Suspect You Paid Too Much For That Diamond?

Of course you did. We ALL did.

The good news is that we may get a little back now that the class action lawsuit has been settled. The lawsuit alleged that the diamond kingpins were being naughty and were up to no good when it came to diamond pricing.

A great big thanks to Punny Money for bringing this to my attention and my father-in-law sending us a reminder about the case today. If you haven’t checked out Punny’s site you are really missing out.

What’s going on?

De Beers, the world’s largest diamond importer, is settling a gigantic class action lawsuit worth $297 million. Part of that settlement will be distributed to consumers that purchased diamonds between 1994 and 2006.

De Beers is charged with violating all sorts of consumer protection laws by monopolizing diamond supplies and price fixing. Why am I not shocked by this?

What does this mean to you, the consumer?

Consumers who purchased any kind of diamond jewelry (even jewelry with diamonds mixed with other gemstones) between January 1994 and March 2006 for personal use can receive a rebate. The rebate amount will be determined based on the quality and quantity of the diamonds and on how many people file claims. The following table shows the maximum refund you could be eligible for:

There is no way to tell how much your refund will be worth until all the claims have been collected and the available funds are divided among those claims.The fine print indicates that they will not issue checks for claims that amount to less than $10. So, if your total claim is less than $165 for mixed stone jewelry or $95 for diamonds only jewelry, don’t even bother filing.

Are you eligible? All persons located in the United States who purchased any diamond or diamond jewelry or other products containing gem diamonds for personal use and not for resale between January 1, 1994 and March 31, 2006.Make sure you have the receipts as well. They don’t require you to send in receipts when you submit the claim but they do reserve the right to ask for them. I bet the larger claims will require receipts before they issue a check. Even if your claim is under $500 I think it’s best to be prepared.

How do I file? Go to the Diamond Class Action website to submit your claim before May 19, 2008.

The process was straight forward and simple. Today we put in a claim for my diamond engagement ring bought in late 2005. Eric just realized he made a mistake when filing, though. He labeled it as an engagement ring but then only put in the value of the solitaire diamond. He should have labeled it as a loose diamond since it was bought independently from the setting. We will have to figure out if it is worth contacting them to get it cleared up or not.

I’ve never been involved in a class action lawsuit before. Often they aren’t even worth the paper the notice is printed on. But this one could actually be worth everyone’s time. Make sure to send in your claims if you have them!

Image Source: Odalaigh

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Recession Fears = Flat Screen TV?

I’ll take a few of those! On our way home from visiting family this weekend we decided to listen to news radio. They were discussing the economy and the stimulus plan being proposed to help ward off a recession.

Many experts are on the fence on whether or not a tax rebate will help prevent a recession. Regardless, it seems the general population is happy about the proposed rebates. They mentioned that some people’s reaction to the rebate news was that they hoped the money would arrive before the super bowl so they could go get a flat screen TV. Funny….yet frightening.

At the risk of over simplifying it, a recession means that overall spending slows down which means fewer jobs are created (or jobs are even eliminated). Fears of a possible recession can become a self fulfilling prophecy because people often cut back on their spending if they think there is a trouble ahead. Less consumer spending means fewer sales coming in for businesses, they begin to downsize, more people can’t find work or they become unemployed, they have even less money to spend, and the cycle begins.

Bush’s proposed tax rebate plan is meant to encourage us to keep spending by giving us a little more money in our pockets. Although I welcome the idea of getting money back I wonder if it will help the economy in any lasting way.

First, it takes time to issue a refund and get it in the hands of the consumers. It may come too late to make an impact when we need it to. I’ve heard that checks could come as soon as June and that it could take 6 months to a year to reach its full effect on the economy. I guess those super bowl parties will have go on without new flat screens. With the way the stock market has been tanking I can’t help but wonder if we need the help now rather than later.

I also think the rebate counts on the majority of people spending that money immediately so it gets pumped right back into the economy. It’s been said that targeting the rebates to the lower and middle classes would help the most because those households are more financially strapped and are more likely to quickly spend the rebate money. It seems to be expected that the majority of the population outside of the upper class won’t be saving this money. I understand why that’s the assumption (it can be harder to save when money is tight) but it still bothers me.

Are people going to look at this money as a windfall to be spent frivously instead of as a way to get prepared for a possible recession? Quite frankly, if I feel a recession is coming I’m more likely to put that cash into my emergency fund or use it to pay off debt. I certainly wouldn’t go buy luxury or non-essential goods with it. It would feel irresponsible to me even if that’s what the money was intended for. Saving for an emergency fund needs to be a priority, especially during an economic down turn when jobs become vulnerable.

Unfortunately, paying off debt or putting that money in savings may not be the best way to boost the economy even if it puts my finances in a better position to handle a recession. Hmmm. Does wanting to save that money make me a bad American? Of course not.

Could it be that what’s best for the economy may not be what’s best for your household?

Image Source: PPDIGITAL

Save Me, CFLS!

Save me, CFLS! One of the first things we wanted to do after moving into the new house was switch out most of the regular incandescent light bulbs to CFLs. Of course, other stuff got in the way and that goal became low priority. That was until we got our first electric bill.

The bill was $40 for 4 days worth of service! I was shocked! I was so taken aback that I had Eric call the Electric company to see if our meter was working correctly. Unfortunately, it was.

I panicked, thinking our bills would translate to $600 in the summertime. But then Eric pointed out that we had almost every single light in the home going 24 hours a day. The home was blazing! We hadn’t moved in yet or been able to get an alarm system set up so we were leaving on all the lights to make us feel more secure. We were still shaken up by the robbery that had happened just days before. We started shutting off the lights and added CFLs to our Christmas wish list.

It’s funny though - no one really wanted to get us practical things like CFLs or boxes of tile for Christmas. I guess that’s about as fun to buy as underwear and socks. Throughout the rest of December we didn’t change to CFLs but we were more conscious by turning off all lights we weren’t using. We drifted into complacency, thinking the problem was just keeping on too many lights.

Then Saturday we got the bill for the first full month. Again, shock and horror. Woah - $200! That was higher than our summertime bills in the old house and we haven’t even been using the A/C yet! This was not looking good for my budget. We simply MUST find a way to lower that bill.

Immediately, we went through the home and counted up all the bulbs we would need. Brace yourselves. If we were to replace every incandescent light bulb in this home with a CFL we would need:

54 swirly style
14 chandelier style
15 recessed can style

That’s an insane amount of light bulbs for one home. We knew that there is no need to replace all of the bulbs, just the ones where the CFLs would be most useful. We eliminated the areas with intermittent usage - like closets, the half bath, and the hallways. We also decided against changing out the 5 chandelier style bulbs in the dining room. The CFLs look clunky in it and we rarely use it anyway.

We determined that the critical bulbs needed were 24 swirlys, 9 recessed cans, and 6 chandeliers. We would focus on getting those first then we would work the other bulbs into the budget over time. As of right now we have changed out about 20 bulbs. It’s progress and that’s good.

My goal is to get the critical bulbs changed by February so the following month’s bill will be based on the CFL’s with the same cool weather. That will be a good way for me to see how much the CFLs really help.

This just has to make a difference in that bill. If not, we may have to revert to using candles!

Image Source: Dano

Reducipe - King Ranch Chicken

Reducipe
Pronunciation: ri-doos-uh-pee
Function: noun
1 : a recipe that can help lower your food costs in a variety of ways
     a : by scaling back an expensive recipe to be less pricey but still just as tasty
     b : by turning an already inexpensive meal into something special
     c : by using leftovers in creative ways to stretch their use

THAT’s what I’m talking about! King Ranch Chicken is a creamy, cheesy casserole with an undeniable Tex-Mex flare. It’s one of those comfort foods that you don’t see that often on restaurant menus but when you do, you simply have to order it.

King Ranch, founded in 1853 in South Texas, is the largest ranch in the United States (it’s even larger than Rhode Island). Many assume this recipe was created at the historic cattle ranch but the true origin seems to be shrouded in mystery. According to Mimi Swartz of Texas Monthly:

No one seems to know who invented it. The casserole may have come to King Ranch, but the descendants of Captain Richard King prefer to tout their beef and game dishes. “Kind of strange, a King Ranch casserole made with chicken,” noted Martin Clement, the head of the public relations for the ranch. … Most likely the dish got its name from an enterprising South Texas hostess or a King Ranch cook whose preference for a poultry doomed him to obscurity.

I had never encountered this classic Texan casserole until college when a boyfriend told me that it was one of his favorite dishes from his late mother. I managed to get a copy of the recipe from his father and quickly learned why the dish evoked such strong memories for him. The combination of tortillas, cheese, chicken, and tomatoes is surprisingly gentle for a cuisine known for it’s kick. It’s far from bland but at the same time it’s soothing and familiar.

Even with modernization, the dish still tastes pretty much like it used to–slightly salty, slightly chewy, slightly spicy, slightly greasy. Yes, it lacks the challenge of a T-bone or a spicy bowl of red– King Ranch casserole calms, it does not wish to offend.

Over the years I’ve tweaked the recipe’s flavors and textures but the concept of the original version remains the same. Call me retro, but I still like to use the condensed soups that made these casseroles so popular and easy-chic. Condensed soups might not be as trendy today as they used to be but they will always have a place in my pantry.

This recipe is perfect for when you have leftover shredded chicken you need to use. If you have never had this dish (and if you live outside of the south you might not have) please give it a try. I bet your guests will enjoy it.

King Ranch Chicken

2-3 tablespoons butter, plus more for baking dish
2 cups chicken, shredded
1 large yellow onion, diced
1 medium green bell pepper, diced
1/4 lb mushrooms, sliced (optional)
Chili powder
Garlic salt
Cumin
1/2 can cream of mushroom soup
1/2 can cream of chicken soup
1-2 cups cheddar cheese, shredded
Chicken broth
15-20 corn tortillas
1 handful Cilantro, lightly chopped
1 can Rotel, undrained

Preheat the oven to 375 degrees. Lightly coat the inside of a medium casserole dish with some butter and set aside.

Melt the butter in a skillet over medium heat. Add the onions, bell pepper, and mushrooms (if desired) and sauté until the onions are tender and the mushrooms are browned. Remove from heat and set aside.

Mix the two condensed soups together in a bowl. Set aside.

Warm a little chicken broth in a shallow bowl. Dip the tortillas in this warm broth to soften them for the casserole.

Start off the casserole by lining the bottom and sides of the dish with a layer of the softened tortillas. Tear them to make them fit if needed. Make sure to leave some of the edges exposed so they get crispy in the oven.

Layer the casserole dish in the following order:

Tortillas

Shredded chicken

Onion mixture

Sprinkling of Chili Powder, Garlic Salt, and Cumin

Soup mixture (spread out with a spoon)

Cilantro

Cheddar cheese

Depending on the size of your dish you will get two or three layers. End with a layer of cheese. Pour the can of Rotel over the top, making sure to distribute the tomatoes and liquid evenly.

Bake uncovered until bubbly, about 30-45 minutes. Serve hot with sour cream or salsa. Serves 4-6.

One of my favorite parts is the crispy tops of the tortillas that get baked in the oven. If you like that kind of texture contrast I recommend cutting up additional tortillas and sprinkling them on top of the Rotel before baking. You will get more crunchy tortillas that way.

This is the type of casserole that’s actually better the next day. The leftovers are fantastic so make enough for lunches. I haven’t tried freezing it yet but the original instructions say to freeze it uncooked, and then thaw completely before cooking. That would be a major time saver and perfect for unexpected guests. This would also make a fabulous pot luck recipe!

Ingredient	Cost	Ingredient	Cost
Butter	$0.18	Soups	$1.28
Chicken	$1.43	Cheese	$0.94
Onion	$0.87	Broth	$0.59
Bell Pepper	$0.86	Tortillas	$1.28
Mushrooms	$0.88	Cilantro	$0.20
Spices	N/A	Rotel	$0.59
		Total	$9.10 or $1.52 a serving

This time I used Campbell’s cream of chicken and mushroom soup instead of combining the two separate soups together. Oddly enough, it cost me more to buy that one can of soup instead of buying two off brand soups. I didn’t expect that - whoops! Not a bad price for a legendary dish, huh? Enjoy!

Show Me The Damage!

C'mon down! I’m finished with the postmortem accounting of the last two months. I ended up tossing my budget out the window during the move and was putting off doing the math to see how bad the damage was. After crunching the numbers I’m pretty surprised!

First off, let me say how difficult it was to do my detailed accounting after the fact. It took me an entire half day just to get current! It’s so much easier when you stay on top of things. Especially when your husband forgets to keep track of some of his receipts and you have to try to remember what was spent on groceries vs. household. :-)

November

I did go way over budget in several areas: Dining Out, Cash, and Household. In the months before the big move we kept ourselves on a very strict food allowance, only giving ourselves $20 for dining out. We blew that away in November, spending more than $300 over budget. We also withdrew more than the $50 I allotted for cash - $400 more to be exact. Buying cleaning supplies and other related essentials catapulted the household category to $200 over budget. A total of about $900 over budget. Ouch! That’s pretty painful.

Despite those horrific figures we managed to do ok. Actually, we were more than ok - we were still in the black for the month. I couldn’t believe it! Turns out, we came in under budget for many of our other bills (utilities, phone, etc), vet, groceries, and personal care by a whopping $500. That’s very unusual for us and those areas helped to make up for the other indiscretions. But the big thing that kept us in the black for the month was the extra paycheck in November. Typically, I pretend those extra paychecks don’t exist as a way to save extra money and simplify my budgeting. This month I made sure to count it in our income to help defray the overages.

December

As expected, we also went over budget in December and even the leftovers from the extra paycheck in November couldn’t keep us above water. To my surprise, it wasn’t the dining out budget that did us in - it was the household budget! All of those trips to Home Depot and Target to get tools, supplies, or whatever we needed really added up to the tune of about $1000 over budget. Thankfully, most of that can be considered moving costs and can be paid for with the money we saved up in our house fund. We did go over in the Dining Out and Cash categories by $250 and $450 respectively.

We had many expenses related to getting the new home ready for move in, like the exterminator, garage door opener, alarm system, and deposits for new service. December was the first month we incurred double household expenses, too. We had to start paying two utilities, two mortgages, etc. You get the picture. Pulling from the house fund helped cover these “carrying” costs as well.

After covering the moving/house related costs (~$4K) with the house fund and factoring in the rest of the extra paycheck we still ended up overspending our budget by about $425. We used the cushion we keep in our checking account to cover those costs. We keep about $800 as our non-emergency emergency fund for overages like this.

The Bottom Line

We are still financially secure despite the temporary budgetary meltdown. We have enough money left in the house fund to cover several more months of carrying costs associated with the old house. After we pay back the $425 to the cushion in our checking account we might even have enough left over in the house fund for a sprinkler system if we stay on track. But we won’t look into that “want” until all other priorities are met.

Even though we didn’t go into debt from the experience, losing our commitment to stay within our budgetary guidelines was not a positive thing. We need to be able to stick our budget during times of stress, too.

Looking back, I probably should have formulated a special budget for these two months. I could have pumped up the Dining Out and Household budgets and funded it with money from our savings ahead of time. That way it wouldn’t have felt so much like I lost control of our spending. It wasn’t that we didn’t anticipate these added costs, we just didn’t use our budget to help us manage these unusual purchases.

If we hadn’t built up our house fund over the last year we could have been in real financial trouble by this episode. I actually thought the monthly totals would be much worse, to tell you the truth. I guess when you lose track of how much you spend you might begin to imagine the worst. I’ve learned that being aware of my financial standing (for better or worse) is much less stressful.

I’ve decided I’m not going to feel bad about it any longer. I’m keeping a positive outlook and I’m excited to see what financial goals we can reach in 2008. I’m working on revising the budget to fit the current home and it’s new (larger than anticipated) utility bills. Once that is fine tuned I expect it to be smoother sailing for sure.

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