Jill Russo Foster

Tips for Successful Personal Finances

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Make 2018 Your Best Year Possible!


Yes, I know it’s a busy time of year to add anything to your do to list.  As the year begins, it’s important to make time to complete this check list of items to make 2018 the best year possible.

Investment Accounts
Think about maxing out your 2018 contributions, especially if you have an employer match. You don’t want to miss out on the free matched funds. If you can’t max out, then add as much as you can. Now is the time to look at your investments, it may be time to re-balance and/or make changes to your accounts.

Health Insurance
Understand what your health insurance covers and what it doesn’t.  If you have a deductible to meet,if possible schedule your appointments so that you can afford the bills.  Remember you may be able to use your FSA (Flexible Spending Accounts) or HSA (Health Savings Account) to plan for some or all of these expenses. Your plan has a list of eligible items you can use the money towards.

Charitable Giving / Donations
If you itemize your taxes, make sure to discuss your charitable giving with your tax preparer as the new tax rules are in effect.

Starting the new year off right will help you throughout the year.

Paying For College – FAFSA

It ‘s that time of year.  Your teens are making their college choices for the fall and all the excitement that goes with it. What school should they go to?  Will they stay near or go far? What will I need to do next?

First let ‘s start with the paying for college.  If you have the money saved for the cost of college for all four years (or more), then you can stop reading.  If not, you need to start or continue to figure out the finances.  FAFSA – Free Application for Federal Student Aid – is the first step.  Apply now, even if you don’t think you qualify – you may be surprised.

Here is a great article by Consumer Reports for financial aid that will tell you what you need to know.

My Favorite Holiday!

Can you guess what today’s holiday is?  Hint – it’s my favorite.

Today is National Plan for Vacation Day!

There are so many people who don’t vacation.  But there are amazing benefits from taking time off.  It can be an afternoon off to do something fun all the way through weeks away – you choose.

Join me for the month of March and read my blog posts on how we are planning the details of our upcoming vacation.  Yes, there is planning, but it also save lots of money with booking ahead.  Join me.

For future travel ideas, we went to the New York Times Travel Show at the Jacob Javits Center.  We spoke with many peoples, companies and picked up all these brochures for some new ideas of where to go in the future.

2018 Goal

If you have been a reader of Money Choice and know me, you know that 2018 my goal is to simplify my life.

One thing I am tackling is the clutter in my life – both physical and mental.  I have been organizing my home, donating and tossing out lots over the years.  My way of doing this is to tackle on small area at a time – one drawer, shelf or other small area – and that seems to work for me.

This year as I continue this process, I have added an online year email class – daily emails to work through this clutter process.  What’s great is that you don’t have to begin on January 1 (I didn’t).  You can start whenever it right for you.  You are welcome to join me. I’m in week 2 of the Daily Om’s A Year To Clear What Is Holding You Back!

Thinking about retirement

As we get older one of the things that is always on my mind is retirement.  What does it look like for me?  Where do I want to live – stay where I am or move?  Stay in my current house or downsize (maybe condo)? The list of questions goes on and on for me.

Wallet Hub has come out with a list of 2018 Best and Worst States to Retire To.  Where is your state?  This might be something to take into consideration in your planning.

From Holiday Card To Gift Tag

 

Turn this year’s holiday cards into next years gift tags.  An easy way to save money (and recycle / re purpose too)!  Just cut out your favorite design.  Then when you need a gift tag, just write your message on the back side.

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!

Is It Time to Clear Some Clutter?


In my next life, I think I want to be an organizer. I am not a hoarder, but living in the same home for years, things and stuff just seem to accumulate. Over the past few years, I have scanned many documents, going from 3 four draw file cabinets down to 1. Gone are the paper medical records, tax returns and other paper work. Yes, I have burned up a shredder or two.

So this summer, I took a break from this newsletter. I accomplished so much. We tackled the family movies, photos and slides. We looked through thousands and saved some, but mostly gave them to family members and had the others scanned and archived. This was a big accomplishment.

Earlier in the year, we started going through the collectibles, things that have meaning or are possibly valuable, so I didn’t want to just toss them. I wanted to find a place for them and this was a lengthy process. For my dad’s sports memorabilia, we gave it to the local high school’s hall of fame to be displayed. That felt good. They are out of our home and somewhere I can go see with a visit. His leather football helmet was one of the display items at the induction ceremony.

There is still more to go but we are seeing progress. Are their items that you want to get rid of but don’t know what to do with them. Check out the Resources Page on my website, as I keep updating it with the places that we have used.

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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.