Money Matters

Discussing personal and financial success.

Category: Personal finance

■ 15 August 2011 | 3:29 PM

Prescription Drugs - How to Easily Save $Thousands

Are you currently using prescription drugs or know someone who is? If your answer is yes, there is an opportunity to save a lot of money over the upcoming year.

Prescription drugs add to the already high healthcare costs primarily because they are recurring costs. It’s not like a visit to the Doctor, those costs occur infrequently. Prescriptions drug usage, and their costs, goes on forever and the sum of this can be quite high. Big names like Lipitor, Plavix, and Zyprexa can cost hundreds of dollars a month – each. If the cost of the prescription can somehow be lowered, the long-term overall savings can be very significant.

According to Medco Health, around two dozen brand names will be released as generic versions over the next year. It is not uncommon for a generic drug to be as much as 80 percent or more less costly than brand names drugs and they contain the same active ingredients and they also go through the U.S. Food and Drug Administration approval process just like the brand names do. Do the math: If you are paying $200 per month for a brand name, you could less than $40 per month. That would be $160 per month, $1920 per year and nearly $20,000 over a ten year period. Your saving may be higher or lower depending the amount, types of drugs you are taking and the price reduction of the generic…but I am sure you are getting the idea.

Click on this link to view or download a PDF of the upcoming new generic drug alternatives. Take it with you and talk to your pharmacist and/or your doctor. Also bring your list of medications covered by your health insurance company. If you are taking multiple medications and find an opportunity to switch several, be sure to ask your doctor/pharmacist to review to make sure none of the medicines interfere with one another. Doing the above will prepare you to make an informed decision.

The list from MedCo Health is the complete list, but here are 10 of the bigger brands becoming generics over the next year in date order:

Lipitor, used for high cholesterol – November 2011.
Solodyn, used for acne – November 2011.
Zyprexa, used for schizophrenia and depression – October 2011.
Lexapro, used for anxiety and depression – March 2012.
Geodon, used for bipolar disorder – March 2012.
Provigil, used for sleeping problems – April 2012.
Plavix, used for blood clots – May 2012.
Singulair, used for asthma – August 2012.
Actos, used for type II diabetes – August 2012.
Diovan, used for high blood pressure – September 2012.

Want to save more? Then comparison shop, rates are not the same everywhere. Also consider buying in bulk if have taken and are satisfied with a particular drug. Also, if you have low income or don’t have insurance, look for patient assistant programs. Start with the Partnership for Prescription Assistance, and take a look at these:

NeedyMeds
Patient Advocate Foundation
PatientAssistance.com
RxHope
Together Rx Access

Don Redinius, Author – The New Era of Financial Success, Process Management for Team Members and a contributing author toSix Sigma for Dummies.

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■ 11 August 2011 | 11:54 AM

Lighten-Up Your Electric Bills with CFLs

A compact fluorescent lamp (CFL; also called compact fluorescent light, energy-saving light, and compact fluorescent tube) is a fluorescent lamp designed to replace an incandescent lamp; some types fit into light fixtures formerly used for incandescent lamps.

Advantages

Compared to general-service incandescent lamps giving the same amount of visible light, CFLs use less power and have a longer rated life. Typically they use only 20% to 25% as much energy. The average rated life of a CFL is 8 to 15 times that of incandescent. CFLs typically have a rated lifespan of 6,000 to 15,000 hours, whereas incandescent lamps are usually manufactured to have a lifespan of 750 hours or 1,000 hours.

While a CFL has a higher purchase price than an incandescent lamp, it can save over five times its purchase price in electricity costs over the lamp’s lifetime. Also lighting accounts for approximately 9% of household electricity usage in the United States, widespread use of CFLs could save nearly this same amount of electricity and you could similarly have this much of a reduction in your electric bill.

If a building’s indoor incandescent lamps are replaced by CFLs, the heat produced due to lighting is significantly reduced. In warm climates or in office or industrial buildings where air conditioning is often required, CFLs would reduce the load on the cooling system when compared to the use of incandescent lamps, resulting in more savings in electricity instead of using incandescent lamps.

Disadvantages

Starting time – Incandescents reach full brightness a fraction of a second after being switched on, although some models take several seconds to reach their rated luminance. As of 2009, CFLs turn on within a second, but many still take time to warm up to full brightness. The light color may be slightly different immediately after being turned on. Some CFLs are marketed as “instant on” and have no noticeable warm-up period, but others can take up to a minute to reach full brightness, or longer in very cold temperatures.

Change – It’s different than what we are used to both in physical appearance (see bulb styles below for recent changes to this issue) and the way things look under a different type of light. We can and will however get used to these subtle differences. If it were in the reverse, i.e. we were used to CFL’s and had to switch to incandescents, we have the same issues

Rapid on and off – If you turn a CFL on and off every 5 seconds, it will diminish its life. If you do that constantly the life will be about the same as an incandescent (or quite possibly the switch or your wrist will fail first).

CFL Bulb Styles

Spiral Lamps – A continuous tube in a spiral shape which has similar outside shape and light casting qualities to standard incandescent light bulbs. Spiral CFL bulbs are made in several sizes to fit most common fixtures.

Standard Lamps – CFL spiral lamps with a dome cover. Designed to give the appearance of the traditional light bulb.

Globe Lamps – Commonly used in vanity mirrors or open bulb applications. Vanities usually require multiple bulbs, which generate radiant heat. CFLs reduce this heat buildup and save energy.

Candelabra – Screw-in torpedo-shape and small-base of this bulb is designed for smaller light fixtures from chandeliers to sconces. To use a smaller candelabra-based bulb in a regular socket, you can use a socket reducer.

Triple Tube Lamps – These CFLs have more tubing in a smaller area, which generates even more light in a shorter bulb. They pack high light output into a very small space and can be used in fixtures designed for incandescent bulbs.

Flood Lamps – Designed to be ideal for recessed and track lighting fixtures indoors and outdoors. They provide diffused, soft, white light, and generate less heat than will an incandescent flood or a halogen bulb.

Lighten up your electric bill and take a budget bounce by replacing incandescent bulbs with CFLs.

Don Redinius, Author – The New Era of Financial Success, Process Management for Team Members and a contributing author to Six Sigma for Dummies.

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■ 10 August 2011 | 2:38 PM

Great Discounts for Seniors - A List of More that 100 Places that Offer Sizable Discounts

Are you a baby boomer reaching or at retirement age? If yes, here is a list of retailers featuring new and improved discounts exclusively for the 50 and older crowd. I have composed a list by category and then alphabetically of senior savings that will help you keep more cash in your pocket. Since many senior discounts are not advertised to the public, my advice if you are over 55 is to ALWAYS ask a sales associate if that store provides a senior discount. That way, you can be sure to get the most bang for your buck.

Restaurants

Applebee’s: 15% off with Golden Apple Card (60+)

Arby’s: 10% off (55+)

Ben & Jerry’s: 10% off (60+)

Bennigan’s: discount varies by location

Bob’s Big Boy: discount varies by location (60+)

Boston Market: 10% off (65+)

Burger King: 10% off (60+)

Captain D’s Seafood: discount varies on location (62+)

Chick-Fil-A: 10% off or free small drink or coffee (55+)

Chili’s: 10% off (55+)

CiCi’s Pizza: 10% off (60+)

Culver’s: 10% off (60+)

Denny’s: 10% off, 20% off for AARP members (55+)

Dunkin’ Donuts: 10% off or free coffee (55+)

Einstein’s Bagels: 10% off baker’s dozen of bagels (60+)

Fuddrucker’s: 10% off any senior platter (55+)

Gatti’s Pizza: 10% off (60+)

Golden Corral: 10% off (60+)

Hardee’s: $0.33 beverages everyday (65+)

IHOP: 10% off (55+)

Jack in the Box: up to 20% off (55+)

KFC: free small drink with any meal (55+)

Krispy Kreme: 10% off (50+)

Long John Silver’s: various discounts at participating locations (55+)

McDonald’s: discounts on coffee everyday (55+)

Mrs. Fields: 10% off at participating locations (60+)

Shoney’s: 10% off

Sonic: 10% off or free beverage (60+)

Steak ‘n Shake: 10% off every Monday & Tuesday (50+)

Subway: 10% off (60+)

Sweet Tomatoes: 10% off (62+)

Taco Bell: 5% off; free beverages for seniors (65+)

TCBY: 10% off (55+)

Tea Room Cafe: 10% off (50+)

Village Inn: 10% off (60+)

Waffle House: 10% off every Monday (60+)

Wendy’s: 10% off (55+)

White Castle: 10% off (62+)

Retail and Apparel

Banana Republic: 10% off (50+)

Bealls: 20% off first Tuesday of each month (50+)

Belk’s: 15% off first Tuesday of every month (55+)

Big Lots: 10% off

Bon-Ton Department Stores: 15% off on senior discount days (55+)

C.J. Banks: 10% off every Wednesday (60+)

Clarks: 10% off (62+)

Dress Barn: 10% off (55+)

Goodwill: 10% off one day a week (date varies by location)

Hallmark: 10% off one day a week (date varies by location)

Kohl’s: 15% off (60+)

Modell’s Sporting Goods: 10% off

Rite Aid: 10% off on Tuesdays & 10% off prescriptions

Ross Stores: 10% off every Tuesday (55+)

The Salvation Army Thrift Stores: up to 50% off (55+)

Stein Mart: 20% off red dot/clearance items first Monday of every month (55+)

Grocery

Albertson’s: 10% off first Wednesday of each month (55+)

American Discount Stores: 10% off every Monday (50+)

Compare Foods Supermarket: 10% off every Wednesday (60+)

DeCicco Family Markets: 5% off every Wednesday (60+)

Food Lion: 6% off every Monday (60+)

Fry’s Supermarket: free Fry’s VIP Club Membership & 10% off every Monday (55+)

Farm Fresh 5% every Tuesday and ThursdaysGreat

Valu Food Store: 5% off every Tuesday (60+)

Gristedes Supermarket: 10% off every Tuesday (60+)

Harris Teeter: 5% off every Tuesday (60+)

Hy-Vee: 5% off one day a week (date varies by location)

Kroger: 10% off (date varies by location)

Morton Williams Supermarket: 5% off every Tuesday (60+)

The Plant Shed: 10% off every Tuesday (50+)

Publix: 5% off every Wednesday (55+)

Rogers Marketplace: 5% off every Thursday (60+)

Uncle Guiseppe’s Marketplace: 5% off (62+)

Travel

Alaska Airlines: 10% off (65+)

Alamo: up to 25% off for AARP members

American Airlines: various discounts for 65 and up (call before booking for discount) Amtrak: 15% off (62+)

Avis: up to 25% off for AARP members

Best Western: 10% off (55+)

Budget Rental Cars: 10% off; up to 20% off for AARP members (50+) Cambria Suites: 20%-30% off (60+)

Clarion: 20%-30% off (60+)

Comfort Inn: 20%-30% off (60+)

Comfort Suites: 20%-30% off (60+)

Continental Airlines: no initiation fee for Continental Presidents Club & special fares for select destinations Dollar Rent-A-Car: 10% off (50+)

Econo Lodge: 20%-30% off (60+)

Enterprise Rent-A-Car: 5% off for AARP members

Greyhound: 5% off (62+)

Hampton Inns & Suites: 10% off when booked 72 hours in advance

Hertz: up to 25% off for AARP members

Holiday Inn: 10%-30% off depending on location (62+)

Hyatt Hotels: 25%-50% off (62+)

InterContinental Hotels Group: various discounts at all hotels (65+)

Mainstay Suites: 10% off with Mature Traveler’s Discount (50+); 20%-30% off (60+)

Marriott Hotels: 15% off (62+)

Motel 6: 10% off (60+)

Myrtle Beach Resort: 10% off (55+)

National Rent-A-Car: up to 30% off for AARP members

Quality Inn: 20%-30% off (60+)

Rodeway Inn: 20%-30% off (60+)

Sleep Inn: 20%-30% off (60+)

Southwest Airlines: various discounts for ages 65 and up (call before booking for discount)

Trailways Transportation System: various discounts for ages 50 and up

United Airlines: various discounts for ages 65 and up (call before booking for discount)

U.S. Airways: various discounts for ages 65 and up (call before booking for discount)

Activities & Entertainment

AMC Theaters: up to 30% off (55+)

Bally Total Fitness: up to $100 off memberships (62+)

Busch Gardens Tampa: $3 off one-day tickets (50+)

Carmike Cinemas: 35% off (65+)

Cinemark/Century Theaters: up to 35% off

U.S. National Parks: $10 lifetime pass; 50% off additional services including camping (62+)

Regal Cinemas: 30% off

Ripley’s Believe it or Not: @ off one-day ticket (55+)

SeaWorld Orlando: $3 off one-day tickets (50+)

Cell Phone Discounts

AT&T: Special Senior Nation 200 Plan $29.99/month (65+)

Jitterbug: $10/month cell phone service (50+)

Verizon Wireless: Verizon Nationwide 65 Plus Plan $29.99/month (65+)

Miscellaneous

Great Clips: $3 off haircuts (60+)

Super Cuts: $2 off haircuts (60+)

Don Redinius, Author - The New Era of Financial Success, Process Management for Team Members and a contributing author to Six Sigma for Dummies.

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■ 09 August 2011 | 3:53 PM

2 Things that Everyone can do to Improve Their Success

Thoughts and Intentions

We all have thoughts and intentions about things that we have to do. But thoughts/intentions mean nothing unless they are put into action. We can plan as much as we want, but planning is just that – a plan. It’s the doing that actually gets you somewhere. Here are two simple things anyone can do which dramatically turn thoughts and best intentions into beneficial results.

The Two Things

1. Always set a deadline. I find that I’m more focused when I work under pressure, and if I know something has to be done by a certain time, I’ll make sure that it happens. This goes for items both big and small.

2. Get others to hold me accountable. Sometimes, all this requires is announcing or telling people what I want to do. This forces me to take action because I don’t want to say I’ll do something and not follow through.

Don Redinius, Author – The New Era of Financial Success, Process Management for Team Members and a contributing author to Six Sigma for Dummies.

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■ 08 August 2011 | 11:07 AM

Introduction to Money Matters

Increase Your Success

Welcome to Money Matters. We will get started by over viewing the role of money in our lives. Then subsequent posts will provide more tangible information to aid you in your financial success journey.

In today’s world, money is as important in our daily lives as food and water was for our early ancestors. The knowledge and methods for managing money are becoming increasingly important and can be leveraged to improve many facets of our lives. That is the central theme of this blog.

From our childhood years, we all got messages about money; its value, how to get it, keep it, spend it, and how it relates to our economic future. But messages are not enough, as evidenced by the recent economic times. What is required is a basic foundation of knowledge, along with methods and tools to properly deal with this highly needed, but often misused thing, called money.

The Time has Come

Now, more than ever, financial literacy is critical to the survival of individuals, to our standard of living, and to the very competiveness of our country. We are experiencing a transformation in money from the use of currency (bills and coins) to digital money. We have entered a transformation from and "old era" to a "new era" of financial success at the individual, state, national and world levels. Financial literacy, or knowledge in this environment provides the foundation to manage money effectively, to make informed financial decisions, to protect us from predatory practices, and to build wealth.

It is important that everyone, including governments, have the knowledge, the methods and the behaviors to get control of his/her finances, versus the finances controlling them. No matter the level of income, these fundamental yet simple controls can provide the ability to accumulate monetary assets consistently and predictably. They will position you to have the financial wherewithal and funds to make investments of your choosing.

The repercussions of not having such knowledge and not having the processes and tools for managing money can be extremely painful and even embarrassing. Money is the primary source of worry and stress in most people’s lives. Have you ever paid a late fee on a credit card, bounced a check, had an over-limit fee, or paid a minimum balance fee in the past two years? These are the obvious repercussions. Do this a couple of times and your credit card interest rate may increase, even without notifying you. Additionally, your credit score can drop, which has all sorts of less- than-desirable effects.

Just a couple of seemingly trivial mistakes in your money management can cost you a lot. Then there’s retirement. If you mess that up, you could be working well past the age when your peers are enjoying the fruits of their labor.

Freedom from Financial Worries/Stress

Worrying and stress may well be the two most detrimental forces in anyone’s life. They change your whole outlook, your self-esteem, and your pleasures. They are enormous detractors of human ability and achievement. They cause people to lose focus and to make irrational decisions and mistakes, and that wastes your time. They rob you of the energy to do what you need to do. They are the primary factors in creating emotional pain, a pain that can be worse than physical pain. Worrying and stress are also the primary influencers determining an individual’s quality of life level.

There are many things that can cause humans to worry or to have stress, and money is one of the most common. It’s almost a digital effect – you either have financial stress or you don’t. There isn’t much of a gray area. It can be as simple as having the adequate funds to pay an obligation or not. Of course, there are levels or degrees of stress and worry.

However, because it is digital, the good news is there is a line which we can consciously choose not to cross. That is the line where you manage your money or it manages you. Yes, it is possible to choose to have freedom from financial fears, worries, and anxieties. Money Matters will be helping you to do this and to bend your success curve with all upcoming posts.

“We don’t live just to make money, but we need money to live.” - Don Redinius

What are your thoughts on the role of money in our lives?

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