quiltersmuse.com Blog

The words that come to mind this morning are those of “Wimpy,” a cartoon character in the Popeye series, who said, “I’ll give you 5 cents tomorrow for a hamburger today.” That request appears to sum up the state of private finances and general economy in the U.S. today. For some time now, Americans have relied on borrowed money and borrowed time, and truly have not been in charge of their financial destiny.

Not so long ago, things were different. Imagine an age without electronic gadgets, when people actually engaged with the people with whom they were keeping present company and were not plugged into a communication device.

During World War II, most every family had a radio and it was around that radio that the family gathered to hear the latest news, music, and theatrical-like presentations. The radio probably crackled, buzzed and whistled with all kinds of static. However, it was a major conveyance of news.

Jump ahead to today. As soon as I publish this message, it will be read in places I will never visit in my lifetime. I know this is true, if only because of all of the SPAM that shows up, from distant places. We have more ways to communicate than ever before. Yet, we are becoming a society that is dismally unaware of how to manage money and that hurts all of us.

Ration Stamps from World War II

The 1940s seem to have been a decade of beginning awareness of the importance of financial stability. The government encouraged recycling by its messages on the back of every ration stamp booklet.

When you have used your ration, salvage the TIN CANS and WASTE FATS. They are needed to make munitions for our fighting men. Cooperate with your local Salvage Committee.

Everyone pitched in to turn “junk” into weapons in an age that published the song, “Junk Ain’t Junk No More.”

Mothers were now in the workplace and every dime counted. A popular song of the era was “Brother, Can You Spare a Dime?” A dime would, after all, at least buy a cup of coffee to warm a person’s innards, if only temporarily. A song of the 1920s reveals the thoughts of someone down on his luck: “Nobody Knows You When You’re Down and Out.”

Another admonition on the Food Rations Booklet was, “If you don’t need it, DON’T BUY IT.”

Today, we are a people entrapped by credit like prey in a spider’s web. Yet, our own selfish needs are to have it all and do that … now! “We’ll just charge it,” has become the mantra of the younger generation, a group who is finding it increasingly difficult to pay even the interest on their credit cards, as they go up, up and out of sight.

In 1945, my father founded a Credit Union, the first of 17 that he would ultimately start. His idea was to help others by way of financial education. “Save for a rainy day,” “A hand up, not a hand out,” were slogans I heard him repeat when I was a child. By 16 years old, encouraged by Dad, I had started my own account to have a place to save babysitting money and “watch it grow.”

My father left it up to bankers to consider ways to fleece the public and get rich. My father was never rich. Toward the end of his life, when he was still well enough, my parents had a Ford truck with a camper and took little trips from NH to Maine. That was the extent of his travel. Yet, he was rich in other ways. He read books and National Geographic and U.S. News and World Report. He was informed about the world, and in his own way, assisted in improving the world and making it just a little better because of his 63 years here.

To his credit and his sound management, the Granite State Credit Union, that John E. Grace (1911-1974) founded in 1945, then called Utility Workers Credit Union, is thriving and has branch offices all over the state of New Hampshire, as well as a main branch in Manchester, where it originated.

When I think of money, I can’t help but recall the example my father set. Like him, I am not rich, not in dollars. Yet, I am rich in experiences, in friends, and in knowledge that I continue to seek daily. The greatest freedom is in “owing no man.” We have $0. credit card debt. There is nothing that I have gone without that I don’t miss. Teach your children in the way you’d want them to grow … before the material goods of the world turn their heads.

Patricia Cummings

Everyone seems to be trying to cinch their trousers a little tighter these days, whether that entity is an institution or an individual. We are all looking for ways to save money. No matter who we are, we all must live within a budget, that is, unless we want to be plunged hopelessly into debt, with no respite in sight.

Granting “credit” to individuals became a real preoccupation in the 1990s, with college students being encouraged to apply for their own cards, even when there was no visible means of their even meeting minimum balances. No one told them that to pay only a minimum balance is a fool’s game. No one gives away money, or even allows the use of money, without tacking on a hefty fee.

Even those who pay off their balance every month (and these are the people that the creditors despise) are being socked with higher interest rates these days, even when the party has good credit. It has become apparent that no one can “set” on their bill when it arrives. There is a need to send payment back by return mail, or risk the payment not being credited “in time.”

Finances are a matter of choice. You can have “this,” or you can have “that,” but often, you cannot have “this” and “that.” When I was growing up, it was pointed out to me that certain people had fancy cars, but lived in a one room shack. It takes all kinds, but in a small town, these things are noticed. What you have depends on what you want the most.

When times are tough, the optional consumables are those that are left on the shelves. People must eat, so the grocery stores are in no danger of going out of business. Drug stores are flourishing. Restaurants are doing well. However, many businesses have folded, and others are considering bankruptcy. That goes for magazines, even quilt titles.

Not too long ago, there were about 22 different quilt titles available. I haven’t counted the number lately. Changes are afoot. The magazine published by the American Quilter’s Society is going “green” and will offer six issues per year, for $25.00, online. With the high cost of paper, ink, hiring employees, and the hefty price of distribution (1/2 the cover price), it is no wonder magazines are in trouble.

We live in a new world. Libraries were once a central repository of knowledge. In small towns, residents would try to be first on hand every Saturday, when the library opened, to check out the latest books. In Concord, New Hampshire, officials had been thinking of cutting library services altogether. They have come to their senses a little bit and have settled on reduced hours and staff, and limiting Interlibrary loans to in-state transactions only. To me, the latter policy is a kick in the teeth. To limit knowledge is to obstruct learning.

Let’s see, let me process some information. It is okay to give money to the rich and those who mismanage their money, but Mrs. Jane Q. Public cannot obtain research materials, from out of state, now, even if she pays a nominal fee? Despite higher and higher property taxes, services I value the most are evaporating!

Unfortunately, most of us seem to feel at the mercy of policymakers. We may have no control over many things, but we can think twice about our own finances. Keep track of what you spend. Carry a notebook and jot down every amount you dish out, in the course of a week or two. You may be surprised, and you may begin to see how you might manage your money better, daily. You may realize how small amounts can add up, and together might be just the money you could use for something you really want.

Lastly, eliminate these two words from your vocabulary: “It’s only … ” Those words get us in trouble, more often than not. I don’t know about you, but I will continue to purchase the magazines, books, and supplies I wish to have, and an occasional new piece of clothing, or an extra flat of petunias for the flower garden. Figure out what is most important to you. If you watch the pennies, the dollars will follow.

Until later,

Patricia Cummings
Quilter’s Muse Publications

Everyone has been buzzing about the economy and cut backs and job layoffs, but is the economy really that bad? Who is all of this affecting the most? Right now, gas prices are down, making us believe that if we wished to go anywhere, we could. A friend told us that a few months ago, a cross country trip would have been out of the question. Now, he is looking to doing just that, soon.

Seemingly, the personal finances for some people are horrible for a number of reasons, not necessarily reflecting current overall circumstances. Some people simply live beyond their means. We have come up with personal strategies that seem to work, and I would like to share them with you.

1) Stop eating out so often, and if you do want to do so, have a nice breakfast or lunch. People should consume the most calories of the day in those two meals as it is better for digestion, burning calories, and also easier on your pocketbook.

2) Cook meals that can be heated up easily. Soups, stews, and casseroles are examples of this kind of hearty fare. If you have a bread making machine, all the better. The smell of homemade bread will fill the house with a wonderful fragrance, and the resulting bread can be sliced and toasted, or made into “French Toast” for breakfast. In making meals that continue to “give,” you save money and energy.

3) Combine errands when you go out. Plan the trip around what you need to do, and what you need to pick up.

4) When in the grocery store, shop with a list, turning a blind eye to all the “extra” goodies like cupcakes, candy, and other such treats.

5) At restaurants, order water, even if you have to pay for bottled water. It is far better for your health than soda or other sugared drinks, and you can save in a number of ways, including preventing diabetes.

6) If you want an occasional candy bar, buy one. Just don’t buy the whole bag.

7) If you commute a long distance from work, consider either getting a different job, or moving closer to your place of employment.

Mend clothes. Don’t throw them away. Learn to do simple things like sewing on a button, or shortening or repairing hems, or darning a “hole” in a sock. Our grandmothers repaired clothing to extend the life of garments, especially in hard times. You can do it, too.

9) For entertainment, try taking a walk, or working on some creative hobby, or watching television, rather than going to a movie.

10) Turn down the thermostat at night, if you heat with gas or oil. Even five degrees will make a big difference in your bill. A nighttime setting of 62 seems to work well here. Any lower temperature makes my bones ache.

11) Don’t take “long, luxurious baths,” particularly in winter. They dry your skin and waste hot water and the energy to heat it. Our ancestors did quick wash-ups and kept very clean in that manner. Of course, it was that, or go to the well, haul in buckets of water, chop the wood, make a fire, and heat the water sufficiently. Quick showers are fine, if they are quick, which they usually are NOT, especially if used by a teenager.

12) This tip is the most critical of all: Don’t run up credit card debt. If you have a card, spend only as much as you can pay off, when the bill arrives. Credit cards are the bane of modern existence and especially gets young people “in over their head.” Debit cards are susceptible to fraud and are not good to even have.

I’m out of advice, and you are out of time, so that makes two of us with limitations. I hope these tips will resonate with someone who reads them, and I hope that if you are having financial difficulties, you will be able “to see the light,” soon. There is nothing more depressing than not being on top of spending habits, and nothing more frustrating when a person realizes that the amount of money coming in is not equal to what should be going out.

We all look to a better day for all,

Patricia Cummings

Every year, every American is entitled to a free copy of his or her credit report from one of the three major agencies that keeps track of such things. Most of us do not concern ourselves with bothering to request a print out. The two occasions that I have taken the time to ask for a copy, I was in for surprises.

The first time, I found that my report had been all tied up with someone of the same first and last names. She lives in my home state. She is a deadbeat and someone who freely uses credit cards and doesn’t bother to pay on them. That situation took months to clear.

Yesterday, I decided to check again. Seems that I am a bigamist who has two husbands, one of whom prolifically spends and has all kinds of accounts. The report, in fine print, amounts to no less than 31 pages.

I have my work cut out for me again, I see. There are so many entries, it would take forever to sift through them, checking numbers of accounts. So, I am going to ask for a re-do of the report, and for them to delete this “other” man from my life. Unlike the unwanted person previously tied up with my credit record, at least this man seems to pay his bills, a real plus!

Did you know that you can have too much “credit” – thus making you unworthy of more? This can become a factor, if you are asking for a loan or trying to buy a car. You see, credit cards often automatically “reward” you by increasing your credit line. Potential creditors fear that if you use all of your available credit, you may not be able to meet your new obligations. Too much credit on the books can mean denial, even if you pay off all your credit card balances monthly.

Just a few random thoughts for you. We live in an imperfect world, but if I could have my d’ruthers, I’d like people to know that I pay my bills and I’m married to just one guy. I suppose that virtue is its own reward but its nice to see it reflected … on paper!

Do yourself a favor. Ask for your free credit report today. Experian is one of the agencies that does this, and there are two others.

Patricia Cummings, http://www.quiltersmuse.com