Tax Tune-up Time, Money saving tips, 5 minute meals

Issue Date January 15, 2007
Money Saving Tips
Featured Article Tax Time Tune-up
Money Blog Spotlight
Top Conversations on the Money Saving Forums
Freebie and Contest Alerts
The Frugal Five
Frugal Food 5 minute meals

It's 2 weeks into the year and I think winter has finally come to New England. Freezing rain and ice has hit. Stay warm and enjoy our latest issue!

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Money Saving Tips:

Use cold water when operating your garbage disposal. Not only does this save you money by not heating the water, it will also extend the life of your disposal, sink and pipes. Cold water is recommended since grease solidifies in it making it easier to grind-up and keeping your drainage system clean.

If you need a credit card, try to obtain a no fee card, although you need to consider other factors such as grace period and interest rates as well. If you are charged an annual fee on a current card, call the issuing bank to try and get the fee waived. Many are willing to do so to keep a good customer, but you have to ask to receive it.

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Tax Tune up time!

Are you ready? Tax time is here and the urgency of getting all docs in a row is now! The IRS has advised taxpayers with ways to get a hustle-free, error-free tax filing experience. The agency is encouraging all taxpayers "to get a head start on tax preparation, especially since early filers avoid the last minute rush and get their refunds sooner."

1. Gather and organize (particularly important for business owners) your records in advance. Make ascertain that you have all vital records and receipts that you will need, such as W-2S and 1099s. To be safe rather than sorry, make a copy of all your records.

2. Ensure that you have the right forms. A 1099 for a regular taxpayer is different for a small business that may need to file Schedule C (Form 1040).

3. Be very meticulous. Small mistakes can cost you money, and, even worst, subject you to an IRS audit. Take your time. After you have finished preparing your tax return, go over it again with a fine comb.

4. Review important numbers such as Social Security numbers of your children or dependent. According to the IRS, errors on Social Security numbers are among the most common errors found on tax return. Getting your numbers right the first time around will reduce your chances of hearing from the IRS and quicken your tax refund.

5. To obtain your refund faster, taxpayers are encouraged to file early and to select the option of receiving their refund via direct deposit instead of a check.

6. E-file. E-file will not only help you get your money quicker but it will also enable you to immediately discover math problems and other issues that could slow down your return. In 2006 73 million returns was e-filed, with approximately 20 million of them done from a home computer.

Individual taxpayers are encouraged to look into the possibility of e-filing. The IRS has teamed up with Free File Alliance LLC, a group of private sector tax software companies, to provide free e-filing opportunities to millions of taxpayers. Since the inception of this program in 2003, more than 15.4 million tax returns have been prepared and e-filed through this program. Free e-file program is offered only to taxpayers who have an Adjust Gross Income (AIG) of $52,000 or less; which means about 70 percent of taxpayers can take advantage of this program. Free E-file begins January 16, 2007.

7. In the event of a problem or an uncertainty, the IRS is always ready to answer your questions. The IRS can be reach at http://www.irs.gov/ or call their customer service number at 800-829-1040

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Money Blog Spotlight

Blogging Away Debt has been featured before but it is a blog I regularly visit. Tricia is detailed oriented, witty, realistic and shares her journey on how she lowered her debt by $13k. She still has a long journey to travel so stop on by.

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Top Discussions on the Save Money and Budgeting Forums

Dave Ramsey and Your Thoughts I have been on Dave Ramsey's Financial Freedom program for the past year. If you are not familiar with Dave Ramsey, he preaches about using the envelope system, and stop using credit cards. Buy used cars, and other means to stay away from debt. Have you had any good or bad experiences with his system?

What percentage do you spend on Needs/Wants/Savings? The book All Your Worth recommends that you split your money as follows:
Needs 50% Wants 30% Savings 20% (this includes debt reduction) How does your spending compare?

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Freebies Free Samples

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More Free Samples in our blog

Contests and Sweepstakes

Win a HP Laptop

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The Frugal Five

Paul is a frugal father of 3 from Michigan.

What is your financial life? We are a 2 income income family. I work as a software analyst and make decent money and my wife works as an office manager for a small insurance office. We have 3 children, 1 boy a freshman in state college, 1 girl in high school and the youngest a girl in 7th grade. A few years back we found Dave Ramsey through Financial Peace University at our church and try to follow his program as much as we can.

What is your budget buster?

College tuition is our biggest expense. We had some money saved up for in but used a lot of that to pay off our credit cards. We are trying to be very frugal so we can save for retirement and college. In 2 years we will have 2 in college.

What is your favorite money saving tip?
I think the thing that I pull away from the Dave Ramsey program was pay cash! I do have debit card and a credit card but for the most part we use cash.

If you had an extra $1000 what would you do with it?

I would put it aside in our college fund.

What is your best resource for frugal living?

I like the Saving advice message boards for tips.

Thanks Paul for sharing all of your great tips! Let us know if you would like to be profiled in the Frugal Five

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Frugal Meal Planning

5 minute meals!

With everyone on the go these days, it seems as if the family dinner has taken a back seat to after-school activities, and overtime. Even rarer is having the entire family sit at the dining room table for dinner on any given night. While there are ten-minute meals, and the popular 30-minute meals on TV; would you be interested to know there are actually 5 minute meals your family will love? Yes, indeed! Here are a few recipes you can whip up in no time.

Angel Hair Pasta: This is, by far, the easiest pasta to prepare. It takes less than five minutes to cook because of its thinness. Available in your local supermarket, just boil a pot of water; add salt; throw in the entire box of angel hair, and cover. Literally, within minutes, you have a most delicious meal. Note: Prepare a large pot of the sauce on the weekend; use several containers to store and freeze; and take the container out of the freezer and place in the fridge until you are ready to cook. You can always use a freezer bag to store excess pasta. When you wish to have the pasta again, just use the microwave to thaw it out.

Chicken: Cook a whole chicken or chicken breasts on the weekend; and freeze. Remember, the thinner the breasts, the faster they will cook � so pound them out until they are quite thin. This is another 2-3 minute meal you can prepare any night of the week. You can also cut up the chicken breast to make a delicious salad.

Pork Chops: These can be cooked for two minutes per side. Boil a bag of rice; add a quick and easy salad, and another fast meal has been prepared.

The secret to preparing 5 minute meals is preparation. When you buy salads and other vegetables on your next shopping trip; wash them and put them into a plastic zip lock bag. This will cut down the time needed to slice and dice. Cook your sauces on the weekends, as well as other meat and poultry dinners you may wish to have during the week. Freezer bags are wonderful for preserving any kind of food you prepare.

There are also side dishes available at your local supermarket, such as Mac and Cheese. Four minutes in the microwave and you have a delicious side dish for the entire family.
Get ready; get set; cook!

Share a recipe or cooking tip with us

Check out Easy frugal Recipes and Tips to save on your grocery bill for more recipes and food bill savings.

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Keep up to date with the Latest on Living on a budget money saving tips at Momma and the boys living on a budget

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