Thrifty Mom 6
Quick tips and a recipe each week to help save you money!
Thrifty Tip of the Week
Utilize your library! Besides getting books, audio books and movies for pleasure, you can use your library to learn how to cook, learn a language or anything else you can think of! The self-improvement section is usually excellent as well!
Deal of the Week
Chuck Short Ribs $4.99 a lb.
Recipe of the Week
These short ribs melt in your mouth! Definitely an example of what a crockpot does best!
http://www.tasteofhome.com/Recipes/Barbecued-Beef-Short-Ribs
Motivational Quote of the Week
“The world is a great mirror. It reflects back to you what you are. If you are loving, if you are friendly, if you are helpful, the world will prove loving and friendly and helpful to you. The world is what you are.”
Thomas Dreier
Author
Action Plan for the Week
Call Debthelper today and get your finances under control!
http://www.debthelper.com
happy hour taxi ride home $50… dui…$1500 to $15000
so i just saw a man in a hot pink shirt… see he coulda saved a lot not buying that
found a way to save money today…. don't buy stuff… duh
The Team is Saving Clients Money
Finally, something for the good guys…
FHA LAUNCHES SHORT REFI OPPORTUNITY FOR UNDERWATER HOMEOWNERS
Effort designed to encourage principal write-downs for responsible borrowers
WASHINGTON – In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development today provided details on the adjustment to its refinance program which was announced earlier this
year that will enable lenders to provide additional refinancing options to homeowners who owe more than their home is worth.
Starting September 7, 2010, the Federal Housing Administration (FHA) will offer certain ‘underwater’ non-FHA borrowers who are current on their existing mortgage and whose lenders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage.
The FHA Short Refinance option is targeted to help people who owe more on their mortgage than their home is worth – or ‘underwater’ – because their local markets saw large declines in home values.
Originally announced in March, these changes and other programs that have been put in place will help the Administration meet its goal of stabilizing housing markets by offering a second chance to up to 3 to 4 million struggling homeowners through the end of 2012.
“We’re throwing a life line out to those families who are current on their mortgage and are experiencing financial hardships because property values in their community have declined,” said FHA Commissioner David H. Stevens.
“This is another tool to help overcome the negative equity problem facing many responsible homeowners who are looking to refinance into a safer, more secure mortgage product.”
Today, FHA published a mortgagee letter to provide guidance to lenders on how to implement this new enhancement. Participation in FHA’s refinance program is voluntary and requires the consent of all lien holders.
To be eligible for a new loan, the homeowner must:
- owe more on their mortgage than their home is worth and
- be current on their existing mortgage. The homeowner must qualify for the new loan under standard FHA underwriting requirements and have a credit score equal to or greater than 500.
- The property must be the homeowner’s primary residence.
- And the borrower’s existing first lien holder must agree to write off at least 10% of their unpaid principal balance,
- bringing that borrower’s combined loan-to-value ratio to no greater than 115%.
- In addition, the existing loan to be refinanced must not be an FHA-insured loan, and the refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent.
Interested homeowners should contact their lenders to determine if they are eligible and whether the lender agrees the write down a portion of the unpaid principal.
To facilitate the refinancing of new FHA-insured loans under this program, the U.S. Department of Treasury will provide incentives to existing second lien holders who agree to full or partial extinguishment of the liens.
To be eligible, servicers must execute a Servicer Participation Agreement (SPA) with Fannie Mae, in its capacity as financial agent for the United States, on or before October 3, 2010.
For more information on FHA Short Refinance option, read FHA’s mortgagee letter
Source: HUD.gov
The Link Between your Things and Happiness
The recession certainly has made people view money and materiel objects differently, but one couple decided to change the way they live….permanently.
Tammy Strobel and her husband, Logan Smith started to downsize and give away items in their home, but when Tammy came across a challenge of living with just 100 personal items, a whole new version of downsizing came along.
Tammy and her husband moved out of their two bedroom apartment, sold their car and now ride bikes, and moved into a 400 square foot studio apartment. In addition, between her toiletries and her wardrobe, Tammy truthfully owns just 100 items.
Though this may seem a little drastic to some, turning to this style of simple living enhanced Tammy and Logan’s life drastically. Since there has been a cut in their living expenses and the money they spend, Tammy hasn’t found the need to work as often. This gives her more time to spend outside and volunteer, too.
That isn’t the most beneficial change this lifestyle has given them, however. Between selling their home and cutting their living expenses, Tammy and Logan have freed themselves from the $30,000 debt they once owed.
They, like many others through this recession, are finding out that less might actually mean more, especially more happiness. And a recent study agrees with this theory!
“New studies of consumption and happiness show, for instance, that people are happier when they spend money on experiences instead of material objects, when they relish what they plan to buy long before they buy it, and when they stop trying to outdo the Joneses,” stated an article from the New York Times.
Also, spending money on experiences means you’re more likely to spend time with friends or loved ones and are able to make memories, something you can’t exactly get from a trip to the store buying a new outfit.
In the end, you don’t need to make the extreme change that Tammy and Logan did, but cutting back may help financially and positively add to your health emotionally.
To read the full article click here.
And to find out more about the benefits of buying less, watch The Story of Stuff and visit their website .
Source:
The New York Times
How the Hospital’s Worst Nightmare can become Your Discount
Everyone knows that a trip to the emergency room can cost a pretty penny. But what if you could get you could get a discount form the hospital?
You can!!
According to a survey done by the Consumer Reports National Research Center, only 31% of Americans have attempted to negotiate lowering their bill even though there is a 93% success rate of lowering the cost at least one time!
Many hospitals will give you a discount on your bill, there are just a few keys things you need to know.
1. Don’t be afraid: A hospital’s worst nightmare is that a patient will refuse to pay and that they will end up getting no money at all. It actually happens more than you might think and is another reason your bill is so high. If the hospital can increase your bill to make up for another patient’s refusal to pay, they will. This may send you into a state of shock when you receive your bill, but in the end it helps you to negotiate. The secret hospitals don’t want consumers to know is that they would rather negotiate and give you a discount than not get any money at all.
2. Ask a lot of questions: Call or go to the hospital’s financial department and ask one of the employees’s to explain the bill to you. Hospitals are counting on you to be confused so they can get away with charging you higher amounts for common items, like gloves and aspirin.
3. If you can pay the bill in full: Do it! Most hospitals will give a bigger discount to patients who are willing to pay in full right then and there. Phil Villarreal, a contributing editor for Consumerist.com, was able to shed $1,000 off the cost of his daughter’s birth. He called the hospital and asked if he could receive a 25% discount if he was willing to pay them over the phone, and they agreed!
4. Explain your situation: When are talking to the hospital’s bill center employee, let them know you aren’t trying to run off and not pay, you simply need to decrease the cost a little. If you are unable to pay in full, make your case about setting up a payment plan. If they suggest a monthly cost that is still too high, ask them to bring it down a little. If there is hesitation on the hospital’s part, let them know that if the monthly payments are lower you are more likely to pay on time, every month, without fail.
5. Be Hasty: Getting a discount will be much harder to get if you don’t contact the bill payment center soon after receiving your bill. This shows the hospital that you are taking initiative. Also, some hospitals pass the record of unpaid bills to a collection agency which could hurt other areas of your financial life.
Although hospital bills can be cryptic, don’t let the confusion or amount of the bill intimidate you to the point where you don’t take action.
For additional information and tips on lowering your hospital bill, read this article from the New York Times.
Sources:
The New York Times
US News and World Report
Yahoo! Finance
The New Crime Against Your Children
Identity theft is already a rampant crime that is not only difficult to prosecute, but difficult to recover from, as well. What’s worse is that thieves are finding ways to steal from the people you love the most…your children.
Online businesses are finding ways to get a hold of Social Security numbers, especially those belonging to children, due to the fact that kids don’t really need to use their Social until they are much older. This form of theft is also beneficial for crooks because parents may not know the damage that was done until it’s too far too late.
The crime works like this: The online business obtains the number and will then sell it under a different name. Then, the buyer of the number usually uses it to create a fake credit profile for themselves and eventually build immense amounts of debt. In the end, the scheme not only hurts your child and their future, it creates a whole new problem for the nation’s credit system.
“If people are obtaining enough credit by fraud, we’re back to another financial collapse,” according to the Assistant U.S. Attorney of Kansas City, Linda Marshall.
Another difficulty with this form of theft is that the numbers aren’t directly identified as Social Security numbers when the thieves are using them. Instead, they are listed under CPNs. This lets the numbers operate as credit protection or credit privacy numbers.
Furthermore, because this form of theft is so difficult to detect, millions could be affected and not know it. As of April of this year, 43.4 million or 25.5% of Americans have a credit score lower than 599. This threatens their chances of acquiring loans because it indicates to lenders that the circumstances are too risky.
An even more unfortunate component of this crime is that there aren’t any extra measures parents can take to protect their child’s Social Security number. All a parent can do is contact the credit bureaus to see if there has been a credit file linked to your child’s number.
If you or someone you know is the victim of a crime that has caused debt, the counselors at debthelper.com may be able to help. Call 1-800-920-2262 today.
Source:
The Palm Beach Post
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