Jill Russo Foster

Tips for Successful Personal Finances

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Financial Literacy Month – Tip #20

Off Season

Here’s the tip from October 15 – More Income / Planning Ahead month:

Think off season. Companies that would be slow and looking for work may give you a better price than when they are busy and in high demand. Off season at this time of year would be patio furniture, barbeque grills, summer clothing, etc. Now might be the time to make the purchase and store it until the time when you can use it.

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Financial Literacy Month – Tip #19

Lower Rates

Here’s the tip from August 20 – Debt Reduction month:

If you find that you can’t open a new credit card, call your credit card company and discuss your options. Can they offer you better terms? Mention how long you have been a customer and that you have always paid your bills on time. If the first person says no, then ask to speak with a supervisor. This is not scary, they are people too.

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Financial Literacy Month – Tip #19

Job Benefits

Here’s the tip from October 5 – More Income / Planning Ahead month:

Have you checked out your company benefits lately? No, I am not talking about your medical benefits. I am talking about the perks that some companies offer their employees. Do they have tickets to sporting events? Do they sponsor a community event? Do they reimburse you for classes? All these things add up.

I know that through the company my husband worked for we have gone to car events at no cost (my husband is a big car enthusiast). We saved $20 admission fee each, because sponsors get tickets. When I was growing up, my father was always given sporting event tickets for the family through his work. Ask and see what your company may offer.

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Financial Literacy Month – Tip #18

Your List

Here’s the tip from August 13 – Debt Reduction month:

What came up on your list? Did you think you need to generate more income? Do you think you need to spend less? Either way, you need to take action. Start to put your plan in motion. When you get extra money, pay it towards your debt. Don’t let it sit in your pocket. Money will find a way to be spent. Make a payment as soon as you get the money. Yes, you can make multiple credit card payments in one month to pay the balance off faster.

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Financial Literacy Month – Tip #17

Game Plan

Here’s the tip from August 12 – Debt Reduction month:

Let’s start to payoff this debt. Since you have been working on trimming your expenses and generating more money, can you use that money to pay down this debt? If you still don’t have the money to pay down this debt, you need to have a plan.

How are you going to get more money? Do you need to cut back more? Do you need to sell more? Write down twenty ways to get more money to pay down this debt. Write down anything that comes into your mind (don’t worry that it’s not possible). See what your mind is thinking.  Write you lis ton the Appendix.

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Financial Literacy Month – Tip #16

Making A Choice

Here’s the tip from August 8 – Debt Reduction month:

Yes, everyone needs a plan. You can’t get from point A to point B without a map.

There are two schools of thought out there on paying off your debt. Option 1 is to pay off your debt starting with the smallest balance and working your way towards the bigger debts. In my experience, people who want a sense of accomplishment, who like to see things crossed off as they are completed, do well with this method. Option 2 is to pay off the debt with the highest interest rate and work your way down to the lowest interest rate. This works well for the person who is bothered by seeing their money go out the door.

The choice is yours, but you must make a choice today.

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Financial Literacy Month – Tip #15

Clear Picture

Here’s the tip from August 3 – Debt Reduction month:

Okay, this is the time to face reality. You need to get out all your bills today and make a list of each and every debt that you owe. I want you to list the creditors name, the amount owed, the minimum payment amount and the interest rate. See Appendix for today.

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Financial Literacy Month – Tip #14

Mail

Here’s the tip from July 30 – Credit month:

Sounds simple enough, we use the mail all the time for legitimate purposes. But others don’t and you have to be aware and take precautions.

  • Don’t put your outgoing mail (especially bills) in your mailbox for someone to steal. Take it to an actual postal mailbox to mail.
  • Don’t bring your mail to work to be mailed. Many companies have the mail sitting on the counter for anyone to take. Again, take it to an actual postal mailbox to mail.
  • Don’t leave you incoming mail in the mail box all day for others to be able to grab. Talk to your Post Office about what you can do (locked mailbox, slot in your door etc). Maybe have your mail sent to a P O Box.
  • Look at your mail promptly. Did you get a declined credit offer when you haven’t applied for credit? It could be a sign that someone may be attempting to open a credit card in your name.

There are many ways to steal someone’s identity, don’t make it easy on them.

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Financial Literacy Month – Tip #13

Monitor Your Accounts

Here’s the tip from July 28-Credit month:

Something that I personally do weekly is to monitor my accounts. I go online (from my home computer) and check my accounts, both bank and credit cards. I actually look at the individual transactions to see what is posted. Is there anything that I don’t recognize? Get in the habit of this and check even if you haven’t used the account. You never know who has.

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Financial Literacy Month – Tip #12

Order Your Credit Report

Here’s the tip from July 1 -Credit month:

Today, I want you to order your credit report for FREE from Annual Credit Report. You can do this online and print the report right away, call to order your report or download the form and order it by mail.

www.AnnualCreditReport.com

877-322-8778

P O Box 105281, Atlanta, GA 30348-5281s

Remember this is the only FREE service to get your credit report. Don’t be fooled by others offering you free credit reports if you sign up for something that requires you to pay for something else.

If you do this online, be prepared to answer security questions about your credit history. Each credit reporting agency will ask you several questions that you must answer correctly to be able to get the report online. If you think you will not know the details of you credit, then order your report by phone or mail and you will be receiving the report in about two weeks.

You are entitled to one FREE credit report from each of the three credit reporting agencies once every twelve months. I suggest that you only order ONE credit report from one of the credit reporting agencies today. Then in four months, order another credit report from the second credit reporting agency. Then again, in another four months order the third credit reporting agency. This way you are seeing your credit report three times per year at no cost to you. Go to the Appendix for this date and mark your calendars.

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

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