exactly where your money is being spent, thus allowing you to refine your spending habits to essentially save more money.
5. Lower Credit Card Balances
Another very important tip that many often overlook. Pay off those pesky credit cards as soon as possible because you are losing up to 19% of the total. What a waste of your hard earned money! Keep chopping away at the balances until you get to an amount that is reasonable $100-$500 dollars.
6. Use Your Debit Card Instead of Credit Cards
Get in the habit of using your debit card instead of your credit cards. For the most part, debit cards are accepted anywhere a credit card is accepted, however as you know, with a debit card the amount is taken directly from your checking account whereas credit card usage is billed at a later date (along with a hefty interest rate).
7. Changing Jobs? Roll-Over that 401(k)
When people change jobs/careers they will be faced with a decision to either "rollover" their 401k (retirement plan) or to withdraw it. It will be ever so tempting to withdraw the money since it will be a substantial amount, but don't! You will be charged fines and penalties for an early withdrawal that will cut YOUR total by 40%-60%! That's like giving half of your earned retirement savings away to a stranger. Why would you do that? Even though you may want the money now, resist the temptation and roll it over. It will be well worth it in the long run.
8. Avoid Getting Too Many Credit Cards
Why have eight credit cards? That's just going to provide you with more opportunities to go further into debt. It's fine to keep 1-3 cards to build credit, establish yourself, and for emergencies, but credit cards are double-edged swords. They can help or hurt you depending on your self-control.
9. Check Your Credit Score/Report
It's important to know where you currently stand as a consumer and since your credit report is the most important historical list of your financial past and present, it's a very good idea to check it from time to time. There are a number of places where you can get your credit report, however the most detailed compares information from the top three national credit bureaus: Experian, Equifax, and TransUnion. Once you get your report, look through it carefully to see if all the information is accurate. If there are any discrepancies, get those solved as quickly as possible to improve your credit rating - a score of up to 800. Often times, consumers are unaware of unsettled accounts, or accounts that are still open/active when they should be closed. Pay close attention to this when inspecting your report.
10. Finally: Review - Revise - Retry
Once you start implementing these tips and become more familiar with the money saving opportunities you have, take the time to REVIEW your progress. Check and see where it may be possible to REVISE some of your techniques or where you can implement new ones. Once you have revised your plan, RETRY to see if your results improve. The more frequent you review, revise, and retry your saving ideas, the more "in tune" you'll be with your finances and spending habits, and learn what works and what doesn't for you.
Article copied from savingssecrets.com
This may seem a bit odd, but this is an excellent way to start building a substantial savings. On a weekly basis, pay yourself $25-$50 and immediately put it in a safe place. You can even open a special savings account where this weekly "payday" can by placed to help minimize or eliminate impulsive spending. Think about it this way, if you paid yourself $25 a week, in two years you'll have accumulated $2600 (not including interest)!!! That's almost $3000 from just putting $25 aside every week! Take advantage of this money-saving opportunity. Simple, yet very effective.
2. Don't Shop
For those of you that love to shop, you may find that this is one tip that could save you hundreds, maybe even thousands every year. Start using the "Need or Want" strategy. Before you spend a single dollar on anything, ask yourself, "Do I really NEED this item, or do I just WANT it??" You may find that many of the items we purchase, we do so just because it "caught our eye" or it was "an impulse buy" or "my friend bought the same thing". All these excuses just add up to wasteful spending. You can probably get by without another sweater, or a new pair of jeans, so just buy what you absolutely need, and pass on those items that aren't necessities.
3. Use Your Bank's Own ATMs
Some banks will charge you money for using other ATM machines. Even though you will be able to withdraw money using your ATM/debit card from literally any machine, banks will charge you $2 (generally) for using a machine other than theirs, in addition to a standard $1.50 charge the machine charges for its use. In other words, if you use the ATM at your local 7-11 to take out $20, you'll most likely end up paying $3.50 in additional charges! If you do that 5 times a month, you'll lose $17.50 for that month, or $210 per year! What a waste! Try and stick with your own bank's ATMs whenever possible.
4. Track Your Spending
Take the time to track your spending habits for one week. Take note of every single dollar you spend, even those sodas and candy bars purchased here and there. This will give you a "birds-eye" view of exactly where your money is being spent, thus allowing you to refine your spending habits to essentially save more money.
5. Lower Credit Card Balances
Another very important tip that many often overlook. Pay off those pesky credit cards as soon as possible because you are losing up to 19% of the total. What a waste of your hard earned money! Keep chopping away at the balances until you get to an amount that is reasonable $100-$500 dollars.
6. Use Your Debit Card Instead of Credit Cards
Get in the habit of using your debit card instead of your credit cards. For the most part, debit cards are accepted anywhere a credit card is accepted, however as you know, with a debit card the amount is taken directly from your checking account whereas credit card usage is billed at a later date (along with a hefty interest rate).
7. Changing Jobs? Roll-Over that 401(k)
When people change jobs/careers they will be faced with a decision to either "rollover" their 401k (retirement plan) or to withdraw it. It will be ever so tempting to withdraw the money since it will be a substantial amount, but don't! You will be charged fines and penalties for an early withdrawal that will cut YOUR total by 40%-60%! That's like giving half of your earned retirement savings away to a stranger. Why would you do that? Even though you may want the money now, resist the temptation and roll it over. It will be well worth it in the long run.
8. Avoid Getting Too Many Credit Cards
Why have eight credit cards? That's just going to provide you with more opportunities to go further into debt. It's fine to keep 1-3 cards to build credit, establish yourself, and for emergencies, but credit cards are double-edged swords. They can help or hurt you depending on your self-control.
9. Check Your Credit Score/Report
It's important to know where you currently stand as a consumer and since your credit report is the most important historical list of your financial past and present, it's a very good idea to check it from time to time. There are a number of places where you can get your credit report, however the most detailed compares information from the top three national credit bureaus: Experian, Equifax, and TransUnion. Once you get your report, look through it carefully to see if all the information is accurate. If there are any discrepancies, get those solved as quickly as possible to improve your credit rating - a score of up to 800. Often times, consumers are unaware of unsettled accounts, or accounts that are still open/active when they should be closed. Pay close attention to this when inspecting your report.
10. Finally: Review - Revise - Retry
Once you start implementing these tips and become more familiar with the money saving opportunities you have, take the time to REVIEW your progress. Check and see where it may be possible to REVISE some of your techniques or where you can implement new ones. Once you have revised your plan, RETRY to see if your results improve. The more frequent you review, revise, and retry your saving ideas, the more "in tune" you'll be with your finances and spending habits, and learn what works and what doesn't for you.
Article copied from savingssecrets.com
Saturday, January 7, 2012
Prevent Frozen Pipes
The best way to prevent pipes from freezing is to insulate them. Adding pipe insulation around accessible water pipes is economical and saves you money.
Step 1. Check Your Pipes
To locate water pipes in your home that may need to be insulated, look for water pipes that pass through unheated spaces. These include crawlspaces, garages, attics and the pipe leading directly from your hot water heater.
Step 2. Take Measurements
Before you insulate, measure the outside circumference and length of each section of pipe. Be sure to check the hot water lines as well. Hot water lines freeze slower than cold water lines, but they are more likely to burst. Add up the lengths for each size of pipe and add about 10 percent to that amount to account for waste or error.
Helpful Tip:To determine the pipe's diameter (which you'll need to know for purchasing insulation), measure the circumference of the pipe with a cloth tape measure and divide that number by 3.14 (pi).
Step 3. Get Insulation
Once you know what size and how much insulation you need, you can purchase various types of pipe insulation kits at your local True Value hardware store. Be sure adhesive tape or contact cement is included for sealing. The most widely available pipe insulation is tubular foam that is slit lengthwise to slip over existing pipes. However, tubes without slits (designed for installation over new piping) can easily be slit with a sharp utility knife.
Step 4. Insulate and Seal
Open the pipe insulation along the slit, press it onto the pipe and seal it with an adhesive tape or contact cement to prevent summertime condensation.
Helpful Tips:
Double up. On particularly vulnerable sections of pipe, use two insulating tubes. The first tube is to fit the pipe circumference and the second tube is to fit the outside circumference of the wrapped pipe.
Don't insulate pipes while they are hot, and (if possible) wait 36 hours after you've applied insulation and adhesive before circulating hot water.
Step 5. Make Adjustments If Needed
When you're covering areas where pipes meet, it may be necessary to make adjustments by cutting the insulation to fit. For best results, use a miter box saw and either a serrated knife or a hacksaw. Use a single-edged razor blade for detail cutting. After making the appropriate cuts and confirming a good fit, use adhesive tape to seal the joint.
Step 6. Insulate Valves and Seal
After insulating the straight sections of the pipe, you will need to protect the valves. Preformed valve covers are the easiest and most effective method. Simply fit the two halves over the valves and seal the edges with adhesive tape. For hard-to-cover valves, you can use strips of foam or fiberglass that are designed to wrap around pipes or fittings.
To provide maximum protection for pipes that are highly vulnerable to freezing, add electrical pipe-heating cable to foam insulation. Prior to adding foam insulation, simply attach the cable to the length of the pipe, or wrap around the pipe and connect to the power supply.
Safety Alert!If using electrical pipe-heating cable, always follow the manufacturer's instructions for safe and proper installation.
Helpful Tips:For greater prevention against frozen pipes, do not set your thermostat below 60 degrees.
Leave under-sink cabinet doors open at night or on very cold, windy days.
Keep a heat lamp in a relatively confined space, but exercise caution.
Disconnect outside hoses and lawn sprinklers during the winter months.
Add outdoor faucet protectors to prevent faucets from freezing.
Article from "True Value" Project Planner
Step 1. Check Your Pipes
To locate water pipes in your home that may need to be insulated, look for water pipes that pass through unheated spaces. These include crawlspaces, garages, attics and the pipe leading directly from your hot water heater.
Step 2. Take Measurements
Before you insulate, measure the outside circumference and length of each section of pipe. Be sure to check the hot water lines as well. Hot water lines freeze slower than cold water lines, but they are more likely to burst. Add up the lengths for each size of pipe and add about 10 percent to that amount to account for waste or error.
Helpful Tip:To determine the pipe's diameter (which you'll need to know for purchasing insulation), measure the circumference of the pipe with a cloth tape measure and divide that number by 3.14 (pi).
Step 3. Get Insulation
Once you know what size and how much insulation you need, you can purchase various types of pipe insulation kits at your local True Value hardware store. Be sure adhesive tape or contact cement is included for sealing. The most widely available pipe insulation is tubular foam that is slit lengthwise to slip over existing pipes. However, tubes without slits (designed for installation over new piping) can easily be slit with a sharp utility knife.
Step 4. Insulate and Seal
Open the pipe insulation along the slit, press it onto the pipe and seal it with an adhesive tape or contact cement to prevent summertime condensation.
Helpful Tips:
Double up. On particularly vulnerable sections of pipe, use two insulating tubes. The first tube is to fit the pipe circumference and the second tube is to fit the outside circumference of the wrapped pipe.
Don't insulate pipes while they are hot, and (if possible) wait 36 hours after you've applied insulation and adhesive before circulating hot water.
Step 5. Make Adjustments If Needed
When you're covering areas where pipes meet, it may be necessary to make adjustments by cutting the insulation to fit. For best results, use a miter box saw and either a serrated knife or a hacksaw. Use a single-edged razor blade for detail cutting. After making the appropriate cuts and confirming a good fit, use adhesive tape to seal the joint.
Step 6. Insulate Valves and Seal
After insulating the straight sections of the pipe, you will need to protect the valves. Preformed valve covers are the easiest and most effective method. Simply fit the two halves over the valves and seal the edges with adhesive tape. For hard-to-cover valves, you can use strips of foam or fiberglass that are designed to wrap around pipes or fittings.
To provide maximum protection for pipes that are highly vulnerable to freezing, add electrical pipe-heating cable to foam insulation. Prior to adding foam insulation, simply attach the cable to the length of the pipe, or wrap around the pipe and connect to the power supply.
Safety Alert!If using electrical pipe-heating cable, always follow the manufacturer's instructions for safe and proper installation.
Helpful Tips:For greater prevention against frozen pipes, do not set your thermostat below 60 degrees.
Leave under-sink cabinet doors open at night or on very cold, windy days.
Keep a heat lamp in a relatively confined space, but exercise caution.
Disconnect outside hoses and lawn sprinklers during the winter months.
Add outdoor faucet protectors to prevent faucets from freezing.
Article from "True Value" Project Planner
Thursday, December 22, 2011
2011 HCB Year-End Employee Awards
These awards are voted on by the employees of Hyden Citizens Bank:
President's Award
Ruth Elenes and Becky Wells
This award is given to the employee(s) that has made the mostsignificant improvement this year.
Citizen of the Year Award
Tina Caldwell
This award recognizes an employee who the staff feels is dedicated to their job and doing his/her best to help our customers, and is actively involved in our community.
Chairman's Award
Tracy Pennington
This award is given to the employee that has made the most significant contribution to our organization.
President's Award
Ruth Elenes and Becky Wells
This award is given to the employee(s) that has made the mostsignificant improvement this year.
Citizen of the Year Award
Tina Caldwell
This award recognizes an employee who the staff feels is dedicated to their job and doing his/her best to help our customers, and is actively involved in our community.
Chairman's Award
Tracy Pennington
This award is given to the employee that has made the most significant contribution to our organization.
Monday, December 19, 2011
Debt
If you’re in debt, you’re not alone. Consumer debt in America is extraordinarily high. Sometimes it’s hard to know – or admit – if you have a problem with debt. It can be overwhelming to realize that you’ve gotten in over your head, and to worry that you won’t be able to pay back what you owe. The key to getting out of your situation is to act now. Don’t procrastinate. Taking charge of your finances and creating a plan for tackling your debt will cut down your anxiety and get you on the path toward a better financial future.
First, ask yourself whether debt has become a problem for you. Here are some circumstances that might indicate it has:
Next month’s bills arrive before last month’s have been paid
This article is provided by Practicalmoneyskills.com
Your bills often include late fees
You avoid opening bills when they arrive in the mail
You procrastinate balancing checkbooks
You bounce checks
Write it Out
Do you actually know how much debt you have? Many people don’t. Start by making a list of everything you owe, whether it’s a mortgage, a credit card balance, student loans or even money you borrowed from family or friends. Write down:
The lender’s name
The amount you owe
The term of the loan
The interest rate and fees
Then total them up. Looking at the numbers can be worrisome, but this is a positive – and necessary – first step to tackling your debt.
The power of 50
Paying the minimum amount due on your credit cards is one of the fastest ways to fall further into debt, and it can keep you in debt for years or decades.
If you have a credit card with a $3,000 balance at an annual interest rate of 18%, and you pay only the 2% minimum monthly payment of $60 per month, it would take you 8 years to pay off your bill. Not only that, you will have paid $5,780 by the end of the 8 years – almost double the $3,000 you thought you were spending when you made the charges.
Paying just $50 above the minimum amount due each month will make an incredible difference in how quickly you can pay down what you owe. If you pay an additional $50 per month toward your $3,000 balance for a total payment of $110 a month, you could pay off the debt in 3 years instead of 8, and save yourself over $1,800 in interest. Imagine what you could do with $100 more per month.
But if you can pay an additional $50 per month on that debt, for a total payment of $110 a month, you will pay down more of the $3,000 you originally owed. And that means less money for the creditor to charge interest on. As a result, you would pay off the debt in 3 years and save over $1,800 in interest payments.
Imagine what you could do with $100 more per month.
Be realistic
Now that you have analyzed your debt situation, it’s time to look at your monthly budget and set realistic goals. That trip you had planned for next summer, or the new car you were hoping to buy may not be in the cards right now given your new outlook on reducing your debt. Use this free Rework Your Budget calculator to help you get your budget back on track.
Don’t get discouraged
Reducing debt is like losing weight. You’re not going to lose 50 pounds in a month – you need realistic goals in reasonable timeframes, and debt works the same way. For most people, it takes years to become debt-free. This doesn’t mean you have to stop enjoying your life. It’s just a reminder to live within your means and be diligent about adjusting any spending habits that have contributed to the situation you are in today. Dedicating yourself to paying off what you owe and becoming debt-free will be worth the wait, with the payoff being a brighter financial future.This article is provided by practicalmoneyskills.com
First, ask yourself whether debt has become a problem for you. Here are some circumstances that might indicate it has:
Next month’s bills arrive before last month’s have been paid
This article is provided by Practicalmoneyskills.com
Your bills often include late fees
You avoid opening bills when they arrive in the mail
You procrastinate balancing checkbooks
You bounce checks
Write it Out
Do you actually know how much debt you have? Many people don’t. Start by making a list of everything you owe, whether it’s a mortgage, a credit card balance, student loans or even money you borrowed from family or friends. Write down:
The lender’s name
The amount you owe
The term of the loan
The interest rate and fees
Then total them up. Looking at the numbers can be worrisome, but this is a positive – and necessary – first step to tackling your debt.
The power of 50
Paying the minimum amount due on your credit cards is one of the fastest ways to fall further into debt, and it can keep you in debt for years or decades.
If you have a credit card with a $3,000 balance at an annual interest rate of 18%, and you pay only the 2% minimum monthly payment of $60 per month, it would take you 8 years to pay off your bill. Not only that, you will have paid $5,780 by the end of the 8 years – almost double the $3,000 you thought you were spending when you made the charges.
Paying just $50 above the minimum amount due each month will make an incredible difference in how quickly you can pay down what you owe. If you pay an additional $50 per month toward your $3,000 balance for a total payment of $110 a month, you could pay off the debt in 3 years instead of 8, and save yourself over $1,800 in interest. Imagine what you could do with $100 more per month.
But if you can pay an additional $50 per month on that debt, for a total payment of $110 a month, you will pay down more of the $3,000 you originally owed. And that means less money for the creditor to charge interest on. As a result, you would pay off the debt in 3 years and save over $1,800 in interest payments.
Imagine what you could do with $100 more per month.
Be realistic
Now that you have analyzed your debt situation, it’s time to look at your monthly budget and set realistic goals. That trip you had planned for next summer, or the new car you were hoping to buy may not be in the cards right now given your new outlook on reducing your debt. Use this free Rework Your Budget calculator to help you get your budget back on track.
Don’t get discouraged
Reducing debt is like losing weight. You’re not going to lose 50 pounds in a month – you need realistic goals in reasonable timeframes, and debt works the same way. For most people, it takes years to become debt-free. This doesn’t mean you have to stop enjoying your life. It’s just a reminder to live within your means and be diligent about adjusting any spending habits that have contributed to the situation you are in today. Dedicating yourself to paying off what you owe and becoming debt-free will be worth the wait, with the payoff being a brighter financial future.This article is provided by practicalmoneyskills.com
Tuesday, November 22, 2011
Chocolate Truffles
1 12oz package chocolate chips, melted
1 8oz package of cream cheese
1 16oz bag of powdered sugar
1 12oz bag of chocolate chips, melted with 1 Tablespoon shortening.
Combine the melted chocolate chips with the cream cheese, adding baking powder slowly until dough becomes slightly firm. Roll dough into teaspoon size balls and place on a cookie sheet and put in the freezer until firm, about 2 hours. Remove from freezer and dip in melted chocolate. Decorate with sprinkles or chocolate drizzles or leave plain.
Crystal Oring
TURKEY CASSAROLE
4 hard boiled eggs – chopped up
2 cans mushroom soup
2 cups celery – chopped up
1 cup onions – chopped up
1 can water chestnuts – chopped up
2 cups turkey (you can use left over turkey)or chicken.
dash of tabasco sauce
1 cup of mayonnaise
fold all of the ingredients above
put in a long baking dish
sprinkle bread crumbs on top
bake at 350 about 45 minutes.
Jennifer Neal-Humble
Corn Pudding
Combine 1 12oz can whole kernel corn, 2 17oz cans cream style corn and 5 lightly beaten eggs. Add mixture of 1/2 cup sugar, 4 tbsp. cornstarch, 1 1/2 tsp. seasond salt, 1/2 tsp. dry mustard and 1tsp. instant minced onion. Stir in 1/2 cup each milk and melted butter. Pour into greased 3qt. casserole dish. Bake in 400*F oven 1hr. stirring once. Enjoy.
Jennifer Johnson.
Thursday, November 17, 2011
Pecan Pie
1 cup Karo® Light OR Dark Corn Syrup
3 eggs
1 cup sugar
2 tablespoons butter, melted
1 teaspoon Spice Islands® Pure Vanilla Extract
1-1/2 cups (6 ounces) pecans
1 (9-inch) unbaked or frozen** deep-dish pie crust
Preheat oven to 350°F.
Mix corn syrup, eggs, sugar, butter and vanilla using a spoon. Stir in pecans. Pour filling into pie crust.
Bake on center rack of oven for 60 to 70 minutes (see tips for doneness, below). Cool for 2 hours on wire rack before serving.
**To use prepared frozen pie crust: Place cookie sheet in oven and preheat oven as directed. Pour filling into frozen crust and bake on preheated cookie sheet.
RECIPE TIPS: Pie is done when center reaches 200°F. Tap center surface of pie lightly – it should spring back when done. For easy clean up, spray pie pan with cooking spray before placing pie crust in pan. If pie crust is overbrowning, cover edges with foil.
NUTRITION TIP: To reduce calories, substitute new Karo® Lite Syrup for the Karo® Light or Dark Corn Syrup.
High Altitude Adjustments: Reduce sugar to 2/3 cup and increase butter to 3 tablespoons. Reduce oven temperature to 325°F.
VARIATION: coarsely chopped walnuts may be substituted for pecans to make a walnut pie.
Lorene Coots
APPLE CRANBERRY CRISP
Topping:
1 c. all-purpose 1/4 tsp. salt
1 c. granulated sugar 1/2 c. butter or margarine
1 tsp. ground cinnamon cut in 8 pieces
Filling:
1 1/2 lbs.Granny smith or Golden Delicious Apples about 4 med. sized peeled and cored and cut in bite-size chunks. 5 c. ( I like to use Granny Smith Apples)
2 c. fresh or frozen Cranberries
1/2 c. granulated sugar
Heat oven to 350 degrees. Lightly grease a shallow 2-quart baking dish
Mix Topping: Mix flour,sugar,cinnamon, and salt in medium size bowl. Cut in butter with pastry blender or use food processor with pastry blades until it resembles coarse crumbs.
Mix filling, Put Apples, cranberries and sugar into prepared dish. toss gently to mix.
Sprinkle with the topping. Pat gently with fingertips.
Bake about 1 hour or until top is golden brown and filling bubbles. Makes 12 servings. 239 calories.
Shelia Begley
Turtle Cake
1 box german choc. cake
1 can sweetened condensed milk
2 sticks butter/margarine
14 oz pk caramels
1 1/2 cup pecan pieces
preheat oven 350. prepare the cake mix according to package directions. divide the mixture in half. to half of the mixture add 1/2 can of the milk and 1 stick of butter (melted) mix well. Bake 20 minutes in a 15 x9 x 2 inch greased pan. melt other stick of butter, 1/2 can of milk, carmels and nuts pour over cooked cake layer. Then add the remaining cake batter.Cook for 20 minutes. Let cool.
Icing:
1 stick of melted butter/margarine
1 box 4x powdered sugar
4 tbsp cocoa
1tbsp vanilla
6 tbsp milk
beat together and spread over cool cake.
Barbara Collins
Japanese Fruit Pie
2 eggs beaten 1 cup chopped pecans
1 cup sugar 1 cup flaked coconut
1/2 cup butter (melted)
1 cup raisins 1 TBS. vinegar
1 9-inch deep dish pie shell
Combine ingredients mixing well. Pour into unbaked pie shell and bake at 325* for 45 minutes. YUMYUM!!
Ann Williams
CREME DE MENTHE SQUARES
My mom has made these forever at Christmas, and I started making them once I was married with my own family as well – they’re festive looking on a cookie tray, and who can resist chocolate and mint? Yum!
1 1/4 c Butter
1/2 c Unsweetened cocoa powder
3 1/2 c Sifted powdered sugar
1 Egg, beaten
1 ts Vanilla
2 c Graham cracker crumbs
1/3 c Green creme de menthe liquer
1 1/2 c Semi-sweet chocolate bits
Bottom Layer: In saucepan combine 1/2 cup of the butter and 1/2 cup
cocoa powder. heat and stir until well blended. Remove. Add 1/2 cup
of the powdered sugar, the egg, and vanilla. Stir in graham cracker
crumbs. Mix well. Press into ungreased 9×13 inch pan.
Middle Layer: Melt 1/2 cup butter. In bowl combine melted butter and
creme de menthe. At low speed beat in remaining 3 cups of powdered
sugar until smooth, spread over chocolate. Chill 1 hour.
Top Layer: In saucepan combine 1/4 cup butter and chocolate bits.
Stir over low heat until melted. Spread over mint layer. Chill 1 to 2
hours. Cut into small squares. Store in refrigerator.
Jessica Baer
Tuesday, November 15, 2011
Holiday Budgeting
It's the time of year for gift giving, entertaining, holiday parties, and for many–overspending and financial stress. This year, enjoy the season without letting holiday spending get the better of you; the tips and tools below will help. Setting a realistic holiday budget and making sure to stick to it is the first step to enjoying a more affordable and less stressful season. Here are a few ways to handle gift giving and celebrations without breaking the bank:
1. Set Your Budget
The best place to start making a holiday budget is to look at your spending during last year's holiday season. In what areas did you spend more than planned? Next, make a list of the holiday purchases and events you plan to spend money on this year. Consider all of your major spending categories: gifts, entertaining, meals, and travel–then estimate how much you can afford to spend in each category. Knowing your spending goals long beforehand will help you stay on track financially as the season heats up.
2. Get Creative
One great way to save money and wow friends and families is to get creative. Store-bought gifts are great, but homemade gift are often more meaningful and most recipients truly appreciate your time and effort. Ideas for creative gift projects are plentiful online.
3. Join Together
Instead of excessively spending on each other this year, join together with family members to help those who may be less fortunate.
4. Travel Wisely
If you plan on traveling, take some time to determine how much it will cost you.
5. Entertain for Less
Holidays are a wonderful time to entertain, but a little planning and budgeting can help you avoid financial headaches.
This article is from "practicalmoneyskills.com"
Tuesday, November 8, 2011
How to Establish, Use, and Protect Credit
Credit is a valuable commodity. Having the ability to borrow funds enables us to obtain things we would otherwise have to save years to afford: homes, cars, a college education. Credit is an important financial tool, but it can also lead people into debt far beyond their ability to repay. That is why learning how to use credit wisely is one of the most valuable financial skills anyone can learn.
What Lenders Look For
Before creditors lend money, they need to be assured that the funds will be repaid — in other words, is the prospective borrower creditworthy? To find out, they ask for various types of information:*
Income & Expenses: Lenders will look at what you earn and your regular expenses, such as rent, utilities, food, and other ongoing items. The amount left tells them whether you can afford to take on additional debt.
Assets: Do you have assets that can serve as collateral? Lenders will look for things like bank accounts and valuable items such as a house, if you own one.Credit History: How do you manage debt? If you have credit cards or have borrowed money before, you have a history that indicates to prospective lenders whether you are creditworthy by revealing details about the amount of debt you already have, how many credit cards you have, and whether you make payments on time.
It’s easy to qualify for credit if you have a good history, but what if you have never used credit before? This is a common problem for people who have just started working, people who always pay in cash, or people who have not had assets or accounts in their own names. For people in these categories, the first step is to establish a credit history.
*Creditors obtain much of this information from your credit report, a computerized profile of your borrowing, charging, and repayment activities. For further information on credit reports, see Understanding & Improving Your Credit Score, a Federal Reserve Bank of Philadelphia brochure.
How to Establish Credit
You can apply for a bank loan secured by the funds you have on deposit or by items you own, such as a car. You can ask a friend or relative who has good credit to cosign a loan, which means that he or she shares the liability for the loan with you. You can also apply for department store and gasoline credit cards, which generally are easier to obtain than regular credit cards.
Before you apply for any credit, however, make sure you understand the terms. For example, how long is the grace period — the time you have to pay the current balance in full before finance charges are incurred? Is there an annual fee, or other fees, associated with the credit? If you believe that you will carry a balance, you need to know how finance charges are calculated.
Patience is important. It takes time to establish credit, to build a record of consistency in making payments that demonstrates your creditworthiness. And it is much better to go slowly and assemble a strong credit record than to apply for too many credit cards or a loan that is larger than you can handle.
Start slow, be cautious, keep track of your overall debt, and pay on time. Most important, remember that credit represents real money and has to be repaid with interest. Those are the keys to establishing good credit.
Protecting Credit
Once you have obtained credit, it is essential to protect it. This means safeguarding your credit, debit, and ATM cards, as well as your account and personal identification numbers (PIN).
Carry only the cards you expect to use, and keep the others in a safe place. Maintain a list of account and telephone numbers of the companies that issued your cards. Then, if the cards are lost or stolen, you can notify the companies quickly. If your notification is received before the cards are used, you have no liability. If it is received after a credit card has been used, your liability cannot exceed $50 for each card. Your liability for ATM or debit cards depends on how quickly you report the loss.
If you dispute an item on a bill, you are responsible for notifying the creditor in writing within 60 days of receiving the bill. You should include your name, account number, the item you believe is in error, and the reasons why.
Common Reasons for Denying Credit
Among the most common reasons people are turned down when they apply for credit are:
too little time in current job or at current residence
too much outstanding debt
unreasonable purpose for requesting credit
limited credit experience
foreclosure or repossession
delinquent past or present credit obligations
In general, creditworthiness must be determined on the basis of criteria that relate to your ability and willingness to repay debt. You cannot be denied credit based on your sex, marital status, race, color, religion, national origin, age, reliance on income from a public assistance program, or exercise of rights under the Consumer Credit Protection Act.
If you are denied credit, the creditor must provide you in writing a statement of the action and your rights, as well as the reason for denial, or how to request the reason. For information on the laws applying to credit, see Do You Know Your Credit Rights?, a brochure published by the Federal Reserve Bank of Philadelphia.
For information on rectifying credit report errors, see What Your Credit Report Says About You, a brochure published by the Federal Reserve Bank of Philadelphia.
Improving Poor Credit
If you have fallen behind in your payments, the only alternative is to begin immediately to repair your credit record. Here’s how:
Face up to the problem. Recognize that you are overextended, and contact your creditors to see if they will set up a new payment schedule that you can maintain. Contact creditors to try to work out a payment plan that you can live with. In any case, never ignore bills.
Immediately stop purchasing with credit. Take your credit cards out of your wallet. Store them in a spot that is inconvenient to reach, or even cut them up.
Consider consolidating debts. You may find it easier to make a single payment rather than several, and you might obtain a lower interest rate that will make it easier to keep up with the payments. Remember that debt consolidation is not a cure-all: You also have to learn to control your spending to avoid future debt.
Contact a credit counseling organization. You can obtain referrals for organizations in your area through the National Foundation for Credit Counseling’s member agency locator, 800-388-2227.
Don’t expect miracles. Don’t believe companies that promise to fix a poor credit rating quickly and painlessly for a fee. As long as it is accurate and timely, negative information cannot be removed from your credit record. The only way to improve a credit record is to let time pass and establish a record of on-time payment.
This article is from the Federal Reserve Bank of Philadelphia
Tuesday, November 1, 2011
You can fight identity theft
Here’s how:
• Never provide personal financial
information, including your Social Security
number, account numbers or passwords over
the phone or the Internet, if you did not
initiate the contact.
• Never click on the link provided in an
e-mail you think is fraudulent. In addition
to stealing your personal information, the link
may contain a virus that can contaminate your
computer.
• Do not be intimidated by an e-mail or caller
who suggests dire consequences if you do
not immediately provide or verify financial
information.
• If you are unsure whether a contact is
legitimate, go to the company’s Website by
typing in the site address or using a page you
have previously book marked, instead of using
a link provided by the e-mail.
• If you fall victim to identity theft, act
immediately to protect yourself. Alert your
financial institution. Place fraud alerts on
your credit files. Monitor your credit files and
account statements closely.
• Report suspicious e-mails or calls to
the Federal Trade Commission through
the Internet at http://www.ftc.gov/bcp/
edu/microsites/idtheft/, or by calling
1-877-IDTHEFT (1-877-438-4338).
To learn more about keeping your money safe,
visit the http://www.mymoney.gov/scams.
shtml Website.
This article was used from NCUA.GOV
Thursday, October 20, 2011
For Young Adults:What to Know Before Declaring Your Financial Independence
Twenty-somethings may not realize it, but every time they enter a new phase of their life as young adults — perhaps starting college, a career or a family — they're also venturing into a new world of money management. Here are ways to be prepared.
Save money that could make your future dreams a reality. It's important to put money aside for purchases you expect to make in the next few months or years. But even at this stage of your adult life, it's smart to save for long-term goals, perhaps buying a home, owning a business or saving for retirement (even though that may be 40 or 50 years away).
To help you stay focused on saving money and controlling your spending, think about creating a formal or informal budget. "The important thing is to understand how much you earn each month, how much you pay for essentials like rent or transportation, and how much is left over for everything else," said Janet Kincaid, Chief of the FDIC's Consumer Response Center. It's how you spend what is in the "everything else" category that is critical to successful money management, Kincaid added.
Also, to make saving easy and painless, consider arranging with your bank or employer to automatically transfer a certain amount each month to a savings or investment account.
Build a good credit record. As you become responsible for paying your own debts — for credit card purchases, rent, car loans or student loans, and other obligations — you are building a credit record. Companies called credit bureaus are authorized by law to collect information on each person's history of paying debts, which is then used to prepare "credit reports" and summary "credit scores." In general, the better your credit history and credit score, the better your chances are of getting a loan, including a credit card, with an attractive interest rate. Credit reports and scores also can be considered when you apply for a job, an insurance policy or an apartment.
One of the best ways to build and maintain a good credit record is to pay your credit card bill and other debts on time — to show you are a reliable money manager.
What else can you do to improve your credit score? "Try to charge on your credit card only what you can afford to pay off immediately or within a reasonable time frame," said Robert Mooney, FDIC Deputy Director for Consumer Protection and Community Affairs. "Whenever possible, pay your credit card bill in full each month, but if you can't do that, pay as much as you can over the minimum amount due."
If you need to get a car, consider the best way to pay for it. For many young adults, their first big purchase and ongoing expense is their vehicle. Often, the first question is whether to buy (which may involve taking out a loan) or lease (which is similar to renting a car but for a few years).
"There are different pros and cons to buying or leasing," said Kincaid. "For example, monthly lease payments are usually lower than monthly loan payments, but at the end of the lease you don't own the car you've been paying for and you may owe a sizeable sum of money. If you buy, you do have a vehicle you can sell or trade in."
The Federal Reserve Board has published a guide to the differences between buying and leasing a car. "Keys to Vehicle Leasing" is online at www.federalreserve.gov/pubs/leasing. If you're thinking about buying a car and borrowing money to pay for it, see the Summer 2007 FDIC Consumer News (www.fdic.gov/consumers/consumer/news/cnsum07/auto.html) for tips that can help you save time and money, perhaps hundreds of dollars.
If you're renting a house or apartment, consider if it's time to buy. Once you start earning a good, steady income, you'll most likely face the decision about when is the right time to own your first home. Real estate can be an excellent investment. But home ownership is a big financial commitment, and home values sometimes can go down. "There's a lot to consider before making that big leap into home ownership, and what works for one person isn't always the best fit for someone else," said Lee Bowman, FDIC National Coordinator for Community Affairs.
First look at the costs of renting versus paying a mortgage. "When buying a home, the most important thing to look at is what you can reasonably afford," added Kincaid. "Remember you'll be paying real estate taxes and insurance, mortgage interest payments, and the costs of maintenance and improvements. But also remember the upsides of buying a home, such as tax benefits, the potential for your home to appreciate in value, and the satisfaction of having a place to call your own."
Other factors to consider include how long you plan to stay in the house, how much money you have for the down payment, and how good your credit record is. "If your credit record is less than stellar, you may only be offered a mortgage at a high interest rate," Kincaid said.
To learn more about renting vs. buying a home and paying a mortgage, go to www.mymoney.gov/homeownership.shtml, a federal Web site for information from a variety of sources, and www.hud.gov, the U.S. Department of Housing and Urban Development.
Article from the FDIC Website
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