Jill Russo Foster

Tips for Successful Personal Finances

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Simplified By Joined A CSA

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

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

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?

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

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

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

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 #28

ATM Fees

Here’s the tip from December 15 – Money Drains month:

These are a total waste of money. Think about your plans ahead of time and be prepared. There is no need to have to go to an ATM that will cost you a fee. Plan ahead for what you will need. If you find you need more money than you have on you, then think about what you want to buy. Do you really need it or could you live without it?

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 #27

Credit Card Interest

Here’s the tip from December 10 – Money Drains month:

This is the biggest waste out there – paying interest on your credit cards. A perfect situation would be to never pay a penny in interest charges. But this is the real world and sometimes it cannot be avoided.

If you learn nothing else from this book, get your finances in order and develop good money habits. That includes getting rid of debt and only charging what you can afford to pay off monthly.

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