Jill Russo Foster

Tips for Successful Personal Finances

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Simplifying Our Mail

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Are you overwhelmed with mail?  If you are like we use to be, we got a tone of physical mail.  It’s taken a while, but we have reduce our paper mail more than 50%.

Step 1 for us was to eliminate unwanted mail.  We called each and every catalogue that arrived to ask to be taken off the mailing list.  It wasn’t as time consuming as you are thinking.  WE created a pile and when we had time we made the calls – thinking wait for an oil change, waiting at a doctor’s office, etc.

Step 2 for us was to call the ones we wanted to ask that they not share our name.  You are probably thinking that the privacy act does this and it does to some extent, not as much as I wanted.  They are share you information with affiliates.

Step 3, in addition, we have signed up for these organization that reduce your mail:

Less mail simplifies our lives in many ways – less paper to shred / recycle, no more piles of mail to go through and not more temptation to buy what we don’t need.

 

Simplifying Our Meals

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I cannot imagine an easier way to plan meals than being a part of a CSA.  This was a huge incentive towards simplify our lives.

For us, we get an email two days before the pick up of the items of the week.   This gives me time to shop for groceries, check out new recipes and plan the weeks meals.  This makes my life easier as it takes the guess work out of what’s for dinner and as an added bonus gives us plenty to take for lunch and snacks.

I am able to plan the week based on the CSA items and sales / specials from the local grocery store.  This is a big money saver for us.

No more, saying what’s for dinner and ordering take out.  This not only helps our budget, but it’s a time saver too.   For most people, food (groceries, eating out, take out, beverages, etc.) is the biggest part of your budget.  Meal planning helps us to plug the holes in the budget easily.

Simplified By Joined A CSA

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One of my goals has been to eat healthier.  We have made many changes over the years by eliminating chemicals and not so healthy ingredients in foods we buy.  This year I took it a step further to simplify my life.  We joined a CSA (Community Supported Agriculture) co-op.  You pay a fee to the farmer upfront and you get a share of the crops.  Not only are you helping local farmers, but you gain from this.

If you know me, I want organic, non-GMO vegetables.  We found Deep Roots Farm NY is just prefect for us.  We now get a half share of whatever the farm has to offer.  Yes, we are eating more vegetables.  We are trying vegetables that we never have before.  I am spending time looking up .ecipes and that’s fun for me.

From a simplification point, I don’t have to buy vegetables in the grocery store anymore.  We are getting organic vegetables at a fraction of the cost.  Our half share comes out to $20 per week.  That’s a bargain compared to what I used to spend and it’s simple.  Every Wednesday, we pick up a shopping back full of vegetables and it couldn’t be simpler.

My Journey To Simplify

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After having time to reflect these past few months, I have come to the conclusion that I want to simplify my life.  I have too much going on and don’t want to run around at this hectic pace anymore.  If I have learned anything these past few months, it’s to slow down.  I have enjoyed our daily walks in the neighborhood, meeting new neighbors and just seeing the beauty of the area.  These little simple things are making me happy. 

What I realized is that I want more free time to do what we want when we want and not be guided by a to do list a mile long and what people expect of us.  So with that said, join me for the month of July and see what changes I am making.  Some changes will be with finances in mind, others will be my lifestyle. Stay tuned to find out more.

Tell me what you have done and that may inspire me to do the same.  Make sure to subscribe to my newsletter so see everything.

Saving Money On Your Electric Bill

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Are you finding that your electric bill is going up?  With the past few months of being at home, ours has.  So I was bound and determined to reduce ours.

We have started to unplug electronics all the time.  We shut the strip on the TV when not is use.  We unplug the computer and accessories when we are not using them.  We have cleaned the back of the fridge to make it run more efficiently.  We are doing air drying with the dishwasher cycle.  We wash as much laundry as possible in cold water.

What are you doing?

For more suggestions, check out this article.

What Have You Learned?

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This year has been like no other year.  I like so many of you have been at home for months, only going out to buy groceries and to work.

I have had a lot of time to access my life to see what is working and what isn’t during this time of staying at home.  Here are some of the questions, I have pondered:

  1. Do I have enough of an emergency fund?  My answer was we were okay for a few months but need to build this up.
  2. Do I really need to buy this? I came to the conclusion that I spend too much on things.  That is changing.
  3. What really matters?  I really miss the interaction with family and friends.  Yes, there are internet platforms, but it’s not the same for me.
  4. Do I want to keep writing this newsletter?  Still pondering this, but leaning to less often.
  5. What has to change in my life going forward?  Still working on this one.

I was also able to accomplish some projects that I have wanted to do for a while.  I completed a big scanning project that I have been trying to do for 10 years.  We replaced some grass in front of the house with new plants.  The biggest accomplishment we have achieved is that we are walking every day for 45 to 60 minutes.

What have you learned / done during this stay at home period?

Your Finances Today

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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

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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.

Financial Literacy Month – Tip #30

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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 – Tip #29

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Overdraft Fees

Here’s the tip from December 20 – Money Drains month:

This is a pet peeve of mine. Overdraft fees are a waste of your money and efforts to improve your finances. Knowing where your finances stand at all times will keep you from overdrawing your checking account and incurring this fee.

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