Category Archives: Saving, Giving, and Living

Tax Day Freebies & Coupon Roundup ~ Cinnabon, Chili’s, P.F. Changs, Mayfest, Sonic and More!

Bookmark and Share

 

The tax man cometh and so do the FREE goodies and discounts for Tax Day 2012!  To show their empathy towards our tax plight, many businesses and organizations are giving away lots of freebies and deals in the coming days. We’ve compiled several promotions that will hopefully put some money back in your pocket and brighten up tax return day!

Note: Most offers are valid April 17th only. Click on links for more details of each offer.

Restaurants

  • Cinnabon ~ FREE Cinnabon Bites – 6-8PM, April 17
  • P.F. Chang’s ~ 15% discount for orders placed online, April 17
  • Chili’s ~ Get a  coupon for a FREE appetizer or dessert, April 16-18
  • Sonic ~ Enjoy 50% OFF drinks and slushes! 7AM-11:30PM, April 17
  • Subway ~Participating locations are offering buy one get one FREE 6″ Sandwiches, daily before 9AM during April
  • Arby’s  ~ Get a coupon for FREE value curly fries, April 17

Events, Grins, & More

OH, NO! Forgot it was Tax Day?

Enjoy and Share! :)

 

Subscribe to My Feed Get Blog Updates Delivered By Email - FREE! Follow Us On Twitter!

Want to keep up with fresh ways to save money
and button down the family finances?
Subscribe to Frugal in Fort Worth now. It’s FREE!

 
 

Linking to Amazon through our site helps support Frugal in Fort Worth (thanks!).

FREE Raised Bed Gardening 101 E-Book

Bookmark and Share

Raised Bed Gardening 101, an 89-page free e-book, is designed as an introduction for beginner gardeners. It briefly explains gardening basics and provides you with various design ideas for your own raised garden beds. Learn more or download the book here.

Looking for more great gardening titles?
Check out this list of FREE Gardening Resources and Tips.  Towards the bottom of this link, you’ll find a list of recommended books for North Texas and Dallas/Fort Worth area gardening.

You might also be interested in these popular FREE books
(Kindle Editions):

Do note that if you plan to get any of the free titles, you might not want to wait, as we don’t know how long they will be available for free.

============================

Don’t Have a Kindle?
No worries.  If you are reading this, you likely already have a device to read Kindle ebooks in your home.  All you need to do is download one of the following FREE applications for your PC, Mac, Blackberry, iPhone/iPad/iTouch, Android, or Windows Phone.

*Free Kindle for iPhone/iPad/iTouch
This is the app I use to read my FREE books.  Download, here (or download directly through the iTunes App Store on your device) to be able to read Kindle books on your iPhone, iPad, or iTouch.

*FREE Kindle for PC
Download a FREE application
to read Kindle books on your PC.

*FREE Kindle Blackberry App
Get Amazon’s free Blackberry application to read Kindle books. Download yours for FREE here.

Find more Kindle apps for Mac, Android, and Windows Phone 7, here.

============================

Enjoy and Share! :)

$5 OFF Coupon for Hallmark Stores

Bookmark and Share

Right now you can get $5 OFF your next $10 purchase at Hallmark Gold Crown stores ~ Here’s how:

  1. Pop over to Hallmark.com and send a FREE e-card of your choice (I love that you get to brighten someone’s day with this offer!).
  2. Look for the above $5 OFF graphics image on your confirmation page to get to the link for your $5 coupon!
  3. Coupon is valid through May 9th on regular priced merchandise.

Don’t wait too long to print this, as I’m not sure how long Hallmark will have this up on their site.

Enjoy and share!  :)


Want to keep up with fresh ways to save money
and button down the family finances?

Subscribe to Frugal in Fort Worth now. It’s FREE!

Subscribe to My Feed Get Blog Updates Delivered By Email - FREE! Follow Us On Twitter!

Linking to Amazon through our site helps support Frugal in Fort Worth (bunches of thanks!)

Happy Easter From Frugal in Fort Worth!

Bookmark and Share

“Happy Easter.” We all say it…but why? Click here for a 
reminder of what those words actually mean.

We hope you have a wonderful
Easter Celebration!

:: 

Image and text from Hobby Lobby, Mardel, and Hemisphere Stores.

Easter Video creative from Igniter Media

Community Spotlight: Tornado Relief Events in North Texas Hosted by Kroger, KLTY & Clear Channel Communications

Bookmark and Share

Our hearts and prayers go out to all those who were affected by this week’s DFW tornadoes.  We are so thankful that there was no loss of life ~ what a miracle! If you are wondering how you might be able to help in the relief efforts, here is a great idea…

DALLAS-FORT WORTH (April 5, 2012) – Kroger joins forces with local media outlets to host collection drives and raise money for tornado relief efforts in North Texas.

Through April 30, 2012, shoppers have the opportunity to participate in a coin box fundraiser, presented by Kroger and NBC 5, at all Kroger stores in the Dallas-Fort Worth area. To donate, customers can simply give their spare change at the register. Kroger will match customer donations up to $50,000. 100% of the monies collected will benefit the American Red Cross.

Kroger has teamed up with and KLTY-FM and Clear Channel Radio (KDMX-FM 102.9; KHKS-FM 106.1; KDGE-FM 102.1; KZPS-FM 92.5; and KEGL-FM 97.1)  to execute collection drives (list of Kroger locations below) for displaced families and relief workers. Most-needed items include non-perishable food; toiletries; infant clothing; cleaning supplies; tools; shovels; brooms; plastic tubes; work gloves; rubber boots; ice chests and bottled water. All collected items will benefit storm relief efforts in Arlington, Lancaster and Forney.

Kroger Collection Drive Sites

Thursday, April 5, 2012 (9 a.m. – 5 p.m.)

:: Arlington ~ 5701 W. Pleasant Ridge
:: Fort Worth ~ 6650 N. Beach at Western Center Blvd.
:: Rockwall ~ 2935 Ridge Road
:: Dallas ~ 10677 E. NW Hwy.
:: Dallas ~ 17194 Preston at Campbell

Friday, April 6, 2012 (6 a.m. – 10 a.m.)

:: DeSoto ~ 1001 N. Beckley

 

Subscribe to My Feed Get Blog Updates Delivered By Email - FREE! Follow Us On Twitter!

Want to keep up with fresh ways to save money
and button down the family finances?
Subscribe to Frugal in Fort Worth now. It’s FREE!

 
 
Linking to Amazon through our site helps support Frugal in Fort Worth (bunches of thanks!)

Tax Tip: Homeowners Don’t Miss Out on $500!

Bookmark and Share

The Government’s Energy Saving Home Improvement Tax Credit is still available and worth as much as $500 back in your pocket. Even if you just did a home improvement job of replacing windows or insulating your attic you may have money coming back to you.  It’s worth checking out.  Go here to read more (from the IRS).  TurboTax does a good job of explaining improvements that qualify, here.

P.S.  If you are a TurboTax user, the software itself does a great job of walking you through the Energy saving credit details. For a limited time, Amazon has the DELUXE TurboTax Version for $26 (go here) ~ still the best price we’ve seen anywhere.

Enjoy and Share! :)

.

Linking to Amazon through our site helps support Frugal in Fort Worth (bunches of thanks)!

FREE Resources for Gardening and Selecting Easy-to-Grow Plants for DFW and North Texas ~ Post #6

Bookmark and Share

Note about this post: We are taking a little blog-cation over the coming days and are republishing some of our top posts from the past (in no particular order). We look forward to being back with you in a few days! :)

True confession: I love to dig in the dirt.
I melt with envy when I see “good dirt,” since my backyard is filled with
clay-like gooey soil mixed in with a healthy ~ errr, unhealthy ~ amount of limestone rock.  It takes a whole lot of work, compost, etc to make the plants in our suburban Fort Worth garden happy, but in the end, it is incredibly satisfying to plant something in the garden and see it blissfully take off!

Let me not lead you astray, though, as I do not have a “green thumb!”  Yes (another confession), I am a plant killer. Please don’t call the plant police!

The Strong Shall Survive
(a.k.a. This plant will not be voted off the island!)
Texas Summers are brutal, so after several years of taking the lives of lots of wonderful (but helpless in my hands) plants, I have developed a motto for my gardening tactics and plant choices: “The Strong Shall Survive!”   Let’s face it.  I don’t handle horticultural disappointment well and definitely don’t have the intestinal fortitude to be a farmer.

That said, my list of favorite plants that survive the abuse known as “me” largely includes North Texas-friendly perennials and a few hardy herbs and vegetables.  I especially love the ones that have been shared with me by friends and family and have a known history like the Texas Gold Columbine that came from my mother’s garden last week, the rosemary that was a Christmas gift from a friend, the antique violets from my Grandmother’s garden, and the 3 Red Knock-Out Roses that a friend dropped off as left-overs from a project (love leftovers like these!).  Each one brings a happy memory and smile to my face!

Plant This, Not That.
After much trial and error over the years, I have discovered several great resources that have helped my plant success rate go up (and conversely, caused my “kill” rate to go down!).  Following is a list of some of my favorite “go to” sites for selecting plants for this area, along with a few books you can get cheap at Amazon.com or on loan from the library:

:: Free Internet Resources for Texas and DFW area gardening

  • Ask Mr. Smarty Plants: Love this site! Mr. Smarty Plants is a free service provided by the staff and expert volunteers at the Lady Bird Johnson Wildflower Center. It is written in language that even a novice gardener like me can understand.  Send in your challenging plant problems and questions or just peruse the extensive database of Q&A from others.  They do answer all questions and most responses are accompanied by gorgeous photos of the plants discussed.
  • Calloway’s My Texas Garden: This local site provides a terrific list of quick-read resources for Texas gardeners.  You’ll find everything from tips on how to discover your garden personality to choosing plants that attract hummingbirds. If you sign up for their “Garden Club” (FREE!), you’ll also get notifications of free store seminars plus links to some terrific coupons and store specials.  Last month I received a 50% Off Coupon for anything in the store & now I’m a proud owner of a terrific new weeding tool (dear dandelions, you will not win!).
  • Texas A&M’s List of Texas Star Plants: I have tried several of these plants and each one gets “The Strong Shall Survive” seal of approval!
  • The Grumpy Gardener Blog: I have been following southern horticulturist Steve Bender (Southern Living Magazine) and his tongue-in-cheek campaign against “Crepe Murder” for years.  If you have sawed off your crepe myrtles and turned them into stumps, he just might pay you a surprise visit and have a word or two :).  He now has a blog that is full of great Southern gardening tips (and as a bonus, he will make you laugh).
  • Lady Bird Johnson Wildflower Center Native Plant Database & North-Central Texas list of Recommended Plants: The amount of information on each plant in this database is amazing.
  • Native Plants of Texas: This is a really handy search engine for finding Fort Worth & Dallas friendly plants with specific needs (i.e. drought or shade tolerant).  You can narrow your search by type of plant (Evergreen trees, vines, groundcovers, etc) and even color.  Most searches produce a variety of corresponding plant pictures.
  • Texas A&M Horticulture’s Spring Planting Calendar for Vegetables (DFW Metroplex is Zone 8, Region III). Great guide for when to plant those veggies in our area.

:: Recommended Books for Texas and DFW Area Gardening

  • The Southern Living Garden Book:  This is the first book I pull from the shelf when I have a garden question. It’s a great encyclopedia of plants and other gardening info for Southern Gardeners.  In fact, a few years ago, I learned how to prune my roses with the easy-to-follow illustrations and guide.
  • All New Square Foot Gardening, Grow More in Less Space: Provides a  fun approach and easy-to-follow guide for a simple 4 foot x 4 foot  vegetable garden, along with lots of money-saving tips for frugal gardening.  It’s an easy way to grow a vegetable garden in spite of our terrible North Texas soil (great for small suburban gardens, too).
  • Howard Garrett’s Texas Organic Gardening:  Howard Garett, our local garden expert, is my go-to person for organic gardening info. His book provides solutions specific to Texas gardens like the best (and worst) plants for our area, organic ways to improve your soil and deal with pests, and other great organic gardening tidbits.
  • Texas Home Landscaping: If you are trying to save on landscape plans and want some do-it-yourself guidance and ideas for making your home landscape more attractive and functional, this is a great resource.  This book gets my “Strong Shall Survive” seal of approval, as all plants recommended should thrive in our area & are Texas friendly. There are abundant illustrations and plant photos throughout (love that it shows you what plants will look like from initial planting to full-grown plants!).  Each plan will tell you exactly how much land space you need as well as the recommended plant list.

I know I’m just scratching the surface of the many local garden resources that exist, so please share some of your favorites in the comments section!  Tell me about what you are planting (and your favorite plant survival tips too)!

Enjoy and Share! :)



Want to keep up with fresh ways to save money
and button down the family finances?

Subscribe to Frugal in Fort Worth now. It’s FREE!

Subscribe to My Feed Get Blog Updates Delivered By Email - FREE! Follow Us On Twitter!

.

Is Refinancing Your Home a Wise Option? ~ Post #4

Bookmark and Share

Note about this post: We are taking a little blog-cation over the coming days and are republishing some of our top posts from the past (in no particular order). We look forward to being back with you in a few days! :)

Mortgage Rates Fall to Record Lows.
Average mortgage interest rates just hit their lowest level since 1971 , and if you are a homeowner, this is a really good time to explore refinancing. And I do mean “explore.”

Just because rates have dropped doesn’t necessarily mean that it is wise for everyone to refinance immediately.  Refinancing involves applying for a new loan which will be used to pay off the old loan.  Remember that mile-high  stack of mortgage paper work?  You’ll have to go through that process all over again, (but the extra effort could really be worth it in savings).

Is Refinancing Your Home Right For You?
There are lots of good reasons to refinance your mortgage including a lower interest rate, a shortened mortgage term so you can  build equity and get out of debt faster, lower monthly payments, or switching from an adjustable rate to a fixed-rate mortgage.

Before you invest too much time in the refinance process, make sure you can say “yes” to the following 2 questions (the basic refinance rules of thumb):

  1. Is the new refinance interest rate at least 1 percent lower than your existing mortgage interest rate?
  2. Do I plan to own my home until I break even on the refinance costs?

If you answered “no” to either of these questions, it might not make sense for you to refinance at this time, as loan costs could exceed any potential interest savings.  Keep reading, if you said “yes” to both questions or if you don’t know the answer (we’ll try to help you figure that out below).

6 Easy Steps To Determine If A Refinance Will Save You Money
If you can say yes to the above questions, you still have a little loan shopping and comparison homework to do in order to decide whether a refinance is a wise option.

  1. Find out if your current mortgage has prepayment penalties. Although it is uncommon, some mortgages do charge a prepayment penalty. If this is true of your mortgage, determine how much you will be charged if you  pay off your mortgage  early.
    .
  2. Shop for the best refinance deal. We recommend that you only look at fixed interest loan rates from reputable loan providers (go here to learn more). Also compare your total closing costs and refinance fees among potential lenders, costs like: points, survey fees, appraisal fees, attorney fees,  mortgage prepayment penalties and more (read the list of potential fees here). Ask each lender to give a complete list and total cost of fees in writing so that you can make a fair comparison.  If they will not give you this in writing, consider this a red flag.
    ..
  3. Learn what the new monthly mortgage payment will be. Each bank or mortgage company should give you, in writing, the new interest rate and monthly mortgage payment, based on at least two options:
    .

    1. Add the closing costs and refinance fees to the remaining balance of the home (this is called “rolling costs into the mortgage”), AND
    2. Pay the refinancing fees and closing costs out-of-pocket and in cash. If you can swing it, this is typically the better financial option, providing a higher amount of long-term savings.
      .
  4. Compare the offers and their potential savings. Use the refinance calculator (here) to compare the interest savings and refinance costs for each lender option and figure out which gives you the most favorable overall cost savings. If you’ll have a prepayment penalty on your current mortgage (Step #1, above), determine what the penalty would be if you refinance, and add that amount to your closing costs when you make your comparisons.
    .
  5. Calculate your break-even point. For each loan scenario, write down the number of months for interest savings to offset closing costs” (9th box down in the refinance calculator). This is also known as your break-even point.
    .
  6. Analyze your break-even point. Estimate the number of months you expect to own your home and compare it to the break-even points calculated in steps #4 & #5 of each loan scenario. If the expected number of months that you’ll own your home is greater than the break-even point number of months, then refinancing will likely offer you long-term cost savings.

An important side note on taking cash out: You might figure out that this is the right time for you to refinance.  Depending on the amount of equity you have already invested in your home, your loan provider might give you the option to get cash back and take out a bigger loan.  While this might be tempting, we strongly recommend that you avoid this option if possible.  It will likely cost you more money in the long run, could possibly wipe out any potential savings you make from the refinance, and might extend the amount of time until you can be debt and mortgage free. This option benefits the lender (who makes more money off the larger loan), not you.  Just say “no” to this option!!

Are you planning to refinance your home?  Do you have any words of wisdom you can share from your home refinance experience? We’d love to hear about it (please leave a note in the comments section)!


Enjoy and Share! :)



Want to keep up with fresh ways to save money
and button down the family finances?

Subscribe to Frugal in Fort Worth now. It’s FREE!

Subscribe to My Feed Get Blog Updates Delivered By Email - FREE! Follow Us On Twitter!

.

10 Easy Strategies to Save a Bundle on Prescriptions at Your Local Pharmacy ~ Post #1

Bookmark and Share

Note about this post:  We are taking a little blog-cation over the coming days and are republishing some of our top posts from the past (in no particular order).  Perhaps you’ll find a new nugget or two that you’ve missed along the way or maybe just a timely reminder.  It was fun to look back over former posts ~ I hope you enjoy the review, too! 

We look forward to being back with you in a few days!  :)

10 easy ways to decrease prescription expenses

Good news for consumers! Pharmacies and drug manufacturers are competing hard for our prescription business by offering special savings incentives for choosing them. These incentives take many forms, ranging from pharmacy coupons for store gift cards to drug manufacturer coupons and rebates. The savings can add up fast since many of these coupons and rebates can be used together.

Let’s take a closer look at these incentives and strategies to save on your next pharmacy bill:

  1. Find out from your doctor if there is a generic option for your medication. With many pharmacies offering $4 generic prescriptions, this option can often save you a bundle and provide a lower insurance co-pay too.
  2. For non-generics, ask your doctor for available coupons or rebates from the manufacturer. Frequently, pharmaceutical reps provide coupons, instant rebates, and other savings promotions for doctors to pass along to their patients.
  3. Look online for coupons or rebates from the manufacturer. Visit the pharmaceutical company’s official website and search for savings incentives. The more competition a prescription has from other manufacturers or the newer the drug, the more likely you will find a rebate or coupon. Fellow blogger, “Internet Drug Coupons” has a long list of direct links to drug companies that offer discounts ~ a good starting point to find extra savings.
  4. Shop for the lowest prescription costs. Like every other shopping experience, it pays to shop around on your medications. The more expensive the prescription, the more important it is to compare prices to save money. This is particularly true, if you have high co-pays or deductibles on your insurance. Take a moment to call several stores before choosing a pharmacy, and be sure to include warehouse clubs like Costco and Sams on your call list, as they often have the lowest prices.
  5. Look for pharmacy coupons online before choosing where to fill your prescription. With a simple Google or Bing search you can easily find what coupons are available for local pharmacies ( i.e. Search: CVS Transfer Prescription Coupon February 2012 to find current online coupons).
  6. Scan your newspaper circulars for pharmacy coupons. Kroger, Target, CVS, Albertsons, and Walgreens, to name but a few, have all jumped on the prescription coupon band wagon and almost monthly run a coupon in their circulars (some can even be found online). Most often these pharmacies offer a gift card/certificate usable anywhere in the store with a prescription purchase. Call your pharmacist to find out if they have a current coupon or promotion ~ often then will have extra coupons on hand if you ask for them.
  7. Make it a habit to read your store receipts from the check-out. Pharmacy savings rewards and coupons are often provided to loyal store customers along with the receipt. I have often received such “bounce-back” pharmacy coupons with my grocery receipts at Target and know that other stores like CVS, Walgreens, and Kroger do this as well.
  8. Ask your store’s pharmacist what offers are currently available for new or transferred prescriptions. CVS and Walgreens often have available an unpublicized offer for a FREE $25 gift certificate for transferred prescriptions.
  9. Switch pharmacies. Some of the best savings coupons are for transferred prescriptions, making it literally pay to change pharmacies. However, you will want to evaluate the practicality and benefits of this. If you prefer to stick with one pharmacy, keep in mind that many pharmacies will take competitor coupons or match a competitor’s offer. Always ask.
  10. Try before you buy. Coupons for free trial vouchers or free samples for new customers are available for many medications direct from the manufacturer. You will need a doctor’s written prescription, however, to send with the coupon or voucher.

Be sure to look at all your options for maximizing your savings on medications. Combining store pharmacy offers with any available manufacturers’ incentives typically provides the greatest returns.

Important Note: These strategies are easy, but since they do need a little planning and time, we assume that your prescription is not for an emergency. If your medical professional has indicated you need immediate medical attention or medications, please do so, according to their instructions and advice. The material found on this page is for informational purposes only and none of it should be considered medical advice in any way. Please consult your physician with any medical questions.

If you have any other ideas on how you have saved money on prescriptions (or have links to related coupons & rebates), please post a comment, as we would love to hear about it!

Bookmark and Share

Enjoy and Share! :)

Subscribe to My Feed Get Blog Updates Delivered By Email - FREE! Follow Us On Twitter!

Want to keep up with fresh ways to save money
and button down the family finances?
Subscribe to Frugal in Fort Worth now. It’s FREE!



Linking to Amazon through our site helps support Frugal in Fort Worth (thanks!).

Hallmark Cards: Buy One, Get One FREE Coupon

Bookmark and Share

Hallmark has a terrific printable coupon (click here) for Buy One Get One FREE Cards  ~ just in time for Valentines Day!  Don’t wait too long to print this, as I’m not sure how long Hallmark will have this up on their site.  Note that the coupon is good for up to $2.50 value.

Enjoy and share!  :)

 

FREE Printable Daily Planner & To Do List

Bookmark and Share

I’m not generally one for making new resolutions with every turn of a calendar year.  I read an article over here that pretty much embodies my thoughts on this (much more eloquently than I could say).  That said, I do feel like 2012 is going to be a year of being more intentional about the things and people who matter most in my life. 

I just found a free printable daily planner from writer Ann Voskamp that looks like a perfect tool for getting my fresh, intentional year off to a good start (thank you so much Ann!).  Along with a nifty “to-do” list format, it even has a place to write a memory verse, a check off for your workout and water intake, and a place to capture a “pearl” of gratitude from your day.  I love what she says when describing how to use this planner: “Standing in an imperfect place is just the perfect place to begin, and everyday offers the hope of Day 1. His mercies are new every morning and this is a gift.” Yes!

If you are looking for a fresh way to be more deliberate with your personal time, organization, and planning you just might want to print this out yourself!

Go here to get the free daily planner page.

Enjoy and Share!    :)

Subscribe to My Feed Get Blog Updates Delivered By Email - FREE! Follow Us On Twitter!

Want to keep up with fresh ways to save money
and button down the family finances?
Subscribe to Frugal in Fort Worth now. It’s FREE! 

 
Linking to Amazon through our site helps support Frugal in Fort Worth (bunches of thanks!)

Worth Noting: FTC Charges Telemarketers with Illegal Robocalling

Bookmark and Share
 
 

I was just talking with a friend about the abundance of fake/scam phone calls that have filled their voice mailbox in recent weeks. If this is happening to you as well, you might take comfort in knowing that today, the Federal Trade Commission announced it is filing legal action against several telemarketers.

These firms have made pre-recorded sales pitches to phone numbers registered on the U.S. National Do Not Call list and disguising the Caller ID of these “robocalls” with inaccurate names.

The FTC alleges that automated sales calls pitching credit card debt reduction programs, extended car warranties, and home security systems violated the U.S.’s Telemarketing Sales Rule by disguising the Caller ID of such automated sales pitches with inaccurate names such as “card services” or “private office.”

Making such automated, pre-recorded sales calls to consumers without their written consent violates FTC rules.  Hopefully the FTC actions will help end or at least cut down on the number of these calls.

Go here to read the original announcement from the FTC .

Register for the National Do Not Call List here.

Subscribe to My Feed Get Blog Updates Delivered By Email - FREE! Follow Us On Twitter!

Want to keep up with fresh ways to save money
and button down the family finances?

Subscribe to Frugal in Fort Worth now. It’s FREE!

Linking to Amazon through our site helps support Frugal in Fort Worth (thanks!).

Mortgage Rates Hit A Record Low! Is Refinancing Your Home a Wise Option?

Bookmark and Share

Mortgage Rates Fall to Record Lows.

Average mortgage interest rates just hit another historic low, and if you are a homeowner, this is a really good time to explore refinancing. And I do mean “explore.”

Just because rates have dropped doesn’t necessarily mean that it is wise for everyone to refinance immediately. Refinancing involves applying for a new loan which will be used to pay off the old loan. Remember that mile-high stack of mortgage paper work? You’ll have to go through that process all over again, (but the extra effort could really be worth it in savings).

Is Refinancing Your Home Right For You?

There are lots of good reasons to refinance your mortgage including a lower interest rate, a shortened mortgage term so you can build equity and get out of debt faster, lower monthly payments, or switching from an adjustable rate to a fixed-rate mortgage.

Before you invest too much time in the refinance process, make sure you can say “yes” to the following 2 questions (the basic refinance rules of thumb):

  1. Is the new refinance interest rate at least 1 percent lower than your existing mortgage interest rate?
  2. Do I plan to own my home until I break even on the refinance costs?

If you answered “no” to either of these questions, it might not make sense for you to refinance at this time, as loan costs could exceed any potential interest savings. Keep reading, if you said “yes” to both questions or if you don’t know the answer (we’ll help you figure that out below).

6 Easy Steps To Determine If A Refinance Will Save You Money

If you can say yes to the above questions, you still have a little loan shopping and comparison homework to do in order to decide whether a refinance is a wise option.

  1. Find out if your current mortgage has prepayment penalties. Although it is uncommon, some mortgages do charge a prepayment penalty. If this is true of your mortgage, determine how much you will be charged if you pay off your mortgage early.
    .
  2. Shop for the best refinance deal. We recommend that you only look at fixed interest loan rates (go here to learn more) from reputable loan providers. Also compare your total closing costs and refinance fees among potential lenders, costs like: points, survey fees, appraisal fees, attorney fees, mortgage prepayment penalties and more (read the list of potential fees here). Ask each lender to give a complete list and total cost of fees in writing so that you can make a fair comparison.
    ..
  3. Learn what the new monthly mortgage payment will be. Each bank or mortgage company should give you, in writing, the new interest rate and monthly mortgage payment, based on at least two options:
    .
    • Add the closing costs and refinance fees to the remaining balance of the home (this is called “rolling costs into the mortgage”), AND
    • Pay the refinancing fees and closing costs out-of-pocket and in cash. If you can swing it, this is typically the better financial option, providing a higher amount of long-term savings.
      .
  4. Compare the offers and their potential savings. Use the refinance calculator (here) to compare the interest savings and refinance costs for each lender option and figure out which gives you the most favorable overall cost savings. If you’ll have a prepayment penalty on your current mortgage (Step #1, above), determine what the penalty would be if you refinance, and add that amount to your closing costs when you make your comparisons.
    .
  5. Calculate your break-even point. For each loan scenario, write down the number of months for interest savings to offset closing costs” (9th box down in the refinance calculator). This is also known as your break-even point.
    .
  6. Analyze your break-even point. Estimate the number of months you expect to own your home and compare it to the break-even points calculated in steps #4 & #5 of each loan scenario. If the expected number of months that you’ll own your home is greater than the break-even point number of months, then refinancing will likely offer you long-term cost savings.

An important side note & warning on taking cash out: You might figure out that this is the right time for you to refinance. Depending on the amount of equity you have already invested in your home, your loan provider might give you the option to get cash back and take out a bigger loan. While this might be tempting, we strongly recommend that you avoid this option if possible. It will likely cost you more money in the long run, could wipe out any potential savings you make from the refinance, and might extend the amount of time until you can be debt and mortgage free. This option benefits the lender (who makes more money off the larger loan), not you. Just say “no” to this option!!

Are you planning to refinance your home? Do you have any words of wisdom you can share from your home refinance experience? We’d love to hear about it (please leave a note in the comments section)!

Enjoy and Share! :)



Want to keep up with fresh ways to save money
and button down the family finances?

Subscribe to Frugal in Fort Worth now. It’s FREE!

Subscribe to My Feed Get Blog Updates Delivered By Email - FREE! Follow Us On Twitter!


If you found these savings tips helpful, we’d love to know!
Leave a note in the comments section or forward this
site to others with the button below.

Bookmark and Share

 

 
Linking to Amazon through our site helps support Frugal in Fort Worth (bunches of thanks!)
 

ENERGY STAR Appliance & Home Improvement Tax Exemption Holiday for Texas ~ May 28-30

Bookmark and Share

Please pass along to anyone in the home improvement market…

  

Good News! During Memorial Day weekend, Texas shoppers get a break from
sales tax on purchases of some appliances and energy-efficient products like refrigerators and clothes washers ~ even lightbulbs!  This is a great way to get an extra “discount” and save on future energy costs if you are in the market for any of these items.

The products qualifying for the tax exemption are:

  • Refrigerators priced at $2,000 or less (college dorm-sized refrigerators even qualify)!
  • Ceiling fans
  • Incandescent and fluorescent light bulbs
  • Clothes washers
  • Dishwashers
  • Dehumidifiers
  • Energy Star Labeled Programmable thermostats
  • Air conditioners priced at $6,000 or less

The 2011 sales tax holiday begins on Saturday, May 28, and ends
on Monday, May 30 (Memorial Day Weekend).

                 ENERGY STAR logo

Qualifying products will need to display the ENERGY STAR logo. The discount can also apply to delivery and installation fees and  there is  no limit on the number of qualifying items one can purchase during this sales tax holiday.

To find out more, go to the Texas comptroller’s site, here.

P.S.  Be sure to check out this extra savings tip:  Pop over to Amazon’s Energy Star Appliance Rebate finder page (go here & look for the Energy Star Logo link in the left column)They have an easy to search database of Energy Star rebates on qualified products, as well as recycling incentives for the proper disposal of old products. 

   

Subscribe to My Feed Get Blog Updates Delivered By Email - FREE! Follow Us On Twitter!

Want to keep up with fresh ways to save money
and button down the family finances?
Subscribe to Frugal in Fort Worth now. It’s FREE! 

 
Linking to Amazon through our site helps support Frugal in Fort Worth (thanks!).
 

Worth Going: Last Call Neiman Marcus ~ 40% OFF Purchase May 24 & 25

Bookmark and Share

Neiman Marcus Last Call Store in Grapevine Mills Mall is having a fantastic sale and offering 40% OFF your entire purchase today and tomorrow (May 24 and 25, 2011).  Offer is also good at LastCall.com if you’d rather browse the sale from home.  Go here to learn more.

Enjoy and Share!    :)

Subscribe to My Feed Get Blog Updates Delivered By Email - FREE! Follow Us On Twitter!

Want to keep up with fresh ways to save money
and button down the family finances?
Subscribe to Frugal in Fort Worth now. It’s FREE! 

 

Linking to Amazon through our site helps support Frugal in Fort Worth (thanks!).