Newsletters % - Jan.

President's Day

This month we celebrate President’s Day on February 20. So we thought we would include some interesting facts about the history of our money and the holiday itself. President’s Day was originally celebrated as President Washington’s birthday. In the 19th century, traditions of the holiday included balls, speeches, receptions, and celebrations. Another prominent president was Abraham Lincoln whose birthday was also in February celebrated after the time of his death. Even though the third Monday of February is officially called Washington’s birthday, it is recognized as President’s Day and is used to honor all the men that have served as President.

Fun Trivial Knowledge

Martha Washington is the only woman whose portrait has appeared on a U.S. bill. It appeared on the face of the $1 Silver Certificate of 1886 and 1891 and the back of the $1 Silver Certificate of 1896.

If you have three quarters, four dimes, and four pennies, you have $1.19. You also have the largest amount of money in coins without being able to make change for a dollar. A quarter has 119 grooves around the edge, while a dime has 118 ridges around the edge.

The following information regarding the average life of a Federal Reserve Note was provided by the Federal Reserve System – please note that the life of a note depends on its denomination:

$ 1 …………….. 22 months
$ 5 …………….. 24 months
$ 10……………. 18 months
$ 20 …………… 25 months
$ 50 …………… 55 months
$100 ………….. 60 months

You can fold a dollar bill 8,000 times before it will tear. A dollar is also called a “buck” because in the early frontier days, the skin of a male deer (or a buck) bought a dollar’s worth of goods at the market. If you wanted to count a billion dollars—one dollar at a time—it would take you thirty-two years if you counted one dollar every second, day and night, day after day, year after year, without stopping. The government prints roughly 8 billion notes each and every year, enough to stretch around the equator… 30 times.

The approximate weight of a currency note, regardless of denomination, is 1 gram. There are 454 grams in a pound, so one pound of currency would contain 454 notes.

Budget Boosters

Another month and another holiday that begs for you to overspend. But you don’t have to, here are a few ideas for decorations and fun ways to spend time with the ones you love.

Making your own Valentine’s are not just for kids. A fun, heartfelt, homemade Valentine will have more meaning and save you a little more than an expensive card and gift. It is also great for children to make a personalized Valentine.

You can probably use things from items you have at home. You can buy a glue stick, construction paper, and a small box of crayons for less than $3.

Here’s an easy one. Take a sheet of red paper. Fold in half. Decorate with hearts and a loving message. Enjoy the love and admiration you will receive from your homemade heart card.

Penny Pinchers Club

Are you the type of person that comes up with terrific ways to Pinch Pennies? If so please email us and share your ideas.

HERE IS OUR PENNY PINCHER FOR THIS MONTH

A couple times a week my wife and I trade leftovers with another couple. It helps save time and money as we don’t have to worry if we leave leftovers too long in the feezer.

-D. Mills TX

Do it Yourself

If you are planning on selling your house in the near future you may have some work ahead of you to ensure the best return on the home. Here are some tips that may help you sell your house faster. Though all these tips may cost you money to do yourself, you are actually saving money by not giving a potential buyer a reason to drive down the price.

First impressions will be very important for attracting potential buyers. Start outside. Keep your yard clean and free of toys and unnecessary clutter. You may want to throw a coat of paint on the house if it has been a while or if you notice chipping or fading. It may just need a good pressure wash. Clean and shine windows and screen doors. Patch and repair any damage to screen doors. Paint or replace house numbers and your mailbox. These minor changes can have a positive effect on buyers. When it comes to being clean, the things that are not noticed can be a good thing.

In the summer, keep the lawn mowed and trees pruned. Remove any dead branches or flowers and try to fill in any areas where the grass might be patchy. If you have any animals, clean up after them to avoid any embarrassment when a potential buyer is viewing the yard.

Remove as many items as you can while showing a house. You want the potential buyer to imagine their stuff in the house and it might be hard to do if the closets are overflowing and you have boxes stacked in the corners. Personal collectables can also be a distraction that causes a browser to miss some important features of the home. Space is essential for prospective buyers. You may want to move as much of your stuff out as possible. It’s important to utilize the size and space of living areas and closets.

Start Your Taxes Now!

It’s February, which means you have two months to get everything ready to file your taxes. Why wait until the beginning of April to get everything done? You are more likely to make a mistake when you are trying to fill out your taxes in a hurry.

If you haven’t already started, use this month to prepare yourself.

Start to gather all your forms that you have received after the New Year. Keep them in a folder or envelope so that they are all in the same place when you begin to fill out your taxes. Here are a few of the forms you should have received in January or that will soon be mailed to you.

W-2s – You will need to receive one of these forms from each employer you worked for during the year. These forms include how much money you made, how much was taxed, and how much was taken out for Social Security, Medicare, and any other contributions. These are by far the most important tax documents you need.

1098 – If you own a home you will want this form. Your lender is required to send you this form if you paid at least $600 in interest, which is tax-deductible. It will also include the amount you paid towards points for real estate taxes and property insurance.

1098-E – Interest paid on student loans may also be deducted. Your lender will send you this form if your interest is over $600. To figure out what and how much you might be able to deduct using the instructions in your Form 1040 or Form 1040A worksheet.

You should also receive your filing packet from the IRS. Make sure you check that they have provided all the information that you need. If things have changed for you over the year, you may need additional forms. If you need different forms or have misplaced a form, you can pick up most forms at the post office or library. You can also download and print the forms from the IRS web page.

Questions & Answers

Q: What is a tax audit?

A: You may be audited when the information you put on your taxes does not match up with the sources that IRS receives. It’s to make sure that nobody is trying to cheat on their taxes. We will go more in-depth about audits next month to help during tax season.

If you do not have a copy of our FREE “Simplified Guide to Financial Life Skills” workbook, contact us and we will ship one to you at – NO COST! –

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My Financial Journal

Well, hopefully everyone made it through the holidays. Between my wife and I we had nine people (my 3 brothers, her 2 sisters, and our parents) to shop for. We set a limit to $15 per person and $30 for each other for a total of $195. We spent $70 over our gift budget and another $75 on groceries for Christmas Eve dinner. Not to mention an additional $50 on a Christmas tree and decorations.

How did this happen? Aren’t I suppose to take my own advice and save over the holidays? Yes, and I’m guilty as charged. I found a few nice things for people not on our list. Oh, and I spent a little extra on my wife and made the mistake of telling her so in turn she spent a little extra on me.

I guess that I can take comfort that we bought all our gifts with cash, and were not coerced into using our credit cards. We also gave homemade bread (which cost us a bag of flour) as gifts. Like I’ve said before, conquering your bad financial habits is not easy, but you can take pride in improvement. So even though we went over our gift budget, we paid for them with cash and did not rack up credit card debt. The money was sacrificed from elsewhere in our budget, as we couldn’t put as much into savings as we had hoped.

Free Money?

Many high school seniors are starting the last stretch before heading to the guts and glamour of college life. It is also around this time of year that scholarship applications are due. Why would anyone want to pass up the chance to receive free money? Well not really free, there is some work involved, but it’s a lot better than stacking up student loans. We will follow with some tips for seniors and even juniors who want to get a head start.

It is a good idea to contact the financial aid office of the schools you are considering attending. They may have certain policies concerning outside scholarships. They also will have information on scholarships that you can apply for.

Scholarships come in all shapes and sizes, so to speak. There is generally a scholarship for every type of person who is planning on going to college. So you want to use some of your personality traits and activities you participate in. The most common are academic and athletic scholarships, but there are also scholarships for persons with disabilities, talented musicians and artists, and children/grandchildren of veterans of foreign wars. There’s no limit to the amount of scholarships available to each individual.

You will want to start researching any and all possible sources for scholarships. You might be surprised how many are out there. Start by getting organized. Have all your personal information handy, and obtain your transcripts.

If you know what degree you want to pursue in college you may have a few more options. Many universities have scholarships specific to each academic school. Again, check with your school and the department you plan to study in.

Check with the counselor at your local high school. The school may offer a scholarship, or an alumnus of the high school may have one for qualified students.

Next, check on the local level. The town or city that you live in may have scholarships for their residents. Some have scholarships for students who choose to attend a local or in-state college, or that agree to return to their town after graduation. Many local businesses and organizations give out scholarships; like churches, local VFW’s, or fraternal organizations. Parents may want to check with their employers to see if they offer any scholarships or tuition assistance for children of employees. You would be surprised how many businesses give out scholarships and how there is not much competition in applying for them.

Tiny Tikes

Math Heart Match-ups

Cut an equal number of pink and red hearts.

On each pink heart, write a simple mathematical equation.

On red hearts, write corresponding solutions.

Place all hearts face down.

The kids try to collect pairs of matching hearts.

Guessing Game

Fill a variety of jars with a different type of candy for each. Use candy of different sizes and shapes; candy hearts, M&Ms, Hershey Kisses, etc.

Have the kids guess the amount of candy that is in each jar.

The kid who comes the closest will win the contents of the jar. (Just make sure they enjoy the candy in moderation.)

These are two very fun and simple games that will also teach math lessons.

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