Red Is A Flavor

As a salute to the supportive residents of Brevard County, Kennedy Space Center Visitor Complex is hosting the Tenth Annual Salute to Brevard Residents, a free weekend and food drive, September 25-27, 2009. The Brevard resident and up to five guests will enjoy free admission to Kennedy Space Center Visitor Complex for this three-day celebration. 

Residents will need to show proof of residency, in the form of a drivers license or utility bill, to gain complimentary admission to the Visitor Complex. Brevard residents will also enjoy a 10 percent discount in the worlds largest retail Space Shop with proof of residency. 

Guests are encouraged to bring canned goods and non-perishable food items to benefit the Central Brevard Sharing Center, North Brevard Charities, and South Brevard Sharing Center. While not mandatory for complimentary admission, the suggested donation is at least one food item or canned good per guest. The food drive makes a huge difference to those in our community who are struggling to feed their families, especially during the challenging economic times. 

All permanently badged KSC/CCAFS employees and up to five guests, whether they live in Brevard County or not, will also receive free admission by presenting their badge. Complimentary admission also includes the Kennedy Space Center Tour, 3D IMAX space films, Shuttle Launch Experience, Astronaut Encounter and the U.S. Astronaut Hall of Fame, featuring historic spacecraft, simulator rides and the world's largest collection of personal astronaut mementos. 

For more information, call 321-449-4400.

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Most of the cruise lines have always offered discounts to active duty military, but discounts for non-retired veterans was basically limited to Carnival.  Apparently that has changed recently.

Most likely in an effort to increase passengers, a few more have opened their discounts to us military one-termers.  I’ve utilized the discounts offered by Carnival for a couple of cruises and they have saved me a substantial amount of money, especially on weeklong family cruises.

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In most cases, the military discounts only apply to certain sailings, So check with your travel agent.  Anyway, here are the current rules (as of this writing) for military benefits on the bigboy cruise lines.

	Active Duty	Reserves	Retired	Veterans
Carnival	YES	YES	YES	YES
Celebrity	YES	YES	YES	YES
Costa	YES	YES	YES	NO
Disney	YES	NO	YES	NO
Holland America	YES	NO	NO	NO
Norwegian	YES	YES	YES	YES
Regent	YES	NO	YES	NO
Royal Caribbean	YES	YES	YES	YES
Windstar	YES	YES	YES	YES

I highly recommend using VacationToGo.com to book your travel.  Their site is always my first stop for deals, and they will credit you if your cruise price decreases after booking.

Image: ccgd [via Flickr]

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Big Money blogger Jeremy Schoemaker came across an interesting way to save (possibly) a ton of money on airfare.

He learned, from both experience and airline employee advice  that the airlines typically gouge flight prices when you book your final destination to its hub.

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Shoe typically flies from Lincoln, Nebraska to Minneapolis, Minnesota, which is Northwest Airline's hub.  Round trip flights were costing hundreds and hundreds of dollars.  Yet, if he booked a flight from Lincoln to St. Louis, that connected in Minneapolis, it was less than $200.

I decided to test out this theory from Central Florida and learned that (based on my tests) this appears to only works from the regional airports (e.g. Melbourne, Daytona, Sanford, etc), not from larger, International airports (e.g. Orlando International).

Using Kayak.com I researched both Round Trip and One-way trips from Melbourne, trying to get to Atlanta (Delta's hub).  Here is what I found.

Round-Trip

Melbourne (MLB) - Atlanta (MLB)	$356
Melbourne (MLB) - New York (connecting in Atlanta)	$279
Savings	$77

One-Way

Melbourne (MLB) - Atlanta (MLB)	$177
Melbourne (MLB) - New York (connecting in Atlanta)	$164
Savings	$13

So basically, sometimes it is cheaper to book your flights through your final destination to a more popular place, and simply don't take the connecting flight.

Anyone have any experience doing this?

[via ShoeMoney]

Image: House Of Sims [via Flickr]

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I have, like a lot of people, been taking a good hard look at my fuel consumption and cost for my car.  I drive a 2001 Nissan Xterra on my daily 30 mile round-trip commute.  This vehicle also serves as the tow vehicle for my boat.   My current gas mileage in the Nissan is ranging between 15 and 18 MPG.

Over the past couple of months, I've been exploring various options to help reduce costs.  I've looked at swapping cars with my wife (Chevrolet Venture), getting a smaller commuter car, and a motorcycle.

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My wife's commute is slightly shorter than mine, but she encounters much more traffic than I do.  So trading would provide no net gain.  A smaller car would lower fuel costs, but the fact that I need to maintain the Xterra for a tow vehicle, simply adds to overall costs due to insurance.

Lastly is the motorcycle: something I've wanted as a "toy" for many years.  This week I decided to put on my analysis hat, and perform a true Total Cost of Ownership (TCO) and Return On Investment(ROI) look at buying one.

When I've considered a bike in the past, I've truly only considered small CC crotch rockets, simply due to their price.  I could easily pick on up for a couple of thousand dollars.   Earlier this week a friend came by to show me a bike that he was considering buying; a Vulcan Classic 800.  This bike can easily be obtained in the $3000 range, and is a large enough bike to be safe in a breeze (or passing truck) and to be used as a true leisure bike for my wife and I.  So I it was used for my analysis.

Here are my constants

• 17 - Current MPG in the Xterra
• 45 - Reported MPG for bike
• 30 - Roundtrip Commuting distance
• $3000 - Cost of Bike
• $99/yr - Cost of Insurance (through Geico)
• $3.50/gal - Fixed price of gas for analysis

Using these figures I ran it through three separate scenarios: 1) full time commuting on bike, 2) half time commuting, and 3) 3/2 commuting (3 days on bike, 2 in Xterra).

	Monthly Savings	Annual Savings	Break-Even
Full Time	$74.94	$899.23	3.34 yrs
1/2 Time	$33.30	$399.62	7.51 yrs
3/2 Time	$41.63	$499.54	6.01 yrs

Realistically, living in Central Florida's weather, the 3/2 estimate would probably be the most accurate.  It is assuming that I would commute with the bike 60% of the time.  While it may not work out every week, I would estimate it would be an accurate reflection of the year as a whole.

Based solely on the numbers, the business-case can be made, but there are many other considerations that I also taking in to account.

• Safety - My current commute door-to-door consists of three roads, all divided highways, and a total of three stop lights , all are at least 5 miles from the next.  In the past 4 years I've encountered stopped traffic due to a accident two times, and the speed limit never exceeds 55mph.  If it were anything different I would probably not consider a bike.
• Savings vs. Earnings - If I were to simply leave the $3000 in its INGdirect savings account, I will only be making 3% return.  Assuming the bike holds its value and the 3/2  analysis above, I will have a $409.54 gain (savings - potential earnings).
• Environmental - My Xterra has estimated annual CO2 emissions of 9,207lbs, compared to the motorcycle's 3,478lbs.  That is a 62.22% reduction in emissions for my commute.  Every little bit helps lowers my total overall carbon footprint.
  [Carbon Footprint Calculator] via TerraPass.com
• Fun Factor - Both my wife and I have always wanted a bike.  Now that our kids are getting old enough to be self-dependent, we will have time to make use of such a purchase.

So needless to say, a motorcycle is likely in my future.  With it being 15+ years since I've ridden, my first task will be to take the Rider Safety Course.  After talking to friends "in-the-know" to get recommendations on the best course, I will be taking the Rider's Edge program offered by Harley Davidson. 

Obviously, I'm also in the market for a 2000-2003 Vulcan 800 Classic or a similarly prices Suzuki Boulevard C50.

Try the my analysis out yourself by downloading my Motorcycle Cost Analysis Spreadsheet [XLS].

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The week of September 22-28, the eight executive directors of the Illinois Food Bank Association, participated in a $25 Challenge to illustrate the difficulty in living off of what the average person on Food Stamps receives from the system.  You can read about their struggles at http://25challenge.blogspot.com/.

After reading about it, I decided to see if I could design a meal plan to stay under the $25 cap.  Since I couldn't convince Jennifer to try it for real, this will just be a exercise on paper.

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So tonight, I did a quick walk through in the local Dollar Tree, just to illustrate how I would do this.

Personal Experience

During my "dark days" in the early 1990s, this $25 challenge was more than a challenge, it was a reality.  It was a daily struggle to find a dinner that would cost less than a dollar or two.  There were even times when toilet paper was out of budget, and I'd have to come up with creative ways of "finding" rolls.  So when I tackled the $25 challenge, I also took that into account and included personal hygiene products.  Most of them on this list will last longer than one week, so those odd weeks are when the other necessities would be purchased.  For instance razors, shaving cream, floss, etc.

My days of suffering through this lifestyle when I was younger was greatly hampered due to my limited cooking knowledge.  Basically, if it didn't come out of a can, packet, or box, it didn't get made.  Since then, and probably due to it, Jennifer and I have actually learned to live on a very frugal food budget. 

If I could pass one secret to my younger self or anyone on a limited food budget, is would be "get rice cooker"!  This single kitchen device can be a life saver when money gets tight.  We have the Aroma 8-cup Cool Touch, that can easily be bought for under $30.  I actually think that a quality rice cooker, like it, should be issued to new food stamp recipients, along with sample meal plans using it.  It would have made a tremendous impact on our meal planning when I was enlisted in the military, if I realized its power and versatility.

Anyway, on to my meal plan. 

Shopping List

32oz Blue Ribbon Rice	$1.00
Farmland Hotdogs	$1.00
16oz Quick Oats	$1.00
14.5oz Cinnamon Sugar	$1.00
6oz Sunmaid Raisins	$1.00
Del Monte Spaghetti Sauce	$1.00
16oz Davinci Thin Spaghetti	$1.00
Banquet Pot Pie	$.75
Salt/Pepper Combo	$1.00
15oz Beef Stew	$1.00
4 pack - Corndogs	$1.00
Vigo Yellow Rice	$.75
15oz Black Beans	$1.00
Loaf of Bread	$1.00
16oz Grape Jelly	$1.00
Junos Frozen Pizza	$1.00
19oz Can Baked Beans	$1.00
Margarine	$.75
25oz Sun Dish soap	$1.00
18oz Whiterain Shampoo/Conditioner	$1.00
Deodorant	$1.00
3 Pack Ivory Soap	$1.00
Toothpaste	$1.00
Wyle's Lemonade Mix	$1.00
4 Pack Toilet Paper	$1.00
Total	$24.25

Day 1

• Breakfast
  Quick Oats with Cinnamon Sugar and Raisins
• Lunch
  Two Corn Dogs
• Dinner
  Beans and Franks - 1/2 pack of hotdogs and can of 19oz Baked Beans

Day 2

• Breakfast
  Toast and Jelly
• Lunch
  Leftover Beans and Franks
• Dinner
  Rice Baked w/Cream of Chicken Soup, Green Beans

Day 3

• Breakfast
  Quick Oats with Cinnamon Sugar and Raisins
• Lunch
  Leftover Baked Rice Dinner
• Dinner
  Spaghetti w/Meat Sauce

Day 4

• Breakfast
  Toast and Jelly
• Lunch
  Leftover Dinner
• Dinner
  Beef Stew w/rice

Day 5

• Breakfast
  Quick Oats with Cinnamon Sugar and Raisins
• Lunch
  Leftover dinner
• Dinner
  Vigo Yellow Rice w/Black Beans

Day 6

• Breakfast
  Toast and Jelly
• Lunch
  Leftover dinner
• Dinner
  Jenos Pizza

Day 7

• Breakfast
  Quick Oats with Cinnamon Sugar and Raisins
• Lunch
  Two Corn Dogs
• Dinner
  Banquet Pot Pie

I've tried to mix up the dinners, simply to illustrate some variety.  Personally, there would be more rice and bean dishes if I were physically put into a situation like this.  The breakfast and lunches shown in this plan, is basically what I do now, so it wouldn't be painful at all.

Could you do it?  If so how?

Could You Survive Spending Only $25 A Week For Food? [Consumerist]
Hunger Action Month [IFBA]
They tried eating on $25 a week [MSNMoney via Digg]
25 Dollar Challenge Blog

Image: Al Pavangkanan [via Flickr]

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With the market taking a nose-dive this week, I'm sure you are tempted to look at your nest egg to see how it is faring.  Don't!  Doing so might make you do something rash.  I looked, and I learned that my my losses exceed all of my contributions and my employer's matching for the past 12 months.

Seeing thousands of dollars just disappear into thin air makes me want to do something about it.  But doing something in the down market might be the worst thing to do.

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Investment vehicles like 401ks are long-haul earners.  Knee jerk reactions to a bear market can hurt your overall return in the end.  To calm my fears, I simply try to keep in mind that as my current investment values go down, my buying power on current contributions goes up.

No matter what, keep investing.
John Rosavear, The Motley Fool

"Assuming" the markets recover, as the professionals say it will, my investments made during the bear market will be the saving grace of the losses during the same period.  It is imperative that investment contributions continue to be made.

If I were only a couple of years from retirement, my inaction would most likely differ.  Since I have another 20 or so years, I'll let it ride.

401(k) Steps to Take Now [The Motley Fool]

What Should I Be Doing With My 401(k) [NPR]

How to handle the crisis in your 401k [The Atlantic]

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I am mid-stream, moving all of my banking services from WAMU to a new bank, not due to its failure, simply due to a better banking option.  As a firm believer in in the FDIC and the possibility of damage, runs on banks will cause, I almost want to stay just because they have truly been the best bank I have ever used.

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Earlier in September when I learned that USAA opened their membership to Honorably Discharged veterans, is when I made the decision to jump ship.   This was before WAMU was even rumored to be on shaky ground, but the process of migrating my assets, bills, debit cards, etc has taken longer than anticipated.  Now I feel like I'm going to appear as a knee-jerk bank runner.

WAMU/Chase, can simply not compete with the services and APR that I will get as being a USAA member.   In fact, USAA offers some services that our local WAMU branch personnel have never even heard of, like  100% free prepaid debit cards, and the capability to deposit checks via your scanner at home 24/7.

Sorry WAMU, I know the timing sucks, but I have to move on.

As for you reading this...your mattress is not any safer than your FDIC insured bank account, so unless you have a valid reason to change banks have faith in the system.  If the public begins a run on banks, that money you are sleeping on will be losing value too.  Remember, the US dollar's value is based on the market's faith in it, nothing more, nothing less.

Image: TheTruthAbout [via Flickr]

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In 1996, while in the military, earning below poverty level, my wife and I managed our pennies and nickels using the plain old checkbook register. When I was finally able to save up enough to upgrade my IBM PS2 to a flashy new Packard Bell XT, we noticed it came preloaded with Microsoft Money. Just out of curiosity, we gave it a try. Eleven years, thousands of transactions, dozens of banks later, we still use it, a new version obviously, but still reliable old MS Money.

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Through financial good times and bad, MS Money has helped us tremendously over the years. From budgeting to savings, it allowed us to instantly take a snapshot of our financial status, and tweak it as needed. It helped us get through a rough patch in 2000 that brought us nearly to bankruptcy, to currently managing our net worth. Most of all, it allowed us to track our spending trends over time; which is the REAL power of any financial management tool. This information empowers you, by showing you where and what you spend your money on, and how you can reduce it.

To call be a MS Money fan is an understatement, I'm more of a MS Money Evangelist, trying to convert everyone I know to some kind of financial management tool, be it Money or Quicken. I have friends that do not balance their checkbook, let alone track their spending. Some of which make more money (inflation adjusted), than we used to, and live at a lower standard of living than we did. Convincing them that money management is one of the keys to success, is difficult. I try to explain, that without knowing where their money goes over time, how can they possibly change their spending and savings habits? Without balancing your banks transactions, how can you be sure they are not making mistakes?

In the 10+ years that I've been using MS Money, I have caught dozens and dozens of errors by the banks. Some have benefited them, some me. Some small and some large enough to require drastic action. If you are not auditing your accounts, I will almost guarantee you've been screwed, probably a lot more than once.

While it bugs Jennifer, I love to look at our spending over long terms. I guess it is that Accountant in me, trying to escape. Check out the charts below. You will definitely see some trends that were out of our control.

Automobile Fuel 1997-2008

Medical Expenses 1997-2008

Food Expenses 1997-2008
(we added another mouth in 2000)

If you have not started managing your money using an automated system, start today. While it will feel painful for a few weeks or even months, you will quickly see the benefits.

• Microsoft Money
• Intuit Quicken
• Mint

Poll: How to do you manage your money? Submit your answers in the comments.

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Most people budget their expenses on their paycheck schedule, either weekly or bi-weekly, not on their monthly income.  Yet, our mortgage payments (like most other bills) are due every month.  By simply aligning the two, you can take years off of your mortgage and greatly reduce your interest paid.

Instead of making your payment every month on the due date, simply make your payment every 28 days.  This will better align your mortgage payment (which is probably your largest bill) with your income and it will effectively accelerate your payments 2-3 days for 11 months of the year.  By the end of the  year, you will have almost made one full extra payment in principle, because you will be nearly 29 days ahead of schedule with payments (30 days on leap years).

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A $200k fixed rate 30yr mortgage at 5.5%, (first payment due on January 1, 2008), can save over $17,000 in interest over the life of the loan, and payoff the loan 32 months early, by following this simple payment method.

In addition to the obvious interest savings, budgeting your family expenses will most likely be easier with a 28 day alignment, rather than a 28/30/31 when your payment is due on a particular day of the month.  You will know that your mortgage always aligns with your paycheck, making it easy to remember and budget for.

Try it out on your mortgage by downloading my savings Spreadsheet for Microsoft Excel, and see how much you can save.

Download: 28 Day Mortgage Payment Savings Calculator.xls

NOTE: Before beginning any prepayment program, ensure you lender does not charge prepayment penalties.

Image: roarofthefour [via Flickr]

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While on the way home yesterday, I happened to hear a radio commercial stating the USAA has open its enrollment eligibility to "former officers and enlisted personnel who separated on or after 01/01/1996". This opens all kinds of financial benefits for us "one term" veterans. Previously, you had to be either active duty or retired military to join.

I signed up as soon as I arrived at home, and promptly applied for their Platinum Mastercard. Within 60 seconds I was approved, with an APR more than 5% lower and a credit limit 6 times higher than my current Chase Platinum. Which immediately alters my debt ratio on my credit score for any balance carried. Yeah me!

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Next, I will be moving my oldest son's savings account from Washington Mutual to USAA's Teen Checking, and setting up a prepaid account for my youngest's allowances.

United Services Automobile Association (USAA) is a Fortune 500 financial services company focused on providing banking, investing, and insurance to people and families that serve, or served, in the United States military.

Some benefits of Membership

• Free Checking - Free worldwide ATM use, free checks, interest earning, rewards, and more. They even reimburse you for other banks ATM fees.
• LOW Credit Card Rates - APR lower than all options reported at BankRate.com
• Teen Checking - 100% free Checking account with debit card. They even have their own website to logon to to maintain their account.
• Insurance - Automobile, homeowners, renters, life, annuities, and more!
• Free Prepaid Mastercards - Great way to manage allowances for kids. The next cheapest that I've found is PayJR for $5 month.
• Loans - Competitive mortgage, auto, personal, and home equity loans.
• Investments - USAA provides a limited discount brokerage service and a family of no-load mutual funds.
• Financial Planning - USAA also offers limited free Financial Planning advice, as well as a more thorough flat-fee or hourly-rate financial planning service.
• Discounts - Car Rentals, travel, and more.

If you were a single term soldier, sailor, or airman (who discharged after 1995), I highly recommend exploring your benefits and options now available to you as USAA. Also, keep in mind, as a USAA member your spouse and children (adult children too) are eligible for membership as long as you are.

Click here to Join

Image: annia316 [via Flickr]

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