Jill Russo Foster

Tips for Successful Personal Finances

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Are You Paying Too Much?

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Do you ever wonder if you are paying too much for your bills?

We thought about this and have been making changes over the years.  We took steps to reduce our monthly bills.  We reduced our cable bills – haven’t totally cut the cord yet – but have reduced our bill significantly.  We are a family that leaves electronics unplugged unless in use.  We cook in the evening and on weekends and make enough for leftovers that can be taken for lunch.  We walk to do errands on weekend versus taking the car – a great way to get some extra exercise in your day.

We have eliminated some services and do them ourselves.  We do our own lawn mowing and yard work. We take our own trash and recycle to the transfer station (eliminating the trash bill).  We do some of our repairs and improvements ourselves.

How do you save money on your monthly bills?

 

 

Savings – Doubling Up

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I love to save money and I am sure you do too.  I am even more thrilled when I am able to save even more – with two or more discounts on one purchase.

Just this past weekend, I was able to do this three separate times!  First we stopped for lunch at a local restaurant with a coupon – $15 off the purchase of $30.  That alone was a 50% savings.  Then we charged it on a credit card that offered $5 statement credit.  That’s a good deal.

We did the same at the drug store.  We had the store’s manufacturers coupon for $5 off allergy medicine, plus the stores 30% off your total purchase and the allergy medicine was on sale on top of the coupons.  I received an email from the store stating the special sale price of the allergy medicine.  Bottom line, we paid $9.76 for the medicine that had a shelf price of $23.49.  A 41% savings for another good deal.

On to grocery shopping, I pick the store that has the items we need on sale (based on the weekly flyer) and use manufacturer’s coupons to save more.  For this store trip, this particular store has a $10 off if you spend $50 or more.  We get a monthly postcard in the mail with weekly savings offers – soemtimes $10 off and other times a free / discounted product.  Another win for us.

Saving with multiple discounts is good for your budget / wallet.  To be honest, it does take some time to coordinate these deals to save.  But not as much as you might be thinking.  We do get the Sunday newspaper with the coupon inserts.  I am on a handful of companies email lists for discounts.  Lastly, we get physical mail from rewards programs we are a part of.  All this adds up to savings for us.

Time To Order Your Credit Report

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For your last report of the year, use TransUnion

Hello, it’s Jill again, reminding you to get your finances in order by ordering your last credit report of the year.

How to Order Your Credit Report

The only authorized source for  your report is AnnualCreditReport.com. You won’t be charged and they won’t force you to sign up for “credit monitoring”. It’s yours to review by law.

To Learn More, Visit AnnualCreditReport.com:

  1. Select your state, then click Request Report.
  2. Fill out your information, then click Continue.
  3. When it asks you to select a service, select TransUnion.

Not comfortable ordering online? There are other ways to order your report:

  • Mail your postal order by downloading the form at AnnualCreditReport.com
  • Call in your order at 1-877-322-8228 FREE

What should you do with your report?

  • Review it for accuracy!
  • Follow the instructions to correct any errors.
  • And, always remember to keep copies for your records.

Were you hoping for your credit score instead? One option is to take a look at CreditKarma.com, Quizzle.com or CreditSesame.com. They won’t give you a FICO score, but they come close by providing a close approximation of your score. And, there’s no charge for you.

May you have a fun and meaningful holiday season from Halloween through to New Year’s Eve and everything in between.

Budgeting By The Numbers

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Do you ever wonder how much of your income should be going to this and how much should be going to that?

I know that you are aware that the general rule for your monthly mortgage payment should be 28% or less of your gross income.  The mortgage payment plus your monthly debts (credit cards minimum payments, auto payment, student loan payment, etc.) should be less than 36% of your gross income. 

These are the guidelines that help us to determine where your finances stand at any point in time.  You may be higher or lower, but your know how you stand against the suggested ratios.

Here are some other suggestions:

Emergency Funds – 3 to 12 months of income.  You need to have money aside for yourself when emergencies occur.  There are several thoughts here for amounts – I believe that homeowners should be more towards the 12 month or more range, as you never know when you might need to make an emergency repair right now.  Also, if you become unemployed, it seems that the older we get the more time there is in between jobs.  This plus many more scenarios could make you rely on this emergency fund.  Start or increase yours today.

Savings – the more the better!  You can never have too much savings.  Automate your savings and pay yourself first.  Have your savings deducted from your paycheck each and every paycheck – that’s the pay yourself first part.  You need to do this, as there is never money left over to save.  Living off what’s left is the way to go.  Remember to increase this amount often (at least every time your get a raise).  If you haven’t do this start small – maybe $20 / paycheck and keep increasing this.  I would love for you to aim for a minimum of 10% of your income.

Food – this one is a hard one.  I know that we spend a lot on our food budget.  Maybe you think this way too.  I personally have tried different ways to keep this under control – from vegetable gardening, to only buying with cash, to sticking to lists (meal planners and grocery lists), but it’s tempting to spend more – that are so many items (not on my list) that we seem to want.

For a general guideline of what percentage of your check should be, check out this article from Every Dollar.  Remember that these are suggestions and you can tweak them to fit your lifestyle.

 

What Are Your Plans?

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Taking time away from your regular routine is good for you.

American’s typically take less vacation than people in other countries.  We personally make vacation a priority.  It doesn’t have to be some big vacation.  It can be a variety of things – from a day off staycation or a weekend away to the trip around the world.  Here’s an article by Business Insider about the benefits of vacation.

I have a bucket list of things I want to do and/or see – from 1 day trips and exploring local attractions, to much bigger vacations.  For me, I want to see Waterfire in Providence, RI, visit the National Parks all the way to cruising the Panama Canal.  What’s on your list?

With Labor Day weekend upon us, what are you planning to do – plan some time that isn’t part of your normal routine and do something different.

Getting Ready For Storms / Winter

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I understand that it’s summer.   I am a beach person and want to get in as much beach time as possible.  In addition to that, it’s time to get your home ready for the upcoming storms / winter months. So far this summer we have lost power twice – once on a hot humid sunny day and the other in a rain storm.  There is nothing worse, than not being ready.

Here are some things that we do at our house:

1. Get all the patio furniture cleaned and put inside if possible.  We have a lot – and most comes inside – but there are a few pieces that are too big and heavy.  For the pieces that stay out, we put those orange cones atop the table and cover with patio furniture covers.  This prevents the water from puddling up and having mosquitoes breed in standing water.  Make sure to secure the covers tightly.

2. Turn off the outside water and drain the lines.  You don’t want to have to call a plumber in the middle of winter to fix a frozen line.  Remember to bring in the outside garden hoses once you have drained them.

3. Clean those gutters before you have problems.  Scoop out the debris from inside (even if you have gutter guards), so that the water can flow easily.  Remember to clean out the down spouts too.  YOu’ll need to do this after the leaves come down to ensure that they are clean before the winter season is here.

4. While you are on your roof… Check for leaks that might need fixing, cracks, and moss growing in the roof (not a good thing as moss holds moisture and that can mean rot).  Don’t forget to look around the chimney. All these could become a major problem as we get into winter.  As I have told you, it’s easier to fix a small issue now rather than a major issue later.  You can either do this yourself or call a professional for help.  We have plans for next month to have our roof replaced.  Owning a home means planning for maintenance projects.

5. Get your heating systems tuned up and serviced before winter to make sure it’s in working order.  There is nothing worse than waking up to no heat on a cold winter morning.  Personally, this is one service plan we purchase and it includes a cleaning.

6. Caulk around the windows to seal up any drafts.  You don’t want leaky, drafty windows sucking the heat outdoors.  You should caulk every few years as preventative maintenance.

7.  Because winter storms can mean loss of electricity… You will want to check up on your emergency supplies – lanterns, batteries, flashlights, battery powered radio, warm blankets, non-perishable food with a manual can opener, bottled water, and matches if you want to cook on the barbecue grill.  This is something that you could need year round.

It’s much better to prepare ahead of time and do little projects now while the weather is nice. You don’t want to deal with emergency repairs in the winter.

I Love Free Things – How About You?

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I really love finding a bargain and saving money.

Here are some of the things that we personally do:

  • Use the local and digit library.  We not only read books, we use it for so much more – magazines (no more subscriptions), audio books, downloading movies (save that fee too) and local passes for attractions in our area (saves or reduces that admission fees).
  • Exercising – we have outdoor free classes in the summer months – like yoga, zumba and more.
  • Making a picnic dinner for the beach or park before a movie.
  • Taking advantage of free days at museums and parks.

For more tips, read my book – 111 Ways To Save

Let me know what you do that save you money.

Another Data Breach – Was Your Information Compromised?

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It happened again – this is NOT the first time and it won’t be the last!  Another data breach.  This time it’s Capital One!

So what should you do?

  1. When is the last time you changed your passwords?  Not only should you change them often, each account should have a different password.  Yes, you heard me – each one should be unique.  That way if someone gets your password, they won’t have access to all your accounts.
  2. When is the last time you checked your credit report and/or credit score?  You can monitor your own credit easily for free.
  3. If you are not planning on using your credit in the near future, freeze it.  Not only will they not be able to open an account, neither will you.  Remember to freeze all three credit reports.
  4. When is the last time you viewed your accounts?  Do you check them in between statements?  You should consider checking your accounts at least weekly.  The sooner you catch something, the easier it is to stop it.

Take some time to make a plan that works for you and do your research.  You may need to do other things to protect yourself. Here are some tips from AARP about the breach.

To be reminded to view your credit report three times a year, sign up for my newsletter and get a reminder email to check your credit report.

Are You Part of the Equifax Breach?

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By now you should have heard about the Equifax credit breach.  About 1.5 million people may have been exposed in just this breach.  Are you one of them?Credit Report Shock

First, if you are not sure, check to see if you were exposed.  Click here to check.

Then follow the instructions to submit your claim if you were exposed.  There are choices to make when you submit your claim, so take you time and read everything before making your choices.

Hopefully, you were not exposed, but if you were you need to act fast to submit your claim.