Starting a Thrift Store
The Dollar Stretcher Blog
by Gary Foreman

I would like to open a thrift store either in NY or GA. How does this work and in your opinion, is this a good business? Also, are thrift stores considered not-for-profit??? And why do some thrift stores give write off for donated items and others do not?

Arlene

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Bi-Monthly Credit Card Payments - Tips on Budgeting

The Dollar Stretcher Blog

Written by: Gary Foreman

I have heard that paying on a credit card debt every two weeks, instead of paying it once a month saves on interest and could pay off the debt faster. Is this true? I have been trying to put at least $50 on the debt, every two weeks, plus pay the minimum, once a month, but not seeing much progress. Will this help in the long run, more than the short term? Is there a better way to go about paying credit card debt off than bi-weekly? 
Sue M.

Sue asks a good question. Can paying a little extra every two weeks really reduce her credit card balance? And, the answer is (drumroll, please): sometimes…

Tips on Budgeting - Free 5-hour Video Debt Course

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Facing our Financial Problems - Tips on Budgeting

Facing Our Financial Problems
The Dollar Stretcher Blog
by Gary Foreman

Most of our ‘problems’ are really nothing more than undealt with discomforts. The moment we get up the resolve to look them in the face and do something about them, they vanish. Our real problems are the ones we are afraid to look in the face.
- Rabbi Shraga Silverstein

Everyone has problems. It seems to be part of the human experience. But, if you’ll look around you it’ll become obvious that not everyone handles their problems the same way. Some are crushed by troubles. Others are relatively unaffected.
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Understanding Bi-Weekly Mortgages - Tips on Budgeting

Written by: Gary Foreman

The Dollar Stretcher Blog

Dear Dollar Stretcher,

I read as article about “Biweekly Mortgage Payment Programs” and I have a question. I have read that I can do the same thing myself by just paying an extra payment every year for the same affect so why should I pay someone else to do this?

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6 Money Saving Tips on Budgeting

6 Money Savings Tips For Single Girls

Written By: Alban

Being single is not always as much fun as it is made to look by girls like Carrie Bradshaw and the like, and one of the most frustrating parts of being a single girl can be making your money stretch further from one income so you can still budget to go out with the girls in the relationships, with the pooled finances.

Saving money when you are single is very different to saving when you are part of a twosome, but one of the main advantages is that you have complete control over your budget, there is no one else to blame when the supermarket trolley is filled with chips and ice cream, and no enough stables to make dinner, and that accountability can see you taking more control and more responsibility of your finances. Following are six simple savings tips for single girls in any situation to make your money go further. Read the rest of this entry

Mortgage Prepayments - Tips on Budgeting

Written by: Gary Foreman

The Dollar Stretcher Blog

I am trying to find the best way to really take advantage in reducing our mortgage to save on interest paid. We are in our home for 5 years with a 30 yr fixed @ 6.1% rate. Payment is $1500 mo. We are now sending in our regular payment weekly by dividing 1500 by 4. On top of that we are sending in $400 to $500 weekly to add to principal. We did not know if dividing th original payment by 4 if it would make a big diference since it is getting there early in weekly amounts. We would sure appreciate advice and help.

TR

Wow! TR is to be congratulated on her dedication to paying off the mortgage quickly. But, let’s see if all those extra payments are reducing the length of her mortgage.

Hopefully, TR has already taken the first step. That’s to make sure that her mortgage allows for prepayments without penalty. Most mortgages do allow it, but it’s good to be certain. If not, they’ll take all her payments and just apply them to the next regular due date. Effectively making all her early payments an interest free loan to her mortgage company!

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Frugal Fatigue - Tips on Budgeting

Written by Gary Foreman

The Dollar Stretcher Blog

Recently I was approached by a reporter. They were doing a story on people who were tired of the effort it takes to control their spending. What suggestions, she asked, did I have for people who were struggling and thinking of just giving up?

A little time brought to mind some of the things that I’ve seen people do who continue when the easiest course was to quit.

The first is to make a decision. Once you’ve decided to pursue a goal, do not question it. Unless you have significant new information, you have no reason to doubt your original decision. So don’t trouble yourself with questions. Just continue along the path you chose to follow.

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Your Money Tapes – Tips on Budgeting

Written by Gary Foreman

The Dollar Stretcher Blog

I’ve often heard it said that the longest distance is between the human head and the human heart. What is meant is that there are many things that we know intellectually. We understand them and have no doubt that they’re true. But, we still have trouble acting on them. In other words, our heart doesn’t know the same truth.

How many of us suffer the same thing in our financial affairs? We know we should budget or begin saving for retirement. But we can’t seem to do it. Intellectually we know what we should be doing. But we just can’t get going on it. Our heart isn’t in the program.

One way to identify when our minds and hearts aren’t in sync is to notice what financial decisions make us uncomfortable. What financial activities make our palms sweat? Our hearts beat faster? Make our stomach quesy? When we feel uneasy about a financial event that’s a clue that it’s an area that we need to examine.

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