Jill Russo Foster

Tips for Successful Personal Finances

You are here: Home / Archives for Jill Russo Foster

Two Checking Accounts

People always ask me why I have two checking accounts with different banks.  This weekend was the best example of why I do this.

Yesterday while I was driving home, I received a text message.  It was from my bank saying that my Uber Eats purchase was approved.  I didn’t order from Uber Eats.  So, was this a spam text message or was this legit? Once home, I signed into my account and found out it was legit.  Ugh!

Now on a Sunday afternoon of a holiday weekend, I am on the phone with the fraud department shutting down my debit card and disputing the charges.  The debit card was still in my possession, so it wasn’t lost or stolen, but it was compromised.  I always tap when using my card, so as not to deal with skimmers.

Now I wait.  No debit card until the new one arrives.  The money in my account is not available currently while the disputes being are researched.  If I only had one checking account, I would be in trouble with minimal access to my money.  All will be ok soon.

This isn’t the first time this has happened and I am sure this won’t be the last.  In the meantime, I have my second checking account to use.  That is why I keep two checking accounts with two different banks.

Is That Charity Worth Your Donation?

This year has been challenging, with wildfires, hurricanes and flooding. We all want to help and these people need our help. but you want to give your money and items where it will do the best and not go to scammers. When disasters happen, scammers come out. If you choose to give, and I’m sure you do, make sure your money goes to those in need (not to scammers) through a charity that you have researched.

Check them out before you make the decision to give.

Fundraisers can legally keep most of the money donated to the cause. Not to mention the scammers who are out there to take your money. Before you donate, find out whether the charity is legitimate and what percentage of donation actually go to the cause.

You can start your research at Give or Charity Navigator. These organizations research charitable organizations to find out how they use the funds they receive – how much actually goes to the cause versus other expenses.

Here are some tips to help in your research:

  • Find out if the charitable organization has a 501(c) status (IRS code for non-profit organizations).  Non-profits have stricter requirements, and your donation may be deductible on your tax return.
  • Find about how much of each dollar is being used for the cause versus administration costs and other expenses. The more expenses, the less of each dollar is being used for the cause. Look for the lowest administrative costs.
  • For cash donations, request a receipt to use as documentation on your tax returns. All donations over $500 will require additional documentation, so speak with your tax preparer ahead of time.
  • When donating non-cash items such as food, clothing, furniture, automobiles etc, you will need an itemized list of the items you donated and the total value. Most charities will ask you to value your own items.
  • Check with your tax preparer for specific details for your situation and make sure you get a receipt for your donations with the charity’s information on it.

Do your research and chose the organization(s) wisely.  This is a great way to help out others who are less fortunate than you during this season of giving.

This Weekend

What is everyone doing this weekend?  We’re expecting good weather, so we will be outdoors.

Do you want your teen to learn about money and finances?

Register Your Teen for Teens and Money – register today!

Come and join me for Kids On Campus at Norwalk Community College (Norwalk, CT) this summer.  I will be offering a workshop, Teens and Money: Teens Personal Finance for grades 9 to 12 for 1 week only – July 21 to 25, 2025 from 9 to 12.  To register contact 203-857-7080.

Join me for Teens and Money in July

Register Your Teen for Teens and Money (only a few spaces left)

Come and join me for Kids On Campus at Norwalk Community College (Norwalk, CT) this summer.  I will be offering a workshop, Teens and Money: Teens Personal Finance for grades 9 to 12 for 1 week only – July 21 to 25, 2025 from 9 to 12.  To register contact 203-857-7080.

Register Your Teen for Teens and Money

Come and join me for Kids On Campus at Norwalk Community College (Norwalk, CT) this summer.  I will be offering a workshop, Teens and Money: Teens Personal Finance for grades 9 to 12 for 1 week only – July 21 to 25, 2025 from 9 to 12.  To register contact 203-857-7080.

Financial Literacy Month #30

Did you enjoy this month of tips?  Congratulate yourself for taking the first step to improving and understanding your finances.  This will put you on a path to achieving your goals. #JillRussoFoster #FinancialLiteracyMonth

Financial Literacy Month #29

This is a general rule about spending – 50/30/20 rule.  50 percent of your take home income should go towards your needs (such as food, housing, childcare, minimum debt repayment etc.), 30% towards your wants (dining out, travel, clothing, subscriptions, memberships) and the remaining 20% to your savings / debt repayment (emergency funds, retirement, additional payments towards debt).  Nerd Wallet can tell you the amount for each category 50/30/20 Budget Calculator – NerdWallet. #JillRussoFoster #FinancialLiteracyMonth

Financial Literacy Month #28

Now that we are past the frost, it’s time to start our garden.  I save our cardboard egg containers to use to start my seeds.  Buying seeds (our library gives out free seeds) and starting them indoors will create a budget friendly alternative to buying vegetables at the grocery store.  Don’t worry if you don’t have a yard, container gardening works just as well.  Simply start with growing your own lettuce or herbs.  It’s easy and will help your budget. #JillRussoFoster #FinancialLiteracyMonth