Search Results for: budgeting

Your Path to Great Credit

You know that your credit is an important part of your financial life. You know that the higher your score the better the terms are when you apply for credit – lower interest rate, lower monthly payments and more. You may have wanted to improve your credit score, but it’s too confusing and you don’t know where to start.

Let me tell you that this is a journey and there is no instant magic pill. It takes hard work and dedication on your part. Where do you start? The first step is to know your credit score. You can get a close approximation of your FICO score. Yes, it’s time to face the reality and look at it. You need to know where you stand. To see your credit score, go to my resource page and see how to access your credit score for free.

The next step is to make a plan. These are the small steps you take each week to do just one thing to improve your credit score. They can range from not using a credit card to make a purchase, make sure to pay that bill on time, bringing in more money to be able to make that payment and more.

I know this is hard. Years ago I had way too much credit card debt and I couldn’t image that I would every be debt free. But there came a day when I came to the realization that I needed to deal with it. I made a plan and stuck to it and was out of debt. As a result, my credit score increased to be excellent. I know that you too can do this.

Here are some more information to help you understand what it’s costing you.

Good credit card debt

Reading your credit report

Budgeting

We’ll talk more about this tomorrow.

Testimonials

What people are saying about Jill

Jill’s advice was concise and to the point!

“Jill Russo Foster spoke tonight to a well-rounded group of parents, high school students and their siblings. She pointed out several good financial habits that anybody can relate to and everyone should live by. Her advice was concise and to the point — and she handed out relevant material to back up her practices such as budget worksheets. Not only was Jill talking from her own experience, but able to share experiences of others she has coached (anonymously, of course), and also able to address questions brought up to her, while making it relevant to everyone in the room. There was group interaction and all left with at least a few good tips to try out in the near future.”

Barbara Garelick

Co-President Parents Club,Brien McMahon High School

She empowers the audience with confidence!

“Jill Russo Foster is repeatedly requested to speak at the Women’s Mentoring Network, Inc. (WMN) workshops. She has presented a variety of topics including budgeting, understanding your credit score, credit card management, debt consolidation and organization tips. Her presentations are engaging, educational and practical. Whenever Jill presents, she shares a wealth of knowledge with our clients, giving everyone access to information, additional resources and practical tips that make a stressful and intimidating topic like money management easy to understand. She empowers the audience with the confidence and tools to effectively manage their finances.During our WMN “Healthier Finances” workshop series, Jill spoke to parents about “Teaching Your Children About Money Management”. The parents left the workshop knowing that they have something extremely valuable to pass onto future generations, and eager to have the conversations with the children about budgeting, earning and saving. Information is power!”

Catherine Dumas

Director of Client Services, Women’s Mentoring Network

I recommend Jill! “I first met Jill when she was a client of the Women’s Business Development Council (WBDC). I got to know her, and in 2011 asked Jill to join the WBDC team as our Financial Education Specialist (Consultant). At that time we had just launched our Personal Financial program. She presented numerous workshops, managed our budgeting program and personally coached clients on budgeting, credit, debt reduction and more. She also assisted in the management of our volunteer coaches and clients.

Jill also worked with WBDC on a program that we participated in with Norwalk Community College. Here Jill again, served as a Budget Coach to students with the ultimate goal of obtaining a Bachelor Degree and personal financial security.

I recommend Jill to your company or organization for a personal finance workshop or to coach you on your personal finances. She is very responsive, accountable and personally a lovely person. She cares deeply about her work and her clients.”

Marian Cicolello

High School Students from an Accounting Class

“Thank you for taking the time out of your morning to come present to my class about credit cards. All the information and resources handed out were very resourceful. You taught me a lot of things I never knew before.”

“Thank you Ms. Foster. I’m really going to try and rethink the way I spend my money”

“Thank you for taking time out of your morning to come present to my class about credit cards. All of the information and resources handed out were all very resourceful. You taught me a lot of things I never know before.”

Girls and Money

“Jill’s hands-on presentation to ten-year-old girls attending a summer program at Empower Her, Inc. was comprehensive and educational. The girls were exposed to “real-world” money education, which was based around budgeting and financial decision-making. The girls left the workshop with a better understanding of what their financial futures might look like and tools to help them maintain their lifestyle while still paying their bills and saving money. Thanks, Jill!”

Danielle Beerli, MSW Executive Director & Founder of Empower Her CT

Having trouble keeping track of your money?

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.

Do you want to save more money?

Here are 12 suggestions / tips to help you get into that savings mentality. Let me know how you save.

Money Makes The World Go Round

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!

Financial Independence Part 1

In honor of Independent Day/Fourth of July, I want to talk about many people’s ultimate goal of financial independence. According to Wikipedia, financial independence is described as “generally used to describe the state of having sufficient personal wealth to live, without having to work actively for basic necessities. For financially independent people, their assets generate income that is greater than their expenses”.

Yes, we all probably want this and therein lies the problem. How do we attain this?

There are some generally agreed upon principles that are good practices that we all should attain to:

Avoid consumer debt
Spend less than you earn/Pay yourself first (save)
Don’t keep up with the Jones’

These are all great suggestions and work really well, but what if you need to work on some of these steps. In my opinion it all goes back to budgeting. Budgeting is the road map of your finances. You can see where your money is going and then make the necessary steps to eliminate consumer debt, reduce your spending, save by paying yourself first and break your habit of keeping up with the Jones’. It may sound simple but it isn’t. So with this issue and the next three I will tackle these issues.

Today, let’s look at avoiding consumer debt. This can be difficult to attain. But on the other hand, this is so important – too important not to strive for.

There have been times in my life that I have had more debt than I would like to admit. Yes, this happens to me too. In my opinion, there are two steps to start on the path to being debt free. First, you have to stop creating debt. Yes, you heard me. You need to do whatever it takes to avoid adding more to the debt. With that said, you can’t put every extra penny towards your debt and not have an emergency fund. Otherwise, the next time an emergency happens and you don’t have a fund to fall back on, you will create more debt.

In May and June, my husband had surgery and was home from work for a month without pay. We only had about 6 weeks’ notice to plan for this. We got through this period with the help of the emergency fund and savings to cover the shortfall. This was the key to us being able to live and pay the bills. Without the savings to fall back on, we would have had to use credit cards and create debt. So you can see how having an emergency savings plays a big part in getting rid of debt.

Back to the debt. Second, there are many ways to tackle this. Start by taking an honest look at your all your debt. Make a list including how much you owe, the minimum payment, interest rate, etc. I understand this is hard, but it’s necessary.

Now make the plan. You can payoff the smallest debt first to eliminate one debt (gives you momentum). You can payoff the debt with the highest interest rate (saves you money). You can plan to get more money (bringing in more income) with many options to add to your payment. Take some time to brainstorm what will work best for you and then put that plan into action.

You’ll need to stop creating additional debt and to create or increase your emergency fund. Next issue, I will discuss spending less than you earn/pay yourself first.

Save

Making Budget Choices

You know that I think everyone should track their income and expenses to really know where they stand. We personally do this a few months of the year. But when I discuss this with others, I sense a resistance – maybe it’s too complicate, a time issue – I don’t know. So I am going to discuss budgeting from a different angle.

These are the things that we have chosen to give up, don’t have or do it ourselves – it’s our choice.

· No data plan on our cell phones – just calling and texting

· Driving older cars – they are 1995 and 2006

· Home maintenance – we do our own yard work, snow removal, house cleaning, etc

· Trash – we take our trash and recycle to the dump ourselves

· Personal care – I cut my husband’s hair and I stretch the time between haircuts. I do my own pedicures, etc.

All these are the choices we have made for our lives. These choices let us travel. We have been to most of the Caribbean, a good part of Europe and more. We are able to take yearly vacations all because of the choices we make day in and day out to do with less in our daily budget.

Budgeting is about choices – where you chose to spend or not spend your money. Everyone is different and has different values / priorities and will make different choices about what they do with their money. I wanted you to see how the money works in our household. Now you can see what we don’t do that lets us do more of the things we want to do.

20% Off Books on Saturday, November 28

1 Day Only 20% Off Sale!

Saturday, November 28


Normally $18.95 – Now $15.16		Normally $16.95 – Now $13.56

More About Thrive in Five

Each year do you resolve to improve your finances only to have something happen that pushes you back to the same place you were last year? Thrive In Five: Take Charge of Your Finances in 5 Minutes a Day will help you change that. With daily short tips that take five minutes or less, this book will help you improve your credit score, spend less, and save more money – all while getting organized!

“Thrive In Five: Take Charge of Your Finances In Five Minutes A Day” is a comprehensive, no nonsense book.

Jill’s direct, easy-to-understand style makes it Super Easy to take control of your finances TODAY. As someone who’s worked in a financial institution for 15 years, I’ve never seen everything so comprehensively laid out. This book should be required reading, and can be given to anyone at any age to help them save money. Jill truly understands that finances don’t have to be dull, boring and complicated. She even gives you days to ‘catch up’!

It sends chills up my spine to think about all of the people who don’t know these simple, doable steps.

READ this book and quickly take control of your finances. And get this— Each day the steps are written in a day-by-day, paint-by-numbers format, all EASY yet DOABLE!

Hey, it only takes five minutes or so each day — yet each step can take you one step closer to finally taking control of your finances!

I say get this book and get this book right NOW! It’s awesome!”

– Tracey Fieber, Retirement Transition Expert
New Face of Retirement
www.NewFaceofRetirement.com

More about Cash, Credit and Your Finances

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?

CCYF Supplemental Materials

Resources Guide

The Resources Guide is updated continuously. You will find the latest version here: www.jillrussofoster.com/resources

Download the Implementation Checklist in PDF form or read it below:

Implementation Checklist

Print or download Implementation Checklist in PDF form or read it here:

Chapter 1 – Basic Concepts of Personal Finance

Budgeting
Income vs. Expenses
Financial Recordkeeping
Set Up Your System
Handling Your Allowance
Divide Your Money Into Categories
Savings, Spending, Emergencies, Charity etc
Handling Your First Paycheck
Payroll Deductions
Preventing Identity Theft
Keep Your Personal Information Safe

Chapter 2 – Working With A Bank

Opening A Bank Account
Choosing a bank (commercial bank, savings & loan, internet / virtual bank or credit union)
What type of account do you want to open?
Is the bank insured? If the answer is no, start over with another bank
What are the costs / fees with this account and how to avoid them?
Will there be interest earned on this account and how much?
Bank Account Recordkeeping
Tracking your transactions – paper register or software?
Balance your account when you receive your statement to double check your records.
Question any transaction that you have questions on immediately

Chapter 3 – Credit and Debt

Establishing Credit with a Secured Credit Card
Select a bank (commercial bank, savings & loan, internet / virtual bank or credit union) that offer a secured credit card?
If so, do they report your credit history to the three credit reporting agencies? If the answer is no, start over with another bank
What are the terms of the account?
Determine if this is right for you
Open the secured account or start over with another bank
Establishing Credit as a Joint User
Have a discussion with your parent(s). Would they be willing to add you to their credit card as a joint user (not an authorized user)?

Chapter 4 – Paying For Your Education

Costs involved tuition, room & board, books / supplies. meals / food, personal expenses
Scholarships, Loans, Grants, Financial Aid, Work Study and Savings

Chapter 5 – Major Purchases

Determine what you want to purchase
Start your research with these questions
Determine if you can buy the product or service at a discount

A Book Deal in Time for the Holidays

Through December 15, get Thrive in Five at a Special Rate.
Jill will start shipping on December 1st, so order now in time for the holidays.

Each year do you resolve to improve your finances only to have something happen that pushes you back to the same place you were last year? Thrive In Five: Take Charge of Your Finances in 5 Minutes a Day will help you change that. With daily short tips that take five minutes or less, this book will help you improve your credit score, spend less, and save more money – all while getting organized!

Read an Excerpt

Get the e-Book for $14.95

Kindle

Praise for Thrive In Five: Take Charge of Your Finances In Five Minutes a Day

“Thrive In Five: Take Charge of Your Finances In Five Minutes A Day” is a comprehensive, no nonsense book.

Jill’s direct, easy-to-understand style makes it Super Easy to take control of your finances TODAY. As someone who’s worked in a financial institution for 15 years, I’ve never seen everything so comprehensively laid out. This book should be required reading, and can be given to anyone at any age to help them save money. Jill truly understands that finances don’t have to be dull, boring and complicated. She even gives you days to ‘catch up’!

It sends chills up my spine to think about all of the people who don’t know these simple, doable steps.

READ this book and quickly take control of your finances. And get this— Each day the steps are written in a day-by-day, paint-by-numbers format, all EASY yet DOABLE!

Hey, it only takes five minutes or so each day — yet each step can take you one step closer to finally taking control of your finances!

I say get this book and get this book right NOW! It’s awesome!”

– Tracey Fieber, Retirement Transition Expert
New Face of Retirement
www.NewFaceofRetirement.com

“In the changing credit market, your advice has been in valuable. I have learned what factors make up a credit score and how I can help my clients to improve and avoid hurting their scores.”

Rick Bangs, CPA, Richard E. Bangs, Jr CPA

“Jill is always up-to-date on the latest financial trends and has a stellar way of breaking it down so it’s easy to understand. Over the past three years I have followed her newsletter, I have learned how to better and easily manage my finances including budgeting and monitoring my credit report.”

ChaChanna Simpson, Owner, Twentity.com

“I have known Jill Russo Foster for several years and her knowledge of personal finances spans many areas such as credit, financing, debt reduction, budgeting and more. She can explain topics in an easy to understand manner so that you know what to do for your situation. Jill has real passion and concern for all she speaks to. She wants people to live better lives by gaining control of their finances.”

Marian Cicolello, WBDC, CTWBDC.org

“I have had the pleasure of working with, listening to, and relying on Jill Russo Foster and her deep knowledge of personal finance and credit for the past year. Jill’s wealth of experience and “easy to follow” advice is as important to young adults as are the basic educational requirements of Math, English, and Science.

I wholeheartedly recommend Jill’s books, seminars, and forums to anyone interested in clean credit, low finance charges, and a bright fiscal future.”

State Representative Fred Camillo, 151st District-CT, RepFredCamillo.com

“Jill Russo Foster’s book has had a profound effect on how we view our money situation and how we teach our children about finances. I would recommend her books and services to anyone who is serious about saving and responsibly spending their money.”

Michael LaMagna, Esq.

“This year, far more than any other year, my husband Paul (the neat freak) and I (not so much) have both felt the need to “clean house”. In past years we haven’t been so aligned on this issue! Thanks to charitable organizations that will come right to your door and pick up unwanted clothing, home furnishings, and assorted tchotchkes and then put them to very good use, it’s easier than ever. We’ve both been feeling weighted down by the unnecessary clutter, and each time we schedule a pickup, it makes us more aware of the things that are not needed, and more eager to schedule another pickup – and more conscious about buying things that aren’t truly needed. We’ve also cut back on buying material gifts for the kids and opting for “experience” gifts such as skiing lessons, tickets to a show, and family outings. Truly, they don’t miss the gifts at all – the average toy captures their attention for literally about a week.”

Carolyn Aversano, Publisher / Managing Editor, Natural Awakenings Magazine, Fairfield County, ENaturalAwakenings.com

“Thanks to Jill Russo Foster, I balance my checkbook every day. It may sound time-consuming, but it’s the easiest thing I’ve ever done. My husband and I used to overdraw our account because we both use debit cards. Monthly balancing took forever, because we had a hundred tiny transactions and receipts. Jill recommended daily balancing, and that worked for us. I log into our bank account in the morning, balance our transactions, and it only takes a few minutes a day. Thanks, Jill!”

Valerie Crowley, Virtual Assistant, ValerieCrowley.com

“In today’s hectic world, it’s hard to keep everything in check. Working & raising a family can leave little time for much else. But, our finances are one thing we simply can’t let slide. Using her years of experience in the financial world, Jill has made it simple to take charge of your finances, by creating bite-sized pieces that anyone can follow. With something as critical as your finances, you can’t afford not to carve out 5 minutes each day to get yourself in gear!”

Kristin Andree, President – Andree Media & Consulting,
Author: Don’t Make Me Pull This Car Over: A Roadmap for the Working Mom

“Ready to quit worrying and start taking control of your finances? Get a copy of Jill’s book (or book title) and get started today!

Jill steps you through different priorities each month, one task a day. Rather than feeling overwhelmed, you’ll be amazed at how easy it is to take the things that you have been putting off and finally getting them done!”

Vicki Heise, Founder, Live Your Healthy Life, LiveYourHealthyLife.com

“Finances are a big part of everyday life and can be costly. My client, Jill Russo Foster, breaks down finances into easy to understand steps that will help you get a grasp of your finances.”

Steve Harrison, Bradley Communications, www.FreePublicity.com