European Stars and Stripes (Newspaper) - September 11, 1991, Darmstadt, Hesse                                Page 18 b the stars and stripes wednesday september 11, 1991 despite limited income tips help build savings by Julius Westheimer the Baltimore evening Sun is your a Money at work a stretching As far As you would like today we list some suggestions a supplied by the readers of the financial publication ticker a designed for people with limited financial resources a in grocery stores ask for Coupon savings in Cash rather than have cashier deduct them from your total. Place the Money immediately in the Bank. In last four months i saved $591 that Way a not bad for spending $140 a week for ourselves and eight children Quot a Linda Johnson. A most frivolous spending is for fast food. Buy your food at the grocery store and Cook it at Home. Also be Waty of High pressure people Selling you junk Bond funds Etc. Conduct research before you buy a Steven James. A instead of delivered pizza buy ready made crusts and other ingredients at the grocery store and make your own. Save $200 a year a Stan Modjesky. A Start each Day with folding Money Only. Clear All coins into a Piggy Bank and Deposit them regularly a Drew Carberry. A when you reach a minimum amount for a growth Mutual fund invest that amount and watch it grow and grow a Ralph Edwards. A Roll spare coins Bank them or buy be savings Bonds. Since our daughter s birth in 1986, we saved $800 with just coins toward her education. Hope it will buy one Book by then a Judy Stringfield. A everybody seems to have just enough to get by so live like someone with 10 percent less income save the difference. Have broker deduct fixed amount every month painless Way to save. At 10 percent interest a 25-year old will have 6,324 times his monthly investment at retirement a Joseph Cotton. A when using coupons done to take the wrong sized product just to get the Best Deal. Do arithmetic in the store. Also done to use automatic Teller machines. Find Banks that done to charge for this a Robin Sanders. A educate yourself about investments. Read a Money books and magazines in libraries. Money Magazine is excellent for its Case studies. Think about Good ways to make Money instead of concentrating Only on saving it a Frank Blatt. A monthly deduction into an Ira Mutual fund should work very Well. Select a fund that Best meets your objectives and hold it Long terms a Vernon Tyler. A do part time work. I secured the following jobs by answering newspaper advertisements demonstrating Cam eras taking store inventories evaluating restaurants you get a free meal organizing trips Etc Winifred Davis. A today people seek instant gratification. But my advice is create a budget you can live with done to live on credit cards keep some Money in savings and be patient a we done to need instant gratification a Susan Tayman. A average wage earners cannot afford to retire. And we must use creativity to develop additional income sources a cooking sewing cleaning typing ironing Etc. This Way we also gratify a personal desire of achievement a Maggie Henry. A have your eyes and mind Alert to educate you for the business world never make Hasty investment decisions Quot a Mildred Tavik. A decide what is a need is. What is a want a Patricia  interest rates mean slim Pickin s for savers by Peter h. Frank the Baltimore Sun a Penny saved is a Penny earned and very Little extra in a savings account earning interest at today s rates. Interest rates paid by Banks for customer deposits Are at their lowest level in years and could fall further according to Bankers and Industry watchers. Money Market accounts savings accounts and certificates of Deposit Are nearing what is expected to be the Bottom of More than a two year trough in the making. Nationally the average rate offered on Money Market accounts has dipped to its lowest level since the rates were introduced at the end of 1982, Matching the average rate for passbook savings accounts according to Bank rate Monitor a weekly publication tracking the Industry. Both Money Market and passbook savings rates Are at a stated level of 5.01 percent the newsletter said. The reasons for these lean times vary. Some Banks Point to an increase in Federal Deposit insurance premiums for depressing savings rates while others cite the generally lower amount Banks can earn from interest rates on Loans because of recent drops in the prime lending rate. Officials at merchants Banks were attending a District managers meeting in bad Kissinger Germany on tuesday and could not be reached for comment on the lower rates. A we get a Litte reaction to the rates a said John Duckett manager of the Navy Federal credit Union in savings snapshot $1,000 investment merchants Bank Andrews fad aral . Ger service fad aral . Ger Kaems fad aral . Us Navy fad aral . Italy certificates of Deposit 6 months 6% 5.75% not offered not offered not offered certificates of Deposit 1 year 6% 5.8% 5.85% 5.65% 6.5% passbook savings 5.5% 4% 5% 5.25% 6% rates shown Are generally Lor balances Between $50 and $1,000. Rales vary above $1,000, source stars amp stripes Survey sept. 11 Naples Italy. A we sympathize with people who would like the rates to be higher but at the same time we lowered our rates on savings we be lowered them on  Duckett said Many cd maturing now had been paying from 7.5 to 8.5 percent interest. He said the Economy is not responding to the lower rates. That has led to talk of even lower interest rates some economists predict that if the Federal Reserve again Lowers the amount it charges for the Money it lends Banks As Many predict it will interest rates could drop further. A the Juty is out on whether we get one More round of interest rate cuts or not a said David l. Donabedian chief econ s4s Susan Harris Mist at mercantile ban shares corp. In Baltimore. A we May gel one More Cut by the fed but that would be the last one. We re very close to the Bottom in Short term interest  Donabedian like Many other Bankers and economists expects interest rates to begin rebounding Early next year. What irks some observers is that while interest rates paid for deposits have fallen by roughly a third Over the past year the Cost of borrowing has not dropped by a similar amount. The decline in rates for Short term cd for example has sliced an average 2 percentage Points off the 7 percent interest rate offered a year ago according to Bank rate Monitor. From the beginning of the current downturn in april 1989, Short term cd rates have fallen an average of 3.75 percentage Points. At the same time credit card rates Are up 0.9 percentage Points while Auto Loans have fallen less than 1 percentage Point said Bank rate Monitor publisher Robert k. Heady. A where the consumer is getting shafted is that loan rates have not followed savings yields downward a he said. A in effect the consumer is picking up the Tab for the Banks bad  James w. Fulcher vice president for Branch administration at Signet Bank Maryland said rates were set using two Basic guidelines. Banks routinely compare their rates with those of neighbors to remain competitive. The second guideline he said is what Banks must pay if they borrow Money elsewhere rather than attracting depositors funds. If a Bank can a buy Money from other institutions at 5.5 percent Why should you pay More than that in Way of garnering deposits a he asked. At first National Bank of Maryland a lower interest paid on a variety of savings accounts will take effect oct. 1, according to a letter mailed to customers recently. The Bank said the decline Down 0.25 percentage Points to 5 percent on a savings account tied to a checking account was due to a combination of lower interest rates in general and higher premiums paid for Federal Deposit insurance premiums which have increased to 23 cents per $100 in Domestic deposits from 12 cents near the end of last year. Staff writer Randy Pruitt in Darmstadt contributed to this report Thrifty or miserly exploring Yankee frugality by Tony Rogers the associated press Boston a new Hampshire auctions Road kill. A Connecticut Church paid for a new Organ by hawking Pigeon droppings from the Belfry. And a Vermont Mother of 16 braided a Rug a of plastic bread bags. New England frugality is legendary and Yankee Magazine devotes its entire september Issue to the topic with columns tips and even a frugality contest. First prize a some expenses paid trip tothe Road kill auction. Managing editor Timothy Clark said the Magazine has had special issues every september for about five years. A last year we did sex in new England a very thin Issue Quot he said. This year with the Economy in a quagmire editors of the monthly based in Dublin n.h., decided an Issue devoted to Thrift Ness was in order. A if there was Ever a time we needed new England frugality this is it a Clark said. A we wanted to explore whether its a myth and see what examples we could  there a brother and sister Dick Chasse and Ramona Clavette in Connecticut who have been exchanging the same Christmas card for 37 years. Or Charlie Macarthur up in Maine an advocate of Energy self sufficiency who built a car that runs on Chicken fat and a Furnace that Burns dirty diapers. Then there was the Bandit who robbed $4,000 from a Bank in Connecticut and spent 75 cents to make his getaway on a City bus. New Hampshire raises $2,000 a year auctioning the pelts of Road kill. When members of the Trinity episcopal Church in Hartford conn., needed to restore the Church Organ they organized the Pigeon poop brigade cleaned droppings from the Bell Tower and sold the stuff As fertilizer for $1 per Pound. Rosa Patoine of Hardwick vt., collected 545 discarded plastic bread bag Cut them into strips and braided a n that won first prize at the county fair. Thrift Ness runs in the blood of no englander and is extolled by yank authors. In Walden Henry David the Reau exhorted readers to exist simply at economically so they could a live de it and suck out All the marrow of  Lydia Maria child a the americ frugal housewife published in 1828, a vises that ear Wax can soothe Chappi has and pig Heads make Good Cneri eats especially the Cheeks. Quot new englander Are proud of saving Buck a Clark said. A maybe we could u some More of that