Jill Russo Foster

Tips for Successful Personal Finances

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Fourth Quarter To Do’s

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Can you believe it, it’s fall and the year end is in sight!choices

For me, there is lots to do (and I am not thinking the holidays yet).

This time of year means it’s time to review my health insurance choices.  Open enrollment for health insurance is here (or just a week or so away).  Medicare is already in the open period, the state of CT will open up the 1st of November and many company plans have the open enrollment at this point too.  It’s time to reevaluate and determine if I want to stay on the same healthcare plan or make a change.

If you have a FSA (Flexible Spending Account), start to look at the balance and determine how to use the funds.  This is a use it or lose it type of account. You wouldn’t want to lose money, would you? If you have an HSA (Health Savings Account), have you maximized your contributions for 2018?  This can be a great way to lower your taxable income.  Make sure you pay all your eligible medical expenses with this account.

Take the time now to do your research and make the choices that are right for you and your family now.

We’re Back From Our Anniversary Trip

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This year we celebrated our anniversary with a Pacific Northwest cruise.

Back in the early summer, I wrote two newsletters about planning our fall vacation.  We are back and wanted to share the trip with you.  Here’s the link to the two earlier newsletters – first and second issues to remind you of the details.

We took a Pacific Northwest cruise out of Seattle with stops at Astoria, Oregon, San Francisco, California and Victoria, BC and few days in Seattle too.

With all this planning and paying ahead, we spent very little on the actual vacation.  Mostly everything was paid (or paid with points / miles) in the months before as our budget permitted – hotel, cruise, airfare, attractions and some meals were included.  We selected hotels with breakfast included, bought City Pass’ (discount admission to attractions) and walked and/or public transportation.  Lots of steps – over 21,000 in San Francisco in one day!

Yes, there was a lot of research and planning, but this step saved us money and we have fun – lots of money!

Here we are at the Space Needle.  To view more photos, visit our Pinterest page.

Saving Money

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I am always looking for ways to save money.

Some of the ways that can help you do this is to be on top of your finances.

Let me tell you what I recently did.  We purchase a bark collar for the puppy and within a week, the battery was flashing low.  Instead of going to the store to purchase a battery, I brought the receipt and all the original packing back to the store and explained the situation.  The store manager gave me a replacement battery pack.  Not only did I get the battery replaced free, they gave me an additional battery for the future.

Another example, I purchased something online that wasn’t what I expected.  I was told there was a no return policy after opening.  I explained that I did open it and that’s how I knew it wasn’t what I expected.  After several emails back and forth, they agreed to a return minus the restocking fee.  Yes, I am getting less than I paid, but it is most of the money refunded and it’s not another item sitting in my house, that I won’t use.

Sometimes you can advocate for yourself and get a resolution to the issue that is wallet friendly.  Try it sometime.

Other ways to save money, you can stick with what you own and not purchase the latest and greatest new option.  Our TV/Internet provider wanted to give us faster internet.  The catch was it would be an additional $5 more per month.  We said “no”.  There is nothing wrong or slow with what we have now.

Savings a few dollars here and there can add up.

FREE Stuff To Do

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This Saturday is a big day!  You have so many choices of what to do and it’s all FREE.  Yes, I you heard me FREE!!!!!!

There are two options with many choices for things to do this Saturday, September 22 only.

Option 1 – it’s National Parks Free Day – so you can visit a national park and save on the entrance fee.  Click this link to find out more.  You can check out a local park or make plans to visit one farther.  Don’t worry if you can’t make it this Saturday, there is one more free day coming up later this year.

Option 2 – it’s Smithsonian Museum Day – now is your chance to visit a museum for free, both in your area and across the country.  Check out this link to see which museums are participating and to get your ticket.  You’ll need a ticket to visit for free and you can get that at the website.

Two options for you and your family for this Saturday that won’t break your wallet.  Enjoy!

Upcoming Workshops

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Now that we are gearing up for the fall, I wanted to share with you some workshops I am teaching at Norwalk Community College (Norwalk, CT) in the Extended Studies Dept in the Fall term.

Take Control Of Your Finances

Welcome To The Real World: Teens and Money

Budgeting For The Fluctuating Income

For more information and/or to register click here.

If You Don’t Succeed, Try Again

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You’ve heard the saying, if you don’t succeed, try again.  We’ll that was try number two yesterday to get the results that we wanted.

Every August it’s the time in our home to negotiate the TV, internet and phone bill.  It’s a time that I dislike, but it’s something that has to be done.  Every year, we get that letter that our current package is expiring and the cost will be increasing substantially.  Ugh!

I phoned earlier in the month and was given a new package that didn’t meet our needs or budget.  We have lowered our services in past years, so there isn’t a lower package with less channels (we’re on basic).  Not being happy with the call, I research other companies and their options.

Yesterday, was call number two.  Spoke with two different people and get the results we wanted.  The price will be increasing less than $5.  Yeah!

If you need to negotiate with a company to get the results you need / want, be prepared to make multiple calls.  You might just get a person that will go the extra mile to find what you are looking for.  We did and we are set for another year.

Teens and Money

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Last week I had the honor of teaching a Teens and Money class at Norwalk Community College – 5 afternoons of teens in grades 9 to 12.

We discussed money management, credit, credit cards, banking, car buying, paying for college, budgeting and more. Teaching teens is a passion of mine.  This is something they don’t seem to be getting elsewhere.

Here are two of the teen comments:

  • I definitely learned a lot about money and how to pay for college and a car.
  • I liked the hands on simulations, like the dilemma packets we were given free range with, so that we could play with the elements of rela life situations in a safe setting.

Make sure to talk with your children about money and finances, so they can make educated choices based on knowledge that are right for them, making them look at their choices both the pros and cons.

If you are in the area, I will be teaching a shorten version of this class on Saturday, October 20 at NCC.  To register, call NCC at 203-857-7237.

The Cost of a Pet

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We adopted Willow this past weekend, so I wanted to rerun an article about the cost of pets.

I am passionate about travel, but it doesn’t compare to how I feel about my dogs.  Brownie has been a member of the family for seven years now.  We rescued her at about 8 weeks when she was only 12 pounds, a far cry for her 70 pounds now.  We love her just as much as any of our other dogs.

But owning a pet can be a budget breaker.  Pets are expensive.  You need to consider their day to day costs – food, supplements and services – which can range in price from affordable to “how am I supposed to pay for that?”

The Initial Costs

According to peteducation.com, the first year can cost between $500-$6,600 depending on how much you’re willing to spend.

You have the simple comforts and necessities: bed, leash, collar, food bowls, toys – these aren’t too expensive individually, but can add up when you’re buying them all at once.

Then there are your legal requirements, like puppy shots, license and tags.

You may also want to consider having your puppy neutered and micro-chipped.  Thank goodness where we rescue the cost of puppy  neutering is included, so it’s not an extra cost for us.  If you rescue, ask to see if you can save too.

Finally, depending on the dog’s personality or medical issues, you may have other expenses.  Brownie went through the teething stage, as puppies do, but she wasn’t interested in inexpensive items like shoes or pillows. She chewed the molding around the door so that we needed a carpenter to make the repairs.  That was expensive.

The Costs Going Forward

According to the Pet Education, the annual costs can be anywhere between $300-$2,500.

Brownie’s annual vet check-up and shots cost about as much as a car payment and are due every summer along with her license.  That’s not including any extra trips to the vet for illness, injuries, etc.  All these need to be planned for.

Your homeowners / renter insurance can increase depending on your dog’s breed.

Lastly there is caring after your dog’s emotional and physical well-being.  Do you need to have a dog walker while you’re at work or to board your dogs when you’re traveling?  More costs.

Lots to think about. Besides just selecting the right pet for your family, make sure to plan the financial part, too.

Overdraft Line of Credit Saves The Day!

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Do you have an overdraft line of credit associated with your checking account?  We’ll we do.  Sometimes it’s a life saver – literally!

This week I paid our mortgage as I always do, but something happened.  I must have selected the “other” checking account and I didn’t notice it.  Now you know that I check our bank accounts at least weekly, just to keep tabs on what’s going on (we don’t use a credit monitoring).

Well imagine my surprise to see the mortgage payment coming out of that checking.  One of the worst things you can do is to bounce your mortgage payment and yikes this could have happened.  But thank goodness it didn’t.  Our overdraft line of credit saved the day by covering the overdraft.  So the mortgage payment is paid and all is well there.  I noticed it quickly, so we transferred the funds to pay back the overdraft and all is well.

If you don’t have overdraft protection on your checking account, you may want to think about it.  It saved us this time.

Home Maintenance

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If you are a homeowner, you will understand.  Yes, there are many advantages of home ownership and I love being a homeowner most of the time (except summer).  To me, summer is the time for being outdoors and having fun.

spring cleaning

But along with the advantages comes the maintenance.  Yes, the upkeep – doing the maintenance now so that you don’t have a bigger issue later.  We do most of our own so that takes up time (time away from the summer fun), but it’s a part of home ownership.

Here is a great checklist of summer maintenance suggestion for your home.