Holy pancakes! Free breakfast at Denny’s (today only)

I’m going to make this quick because if I try to be clever you may just miss out on this fabulous freebie:

Denny’s is offering free Grand Slam breakfasts today (February 3) from 6 a.m. to 2 p.m, with up to 2 million people expected to take advantage of the deal.

In case you think Denny’s is crazy to be giving away all this food – in a recession, no less – consider this marketing ROI analysis from WalletPop:

“A Grand Slam breakfast retails in my area for $5.99, so the maximum retail value of this giveaway would be around $15,457,075. Wow!

However, the cost of the food to prepare a menu item typically runs around 25% to 30%, so the actual cost for food for this giveaway, at a generous 30%, would be more like $4,637,122.

Now, how many of these diners do you suppose would eat a breakfast without something to drink? My guess is very few. Suppose 2,500,000 ordered coffee, juice or a soft drink. Restaurants typically make around 85% on drink orders, so on an average $2 per drink basis, the company should net around $1,70 per, or $4,250,000 in drink revenue.

If this is the case, the entire promotion cost is now down to around $400,000. The value of the free press surrounding this promotion? Easily worth 10 times that.”

I’m stuck at work and already sipping on my Caramel Macchiato, but if you do make it out to Denny’s, have a pancake for me!

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Deducting sales tax for big savings

As mentioned in yesterday’s post, one of the benefits of the massive $700 billion bailout was an extension of a bill that allows taxpayers to deduct either sales tax paid or state income taxes in both 2008 and 2009.

Since I live in a state with no state income tax, I was thrilled about the possibility of deducting several thousand dollars in sales taxes should I decide to purchase a new car in 2009.

But what about 2008? I didn’t buy any big ticket items but I know for certain I paid my share of sales taxes. Unfortunately, I’ve never been great at saving all my receipts so how could I a) come up with an accurate amount to claim on my taxes and b) prove it should the IRS contest the amount I pulled out of my arse?

After doing some digging, I found out the IRS doesn’t expect all of us to be master packrats, saving every receipt that shows a sales tax charge throughout the year. Instead, they offer a calculator on their website that takes your income, zip code and a few other factors to calculate the assumed amount of sales taxes you paid.

To access the calculator, visit the IRS website and type in the search box “Sales Tax Deduction Calculator.” Click on the resulting link, enter a few details and viola, you have your suggested (a.k.a. defendable should the IRS question it) deduction amount.

Things you’ll need for this exercise:

• W-2 forms for 2008
• Sales receipts showing sales tax paid for specified add-on items (i.e. car, motor home)
• All of your residential addresses for 2008

When I guessed a number initially, I estimated I’d spent $1,000 in taxes in 2008. The amount the calculator generated based on my income and local tax rate? $867. How much this saves me on my taxes? $232. Heck yeah!

Sure, there’s a difference between the two numbers and I might have been able to deduct a lot more if I’d kept all my receipts. But seriously, not having to live surrounded by piles of receipts is well worth any money I’m potentially leaving on the table.

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Saver in the City’s five for Friday

 Squakfox blogs about 6 bad words you shouldn’t use on your resume. No, they’re not what you’re thinking although those are probably not a good idea either. And if I need to tell you that you deserve to be unemployed. 

 

  

Low 30-year mortgage interest rates and falling home prices tempting you to explore the exciting world of home ownership? Be sure to read Sound Money Matter’s post on how to find and hire a real estate agent before you make the leap.

 

 
Cents to Save offers some great common sense – er, cents – tips for shopping at thrift stores. Sure, it’s not Halloween (when my annual visit usually falls) but desperate times call for smart measures.

 

 

 

Gather Little by Little  and The Frugal Dutchess tell you how to be less trashy…at least when it comes to coffee filters and paper towel tubes.

 

 

And just because it’s Friday and slated to be 82 degrees today (sorry, at least where I live), I’ll end this post on a ray of sunshine. Over at Million Dollar Journey, Frugal Trader gives us 6 reasons why recessions are a good thing.

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In pursuit of alternative income streams

As recently as six months ago, I scoffed at the idea of taking on a second job or looking at alternative income beyond my Monday-to-Friday work schedule. I figured I was way too busy and quite frankly, I felt like I was “above” some of the part-time positions advertised. So instead I vowed to focus on saving what I did make by minimizing expenses.

But in December, my parents announced they want to take the family to South Africa in 2010 to celebrate my step-mom’s 60th birthday and my brother’s graduation from high school. In addition to a two-week wildlife safari, they’re coordinating the dates so we can go to the World Cup which is taking place there in June 2010.

13-day African safari = $9,600
Tickets to the World Cup = $278
Spending time with my family, seeing lions and elephants up close and attending the World Cup = Priceless

Seriously it will be a dream trip, but let’s get back to those cost figures. My parents actually expect the price tag to be around $10-$12k per person and while they implied they will pay for it all, I’ll be 30 by then and I feel like I should pitch in at least some of the cost.

My goal is to save $5k and with almost a year and a half to do it, that should be simple right?

Well, between not getting a raise in 2009 due to the stupid economy, funneling money toward my 401k and Roth IRA, saving up for a new car (since mine will more than likely turn on me in the next year) and budgeting for a new laptop, etc., putting aside money from what I already earn may not be enough.

So in the last month I’ve revisited the idea of searching out alternative income streams. My aim is to earn an average of $275 per month ($5,000 / 18 months) via alternative income and in the last three weeks I’ve made $150 in babysitting, $39.40 selling miscellaneous items, $32 mystery shopping and $12 in surveys. For a grand total of $233.40 with one week left to go!

In the coming month I’ll share more details about the different alternative income streams I’m exploring, but today I’ve decided to focus on mystery shopping.

I’ve actually dabbled in mystery shopping for the last several years but every time I’d get bored or frustrated at the lack of jobs available in my city. A renewed flurry of sign-ups later I’ve found some interesting opportunities that will be fun while still paying $8-70 per job.

So far, I’ve eaten at a great Mexican restaurant, shopped at a sunglass store and watched a movie all for free (plus a little profit). In February, I’m getting my taxes done for free with an additional shop payment of $70 for my “trouble.”

That said, you will not get rich mystery shopping and starting out, you also won’t get the cush jobs like going to the spa and staying at a hotel. Sorry to dash your hopes of living the high life so early in the post…

BUT, one of the hardest parts of saving for me is the feeling that I’m depriving myself of things that bring enjoyment. For example, dining out is one of my favorite things to do but in order to save money I’d usually cut down on this drastically. Mystery shopping lets me still enjoy life without having to spend my own money doing it.

On to some of my favorite mystery shopper companies. It should be noted that jobs differ depending on where you live, but many reputable companies operate nationally. My favorites so far include:

Secret Shopper
A Closer Look
Beyond Hello
Market Force Information

None of the above require you to pay a fee to sign up for access to jobs, and from what I’ve heard the ones that do are usually scams so stay away. Repeat: stay away.

To find more information and legit jobs near you, I’d suggest looking at the Mystery Shopping Provider’s Association website where you can search for jobs by state, post questions on bulletin boards and learn the skills required of a mystery shopper.

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Don’t miss your chance for free makeup!

Saw this last night on the local news and I confirmed by calling one of the department store’s on the list…

Apparently, a 2003 lawsuit found several high-end stores guilty of holding back certain makeup and skin care products in order to manipulate pricing. As a result, they are being ordered to give away $175 million worth of products to consumers starting today, January 20.

Brands included in the lawsuit and free giveaway are Lancome, Chanel, L’oreal, Clarins and Estée Lauder, among others. Shoppers are limited to one item from a selected list of available products while supplies last.

To get your free product, visit one of these stores starting today.

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