Jill Russo Foster

Tips for Successful Personal Finances

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Your Finances Today

Our lives are changing from what we know.  People are losing their jobs, others are furloughed.  You can’t count on unemployment as your survival means.  We have to fallback on our savings (hopefully you have one).  If not, you have to prioritize your spending.

Eliminate the expenses you can.  If a service you pay for is closed, try to stop paying for it.  Reduce other expenses.  But at some point, that may not be enough.  What can you do and what bills should you pay and which can you delay.

Here’s a article from CNBC Which Bills To Pay During a Coronavirus Pandemic

Remember that each state / city has specific policies, check with the state that you live in to see what is available to you.

 

 

You Need An Emergency Savings

Whether you have been laid off, furloughed or salary reduced, you need an emergency savings to fall back on more than ever.

What’s your emergency savings account look like? Suze Orman suggests that you have eight months of income in your emergency savings. Dave Ramsey and Jean Chatzky both say 3 to 6 months. Hello Wallet suggest that you think of emergency saving in three ways – minor emergencies, major emergencies and job loss. Bottom line, you need an emergency savings account.

As with any goal, start with a plan – then automate it. When we started our emergency savings, our goal was to save $1,000. That would get us through the unexpected small expense. We started by saving $20 per week to reach that $1,000 goal in one year.  Maybe that’s not possible in these challenging times, can you find $5 per week.  While you are home, it’s a good time to review your bills, to find savings.  Take a look at your credit card / bank statements, are there automatic changes you are paying for and not using?  Can you replace an expense with something free?  Can you reduce an expense to save money? 

Once you accomplish your goal, I would like you to about your next savings goal. Sometimes unexpected emergencies cost more than you expect, especially if you are a homeowner. I have always thought that the major repair emergency fund should be in the $5,000 range. So then we started on this goal.  $100 a week gets you to $5,000 in a year. We divided this between both our paychecks. My husband gets paid weekly so he contributes $50 each week. I get paid every other week, so I put in $100. We then have achieved this goal of $5,000 in a year.

Remember, this is not a save for one year and done type of thing. You may need to use this money, so you need to replace what you use. You can never have too much money saved for the what if’s of life.

Credit Report Reminder From Jill Russo Foster

Time To Order Your Second Credit Report Of The Year

For your 2nd report of the year, use Equifax

Hello, it’s Jill again, reminding you to get your finances in order so you can relax this summer.

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 for free!

To Learn More, Visit www.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 Equifax.

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 relaxing and successful summer!

Our Financial Literacy Month Tips were From Thrive in Five

I was so happy to give you a month of savings ideas for Financial Literacy Month. I really hope they inspired you to think about your future and what you can do today to make your dreams a reality.

Every tip I shared with you was from my book, Thrive in Five. In Thrive in Five, I suggest improvements you can make to your finance situation in just 5 minuthrive_250tes a day for 1 full year. I ask you to take a hard look at how you do things and to make small changes with big impacts.

Each chapter is a month in the year.

January – Analyzing Your Bills
February – Reduce or Eliminate Expenses
March – Saving More
April – Organization
May – Clutter Cleaning
June – Selling or Donating
July – Credit
August – Debt Reduction
September – No Spending Month
October – More Income / Planning Ahead
November – The Holidays
December – Money Drains

Because I wanted you to focus on your savings, I gifted you 30 Tips for Financial Literacy Month.

If you want to make big improvements with small steps, do get the book!

Soft cover book available for $18.95. Ebook available for $14.95.

Available at BookLocker, Amazon and Barnes & Noble!

BookLocker Paperback EBook
Amazon Paperback Kindle
Barnes & Noble Paperback Nook

 

Get Your Copy Today!

Today is the last day for the discount.  Use code 10FinancialMonth to receive the discount, when purchased through my website.

Teach your children about finances.  Cash Credit and Your Finances: The Teen Years shares basic concepts of managing money including setting and living within a budget, working with a bank, opening accounts, managing credit and debt, paying for a college education, and making major purchases, such as a computer or car.

111 Ways To Save is meant to help people with their personal finances think outside the box to reduce their expenses, and getting them started on the path to financial independence.

Thrive In Five: Take Charge Of Your Finances In 5 Minutes A Day takes you on a year long journey with 5 minute a day suggestions to improve your finances. Each month works on a different aspect of your finances.

Don’t miss out, buy my books today!  They are 10% off in April when purchased at JillRussoFoster.com.  Select the book(s) and make the purchase through BookLocker (click the book picture) and use code 10FinancialMonth to receive the discount.

Financial Literacy Month – Tip #30

Looking Back

Here’s the tip from December 31 – Money Drains month:

Do you feel that you are taking charge of your finances? Remember, this is not a onetime thing and you will not be done forever. This is something that you need to work on throughout your life. My suggestion is to start the book over again tomorrow and build upon what you learned this year and continue to take steps to improve your finances. For right now celebrate what you have learned this year.

To purchase a copy of either of my books Thrive In Five: Take Charge of Your Finances in 5 Minutes a Day or 111 Ways To Save

#JillRussoFoster  #30WaysToSave

Financial Literacy Month Is About Over – Don’t Miss Out!

111 Ways to Save

111-ways-to-save-coverApril is Financial Literacy Month.  If you have been following the series of posts throughout the month, all the tips come from y book 111 Ways To Save.  Want to keep going?

Inspired by my popular series 30 Ways to Save.

If you want to tighten your budget and reduce spending, but don’t know where to start, stop waiting! Try any of these super easy cost savers at any time to find extra cash in your wallet.

111 Ways To Save is 10% off in April’s Financial Literacy Month when purchased at JillRussoFoster.com.  Select the book and make the purchase through my website / BookLocker and use code 10FinancialMonth to receive the discount.

 

Financial Literacy Month – Tip #28

ATM Fees

Here’s the tip from December 15 – Money Drains month:

These are a total waste of money. Think about your plans ahead of time and be prepared. There is no need to have to go to an ATM that will cost you a fee. Plan ahead for what you will need. If you find you need more money than you have on you, then think about what you want to buy. Do you really need it or could you live without it?

To purchase a copy of either of my books Thrive In Five: Take Charge of Your Finances in 5 Minutes a Day or 111 Ways To Save

#JillRussoFoster  #30WaysToSave

The Perfect Gift At A Discount

The Perfect Gift

Voted Best Teen Book by the Teen Team at RadicalParenting.com and was selected by Jim Agnew’s Literary World as one of this Daily Picks.

Help your kids:

  • Cope with product advertising
  • Understand that credit isn’t magic money.
  • Develop strong short-term budgeting skills
  • Create a short and long-term financial plan

Cash, Credit, and Your Finances: The Teen Years looks at finances through the eyes of five different teenagers. They all have things they want and need, but they all handle their money differently.  Some will succeed and some will give up… which one do you want your child to be?

Cash Credit and Your Finances: The Teen Years is 10% off in April’s Financial Literacy Month when purchased at JillRussoFoster.com.  Select the book and make the purchase through my website / BookLocker and use code 10FinancialMonth to receive the discount.