Showing posts with label Saving. Show all posts
Showing posts with label Saving. Show all posts

Wednesday, March 14, 2012

Eating Healthy Doesn't Have to Bust the Budget!

YIKES - Summer’s just around the corner and, hey, here in Florida, swim suit season is almost year round. If you have added a few pounds this winter, you can control your weight and stay within your budget, while eating healthier & less expensively - even with a hectic college class schedule. Try these suggestions to avoid expensive vending machines to save money and calories too!



  •  Drink water. Carry a refillable water bottle with you. Water is a healthy choice that increases stamina at work and play, fills you up, and costs less than sodas and coffee drinks. Now there are even bottles with water filters, so you can save money & the planet – what a deal!
  • Substitute and save. What are your favorite high-calorie foods? A chocolate donut for breakfast? Sugary sodas? Look for lower-calorie substitutes such as cereal bars, brewed coffee or tea, and fruit. Cut calories and costs. (see the three really easy, quick breakfast ideas below).
  • Try different stress busters. Many people turn to food-especially gooey, fatty kinds-when stress levels go up. Develop other stress busters that can work for you with minimal calories and cost, such as a brisk walk, a workout, or tea with a friend.
  • Plan ahead. Does your resolve to eat better weaken when your schedule is hectic? Take healthy snacks such as fruit and nuts with you on busy days. This helps you avoid vending machine and snack bar purchases.
  • Cut back on pre-packaged, pre-prepared food. Single-serve packages are more expensive(not to mention filled with lots of sodium and fats), so buy them sparingly. Flavored oatmeal in individual packets costs more than $3 per pound, while bulk oatmeal costs under $1. Loose popcorn, ready in seconds in an air popper, costs a fraction of microwave popcorn packages. Frozen dinners cost more than meals made from scratch
Healthy, Tasty Snack Choices

When hunger strikes and you've only got a few minutes between classes or you are rushing from work to class, often your options consist of expensive and usually high-fat, high-calorie snacks from vending machines or fast food outlets. As an alternative, keep a supply of healthier options in your fridge or cabinet and stash some in your backpack before heading to class. These are great to stuff in your family’s backpacks too, if you have a group to get out the door in the morning.

Protein-rich snacks such as peanut butter and low-fat yogurt or cheese, combined with meals that contain complex carbohydrates such as whole-grain breads and cereals, can help you keep your energy level up and your weight down. Try out a new snack food now and again. You may be surprised to find how many good-tasting, good-for-you options there are, including:

Fresh fruits: grapes (try them frozen!), bananas, oranges, pears, apples
 Dried fruit: apricots, raisins, mangoes, cranberries
 Yogurt
 Yogurt fruit smoothies (great way to use the fruit that is getting past prime!)
 Trail mix
 Nuts and seeds: almonds, peanuts, walnuts, soy, pumpkin
 Sesame sticks
 Low-fat granola bars
 Low-fat string cheese
 Graham crackers
 Whole grain crackers
 Rice cakes
 Peanut butter
 Low-fat hummus: try all the flavors!
 Plain popcorn: try spray butter or soy sauce
 Pretzels or Baked chips
 Licorice bits

Three Quick Tasty, Healthy Breakfast Ideas to save you Time & Money: Courtesy of SWFC CashCourse and "Good Eats: Quick & Easy Food for Busy College Students", by Suzanne Sonneborn, R.D., L.D. and Cynthia W. Harriman.
 
BLUEBERRY-BANANA SMOOTHIE
1 serving, prep time: 3 minutes

• 1 large banana (the riper, the better)
• 1/2 cup frozen blueberries, or any other frozen fruit
• 1 cup milk (low-fat cow's milk or soy milk)

1. Put everything in a tall container (a really large empty jar is great!)
2. Blend with blender wand until smooth.
3. Drink!

Variations:
Use strawberries, raspberries, or any fresh fruit. Of course you can use a regular blender. (Remember that fruit that is getting a little ripe?)

THERMOS OATMEAL
1 serving, prep time: 5 minutes
cook time: overnight, but with no effort on your part!

• 1/2 cup fruit (frozen, fresh or dried)
• 1/4 cup steel-cut oatmeal
• 1 cup boiling water

Before you go to bed at night:
1. Put fruit and water in a saucepan and bring to a boil.
2. Put the oatmeal in a large wide-mouth thermos.
3. Add the boiling water & fruit, swish to mix, then cap the thermos.

In the morning the oatmeal is ready when you are!
1. Eat from the thermos, or dump it in a bowl.
2. Add maple syrup or brown sugar if desired.
3. Add a little milk (soy or dairy) if desired.
4. Enjoy!

Variations:
Blueberries, dried apples, peaches... actually, just about any kind of fruit tastes good.You could substitute rolled oats. But once you've tried the nutty, chewy flavor of steel-cut oats, you'll wonder why anyone eats rolled oats.

You can cook steel-cut oats on the spot. Just bring water and oats to a boil, turn down to just bubbling and cook uncovered (stirring occasionally) until all liquid is absorbed - about 20 minutes.  You can actually cut the cooking time in half by toasting the oats before cooking, but I personally recommend the overnight method - great for grab & go breakfasts, when you don' have time to think, let alone cook!

BREAKFAST BULGUR
While You Shower !
2 servings, prep time: 2 minutes
cook time: 25 minutes, while you do other things

• 2/3 cup bulgur (dried cracked wheat)
• 1 1/3 cups water
• some dried fruits (cranberries, apricots, etc. – any amount will do)
• some nuts (pecans are yummy; again, any amount will do)
• some favorite spices (like cinnamon & nutmeg, vanilla)
• some seeds (sunflower, pumpkin; you can use in place of nuts)

1. Put the bulgur and water in a saucepan and bring to a boil. Cover tightly, turn it off, and leave for 25 minutes while you shower and get dressed. If you like your fruit a little less chewy, you can add the dried fruit at this point & it will “plump” up nicely!
2. Add "mix-ins" - fruits, nuts, seeds, any spice or flavoring - whatever you want.
3. Dump everything into a bowl. Add sweetener (sugar, honey, syrup) and/or milk if desired.

Variations:
Bulgur takes about 12 minutes to cook (instead of 25) if you leave the heat on low and simmer it. But then you couldn't shower and get dressed while it cooks! Make a double batch and stick some in the fridge before you add syrup or milk. It's good later hot or cold!
For more great recipes, visit SWFC’s CashCourse: http://www.cashcourse.org/swfc/articles/id/1793/categoryid/110

BON APPETITE & SEE YOU ON THE BEACH!

Wednesday, March 9, 2011

Tax Refund? Be Sure to “Pay” Yourself First!











So you received a tax refund check – Lucky You! Getting a lump sum of money is fun. Sometimes I think that dreaming of all the ways you could spend it are the biggest part of the fun – a well deserved vacation, a shopping spree, down payment toward a car……you can spend days dreaming and planning. However, before you make your final decision, think about “paying” yourself first! Seriously, would you like to would you like to make 47% on an investment? Sounds like a ponzi scheme or something but the savings are real and you can turn part of your tax refund into some serious money for yourself.



If you follow this Blog, then you know that I am a huge proponent of making small additional payments to “chip” away you student loan debt. However, paying larger sums toward your student loan will also help, significantly – even if it is only a one-time payment! Let’s look at two scenarios, to see how making a lump sum payment can benefit you. Each of these will be based on a $20, 000 loan debt, at 6.8% interest, with standard 10 year repayment plan.



Scenario 1: Payment of $1,000

No Extra Payments -----------------------With Extra Payments


Monthly Payment $230.16 -----------------.-Monthly Payment $1,230.16
10 years Pay-off time ============ --==7 years 8 months Pay-off time
$7,619.28 Interest Paid Inte=====..===rest$6,149.15 Interest Paid



Advantages of Additional Payments:

2 years 4 months Time Saved
$1,470.13 Total Interest Savings



Balance Schedule for Scenario 1:

Year ---No Extra Pymt ---With Extra Pymt

2011 ---$18,553.54 --- ===$18,553.54

2012 =-$17,005.60 =====-$17,005.60

2013 -=$15,349.06 ==.== .$15,349.06

2014 --.$13,576.29 ===..=-$12,524.12

2015 =-$11,679.15 =====-$9,489.03

2016 =-$9,648.90 ======$6,240.99

2017 =-$7,476.21 =====-=$2,765.07

2018 = $5,151.09 ====== $0.00

2019 =.$2,662.83 =====.,,$0.00

2020 =.$0.00 ======.==$0.00



Scenario 2: Making $500 additional Payment

No Extra Payments ================With Extra Payments

$230.16 Monthly Payment ===========$730.16 Monthly Payment

Pay-off time 10 years ==============..Pay-off time 8 years 8 months
$7,619.28 Interest Paid =============-$6,733.53 Interest Paid



Advantages of Additional Payments:

1 year 4 months Time Saved
$885.75 Total Interest Savings



Balance Schedule for Scenario 2:

Year =-No Extra Pymnt =With Extra Payments

2011 =-$18,553.54 =====$18,553.54

2012 =-$17,005.60 ====-$17,005.60

2013 =-$15,349.06 ====-$15,349.06

2014 =-$13,576.29 ====-$13,050.21

2015 =-$11,679.15 =====$10,584.09

2016 =-$9,648.90 ====.=$7,944.95

2017 =-$7,476.21 =====.$5,120.64

2018 =-$5,151.09 ====.=$2,098.19

2019 =-$2,662.83 ====.=$0.00

2020 =-$0.00 =======-$0.00



If you would like to see how different amounts of “lump” sum payments can help you clear those loans faster, visit http://www.mortgagecalculatorsplus.com/calc-additionalpayment.php .


PAY YOURSELF FIRST – You Deserve It! It is tempting to splurge and spend your tax refund check on something fun or frivolous – I am not talking about using your whole refund to pay toward your student loans. I am a believer in having your cake and eating it too. However, if you will take just a small amount and pay toward your student loan debt, you can significantly shorten your repayment period. Think of all of the ways you could spend the money you currently have to pay on your student loan monthly payments once they are GONE! Now that’s something fun to dream about!



Wednesday, January 12, 2011

QUICK PRIMER ON EDUCATIONAL TAX CREDITS

By popular demand, we are repeating an article from last January:
SWFC Financial Literacy Department's
QUICK PRIMER ON EDUCATIONAL TAX CREDITS

There are four tax benefits for college education expenses:
· Tuition and fees tax deduction
· The American Opportunity Credit
· The Hope Credit
· The Lifetime Learning Credit.





The Tuition and Fees deduction will reduce your taxable income. The Hope Credit, Lifetime Learning Credit and American Opportunity credit can reduce your tax bill. The American Opportunity credit replaces the Hope credit for 2009 and 2010, and provides a partially refundable credit. Taxpayers should investigate all of their options and choose the credit that will give them the lower tax responsibility; however, they cannot claim more than one credit or a credit and deduction for the same expenses. You cannot “double dip”. The education tax credits are calculated on IRS Form 8863 (PDF).

The American Opportunity Tax Credit is a refundable tax credit for undergraduate college education expenses. This credit can provide up to $2,500 in tax credits on the first $4,000 of qualifying educational expenses. Forty percent of the credit (up to $1,000 maximum) is refundable. This is unique to the American Opportunity Tax Credit. The tax credit is scheduled to have a limited life span and, unless Congress extends the credit to additional tax years, it will be available only for the 2009 and 2010 tax years.

The Hope Credit is a tax credit for college students in their first two years of college. It provides a tax credit of up to $1,800 on the first $2,400 of college tuition and fees. The Hope Credit can be claimed on your tax return if you, your spouse, or your dependent are a first-year or second-year college student, is enrolled at least half-time at an eligible education institution, and you were responsible for paying college expenses. If you missed this credit in the past, it might be possible to file an amended tax return for the year(s) in question.

The Lifetime Learning Credit is a tax credit for any person who takes college classes, even if you took only one class. It provides a tax credit of up to $2,000 on the first $10,000 of college tuition and fees. The total credit is limited to $ 2,000 per return, but you can claim the Lifetime Learning Credit if you, your spouse, or your dependents are enrolled at an eligible educational institution and you were responsible for paying college expenses.


If you use the Income Based Repayment plan (IBR), you can also file IRS form 4506-T to allow the IRS to release your AGI information directly to your loan's http://www.irs.gov/pub/irs-pdf/f4506t.pdf


A final word of caution – Patience is a virtue that can pay BIG $. Do not fall victim to so-called "instant" or "same-day" refunds. These are actually short term bank loans, and most have exorbitant fees. According to Brendan Conway (Contributor to The Christian Science Monitor / March 2, 2009), in some cases, that means a mind-boggling 1,300% when calculated like a credit-card’s annual percentage rate. Electronic refunds are generally processed within 15 days and a refund returned by mail will usually be received within 3 to 4 weeks.

A QUICK REFERENCE GUIDE
American Opportunity Credit
  1. $2,500 in tax credits on the first $4,000 of qualifying educational expenses.
  2. Up to $ 1,000 may be refunded.
  3. Can be used for Education expenses paid with borrower funds (student loans).
  4. Can be claimed for the first 4 years of post-secondary education expenses.
  5. Available ONLY for 2009 & 2010. Applies to all four years of undergraduate college education.
  6. The American Opportunity credit also features an expanded definition of qualifying expenses.

Hope Credit

  1. $1,800 of qualifying educational expenses paid for each eligible student.
  2. Can reduce taxes to $0. Excess funds cannot be refunded.
  3. Can be used for Education expenses paid with borrower funds (student loans).
  4. Available ONLY until the first 2 years of post-secondary education are completed.
  5. Available ONLY for 2 years per eligible student.
  6. Student must be pursuing an undergraduate degree or other recognized education credential.
  7. Student must be enrolled at least half time for at least one academic period beginning during the year.
  8. No felony drug conviction on student's record.
Lifetime Learning Credit
  1. Credit of up to $2,000 based on qualified tuition and related expenses paid for all eligible students. (This can reduce taxes to $0. Excess funds cannot be refunded).
  2. Can be used for Education expenses paid with borrower funds (student loans).
  3. Available for all years of post secondary education and for courses to acquire or improve job skills.
  4. Available for an unlimited number of years.
  5. Student does not need to be pursuing a degree or other recognized education credential.
  6. Available for one or more courses.
  7. Felony drug conviction rule does not apply.

    This information is provided by SWFC to increase student awareness of possible Education Tax Credits and Deductions. We are not Tax Preparation experts. Students interested in using any of these credits or deductions should consult a Tax Expert or the IRS.

    IRS Form 8863Publication 970, Tax Benefits for Education