Jill Russo Foster

Fixed Expenses: Knowing Where You Stand

This is Day 3 of our month long Financial Literacy Month project. You can continue using my budget or spending plan worksheet for this.

Now, let’s look at your fixed expenses – mortgage or rent, insurance premiums (home, auto, health, disability, long term etc), utilities (if possible, take an average of the last year), and any other fixed recurring payments that apply to your situation

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Income: Knowing Where You Stand

To take charge of your finances you have to know where you stand. I know that some people will want to shut the book at this point, but don’t. It’s not going to be that hard for you to do this. This is not a one day project, so don’t panic. You have a week to do this for yourself. No one is going to look at this, but you will need this as a starting point. Take the time to do this.

Start with my budget or spending plan worksheet. If you’ve already prepared your taxes, you will have this information readily available. For your income, look at your W-2 forms and divide by 12. This will give you a monthly figure. If you have 1099’s then you can do the same. Or take your pay stub and multiply by the number of pay periods in the year. Remember to add any other income – pensions, rental income, investments etc to get a clear picture.

Share this post for the Financial Literacy Month Contest. Learn more at www.JillRussoFoster.com/financial-literacy-month-2013

Financial Literacy Month starts Monday!

In honor of that, I’ll be posting an entire chapter from my book, Thrive in Five, in 1 post a day.

My micro-tips will ask you to think outside the box and push your saving even higher. For starters, you’ll have a week to record your monthly expenses. Then I am going to suggest things to you that you might not want to do. Other things might intrigue you, try them.

Each effort you make will save you money.

Watch for my first post on April 1st. 🙂

Make it rain! Spread the word about financial literacy

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April is Financial Literacy Month and I want to spread the word so that everyone can improve their finances.

For the month of April, we will be posting daily tips from my book Thrive In Five: Take Charge of Your Finances in 5 Minutes a Day on Twitter, LinkedIn and my Facebook Fan Page. We need you to share and repost to your connections and friends so that these simple tips spread across the internet. My goal is to increase my exposure and increase the number of people who subscribe, so we can ease the financial confusion that holds so many people back.

As new people subscribe to my newsletter, we will be asking them to tell us who referred them. Remember to ask them to use your name. The top person who gives us the most new subscribers by April 30, will win a free 30-minute coach session with me. It’s that simple. So tell your friends, family, co-workers and everyone else you know so you can increase your chances to win.

First, remember to connect with me through social media – Twitter, LinkedIn and Facebook Fan Page, or you can forward this blog post for them to sign up for the newsletter. Thank you for spreading the word.

If you want an additional way to win a free coaching session with me, tell us which tip has inspired you to make a change in your finances. What have you added to your routine, or what have you stopped doing? Maybe you read that you could keep the same routine if you just did things a little differently. Tell us your story in a few sentences that we can use as a testimonial. Don’t worry; we will only use your first name. We will select one quote randomly from all submitted and that person will also win a free 30-minute coaching session with me during the month of May.

We want everyone to have some extra cash this April, so let’s make it rain by sharing financial information that really works.

Do you want a free coaching session with me?

We can talk about any personal finance issue…

Is your goal to improve your credit score?
Are you trying to make your money last for as many days as there are in a month?
Are you thinking about buying a home?
Are you trying to determine if you should refinance now?
Do you want to start to save but don’t think you have the money to do so?

I can help you with these issues and more. All you have to do is help me get more exposure. My next post has all the details.

It’s too much! Stop the junk mail and sales calls

Is your phone ringing when you sit-down to dinner? Do you come home to find your mailbox overflowing with junk mail that you’ll have to sort, shred and recycle? Do you want it to stop?

I’m vigilant about my family’s privacy and do what I can to protect our personal space. I don’t want to waste a second of my precious spare time on unsolicited calls or credit card offers. Sometimes it feels like an uphill battle. Between social media, email, the phone and your mailbox, it’s like being pressure-cooked in sales offers.

First, make the calls stop!

We have been registered on the Do Not Call list since 2003 (www.donotcall.gov). But, they can’t protect you from charities, political campaigns, surveys, or companies that you have a relationship with. You’ll have to tackle those individually. When they call, take a moment to ask to be removed from their list. They’re supposed to comply with your request.

Reduce the sales flyers

We’d been getting unwanted mail and realized we’d gone over the 5-year limit at www.optoutprescreen.com. When we renewed our preferences, we were pleasantly surprised to find that you can now opt-out permanently. It’s a similar process to the 5-year opt-out with one additional step: you have to mail in a confirmation. This should cut down on all unwanted mail and offers… forever!

Stop the credit card offers and checks that you’ll have to shred.

We fill out the privacy options for all of our credit cards. You can find these on the inserts that come with the bills. You may have tossed them out without looking.

How did you get on these mailing lists in the first place?

So, you opted-out a year ago and suddenly you’re receiving mail and phone calls? Why? How? Well, there are quite a few ways to get back on a company’s mailing list. For example, we just went to a home show and almost every booth was offering a “free give-away”. When you fill out the form, you’re giving them permission to contact you with sales offers. Think twice before signing up. Are the odds of winning worth the unwanted calls and mail? For myself, the answer is no. But, we do take any literature they may be offering so we can contact them if we want to.

I want my home to be a sanctuary not a fortress where I’m forced to fight off unwanted contact. Here’s hoping that we can come home to minimal mail and eat a cozy dinner in peace.

Changing the name of my newsletter

Why are we changing the name from Quick Tips and why do we want suggestions?

Because my Tips aren’t necessarily Quick. You can find to-do lists anywhere on the internet, but I want to inspire you to make changes that will profoundly affect your life and finances. And, I want to hear the types of words and phrases that you find inspiring. What words make you want to get up and face your challenges in a fresh, new way?

Want to help? Submit your name suggestions to jill@jillrussofoster.com or on Facebook, LinkedIn, Twitter or in the comments below. I know you have some great ideas, so share ’em with me!

More about Meditation

In this week’s inspirational article I talk about meditation. If you want to start meditating and don’t know where to begin, Oprah and Deepak Chopra are offering a free three-week guided meditation starting on March 11. It’s called The 21-Day Meditation Challenge – Perfect Health and you can sign up for it here.

Stop Doing What You Do!

beach-sign

“If you keep on doing what you’ve always done, you’ll keep on getting what you’ve always got.” If you want to make changes with your life and finances, then you need to do something different.

When I imagine my perfect life, it’s like a sunny day at the beach – calm and bright with a peaceful, beautiful feeling. This year, I’ve decided to do some things differently, in the hopes of making my real life closer to my ideal life.

My Morning Meditations: I have trouble quieting my mind. When I finish one task, the next item on my to-do list pops into my head. Since January, I have started my day with a guided morning meditation. Maybe someday I’ll be able to meditate on my own, but for now it works best to listen to someone guiding me to a state of relaxation.

Results: This is really new to me. So far, I’ve seen changes in the amount of stress in my life. I am much calmer and more easily cope with my long appointment driven days. I have noticed subtle changes in my body. I now have trouble keeping my purse on my shoulder. Less stress has lowered my shoulders.

My Intention Journal: I’ve kept a gratitude journal for years, ever since reading Simple Abundance. It was difficult to think of even 5 things to be grateful for at first, but now I have to stop myself after one page. This year, I added an intention journal to my routine. In the morning, I set an intention for what I want to happen that day, and then I journal about the results before bedtime. My intention can be anything from “I easily completed this project” to “I achieved this outcome for this meeting.” I word it as an affirmation as if it already has happened.

Results: Setting my intention in the morning gives my day focus. Writing down the intention helps to keep it foremost in my mind. This compliments my gratitude journal. I recommend it to everyone. It’s worked great for me.

Going Paperless in the Kitchen: I am continuing to get rid of more paper. This year I am organizing all of my recipes in a folder on my hard drive. This includes all the old family recipes that I had on scraps of paper or recipe cards and the new ones from magazines or friends that I want to try.

Results: No more recipe cards, or notebooks with torn out recipes in my kitchen. That’s been really nice. Have you ever wanted a specific recipe, but couldn’t remember if it was in a book, card box, or ripped-out magazine page? It’s not fun.

Minimizing My Possessions: Over the last few years, I’ve been streamlining and simplifying my life. I used to keep too many things, “just in case”. But, going through things can lead to new piles because I want to give them away to just the right person. This year, I am giving myself a one-week time limit on the stuff. If I think that someone, or an organization, can use the item, I have one week to contact them, and get it to them (if they need it or want it). Otherwise, it’s at the curb.

Results: As I clear things out of my home, I’m making way for new energy (not things). I have several new projects on the horizon and have given three talks to new organizations just in the month of February alone.

I can’t wait to see what’s next. What are you willing to change in your life to get different results?

A Note from Jill

Last month (as we do every January) we got back on track after holiday spending. We looked at our finances and made some changes. This year, we tracked our spending to see where our money was going. Not many surprises for us – that’s a good thing.

We find that when we track our spending, we think twice about those little impulse expenses: bringing lunch from home instead of eating out, planning dinner ahead versus picking up take-out. All these little things add up for us.

I encourage you to do this for 30 days. It takes less than 5 minutes a day and can be eye opening. Let me know what you find out about your spending habits. If the thought is overwhelming, my budget tracker could make things easier for you. You just enter the numbers and it adds it all up for you.

We’ve received some great name suggestions, but we’re still looking for more. Quick Tips will become something new, fresh and inspiring and we need a new name. We’d love to hear some creative new ideas.

Want to help? Submit your name suggestions to jill@jillrussofoster.com or on Facebook, LinkedIn, Twitter or here. I know you have some great ideas, so share ’em with me!

Passing the Fees on to You

You know I like to save money, so I was a little disturbed by this news. You may be charged an extra fee when you use your credit card – both in stores and online. I don’t want to confuse you, because there are a lot of “if’s, and’s or but’s”. Where do I start? I want to explain this as clearly as possible.

This will affect your credit cards not your debit cards.
This will affect your Visa and MasterCard, but not your American Express card.
This may only affect your online purchases if you live in, or are visiting, an exempt state. Check the list on consumer-action.org

Why the extra fee?

Because merchants are tired of footing the bill for credit card fees. They get charged up to 4% for every credit card transaction, and that eats into their profits. If they’re a small retailer, it can really hurt their bottom line. They want to make it convenient for you to buy, but the fees can be painful and costly.

What are the rules?

They can’t charge you more than they’re charged. If they pay 1.45% on every credit card purchase, they can’t add more than 1.45% to your bill.
The charges must be clearly posted – in store and online. Look around and be sure to read the small print on checkout. If you’re not sure – ask!

My thoughts on the new fees

I’m not going to stop using my credit cards. Sure, I live in an exempt state, but that’s not why. It’s because I don’t use my cards for everyday purchases so the fees won’t affect my budget in a big way. You know I recommend using cash and debit cards for daily expenses because it will help you stay on budget.

Why shouldn’t we be outraged? Swiping a card is an easy way to pay, but it’s not magic. A lot work takes place in the background – work that must be paid for. Convenience always has a price.

Is it ever worth it to pay the fee?

I think so. I want the added protection offered by credit card companies. I know they will assist me if a company doesn’t make good (like if they go out of business). For me, the choice to decline rental car insurance when I travel far outweighs the cost of the surcharge. I’ll continue to use them for online purchases as well. Credit cards offer added protections for misrepresented and/or never received merchandise. For me, that’s worth it (in certain circumstances.) Some credit card benefits / rewards outweigh the fee.

Ultimately, it’s up to you to make informed choices that are right for you. Like me, you may decide to keep using your cards, but only in certain circumstances.