Tips for Successful Personal Finances
Norwalk Community College is offering College for Kids this summer. I will once again be teaching Teens and Money: Teens Personal Finance – July 13 to 17 – 5 mornings. This class is limited to 15, register today at 203-857-7080 so you don’t miss out.
I have been writing for years to bring you important personal finances information that I think you should know about. I want to turn the tables and ask you what you want to know about. Here are some suggestions and another section to add more.
| Personal Finances |
| Budgeting |
| Reducing Expenses |
| Saving for Your Future |
| Teens and Money |
| Credit |
| Understanding How It Works |
| Improving Your Score |
| Debt |
| Loans and Mortgages |
| Other |
| ___________________________ |
Tell me what you want to know about in the comments.
For us, we look over our finances every January. Yes, we do this all the time, but this is the time we reassess everything. Here is what we do: 
These are some of the things we have done in previous years:
What are you doing in January with your finances?
The holidays are here, whether you are ready or not! Guard your budgets and hold onto your wallets. You might be thinking I’m crazy, but the retailers have positioned their holiday displays to disarm you of your cash, especially this year with more sales days – Vlack Friday (That started early). Small Business Saturday, Cyber Monday, Giving / Travel Tuesday.
Can you make this year different? Can you stick to your list and not overspend? You can if you make a detailed plan. Write down exactly what you will be buying and the dollar amount you plan to spend.
Here are some suggestions that should help you with your holiday budget list.
If you write it all down, you might realize you’re planning on spending $300-$500 on gifts for people who aren’t on your immediate family list. And hosting dinners can be expensive just because you want to put on a good appearance. Ever notice a big stain on the tablecloth and found yourself running to the store at the last minute to buy one full price?
Holiday fun can wreak havoc on your budget, but it doesn’t have to. Now is the time to get a jump start on planning, and to put away money for the details that are important to you. Think of it as your own layaway plan. Take money out of each check, and spread out your spending, that way you won’t have buyer’s regret in January.
Doing this now may make January 2026 less stressful and not stressing over the credit card bills in January.
People always ask me why I have two checking accounts with different banks. This weekend was the best example of why I do this.
Yesterday while I was driving home, I received a text message. It was from my bank saying that my Uber Eats purchase was approved. I didn’t order from Uber Eats. So, was this a spam text message or was this legit? Once home, I signed into my account and found out it was legit. Ugh!
Now on a Sunday afternoon of a holiday weekend, I am on the phone with the fraud department shutting down my debit card and disputing the charges. The debit card was still in my possession, so it wasn’t lost or stolen, but it was compromised. I always tap when using my card, so as not to deal with skimmers.
Now I wait. No debit card until the new one arrives. The money in my account is not available currently while the disputes being are researched. If I only had one checking account, I would be in trouble with minimal access to my money. All will be ok soon.
This isn’t the first time this has happened and I am sure this won’t be the last. In the meantime, I have my second checking account to use. That is why I keep two checking accounts with two different banks.
This is a general rule about spending – 50/30/20 rule. 50 percent of your take home income should go towards your needs (such as food, housing, childcare, minimum debt repayment etc.), 30% towards your wants (dining out, travel, clothing, subscriptions, memberships) and the remaining 20% to your savings / debt repayment (emergency funds, retirement, additional payments towards debt). Nerd Wallet can tell you the amount for each category 50/30/20 Budget Calculator – NerdWallet. #JillRussoFoster #FinancialLiteracyMonth
Like Capital One says, What’s in your wallet? Could you tell me everything that is in your wallet right now? If you were to lose your wallet today, how would you know what to cancel and replace. Clean out your wallet and carry only the minimum you require. You should never carry your social security card, your PIN numbers / passwords, blank check(s), passport unless you need to use them that day. Identity theft is on the rise. Protect yourself. #JillRussoFoster #FinancialLiteracyMonth
Do you feel like you are spending too much? Have you considered an all-cash month? Or how about a no spending month? Here are two great books to read to give you some ideas Not Buying It: My Year Without Shopping by Judith Levine or The Complete Tightwad Gazette by Amy Dacyczyn. #JillRussoFoster #FinancialLiteracyMonth
Have you cut the cord or do you want to with your TV provider or streaming service? When was the last time you used your local library? With your library card you can download the Hoopla app and stream movies at home for free. #JillRussoFoster #FinancialLiteracyMonth
Now that you are not paying fees on your bank account, are you earning interest on your money? There are some amazing accounts (both checking and savings) with great interest rates. Shop around for the best rate without fees. #JillRussoFoster #FinancialLiteracyMonth