Gift cards & other holiday items

Monday, December 29th, 2008

Sorry for not posting last week; like many others, the holidays sometimes get the better of me as well!

However, I am now back in CT (where we are no longer freezing for the moment) trying to put our house back together after 10 days visiting family.

Christmas was a nice time and if your family is anything like ours, gift cards are often the method of choice in the gift giving arena.  More personalized than cash but less hassle than returning gifts you didn’t want, gift cards can be a nice happy medium.  And for the gift giver, a lot less time (and possibly money) wasted.  If you’ve budgeted to spend $25 for someone, it’s much easier to give them a $25 gift card than trying to find the perfect gift in their price range.

However, here are some tips on not wasting that precious gift card money or (or time trying to find them!)

1. Keep current on your state’s expiration rules.  On gift cards issued in CT, there is no expiration date.  However, each state’s rules are different, so you may want to check the laws in your state (or the state where the purchaser lives, if different).  Then you’ll know if you are in for “inactive” fees, expiration dates, etc.

2. Get a permanent marker.  In our house, we pull all of the gift cards out of their “gift card holders” which take up lots of room and simply write the value on them in permanent marker if it isn’t printed on the card.  This makes storage and organization a lot easier.

3. Keep all of your gift cards in one place in your home.  A big problem with gift cards is that they can get easily misplaced (or thrown away when mixed up in wrapping paper!) because they are so small.  Instead, keep a family gift card box and keep them all together.  If you have multiple children, label each child’s name on their respective gift card(s) so you can keep them straight–and keep arguing to a minimum!

4. Only take the gift cards that you need to the store.  I like to organize my cards into “mall” and “non-mall” groups so I can grab the appropriate cards easily and quickly.  I don’t like to carry all cards with me at all times because a) they make my wallet thick and b) if they are stolen, there is no recovering them.

I also organize my store credits along with my gift cards, so all of my cards are in the same place.  It keeps headaches to a minimum!

Copyright 2008-2009 Kristin Delfau, author of Turbo-Mom's Guide to Saving Money Without Wasting Time a womens' personal finance book, and Aji Publishing.

Tags: gift cards, holidays
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Keeping it in your car (and your purse)

Monday, December 15th, 2008

As moms, we are usually pretty good about toting stuff around for our kids–a change of clothes, diapers, snacks, toys, etc.

But what about us?  Particularly during the holiday season, when we are going to parties, shows or recitals at our kids’ schools, etc., it’s often hard to always look our best when we are on the go!  Here are some kits that I have found really useful to keep myself (somewhat) put together for when I am running out the door:

1. In my purse, I keep a small makeup bag with the following:

• neutral lipstick that goes with everything
• oil blotting papers (to keep the forehead & nose shine to a minimum without having to slap on extra powder)
• concealer (for when it wears off under my eyes or over blemishes)
• extra set of gold hoop earrings (for the days I forget to put them on before leaving the house)
• Rolaids/Tums (either individual sample packs or in a “snack size” Ziploc–for after holiday parties!)
• Tylenol/Advil (either individual sample packs or a mini pill holder)
• a couple of Band-Aids

2. Then, in the car, I make sure that I have:

• deodorant stick (for when I run out and forget to apply it!)
• lint roller (3 cats + long hair + 1 child = lots of lint and hair on black wool)
• extra tissues & napkins
• baby wipes
• notepad + pen (this can come in really handy when you least expect it)
• hair elastics + a clip or 2 (for bad hair days)

I hope these will help you as well!

Copyright 2008-2009 Kristin Delfau, author of Turbo-Mom's Guide to Saving Money Without Wasting Time a womens' personal finance book, and Aji Publishing.

Tags: holidays, purse kits
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Taxes and more taxes

Monday, December 8th, 2008

Well, I just spent my Friday & Saturday of last week at an intensive 2-day tax update seminar.  Believe it or not, the speakers are really good and even manage to make federal, CT, & NY updates interesting.  But these meetings are not for the faint at heart!

At this time of year, many newspapers and magazines are running their annual “end of year tax planning” articles which can be helpful if you know what questions to ask.  Here are a few tips you may not have heard that I will share with you:

1. If you are planning on improving the energy efficiency of your home with a big purchase such as a new boiler, insulation, etc., hold off until at least January if you want some of the stingy tax credit benefit the IRS is giving ($500 lifetime credit–I mean really.  Replace 2 windows in your house and you are done.).  The credit existed in 2007 and is being revived for 2009, but for some reason, purchases in 2008 are being left out.

2. Get those charitable donations in.  Books to the library, clothing to Salvation Army or wherever you choose to donate your goods.  The warm clothes will help the less fortunate this year and you’ll free up some space in your closets. And don’t forget your charitable driving mileage–14 cents/mile.

3. Consider refinancing your mortgage if possible.  Okay, so this isn’t directly related to saving on your taxes, but it can save you money.  Mortgage rates have dropped and lending has loosened up a bit so if you have an adjustable-rate mortgage (ARM) or a higher rate, give it a try.  And call your current bank and see if they directly hold your mortgage and ask them for a “rate modification” if they do.  This costs much less and is much less hassle than a refinance and is a great way to save if you can.

4. Take some of those capital losses.  If you had gains (yes, some people actually had these earlier in the year) in 2008, try to offset them.  If you have some losses, might as well use some of them.

5. If you are a first time home buyer, be aware of the pros & cons of the 1st time home buyer credit.  This $7,500 credit looks rather attractive, but be aware it is not a complete government freebie.  It is actually an interest-free loan from the IRS that you will pay back over a period of 15 years each year at tax time if you stay in your house.  If you sell your home before the 15 years are up, you will have to pay back the balance in full when it sells.

If you are a CT or NY resident, feel free to contact me directly with questions.  CT & NY aren’t playing well together these days, so if you work in one state and reside in the other, watch it if you work some days in the office and some from home.  Both states may come knocking on your door for their share.

Copyright 2008-2009 Kristin Delfau, author of Turbo-Mom's Guide to Saving Money Without Wasting Time a womens' personal finance book, and Aji Publishing.

Tags: IRS, taxes
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Black Friday?

Monday, December 1st, 2008

As Turbo-Moms, how many of you actually ventured out and did some Black Friday shopping?  I, actually, did not.

Ack! What kind of “super-saver” Mom doesn’t brave the mall on Black Friday?  This Turbo-Mom finds that in-store Black Friday deals can be difficult to obtain and often, a big waste of time. Standing in front of Best Buy at 4am in CT in November is not the best use of my time…

Instead, I have found that doing most of my shopping online is the best way to save time and money–as long as I don’t let myself hang around on too many websites for too long!

Another massive time & money saver when it comes to Christmas shopping is Excel.  Huh? Call me nerdy, but each year in October or so, I make an Excel spreadsheet with each year’s gift recipients, what I am buying them and how much I plan to spend.  This way, I can keep track of who I’ve bought for, who I haven’t, what I was planning to get them in the first place, and how much it should cost.  Then there are no surprises when it comes to the spending totals and no worry in January of how to pay for everything.

Also, some stores seem to be bringing back layaway policies I’ve noticed.  If you want to start your own “Christmas Savings” account, go to www.ingdirect.com and open an online savings account.  They are my favorite of the bunch because they don’t have any catches or minimums and it is really easy to do.  Then, if you know you regularly spend (for example) $500 per year on Christmas gifts, have $45/month auto-debited from your checking account.  Then, when Christmas comes around, you have your cash and budget in-line…with a lot fewer headaches come January.

Copyright 2008-2009 Kristin Delfau, author of Turbo-Mom's Guide to Saving Money Without Wasting Time a womens' personal finance book, and Aji Publishing.

Tags: excel, ING, shopping
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