Save Invest Retire

If you are thinking of walking away from your home and letting foreclosure take its course, you certainly need to evaluate all your options. Here are some links from the Federal Reserve Board that are designed to help people find options to keep their house:

Department of Housing and Urban Development (HUD)

• Housing Counseling Agencies
• How to Avoid Foreclosure (82 KB PDF)
• Tips for Avoiding Foreclosure

Department of Justice

• Credit Counseling Agencies Approved Pursuant to 11 U.S.C. § 111

Federal Housing Administration

• You Can Avoid Foreclosure and Keep Your Home

Federal Reserve System

• Putting Your Home on the Loan Line Is Risky Business
• Federal Reserve Education - Foreclosure Resources

Federal Trade Commission

• Credit & Loans
• Credit Repair: Self Help May Be Best
• Mortgage Payments Sending You Reeling? Here’s What to Do

Internal Revenue Service

• Homeowners Who Lose Homes; Foreclosure Tax Relief Available to Many
• Questions and Answers on Home Foreclosure and Debt Cancellation

NeighborWorks® America

• Center for Foreclosure Solutions
• NeighborWorks® America Organizations Locator

MSN Money just listed 7 painless moves to save $1,000. Here I’m listing their seven and commenting on them as well as appending a few random saving tips of my own:

1. Look for discounted dinner entrees

     MSN discusses asking for cheaper options, but timing may be the most important thing you can do- go for the early bird special

2. Return unopened, unused items

     Good advice if a bigger ticket item, but my time is worth something and I’m not going to make a special trip

3. Look for extra grocery savings

     Mentions coupons, again, may be a quality of life issue; I’m working towards early retirement because I value my time highly

4. Check out materials from the library

     Excellent advice, especially if you have kids; be sure to check out the online offerings of your library, many are offering free ebooks; I personally like Netflix for movies because of the convenience and the cost is nominal if you also Cancel Cable

5. Bundle cable, phone and Internet services

     This is NOT always the best option. See my post Bundling Cable, Phone, and Internet Costs More to evaluate whether its the right decision for you

6. Negotiate with monthly service providers

    New one on me, sounds like great advice, although I don’t have lawn or other monthly services

7. Stash money for easier savings next year

    Basically says put your money in high-yield accounts. Great advice that applies if you are creating your first emergency fund to get out of debt, supplementing your permanent emergency fund, or saving for a particular expense. If you are putting it away for retirement, there are better places to put those funds. If you already have your initial emergency fund and are attempting to get out of debt, well, it’s obvious where the money goes- pay off the debt!

8. Make your coffee at home

     Get yourself a grinder, a thermos carafe-type coffee pot, and a bag of good beans and don’t bother with the coffee bar again. If morning is not your forte, set it and forget it the night before until the smell wakes you in the morning.

9. Pack your own lunch

     Easier said than done for me. Eating out for lunch is a huge expense over time and I’m still looking for brown bag lunch options. Do as I say, not as I do.

10. Look at price differences 

       in renting a car or a hotel room if you take the whole week instead of a few days

11. Fly out on Mondays

      You are usually better off avoiding the weekend or staying the whole way through it.

The secrets to building wealth are simple and embodied in the title of this site: Save-Invest-Retire. Paul Navone did just that, although instead of retiring he donated MILLIONS to charity after a lifetime of working for $11/hour.

Donor built millions on $11 an hour | Philadelphia Inquirer | 01/13/2008
RICHLAND, N.J. - Paul Navone worked in mills in and around Vineland for 62 years, never earning more than $11 an hour. He buys his clothes in thrift shops. He doesn’t own a phone. And he doesn’t have a TV: The last thing he recalls watching was Neil Armstrong walking on the moon in 1969.

Yet through a combination of frugal living and smart, disciplined investing, the 78-year-old retiree from nearby Millville was able to give $1 million to Cumberland County College last month.

In addition to that first million, he gave another million to a prep school for a swimming pool.

What was his secret? Well, it’s not rocket science, but it’s also not necessarily easy; he saved and invested. Navone saved while living with family before buying a dwelling where he could live in one unit and rent out the other. He bought some more properties and for decades steadily handed money over to his investment guy, avoiding touching it while letting it grow.

If Navone can become a multi-millionaire while making $11 an hour, what’s stopping the rest of us?

Saw this tip over on WalletPop.

Most of us have probably ended up with one of those Entertainment Coupon Books that are loaded with valuable coupons for places in your hometown that you will never use. The last one we purchased was a pity buy from some kid club, team, or other organization and ended up stuck in a drawer somewhere without a single coupon ever being used. Not exactly the epitome of frugality.

Think about this, though: you can go online and purchase one for any city. Why would you want to purchase one for a city in which you do not reside? Vacation!

I’ve heard about those vacation things, but the closest I get is a yearly, yet planned at the last minute, weekend at the beach. Even though it’s short, that summer weekend at the beach costs us many hundreds of dollars. A coupon book could substantially cut down that cost. Meals would probably be the biggest savings, but event admissions like go-karts and water and theme parks would also add up.

I wonder about hotel costs, though- there are probably exclusions during the busy season, so make sure you check the fine print. You might even have to go off-season to get any significant savings with a coupon book. Be sure to check the online comparison sites to make sure you’re getting the best possible deal. Also, don’t forget to check alternatives to hotel lodging as well; a friend found that renting a house for a week was the same price as a hotel room for 3-4 days.

Probably not something I will take advantage of, but it certainly is an interesting re-purposing of the Entertainment Coupon Book.

I should have gotten to this a week ago, but that’s how it goes. Anyway, both of the following pages have an insane amount of posts on saving money and reducing debt, enough so that there’s not much point in me picking out a few favorites, so scroll through and give them a look.

The Carnival of Debt Reduction covers a lot of ground. I particularly like the debt reduction back-to-basics posts and tax ideas now that April is right around the corner. The Festival of Frugality is another encyclopedia on saving money. It overlaps the CDR in some areas, such as tax advice, but the slant is more towards frugal choices in budgeting, the home, shopping, etc.

Definitely plenty of gold to be found in both, so start panning my friends!