Here are 12 suggestions / tips to help you get into that savings mentality. Let me know how you save.
Search Results for: budgeting
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.
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
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| 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!
Get the e-Book for $14.95
Learn more:
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
#30Ways2Save for Financial Literacy Month April 2014
I’ll add a video here each day in April. The newest video will be on top. Scroll down for all budgeting tips you can handle!
How to take the trip of a lifetime (cheaply). For more details on our amazing trip (and our amazing savings) go here
What do you do when you checkout at the grocery store? Look at the gum, the magazines, talk to the cashier? Here’s what you should be doing.
How to get deals on concerts and events
What about rewards cards? Are they worth it?
How to negotiate a lower price
Where to find free videos, music and audio books
Which foods are always 50% at the grocery store?
What’s your bank charging you? Find out how you can avoid bank fees in today’s #30Ways2Save tip.
Have you ever run into a store for just 1 item, and come out with 20 instead? Those impulse buys can be budget killers. Here’s the best way to stay on track
Eating on a budget? Turn 1 healthy, filling meal into 2 healthy, filling meals
Get Matching Funds to Double Your Savings with This Program (If You Qualify)
How to keep your frequent-flyer account active and earn miles – without flying!
Lower your electric bill with this easy trick
How to find free workouts in your neighborhood
What to do when your rates increase
Where’s Your Unclaimed Money?
Use Cash to Avoid Overspending in Grocery Stores and Restaurants
Prescriptions – Can You Get Them Cheaper?
Shop Off-Season for Beautiful Clothes on a Budget
Free Movies and Entertainment (without pirating)
Make Your Own Household Cleaners for Big Savings
Get Organized to Avoid Buying Duplicates
Clean Out Your Closets for Cash
Do It Yourself (When Possible)
Make a Checklist for Your Bills
Coupons – Make it Easy!
Automate Your Savings
Company Discounts – Use Them!
The Daily Deal
Happier Motherhood promotion 2013
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When Sandra asked me to speak at the Happier Motherhood Coffee Hour Series, I was excited because I believe that fostering a healthy relationship with your money can bring a sense of peace to your whole household and all your extended relationships. And, I wanted to share that message with you!
As a gift to you for sharing your time with me, I am offering you my Budget Tracker for FREE! Plus, a discount on my award-winning book for teens and parents of teens: Cash, Credit, and Your Finances: The Teen Years.
You’ll also receive my bi-weekly newsletter. My newsletter offers you financial news and tips that you’ll actually want to share with family and friends because I speak from my years of experience helping people with all kinds of financial issues. These aren’t just dry numbers, but real scenarios that are played out every day in the lives of those you love.
Just register using the box on the right and I’ll sent your gifts via email.
Learn more about Cash, Credit, and Your Finances and My Budget Tracker below
Also available for only $9.99 for Kindle, Nook, or Generic E-Reader
Help your teens:
- 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?
Plus! My Budget Tracker for FREE!
Normally $9.95! I love the way the tracker adds the totals automatically! I’m sure you will too.
My tracker makes financial tracking and planning easy. You can use it for yourself, to teach your kids about household budgets, to help them plan for college or expenses or even just teaching them how to spend their allowance!
(Requires Microsoft Excel):
How does it work?
Page 1: Start entering your household income and expenses. The total in each category will add up for you!
Page 2: Continue to enter your expenses and you can see the totals for the whole month! How is your budget shaping up? Are you making more than you spend?
Page 3: Track your expenses for the whole year! Just enter the totals for each month. How much did you actually spend in each category? The answer may surprise you and help you on the way to healthier spending habits.
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Testimonials
Why We Love This Book
We didn’t read the whole book, just the parts about saving for college and buying cell phone service. Actually, that’s what I like about it. The information we want is really easy to find and we can skip the parts we don’t need right now. It’s a good resource.
Vicki Heisi
LiveYourHealthyLife.com
Great Resource for All Teens
This is exactly what I was looking for when my kids were teens. We needed something our kids could easily understand and we didn’t want the information buried in an enormous book that they would never read. With this book, parents have an excellent resource for their teens. Working in a financial institution for 15 years, I’ve seen many people who start in their teens to create obscene amounts of debt. They’ve never been taught anything different. I wish I’d had this years ago! This would have been the perfect gift, it’s THE book that all schools and financial institutions should have available for their teen clients.
Tracey Fieber
Retirement Transition Expert
www.NewFaceOfRetirement.com
FANTASTIC resource for parents and kids!
Why is it important to balance your checking account every month? Because the bank might not fix its own errors after a certain period of time! : o ….In fact, we’ve caught errors from our bank several times thanks to this fantastic book! I learned that from the book. I would recommend this to everyone – not just teenagers.
Natalie Bradley
www.BrideAttraction.com
A Good, Basic Resource
This is a great resource for teens just learning how personal finances work. This book fills the gaps that teens typically do not have the opportunity to learn in school such as: What is a certificate of deposit? or How is my credit score determined?
Kristin Blair Wnuk
“The Fear Whisperer”
Great Resource For Teens
This book is an amazing resource for teens who are just starting to manage their own money. Jill covers all the basics from budgeting their allowance to how to deposit a check to purchasing their car, this book has it all. I highly recommend this book to any parent to give to their teen so they(teen) can get on the path to financial freedom.
ChaChanna Simpson
Twentity.com
I loved this book
This book helped us as parents since we are both self employed. We will know what to teach our daughter as she is growing up. Very helpful. Easy to read. I loved it.
Christopher Duggan
Threshold Visions Photography
Wish I had this book when I was a teen!
As a teen I had no idea how to handle my money and later on as a young adult had lots of debts because of that. I wish I had this book when I was a teen! Our relationship to money starts from when we’re very young. This book is a “must have” tool for every teen so that they know at an early age how to be responsible for their money.
Rochelle Togo-Figa
YourLifeAfterBreastCancer.com
Wish I’d had this as a teen…
I wish I had this around when I was growing up. It would have saved me from making poor choices. It’s hard to learn how best to handle finances before making mistakes, and this book is an ideal guide.
Julie Brown
Cash Credit & Finances
I couldn’t recommend this more. If you’ve been having difficulties talking
to your kids about money, then get this book. I have two young kids, but am already planning for the teen years, so this book is very helpful.Mark P. Salle
Got a teenager that loves spending money? Get this book!
My 13 year old got a regular job babysitting and started making her own money…quite a bit of it for a 13 year old. I didn’t quite know how to sit down with her and discuss finances with her. What should we share with her NOW so she could make good choices regarding her money all through her teen years. Cash, Credit and Your Finances: The Teen Years answered ALL our questions and then some. I feel so good knowing I was able to provide my daughter (and me) with this resource. Jill Russo Foster brilliantly discusses finances from the perspective a teenager would understand. She paints a vivid picture and connects the dots in a way that makes sense and is easy to understand. I love this resource and deeply appreciate it.
Cari Vollmer
Passion into Profit Mentor
www.LifeOnTrack.com
Teens & Finance
Jill Russo Foster’s book should be included by every parent in their back-to-school shopping list for teens. In very easy to read and actionable chapters Ms. Russo Foster presents a lot of very usefull information and highlights many of the financial pitfalls out there for young people.
Paul R. Steed
Why Financial Envy is a Waste of Time (Update)
You see this happen all the time. You are in a situation with other people and someone mentions his nice vacation plans. What is the first thing that pops into your head? Are you genuinely happy for him or do you automatically think about how much he’s spending (that includes jealous thoughts of the “he must be making more money than me” kind). You know what I mean.
But in the past few years, I have learned to stop comparing my financial situation with friends and family family (I’m not perfect but I am improving). I have come to realize that I am projecting my values and beliefs onto other people. What I think or believe about another person’s finances has no basis in reality. I am not in their shoes and don’t know what their situation is.
People spend money on things that are important to them. I know that some people may think I travel a lot. When one vacation ends, I am already planning the next. I personally always want to have a trip to look forward to. You might be thinking thoughts like “how can she afford it?” or “where does she get the money to travel?” You may even be envious. But you won’t know exactly how I make my little dreams come true because personal finances are just that – personal. .
Although in a few weeks,, I will shed some light on how we travel.
The other side of comparing your finances is the presumption that you are somehow morally better or worse than others. Grim tales of credit card debt are all over the news, often mixed with stories of foreclosure and homelessness. You may feel good about yourself because your debt is lower, but do you know why the person on the news has the debt? Was it really insane overspending, or was it a medical emergency or a layoff. Maybe the credit cards were used as a last resort to pay bills?
I have heard it said that “to compare is to despair.” This thought process of judging others is detrimental to you. You have no idea whether another household spends more money than they have, is in debt to their eyeballs, or has planned ahead to achieve their desires. You don’t know how much they earn or how much they give to charity. It is much easier to judge someone else than look inward at your own spending habits.
In the budgeting process, people track their daily expenses to see how much they spend and in what category. This can be a great exercise. Once you see where your money is going, you can make life-changing decisions. Where do you want to spend? What do you want to save for?
There are no right or wrong answers. There are only personal choices. Maybe you choose electronics over vacations. Maybe you choose decorating and entertaining over both. Maybe you choose to give your children spectacular holidays or birthdays over everything else. These are the kind of choices your neighbors, friends and family members made when they did something that impressed you and made you envious. They simply chose to spend their money in a different way than you.
So the next time you see someone order an expensive meal at a five star restaurant, purchasing the latest greatest electronics, or buying a designer outfit, don’t judge them. Not only is the thought process destructive, but it is a total waste of your time.