I know I need to eat and it can be less expensive in the long run to cook my own food, rather than going to a restaurant. So if you must buy at the supermarket, buy smart! Just an example of one item that we like to eat is Kashi Go Lean Cereal. Each box is 14.1 ounces, has 13 grams of protein, 10 grams of fiber and only 1 gram of fat (or as they say “1g of lowfat”).

I like the cereal and decided to do a price comparison between different places selling the cereal. I looked at Target, Lowes Foods and Bloom (Food Lion offshoot). I could have also included Harris Teeter, BiLo and a few more in the area (Charlotte, NC). The results are:

Target- $3.34 per box

Lowes- $3.69 per box

Bloom- $3.71 per box

The clear winner is Target that is 35 to 37 cents lower than the other two. Is this a good metric to decide all of my food buying? I would say not. This Target is farther away than the other supermarkets, so there is a gas cost. (Soon I’ll have a Super Target near me )

Here’s my plan and homework-

1. I am putting all of my food receipts on top of my microwave for a month.
2. Then I will determine the top 20-30 items my family buys during the month. Milk, orange juice, eggs, cereals, pasta, etc.
3. I will do a total price comparison with this frequently bought list to figure out where to but our groceries. In it I will include mileage to determine that cost.
4. I’ll post the results here. If there is enough interest I’ll create a spreadsheet to help you save money on your grocery shopping.

Supermarket Savings,
Sam Carrara

Disclaimer: I was not paid to promote this cereal or any of the companies listed, nor do I earn any affiliate commissions off this post.

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You have a few ways to file:

1. Use the IRS Free File service at: (http://www.irs.gov/efile/article/0,,id=118986,00.html) This applies if your adjusted gross income was $54,000 or less in 2007.
2. Use H&R Block (http://www.hrblock.com/ – not an affiliate link) both in person at an office or by using one of their software packages. Can be limited due to the software might not include all of the special deductions you may want to take.
3. Use a CPA (Certified Public Accountant) to prepare your return. They are more knowledgeable than someone that does taxes a few months out of the year and only had a four hour training class.
4. There are other ways to file including a paper return done yourself, Liberty Tax Service, Jackson Hewitt and a myriad of online websites.

Why file? When Jesus was asked if it is right to pay taxes, he said “Render to Caesar what is Caesar’s. Give to God what is God’s.” And because the taxes help pay for:

• The roads you drive on
• Police and law enforcement (to include the judicial system).
• Firefighters and medics
• Recreation areas and national parks
• Military- even if you don’t agree with everything they are ordered to do.
• And a lot of other services- I don’t agree with them all either, but I vote to try and have my voice heard. You should vote too.

Remember to include all your methods of income:

• W2s from jobs you worked
• 1099s or K1s from being an independent contractor or any business entities (affiliate income included)
• Interest income on savings and checking accounts
• Any other income- Ebay, etc.

List of common deductions:

• Charity- Church, Boy Scouts, Red Cross and all the other tax deductible organizations that you donated to during the year. I don’t give to the charities to get a tax deduction; I do it because it’s right. Some people would say it is socially responsible.
• Education- Right from the IRS webpage at: http://www.irs.gov/taxtopics/tc605.html “There are two education tax credits available, the Hope Credit and the Lifetime Learning Credit. The credits are based on education expenses paid for you, your spouse, or your dependents. During any particular year, you can claim only one of the credits for each student.”
• House Interest- Most of the money you pay each month to the mortgage company is going toward interest, not principal. Get this big deduction; just make sure you have the statement showing how much the interest was for the year from them.
• Medical costs- This only affects you if it becomes over 7.5% of your income. (http://www.irs.gov/publications/p502/ar02.html#d0e294) Otherwise it is smart to use a healthcare savings account during the year if your employer has one.
• There’s a lot more, some will apply and others won’t.

For more information visit the IRS website at:
http://www.irs.gov/index.html

In Spanish or Español:
http://www.irs.gov/espanol/index.html

Taxes Due Soon,
Sam Carrara

Disclaimer: I do not work for the IRS, so refer to their website for rules and regulations. I wanted to post the above information to help people be more knowledgeable about options available. I don’t recommend or dis-recommend any of the services above due to not having recent experiences with them (I prefer to use a CPA).

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Make a list of where your money goes each month. Some common items can include:

• Mortgage or rent payment
• Food- groceries, snacks, restaurants
• Cars- loans, gas, maintenance
• Church, charities, organizations
• Medical & dental care
• Knick knacks, etc.

Now put an average dollars spent with each category. Which is your highest? Where can you cut costs if necessary? I hope it doesn’t show that your values are all about you. Invest in other both time and money. Someday you will need help from others. Ask yourself the question- If someone were to see my expenses without taking with me, would that reflect what I want them to think about me?

This can also reveal if you can manage your money (or moving deeper into debt). Do you have a plan to get out of debt? Here are a few things to looks at to reduce expenses, increase income and help with debt:

• Try to make a little more money at your job. Hourly wage earners ask to work a few more hours. Salary personnel should ask their supervisor how they can move up the ranks to earn more.
• Get a second job. Be careful with your time, don’t let this take away from your relationship and quality time with your family.
• What can you get rid of? Sell it on Ebay, Craigslist, at a yard sale. This generates a little income and can clear a little clutter in your house.
• How many cars do you need? Family of two adults and 2-3 kids; do you really need three cars? Sell the extra one to save on the monthly payment, insurance and maintenance.
• Wait for the movie to come out on video. Renting it ($4, someplaces $1) versus in the theatre with popcorn for two adults ($25-$30 plus babysitter).
• What about your favorite possession- TV. What channels do you normally watch? Can you get by with the basic package instead of the Digital Premium Pack? (I have a bunny ears antenna that I bought for $30 a couple of years ago. We get the main networks and thats all we need.) If you miss a show, now most of them are available for online viewing for free, at least for the major networks.
• Learn an in demand hobby or skill. Then sell your services as a freelancer locally or sites like Elance or Guru.com.
• Cook dinner at home more instead of going out to eat.
• What can you do without for a few months?
• Do you have any reoccurring monthly bills/charges that aren’t needed?

For more tips check out: http://www.danburrell.com/?p=502

Improve your finances and let it speak your real values,
Sam Carrara

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More can be found about being real at: http://www.mydebtfreegoal.com/2008/01/always-stand-behind-your-beliefs.html

Be Real,
Sam Carrara

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http://www.somewhereoverthedebt.com/managing-debt-and-finance-tips/pay-off-your-credit-card-debt-faster/

Get Out of Debt,
Sam Carrara

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Here we go… Part 2

Now that you’ve listed out your debt… You did do that right? Which debts do you pay off first? Here are two things to keep in mind:

• Pay off small debts- Pay off the smallest one and then move on to successive ones. This gives you a sense of accomplishment by being able to mark debts off your list.
• Pay off higher interest rate debts- Start with the highest interest rate debt before lower ones.

Let’s make an example chart of debts:

 Which has the lowest amount due?

 Credit Card

 Which has the highest interest rate?

 Credit Card

So for this example it’s simple. Work to pay off the Credit Card first.

Knock the Debt Down,
Sam Carrara

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 What is your personal debt? Oh, not much. Let’s list a few areas out…

• Credit Cards
• Mortgage (1st, 2nd and 3rd loans)
• Installment Loans (Vaccuum cleaners, furniture, pets, etc.)
• School (College, Private School for kids, etc.)
• Wedding
• Travel/Vacations

Yes, once again Sam has a depressing post. (Some of those items above are real experiences & life lessons I’ve dealt with, or still dealing with.) Let’s be real, we all have debt. Does it control you? Are you a slave to it?

Don’t you just love the bumper sticker- "I owe, I owe, it’s off to work I go."

So what to do about it? Write down all your debts.

As an example: 

Do that first then we can determine which to pay off first… (for another post)

To get more answers now, check out the book I’m reading- Your Money Counts  Specifically chapters five and six.

Let’s Get Out of Debt,
Sam Carrara

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Let me paint a picture of how this all happened. Both Melissa (my wife) and I graduated college and become officers in the U.S. Army. Starting out as Second Lieutenants wasn’t alot of money (it is now), but we had little bills and a steady income. About 18 to 24 months later we both became First Lieutenants with some nice pay jumps. Sounds good so far right?

Well we loved going out to eat, didn’t save a penny and then decided to buy a house. Not too bad, I’ll give you more details:

1. Going Out To Eat
We love food and going out to eat was easier than making it at home. No cleanup, no cooking and then enjoy the rest of the evening. We spent so much on our credit cards just for this it was amazing. If your credit card does the end of the year rollup by category on what you spent, get it. I don’t remember the dollar figure, but it was large. BUT, we could afford it. Yet it affected #2 below…

I’m not saying going out to eat is bad, we still do it, just not as much. (Sometimes I need to remember this lesson myself.) We just have to remember moderation. Sometimes the spaghetti at home is just as good or better than having it out and less expensive. One thing my mother has taught me is to make more than you need for the meal. You can use the leftovers as lunch for the next day instead of going out to eat.

2. Saving Money
At the time the military didn’t have 401k type accounts that encouraged savings. It is not the military’s fault, we were adults (by age, not by maturity). So we maybe had a few dollars in a plain jane savings account for emergencies, but little else. If you think about the compound interest on just a few dollars for later home purchases or retirement. But you say to yourself those are so far away, they come before you know it.

Start now with 1-2% savings per month into your companies 401k type account. Many companies have a matching policy that contributes more money to encourage savings. Other good accounts to contribute to are ROTH IRAs and educational savings accounts for your present or future kids. Don’t go overboard and save all your paycheck to leave nothing for today. Also don’t forget to save. Again the word is moderation. The savings could be used for a house like #3 below…

3. Buy a House
Most duty assignments we expected to stay at from three to five years. Our first year we rented an apartment (this was after four months of career specific training). So we are about one and a half to two years into our first assignment and we decided to buy a house. We had no money to buy a house… But we could do that by getting a VA backed loan (no down payment and no private mortgage insurance-PMI). Good and bad! Higher monthly payment because of no down payment and less invested.

Well we stayed in the house for about two years, probably overpaid a little bit when we bought it. When we sold the house we had to contribute about $3,000 – $5,000 just to close the deal. (Some of my figures and months are a little fuzzy.) It was just the two of us and two cats. We didn’t need the house, we wanted the house! We could have easier stayed in the apartment and saved or more wisely used that money. If you only plan to stay in the house less than three years (maybe even five years), don’t buy. Also be smart about your needs, don’t feel you have to have the appearance of success. What’s the word… Moderation!

I plan on passing on more financial tips, drop a comment if there is a specific area you would like covered.

Was I Dumb, I Hope I Learned,
Sam Carrara

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