Tips for Successful Personal Finances
That’s a question on a lot of people’s minds. Should I take it early at 62 or at my full retirement age or wait until I am 70.
Well wouldn’t it be great if you had a crystal ball to get the right answer for you. Well, we don’t and you want to make the right decision for your situation.
Here is an article from the Motley Fool that could give you some information that may help you make a decision that’s right for you.
This is from Zero Waste Schools:
Fall is an exciting and busy time as parents, teachers, and students
prepare for a new school year. Back-to-school is a great time to
gather school items that promote environmental sustainability and
save you money each year. Working together to incorporate zero
waste can be simple and fun too. Start your school year off right with
these zero waste back-to-school tips!
Reusing Supplies
Home
Shop at home first and reuse or refurbish items from previous years. Identify which school supplies are
still in good condition for reuse. Avoid purchasing new versions of these items until your child has
gotten full use from the ones they already own.
● Some commonly reused school supplies may include binders, backpacks, notebooks, scissors,
pencil pouches, and rulers.
● Used items can be easily refurbished through simple steps such as tearing out used paper in
notebooks, taping over small tears in folders or binders, or sewing work on backpacks or
clothing.
● Blogs and websites like Pinterest have many DIY craft ideas for refurbishing and decorating old
school supplies.
Friends, family, neighbors
Ask friends, family, or neighbors if they have any extra or lightly used school supplies and clothing that
they do not need. This will help your child acquire their necessary supplies while helping other families
clear out clutter. Consider scheduling an annual clothing or supplies swap where families bring items
that they do not plan on reusing. Finish the event by donating any unswapped items.
Thrift stores
Thrift stores can be a great source for new clothes, often selling name brands at a fraction of retail
prices. Many thrift stores also have an office supply section where lightly used school supplies can be
found. If in the Chicagoland area, visit The Waste Shed or the Creative Reuse Warehouse to shop for
used school supplies.
Buying New Supplies
Reduce non-recyclables
Less plastic: When you must purchase new products,
choose products that are durable and can be recycled once
they have been worn down, such as:
● Metal or wooden rulers
● Metal pencil sharpeners
● Metal safety scissors
● More durable folders
● Binders made with paper- or plant-based materials
● Spiral notebooks without plastic covers or folders
Bulk products: Purchase items in bulk to reduce the amount of packaging required for each item.
Buying in bulk is not only more environmentally sustainable, it can also save money.
Use durable, long-lasting products
Purchase durable products that you expect to last
several years, and handle these items with care.
Items that could be reused over multiple years
include backpacks, pencil pouches, rulers, pencil
sharpeners, scissors, paper clips, mechanical pencils,
locker accessories, and calculators. When initially
purchasing these products, consider buying classic
or simple designs that children are less likely to
outgrow.
Support eco-friendly production
Look for items that are produced in a sustainable way such as school supplies that are:
● Sourced from recycled material (look for the highest percentage of post-consumer recycled
content)
● Made with non-toxic and non-hazardous material such as PVC-free products
● Packaged in material that is recyclable or reusable
● Labeled with sustainability seals or certifications such as the Forest Stewardship Council seal
on paper and pencils
Most standard retailers will highlight their eco-friendly products on the product tag or their website.
Another option might be to purchase a pre-bundled sustainable school supply kits, which are offered
by some online retailers such as Green ABCs, Wisdom Supply, or Guided.
ZERO WASTE LUNCH SUPPLIES
Save money and make less garbage by packing a zero waste lunch from home. Instead of buying
disposable products that get used only once, pack a zero waste lunch with washable food and drink
containers, utensils, and cloth napkins. Buying food in bulk and portioning it into your own containers
also typically costs less than buying food in single-serve packaging. Visit www.wastefreelunches.org
to learn more.
WAYS FOR TEACHERS TO PROMOTE MORE SUSTAINABLE SUPPLIES
If you are a teacher, it can be easy and less expensive to promote
sustainability through your school supplies decisions.
Supplies list: Discuss with co-workers and administrators the idea
of creating a school supplies list that promotes reuse, durability, and
sustainability. A sustainable list might include items that are easy to
reuse or recycle, as well as a note on sustainability.
● Consider alternatives to plastic bags, such as paper envelopes.
● Consider paring down the school supply list and asking families to contribute money to a
classroom supplies fund. This fund can be used by the teacher to cover the cost of additional
supplies that the class may need on an as needed basis. This may also allow the teacher to
purchase some supplies, such as wipes and hand sanitizer, in larger sizes or in bulk, which cuts
down on packaging waste and may also be more cost effective.
● Recommend eco-friendly soaps and cleaners if parents are required to purchase those.
Classroom supplies: When gathering supplies for your own classroom, keep in mind the places you
might find used or recyclable supplies. Consider visiting organizations such as SCARCE, which allows
teachers and administrators to access donated school supplies. If in the Chicagoland area, visit The
Waste Shed or the Creative Reuse Warehouse to shop for used school supplies.
Make supplies communal to eliminate the need for labeling items. This also makes it easier to use
supplies from one year to the next. At the end of the school year, collect supplies, such as scissors and
rulers, to use again the following year. Be sure to remove these items from your supply list. The
classroom supplies fund mentioned above can be used to replace any items that may have gotten lost
during the school year.
For more information and to share your success stories, contact us at: ZeroWaste@SevenGenerationsAhead.org
Emergency savings are for when your car breaks down. It’s for an unexpected medical expenses. It’s for covering your bills if you’re between jobs. It’s for unexpected home repairs. An emergency is something that must be taken care of right now or you won’t be able to get to work, have a place to live, or when you might have to choose between medical bills and utilities.
What it’s not: a savings account for things you think you need. No matter how much you think need to book a cruise, a nice vacation is a want. You will survive if you vacation at home with trips to the local beach. You will also survive without a smart phone, or cable TV, or a Kindle. You get the idea.
Once you have an emergency savings equal to one year of your expenses (yes, I said one year), then you can start saving for the fun things you want in life. Today, plan on how you are going to start saving for emergencies. Set up a regular savings amount from your pay that automatically goes to this account.
I always hear that there is never any money leftover to save. I used to think that way too until I implemented an automatic savings plan where I pay myself first. Each pay period, I have money automatically taken from my check and put into my savings. It’s as easy as that!
Setting up automated savings puts money into your savings first – either having your employer split your paycheck into two accounts or doing this through your bank. Once you set it, it’s done. No more saying “I don’t have money to save”.
Start with a small amount and increase it yearly or when you receive an increase in pay. $5.00 a week will get you $260; $10 a week will get you $520.
Once you get this set up, you might want to think about the different types of savings you will need in your life. Everyone needs an emergency savings for unexpected expenses. In addition, start think about your goals that need funds – auto, children’s education, security deposit for an apartment, down payment for a home, retirement, travel plans and more. Set up a savings account for your specific goal and set up an automated amount so that you can reach your goal in your time frame.
It’s never too late to start saving for what you want. You can achieve it if you want to.
This is a favorite of mine. I am always looking to reduce the cost of things. Here are some ways that we have reduced our expenses:
What bill bothers you the most? Have you looked into ways to reduce or eliminate it? Have you checked out the competitions pricing? Have you asked your family and friends for suggestions?
This is an important lesson that we all have to learn with our finances. If we spend less than we earn, we have money to save and can pay our bills in full each and every month. If we spend more than we earn, we will incur debt. Debt creates a future obligation which is another expense for our budget.
Not all debt is bad debt, but debt can be the enemy of your budget. Good debt is paying for education that is going to give you a better job / career path. Bad debt is I want this now and I don’t have a way of paying for it, so I will use my credit card.
How do you know if you are living below your means? You need to track your spending for at least a month. Track your net income and all your expenses to see if you have more money coming in or more going out. This is the only way to see where your money is going. You might be surprised where your money is going. Once you see where your money is going, then it’s time to determine if you want or need to make changes to your expenses. It’s not always about reducing or eliminating your expenses. Sometimes the choice is that you need more income. You will never know until your see where your money is going.
Life is always unpredictable. Just when you think you are all set with your finances, here comes an unexpected expense.
Here are some of the unexpected expenses we have incurred:
Ruptured toilet feeder line damaging the bathroom and bedrooms floors
Car breakdown that needed immediate repair
Unexpected high medical bills that insurance didn’t cover
Pet / Vet expenses
Unexpected loss of income / non-payment from client
So, what do you do when something happens to you and your still have bills to pay? Yes, you can use credit cards as an option. It wouldn’t be my first choice, as this creates another bill to pay. My choice would be to have an emergency savings account to have the funds to pay for what life sends your way.
Experts agree that you should have 3 to 6 months of your income saved in an emergency fund. Personally, I think you should build up to a year in an emergency fund. If you want to start to save, see my post Save for Your Future.
How do you feel about your finances? Are you feeling good about where you are today? Do you wish you had more savings? Do you wish you had less debt?
Be honest with yourself, take a financial check up and ask yourself the following questions:
Do you have a great credit score?
Are you insured (home / apartment, auto, life, disability, etc.)?
Did any of your answers surprise you? Is there any area that you want to delve into?
This is American Saves Week and I will be writing about a different topic each day, so check your inbox or social media. If I don’t cover the area you want more information about, please visit my website www.JillRussoFoster.com to read more about what personal financial information you are interested in.
As we are at the start of the new year, I wanted to share one of the things I do each and every year. 
I copy everything in my wallet. Many years ago, my purse was stolen on a Saturday night. I had to recall every item in my wallet. Never again! The thief charged hundreds at the gas station and even more at a local restaurant. No, I wasn’t responsible for any of the charges, but it was still a pain to close out accounts, open new opens, change all the automatic charges that happen to my credit card.
Now, I make a copy of all the items (drivers license, credit cards, medical cards and anything else). To make sure you don’t eave items in the copier, I only copy the front of each card. Then with the space in between each item, I write the phone number and website of the item. This way you won’t leave them in the copier. This may seem old school, but I can’t tell you the times I have referred to this list.
Also, here is a link to an article from AARP about what not to keep in your wallet.
Welcome to 2022!
It’s time to think about your finances. What are your financial goals for the upcoming year? Are you looking to save for an emergency fund, retirement, a new home or home improvements, education, an emergency fund?
There is so much to accomplish and never enough money. Well, that is how I used to think. But not anymore. 
I started by taking small steps to achieve my financial goals. My first goal was to create an emergency fund of $5,000. Sounds overwhelming, but I broke it down into small steps:
$5,000 in one year is $416.66 a month – $5,000 in one year is $96.15 a week – $5,000 in one year is $13.70 a day
Next, I needed to find this money in my budget. What could I cut back on or do without? It turns out it was multiple ideas to come up with this money. We spaced out haircuts, we stopped buying beverages for work (we bring our own), we trim our dog’s nails ourselves and more.
Lastly, we automated the savings. Each paycheck we save $100.00 into our emergency savings automatically. It’s set and done.
Now we have the emergency fund we need to be prepared for whatever happens in our life.
Please know that it’s never too late to start to save for your goal. Obviously, the earlier you start the better off you are. But not starting is a mistake. Make a plan and decide to start now. You too can achieve your financial goals this year.