Jill Russo Foster

Tips for Successful Personal Finances

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Ask Questions

January has been a month of me asking questions.  You may be thinking what is she talking about.  Lots of items came to light throughout the month that required more information.  Here is a sampling of what came up:

  • I was listed as a “non-owner” on our auto insurance.  I had no idea what that mean and had to do the research to find out more.
  • I received two bills one from the lab for bloodwork and one from doctor’s office for a physical.  It was my understanding that this was covered through my medical insurance as a preventative visit at no cost to me. Again, multiple calls and asking for my medical claims to be adjusted.
  • Receiving less than expected in a paycheck.  More calls to get to get to the bottom line
  • And the list goes on.

Never be afraid or think your questions aren’t worthy of an answer.  In my case, it’s my money.  Call and ask questions until you are satisfied with the answers.

For me, I was able to save money on our auto insurance after a lengthy phone call, the medical insurance company paid the bloodwork bill in full after appeal, the doctors bill was adjusted and I owed less than 50% of the bill and I am still working to understand resolve the paycheck issue.  So far, I with these questions we have saved close to $300. That’s worth my time and efforts.

Take Your Child To The Library Day!

This is a great memory from my childhood.  I loved going with my mom to the library and taking out a book.  In fact, I still use the local library and read many books each year.

In honor of Take Your Child To The Library Day which is February 3, 2018, I am offering you a 20% discount on my book Cash, Credit and Your Finances: The Teen Years from now until February 3.  For $20.00 you can purchase a copy of my book directly from me, have it personalized to your recipient and it including priority shipping.  This is only available from my website. Click here to purchase.

Voted “Best Teen Book” by Radical Parenting Teen Team

The Perfect Teen Gift

Help your kids:

  • Cope with product advertising
  • Understand that credit isn’t magic money.
  • Develop strong short-term budgeting skills
  • Create a long-term financial plan

Cash, Credit, and Your Finances: The Teen Years looks at finances through the eyes of five different teenagers. They all have things they want and need, but they all handle their money differently.  Some will succeed and some will give up… which one do you want your child to be?

Start your child off with the gift of reading and learning great money skills. Buy Cash, Credit and Your Finances: The Teen Years now!

One call saved $153.00

Two weeks ago, we received our insurance renewals (auto, home and umbrella).  They arrived on the day of the snowstorm.  We lost phone, TV and internet, but not power.  So I read the policy information more diligently than I usually would.  (I am being honest).

I found a charge for $17.00 on the auto policy that I had questions about.  I made a call last week and discussed this with the company and after a long conversation, she found $153.00 worth of savings (more than the $17).  That’s a a little over a 12% savings on our policies and that much less that we have to pay in February.

What bill are you going to look into this week to see if you can save money?  Check you bills and question what you don’t understand.  You could save some money too!

With Interest Rates Rising, You Might Want To Consider …..

Welcome to 2019!

I hope you had a great holiday and are looking forward to another year beginning.

2018 was a challenging year.  The Federal reserve raised interests rates four times – yikes!  The stock market lost all of it’s gains for the year.  What does that mean to you? Rising interest can mean larger monthly payments.  Stock market loses could mean less money for retirement.  Let’s talk about what rising interest rates means to your wallet.

Mortgages / Home Equity Lines

Do you have a fixed or variable interest rate on your mortgage?  If you have a variable rate, that could mean your interest rate could go up.  For an adjustable rate first mortgages, they typically change at a certain point (see you mortgage documents), but most home equity lines of credit change as interest rates change.  High interest rates means larger payment is due.  This might be the time to modify to refinance to a fixed rate.

Credit Cards

Most credit cards typically have variable interest rates.  High interest means a larger minimum payment is due.  If you carry a balance from month to month, you may want to transfer your debt to a zero or lower interest rate credit card while you are paying down your debt.

You never know what is going to happen, so you need to be prepared for whatever life throws at you.  Be proactive and your debt paid off, so that interest rate hikes won’t hurt your finances.

Sticking To A Budget In The New Year

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.

You May Want To Do This Before The Year Ends

I hope you enjoyed your holidays.  Now back to finances.

You may want to consider these steps and do them in this calendar year:

  • If you pay estimated taxes, consider making your January payment before Dec 31.
  • If possible, you can prepay your January installment of your real estate taxes before Dec 31.  This may be difficult to do if your taxes are escrowed in your mortgage payment.  You will need to check with your tax assessor to details in your city / town.

These two steps may work to your advantage with your income tax.  Always check with your tax preparer about your individual situation.

 

Vacation Insurance

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!

Can You Really Save Money With Your Insurance?

You see the TV ads that save your can save money with your insurance.  But can you?

I have always been told that if you bundle your insurance – say car and homeowners or car and renters – you can save money.  This study breaks it down by state on how much you could possibly save. Read more

For more tips, visit my website.

Cheap and Fun Halloween Costumes

Do you want to celebrate Halloween and be frugal?

One year I wore an old pair of pants and top (any color) will do.  I took out my glue gun and glued leaves all over the clothing – I was a pile of leaves!  Creative and low cost.

Here are some other costume ideas, that could save you money.

For more tips, please visit my website.