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New to Couponing ? Poor Mom Recommends

Monday, February 23, 2009

Thanks Obama !

Alot of people are complaining about a minimal tax break of $65 a week take home pay increase ordered by President Obama. Like him or not , $65 is absolutely nothing to sneeze at . Sure we could all use more than that , but , if were smart there's alot YOU can do with an extra $65 a week . Poor Mom has a couple of sugestions for using your $65.

Long term
If you bank your $65 at the end of 1 year you'll have pocketed $3380.00, interest not included. You could invest that money at a very low 1.2% interest and in 18 years ( just in time for a new baby's college tuition) you'll have saved $65,000 !

You could also take that money and direct it to your IRA or other retirement plan . That money will be removed before it is taxed as well, saving you even more .

Short term
$65 a week or $260 a month will help to pay off revolving credit, like credit cards, furniture accounts paying more than the minimum on one credit card you could save thousands in interest and be debt free in less than 30 months (based on 10,000 of debt at 9.9% interest). Always contact your creditor and try to negotiate a lower interest rate so you can pay off your debt faster. Closing a credit card is not a good idea in most cases but being maxed out is even worse . You can always destroy the card to make the temptation of charging less without closing the account totally.

Little extras
You might already be debt free ( lucky you) and have a great retirement , rainy day , college and large purchase savings account established ( doubly lucky you ! )
Chances are if that's you , you are either fairly wealthy OR you are super frugal and living well below your means. if you are the later , why not stimulate the economy a bit with your extra $65 a week ?

Gymboree - $65 a month in most areas , and great fun, education, and socialization for kids . Wiggly Fun, my Little Gym, etc.. run roughly the same amount if they are in your area instead.

Donate : Looking to upgrade a bedroom set , a TV, or any large ticket item in your house ? Goodwill, the Salvation Army and other charitable thrift stores are hurting right now, not so much for purchases as for DONATIONS ! By donating and getting the tax write off and repurchasing something newer you help stimulate the economy , creating and/ or keeping jobs. Want to help people in your little area more , make sure you purchase mom and pop. By purchasing from a chain like Walmart , only a small percentage of your money stays in your community . By buying your next bedroom set from Barb's Bedrooms etc.. around the corner, up to 70% of your dollar could stay right in your community .

Visit local zoos, historic sites, museums etc.. ( prices vary): By adding a family night or afternoon and exploring local culture and history at sites you never thought to visit you not only help the economy , you educate yourself and your family ; and that's ALWAYS a good thing, in any economy. Local attractions in many areas are also hurting financially right now and by giving them your "extra" money today , you ensure they will be there for generations to come.

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