Tips for Successful Personal Finances
Happy New Year and welcome to 2018!
The reality of January has arrived, bills from the holidays are coming in, it’s cold outside and you have set your 2018 goals. If one of your goals is to budget your money, then here are some tips that might help you stay on track.
Check out this great article by the Daily Worth about budgeting.
With vacation season underway, are you covered if something happens?
According to Wallet Hub, 1 in 6 Americans have an illness or natural disaster happen to them. Are you covered so that you don’t lose you hard earned money? Of these 1 in 6, only 22% have insurance to cover their travel costs and expenses.
Some credit cards offer you coverage for lost or delayed luggage, missed connections, trip cancellations and even death sometimes. All credit cards are different and you need to check your individual card for what your offers you. If you are covered, they offer you reimbursements. That means that you pay upfront. Do you have that money? And they come with restrictions. Remember my Microsoft Surface Pro experience from last fall?
We have one credit card that we always use to rent a car. It gives us coverage so that we can decline the optional rental car company insurances and feel comfortable. We have another credit card that gives us the travel protection of lost or delayed luggage, missed connections, etc. We have done the research for us and you should too.
You should think about what you may need and find out if you are covered with the credit card you already have. Typically, if you don’t charge the trip to that specific credit card, you don’t have the coverage. Then check with your personal insurance, such as auto insurance for rental car coverage, home owners / renter’s for loss of property, etc. Then look into travel insurance, if you need or want more or additional coverage.
You should do this process for your health insurance as well. Most insurance policies don’t cover you when you travel outside the US. All of this pre-planning could offer you the needed assistance in your time of need. So do your research and make the choices that are right for you.
Happy Travels!
Fact Checking Charities
My heart breaks with all the information and photos from hurricane Harvey and now Irma. We all want to help and these people need our help. but you want to give where your money will do the best and not go to scammers. If you choose to give, and I’m sure you do, make sure your money goes to those in need through a charity that you have researched.
Unfortunately, it’s fairly easy to set up a charity, and fundraisers can legally keep most of the money donated to the cause. Not to mention the scammers who are out there to take your money. Before you donate, find out whether the charity is legitimate. You should also find out how your money will be spent.
You can start your research at www.Give.org (associated with the Better Business Bureau). This organization researches charitable organizations to find out how they use the funds they receive.
Here are some tips to help in your research:
• Find out if the charitable organization has a 501(c) status (IRS code for non-profit organizations). Non-profits have stricter requirements, and your donation will be deductible on your tax return.
• Find about how much of each dollar is being used for the cause versus administration costs. The more administrative costs, the less of each dollar is being used for those in need. Look for the lowest administrative costs.
• For cash donations, request a receipt to use as documentation on your tax returns. All donations over $500 will require additional paperwork, so speak with your tax preparer ahead of time.
• When donating non-cash items such as food, clothing, furniture, etc, you will need an itemized list of the items you donated and the total value. Most charities will ask you to value your own items.
Make sure you get a receipt for your donations with the charity’s information on it.
Do your research and chose the organization(s) wisely. This is a great way to help out others who are less fortunate than you during this hurricane season.
We all go through stages in our lives where money seems to be going out faster than coming in. In my 20’s, I was a spender and learned my lesson. Now, I keep track of my spending. I want to accomplish my goals and live within my means. It may sound boring, but it keep me out of debt.
If budgeting isn’t working for you, read this.
Here are 12 suggestions / tips to help you get into that savings mentality. Let me know how you save.
Christmas Holidays in July! You may think I am going crazy but I have a plan. Now is the time to start to think about the holidays. You are at the mid-point of the year, which means there are 21 weeks to save between now and Black Friday.
This year Black Friday is November 24, Chanukah is December 13 and Christmas is December 25.
To stop the January debt hangover, start to save now and have the money you need by automating this process! Set it up once and then you will be at your goal in no time.
First determine how much you want to save and when you get paid (weekly, every other week, etc.). Calculate the amount you will need to save based on the paydays between now and Black Friday. Set up an automatic transfer from your checking to your savings account for the day after your direct deposit.
Do this now and you won’t be scrambling in November. You will be eating turkey for Thanksgiving knowing that you are all set with the cash for the holidays and won’t have to start January off with your holiday debt.
Today, I am doing a workshop, Money Make The World go Round at Empower Her for kids ages 8 to 11. We are going to discuss budgeting, wants, needs with the help of a fun game!
Spring is a great time of year! One of my favorites, as the weather turns warmer and the days are longer. For us, it means more time outside and that can be from getting my garden planted and the thrill of fresh vegetables right in my backyard, to having meals outside; either just us or with friends and family. We can open the windows to air out the winter stale indoor air and sleep comfortably with the windows open all night. It means exploring the outdoors, maybe taking a walk in a new neighborhood or park, picnics and movies in the park.
With spring comes weddings and graduations – new beginnings. This can be true for all of us, even if we don’t have a milestone event coming up.
Traditionally, spring makes me think of spring cleaning and tackling the heavier cleaning throughout the house. We can do the same for our finances. For the graduate, you can start them off with the gift of good finances – being able to start to plan their money and finance proactively and make planned purchases versus impulse buying. A great way to start would be the gift of my book, Cash Credit and Your Finances: The Teen Years.
For those who want to get your own finances back on track, 111 Ways to Save or Thrive In Five: Take Charge of Your Finances in 5 Minutes a Day will give you the push you need to get your finances in order.
You can order my books through my website or by order form. If you use the order form, you have the option of me personalizing the book. Just print the order form, fill out the recipient information section, and mail it to the address on the form or fax it to 203-504-7995. For the month of June 2017, we are also offering free shipping on all book sales that are ordered with the order form via mail or fax.
Click here to download the order form.
I always read these articles to make more changes to our finances
http://www.redbookmag.com/life/money-career/g4285/best-money-advice/