Savvy Saver

The Importance of Teaching Children to Save

2012-02-17T17:08:00.002-05:00

Background:
According to a National Financial Capacity Survey by FINRA in December 2009, the financial landscape in the United States has changed significantly over the past decade.

Retirement: Shift from pension plans to participant savings 401 (k) type plans
More complex financial products: mortgages, savings and investing products
Greater choices in financial products means greater complexity of choices
In addition, the price tag for many components of the American dream - including purchasing a home or funding a child's college education - has risen since the 1980s and 1990s. Especially with respect to college tuition costs, that trend promises to continue.

Against this backdrop, the consequences of not having the necessary skills to make sound financial decisions become ever more severe. This is particularly true in times of economic instability, when resources may be more limited and negative financial events, such as the loss of a job or a sharp decline in income, more frequent.

Survey Results:

Making Ends Meet. Nearly half of survey repondents reported facing difficulties in covering monthly expenses and paying bills.
Planning Ahead. The majority of Americans do not have "rainy day" funds set aside for unanticipated financial emergencies and similarly do not plan for predictable life events, such as their children's college education or their own retirement.
Managing Financial Products. More than one in five Americans reported engaging in non-bank, alternative borrowing methods (such as payday loans, advances on tax refunds or pawn shops). And few appear to be knowledgeable about the financial products they own.
Financial Knowledge and Decision Making. While many American adults believed they were adept at dealing with day-to-day financial matters, they nevertheless engaged in financial behaviors that generated expenses and fees and exhibited financial products or shopped around before making financial decisions.

Current Statistics:

Personal Savings Rates remain around 4% nationally as consumers face ever-increasing costs.
Unemployment: Virginia average Dec. 2011 - 6.1%; while many Virginia communities exceed 15% unemployment rates, courtesy Virginia Employment Commission.
50% of renters in Virginia are cost burdened and 36% of Virginia households live in liquid asset poverty without adequate emergency funds. In addition 52% of Virginia consumers have subprime credit, courtesy CFED Assets and Opportunity Scorecard- Virginia 2012

Reversing these negative trends will largely be dependent on Americans abililty to control spending, reduce debt and increase savings. Increasing public awareness about the need for savings is essential to family security.

Savings Campaign:
America Saves is a public awareness campaign of Consumer Federation of America. This campaign is created to inspire Americans to change their financial behaviors to increase savings and reduce dependence on debt.

Virginia Saves is a campaign to help Virginians to prepare for their futures by increasing their allocations to savings. This campaign is not designed to sell products but to increase financial knowledge.

Like most public awareness campaigns, children tend to be early adopters and can be great influencers of family behavior. This piggy pageant is designed to educate children about the need for savings while engaging them in a fun creative activity.

To learn more about the benefits of saivngs and ways to begin savings:
http://www.americasavesweek.org/ or www.virginiasaves.org

Virginia Saves Piggy Bank Pageant

2012-02-17T17:08:00.001-05:00

VirginiaSaves Piggy Bank Pageant February2012

Teachersand Adult Youth Program Leaders:

Inspire your group or class to createsavings goals and develop the habit of regular savings for their future byengaging youth in building their own bank.

Local Pageant Guidelinesfor groups and schools–create your own theme:

· One entry per child

· Piggybank must be created or decorated by child (with

minimal parentalassistance) & must be able to hold coins.

· Bankcannot be larger than 14 inches tall and 14 inches wide

· Becreative! Use any theme or animal you want! It doesn’t

have to be a pig. Promoterecycling by using old plastic containers

or other containersor add stickers or buttons to purchased banks.

· Anyentries displaying offensive art or language will

automatically bedisqualified and not be displayed and will not

be eligible forprizes.

· Holda Piggy Bank Pageant in your group, class or school.

· Choosea winner(s).

· PhotographWinning Piggy Banks and submit registration form to Virginia Saves by 3/31/2012.

Virginia Saves 2012 PageantRules

· Thewinner(s) of your group or class will be eligible for the state contest.

· Entrieswill be judged by partners, advisory board members, and staff of VirginiaCommunity Capital.

· Sendan email with a fully completed registration form and electronic photo ofwinning bank to virginiasaves@gmail.com on or before March 31, 2012 to beeligible for prizes.

· Contestentries will be on display at VirginiaSaves’ Facebook page.

· Winningentries will be notified by April 30, 2012. Winners agree to promotional/ communitynews at Virginia Saves website/Facebook sites or press releases.

Questions:

· VirginiaSaves Contact: Teresa Walker, c/o Virginia Community Capital at: virginiasaves@gmail.com, twalker@vccva.org , or via phone at 540-260-3126.

Virginia Saves is a campaign tohelp Virginians to prepare for their futures by increasing their allocations tosavings. This campaign is not designed to sell products but to increasefinancial knowledge.

Like most public awarenesscampaigns, children tend to be early adopters and can be great influencers offamily behavior. This piggy pageant is designed to educate children about theneed for savings while engaging them in a fun creative activity.

To learn more about the benefits ofsavings and ways to begin savings:

http://www.americasavesweek.org/ or www.virginiasaves.org

Tax Access

2012-02-17T17:08:00.000-05:00

Tax Access... A tool to help make your VITA site more accessible to people with disabilities

What is Tax Access?
The Tax Access project is designed to provide a "Safe Place" where Volunteer Income Tax Assistance (VITA) site coordinators and volunteers can ask questions and find resources on how to serve people with disabilities more effectively. The Tax Access project focuses on disability issues related to VITA services including facility access, program accessibility, and customer service.

Please read the fact sheet for more information on how to access this valuable resource!

Annual Savings Survey Reveals Continuing Decline in Family Finaces But Also a Successful Savings Strategy

2012-02-17T17:07:00.000-05:00

Hundreds of National and Local Organizations Join 6th Annual America Saves Week to Encourage and Assist Personal Saving

Washington, DC -- The fifth annual national survey assessing household saving revealed that, despite hopeful macroeconomic signs, an increasing number of Americans are having difficulty saving to meet goals ranging from meeting emergencies to affording retirement. Over the past three years, the number who spend less than their income and save the difference, are building home equity, have adequate emergency savings, and think they are saving enough for retirement has declined. However, the survey also revealed that having a savings plan has beneficial financial effects, even for lower-income families.

For more on this click here.

Courtesy of America Saves, Consumer Federation of America, and American Savings Education Council

FINRA's Weathering Tough Economic Times - 12 Tips for 2012

2012-02-15T16:55:00.000-05:00

Tough economic times have taken a toll on many Americans over the last couple of years. But making sound financial decisions and saving for the future can help you weather financial storms. The start of a new year is a great time to take stock of your finances, so the FINRA Investor Education Foundation has put together these 12 practical tips that can help keep your finances on course in 2012. For the 12 Tips click here.

Courtesy of FINRA Investors

IRS Free File

2012-02-15T16:54:00.000-05:00

Let Free File do the hard work for you with brand-name software or online Fillable Forms. You can prepare and e-file your federal return for free. Participating software companies make their products available through the IRS. Some also support state tax returns.

For more information on the IRS Free File click here.

Courtesy of The IRS and Virginia CASH Campaign Partners

Free VA Tax Filing

2012-02-15T16:53:00.000-05:00

Carolyn Spohrer, VA CASH Campaign and Virginia Community Action Partnership, introduced Governor McDonnell at the Virginia Free File Public Briefing on February 7, 2012. Governor Bob McDonnell said Tuesday that the VA Free File program gives more than 2 million low- and moderate- income Virginia taxpayers the opportunity to prepare and electronically file their 2011 federal and state income tax returns for free this tax season. The governor spoke at a public briefing on VA Free File at the Library of Virginia on Tuesday, Feb. 7. He was joined by Speaker of the House William J. Howell and Senator Richard Saslaw.

VA Free File is a public-private partnership between the Virginia Department of Taxation and the Free File Alliance, a coalition of commercial tax-software companies. The 2010 General Assembly approved the partnership. VA Free File is modeled after the highly successful Internal Revenue Service Free File program used by millions of taxpayers since 2003 to e-file their federal income tax returns for free. Free File lets taxpayers who meet certain eligibility criteria, including an income threshold, e-file their state and federal tax returns for free online using commercial tax-preparation software. Free File supports the Virginia 760 form for residents, the 760PY form for part-year residents , and the 763 form for non-residents.

"Last year only a fraction of those who qualified for free tax-return preparation and e-filing of their federal and state returns took advantage of Virginia's new Free File program," said Governor McDonnell. "This year I urge all Virginia taxpayers who earn $57,000 or less in adjusted gross income last year to go to the Tax Department's website to see if they qualify to use VA Free File."

To learn more about VA Free File click here.
For more on Governor McDonnell's Press Release on VA Free File click here.

Courtesy of VA CASH Campaign, Virginia Community Action Partnership, Governor McDonnell's Press Release

EITC Finder

2012-02-15T16:52:00.001-05:00

Who is the EITC Finder for?
The EITC Finder is specifically designed for lower and middle income taxpayers who can access the Internet on their smart phones. It is also for nonprofits and others that serve these tax filers. The app gives staff and volunteers the ease and flexibility of showing families - wherever they may be meeting - how easy it is to determine EITC eligibility.

How does it work?
The EITC Finder asks a few simple questions ... things like "Are you married or single?"; "How many children do you support?"; and "How much money did you earn last year?" If the information you enter indicates you qualify for EITC, the app estimates how much you could get back from the IRS and your state. Then it tells how you can easily claim the EITC by preparing and filing your tax return for FREE with one of the free products offered through IRS Free File.

Why does the EITC Finder refer people to Free File to claim EITC?
Free File is a public- private partnership between the IRS and commerical tax software companies. From www.IRS.gov/FreeFile, taxpayers can choose from among more than a dozen brand name software products. Each product provides step-by-step guidance for getting a more accurate tax return and claiming the tax credits and deductions they are eligible for, inlcuding EITC. They can transmit their return electronically and if they select direct deposit, they can get their refund in as fast as 7-10 days. All for FREE.

How can tax filers get help claiming EITC with Free File?
More than 300 IRS Volunteer Income Tax Assistance (VITA) programs across the country are providing opportunities for people to use Free File products at their sites. A listing of the VITA sites offering Free File services is posted on the EITC Finder's support site, www.IntuitEmpowers.com.

Where can I find the EITC Finder?
Intuit's new EITC Finder is available in both English and Spanish on the App Store and Android Market. The release coincides with National Earned Income Tax Credit Day on January 27. For more information and video demonstration visit www.IntuitEmpowers.com.

Courtesy of Inuit Financial Freedom Foundation

Assets and Opportunity Scorecard

2012-02-15T16:52:00.000-05:00

The recent release of the scorecard indicates that 20.9% of Virginia Families are asset poor, meaning that they do not have sufficient assets to sustain a three month loss of income. For single parent households 54.34% are asset-poor.

More astonishing is that if you remove illiquid assets like homes, vehicles and businesses, 35.9% of all Virginians and 82.57% of single parent households are liquid asset poor.

Without savings, a large number of Virginians do not have the resources to sustain them in times of financial stress.

For more click here (courtesy Corporation for Enterprise Development/CFED)

Courtesy of Lori Irwin, Financial Empowerment Program Coordinator at Virginia Beach Department of Human Services

Love and Money

2012-02-13T16:45:00.000-05:00

With Valentine's Day right around the corner, love is in the air, leading couples to talk about romantic getaways, special gifts and fun outings to express their love and affection. In addition to the candy hearts and fragrant roses, this season of love is also the perfect time to have candid conversations about financial matters with the one you love. For more on this and other articles click here. To download a "Love and Money" ebook to help you discuss money with your partner click here.

Courtesy of Money Management International

IRS Tax Forms and Tips for 2012

2012-01-27T10:09:00.001-05:00

Individual and business taxpayers recently advised they will no longer receive income tax packages in the mail from the IRS can use the links on this page to view, download, or order the forms, schedules, and instructions needed for filing a paper income tax return. Forms

For tax tips for 2012 from the IRS click here.

Courtesy of the IRS

Understanding Taxes: The Quick and Simple Way to Understand Your Taxes

2012-01-27T10:09:00.000-05:00

Access all the great educational content found in the Understanding Taxes program on the Internet! This online version includes detailed lesson plans, interactive activities, simulations, and more! This site includes both a Teacher Site and a Student Site. Click here

Courtesy of the IRS

Tax Information for Students, Seniors & Retirees

2012-01-27T10:08:00.001-05:00

For tips on Seniors & Retirees preparing taxes and other important tips click on this link.

For Students who want more tax information click on this link.

Courtesy of the IRS

Tax Information from Internal Revenue Service

2012-01-27T10:08:00.000-05:00

Filing Season Opens and Free tax prep is available
The filing season for tax year 2011 is here. To get help with tax preparation and find out about possible tax credits and deductions, you should take advantage of IRS sponsored free volunteer tax preparation programs. Full story

Where to get IRS forms and publications to prepare your taxes
If you are getting ready to file your taxes and looking for the right tax forms without having to go to an IRS office, look no further than your own computer. Full story

You can get copies of your tax return and tax account information online

Automated self-service applications make ordering copies of your tax return transcripts and tax account transcripts convenient and easy. Whether you choose the online option or the automated phone service, you will find the self-service options available any time, day or night, when it’s convenient for you. Full story

EITC - Tell somone

Tell someone you know about the Earned Income Tax Credit – or EITC – and ask them to pass it on. Full story

The IRS may have a refund check waiting for you

Thousands of tax refund checks go undelivered every year because people forget to tell the IRS or post office that their address changed. This year, more than 99,000 people are due refund checks averaging $1,547. Could one of them be you? Full story

Reporting Reminders for 2010 Roth Conversions and Rollovers

In 2010, you may have: converted (transferred) a taxable amount from a non-Roth IRA to a Roth IRA. Full story

Courtesy of Outreach Corner Internal Revenue Service

SaveUp Partners With America Saves To Help Americans Achieve Their Financial Goals

2012-01-18T11:18:00.000-05:00

SaveUp And America Saves Offering A $1,000 Savings Prize in January

To Help Jump-Start One Saver's Financial New Year's Resolutions

San Francisco - January 4, 2012 - Financial New Year's Resolutions are hard to keep. That's why America Saves (www.americasaves.org), a national initiative that encourages individuals and families to save money and build personal wealth, has partnered with SaveUp (www.saveup.com), the nation's first free rewards program for saving money and reducing debt, to offer $1,000 towards a savings account to help jump-start one saver's 2012 savings goals. The winner will be chosen on January 31, 2012. To be eligible for a chance to win the $1,000 savings prize, or any of SaveUp's other exciting rewards, news and existing America Saves users must register at www.americasaves.org/saveup. SaveUp is available for free to Americans who bank at more than 18,000 US financial institutions.

For more on this press release from America Saves and SaveUp click here.

Courtesy of America Saves and SaveUp

The New Year is here! Are you ready?

2011-12-23T11:00:00.000-05:00

Resolve to make resolutions a reality in 2012 with this free eBook

New Beginnings offers a step-by-step guide to turning resolutions into action-oriented steps that make achieving financial success in 2012 a reality. New Beginnings covers everything from steps to get a grip on financial clutter to ways you an personalize goals in order to make them more achievable. Resolve to ring in the New Year right, and prepare with New Beginnings.

Click here for the New Beginnings eBook.

Courtesy of MoneyManagement International, a Virginia Saves Partner

Retirement Savings for Procrastinators

2011-12-15T13:50:00.000-05:00

Getting a late start in saving for retirement? The percentage of your annual salary you need to set aside might be more manageable than you think - if you're willing to spend some extra years at the office. To find out more on this from SmartMoney click here.

Courtesy of SmartMoney

Retirement Confidence

2011-12-15T13:46:00.000-05:00

The past few years saw a sharp decline in Americans' confidence about their ability to secure a financially comfortable retirement. What has happened to confidence now that some economic indicators are improving? Click here for the Fact Sheet from Retirement Confidence Survey.

Courtesy of Retirement Confidence Survey

SIGTARP, CFPB, and Treasury Form Joint Task Force to Combat HAMP Mortage Modification Scams; Release a Consumer Fraud Alert to Protect Homeowners

2011-12-05T16:33:00.001-05:00

Washington, DC - The office of the Special Inspector General for the Troubled Asset Program (SIGTARP), the Consumer Financial Protection Bureau (CFPB), and the U.S. Department of the Treasury announced the creation of a joint task force to combat scams targeted at homeowners seeking to apply for the Home Affordable Modification Program (HAMP). SIGTARP, the CFPB, and Treasury have partnered to protect taxpayers by investigating and shutting down these scams and by providing education programs to vulnerable homeowners. The joint task force issued a consumer fraud alert to protect homeowners from HAMP- related mortgage modification scams.
Tips for avoiding mortgage modifications scams are available online at www.SIGTARP.gov/pdf/Consumer_Fraud_Alert.pdf.

Courtesy: U.S. Department of the Treasury

Retirement Contributions and Saver's Credit

2011-12-05T11:57:00.001-05:00

Did you know that you may qualify for the Saver's Credit of up to $1,000 ($2,000 if filing jointly) for making eligible contributions to an employer-sponsored retirement plan or an individual retirement arrangement (IRA)? Unlike a deduction, a credit is a dollar-for-dollar reduction of your federal income tax liability and can reduce the amount you owe or increase your federal income tax refund! See the Full Story on IRS Outreach Corner.

Courtsey of IRS Outreach Corner

Holiday Savings Planning

2011-11-04T13:23:00.002-04:00

It’s easy to overspend during the holidays. An American Express survey found its customers plan to spend approximately $1,500 this year on gifts alone.Sale doesn't always mean savings. That's why it is important to create your savings plan for the holiday season. Holidays -- once a time for family, food and gifts -- are now prime seasons of financial peril. When using credit cards to purchase items, it's easy to forget how much has been actually spent. Here we've written some guidelines to help make the holidays manageable. Visit our page here on Holiday Savings Planning for more information.

Some Suggestions to Follow:
• Decide on how much you can afford to spend
• Budget in hand, write down your shopping lists for the year
• Look at the list and see where you can cut back
• Don’t forget to include the extras when cratingyour budget
• Plan your gift buying shopping trips
• Use store’s convenient lay-a-way plan, if unable to pay for full item
• Make gifts at home: baked goods, picture collages, or arts and crafts

Additional Resources:

Credit Card Cozy- Print this template to help you control impulse purchasing.
Record your Holiday Gift List- Use this chart to track your purchases
Savings Plan Worksheet- this is an easy to use chart that will help you see and calculate your holiday expenses.
Savings Planner- a handy chart for recording trips to the store, and sales.

Holiday Meals without the Stress

2011-11-04T13:23:00.001-04:00

It's that time again! The carols, the holly, the mistletoe (oh la la!) and unfortunately the stress. Between wrapping gifts, preparing meals and decorating who doesn't get stressed over the holidays? Here are some ideas and resources for filling hungry stomachs without emptying out your piggybank. Plan your menu, shop for your groceries and extra things needed, and begin making preparations early. View our page here on Holiday Grocery Shopping: How to Bring Home the Bacon Without Breaking the Pig.

Planning meals may seem strange when most of us are hustling to get the job done. A planned menu saves time, money, and reduces stress. No more extra trips to the supermarket! A menu plan also reduces impulse spending and improves good nutrition. Thus, there is more time to create healthy sidedishes and salads complementing your meal.

Remember:

Write the date of when you purchased the items. Take advantage of plentiful coupons and rebates in advance, by buying non-perishable items when they are on sale. If you buy certain items regularly, stock up for additional savings.
Know what you need. Then you won’t be tempted to spend on extra items
When you are planning that menu, remember you aren't feeding 10,000. Pick a few great things and make them gret this holiday season.Or better yet, host a potluck and have each member of the family bring their favorite hoilday items.
Many grocery stores double coupons, but some will even triple them from time to time. Increase your savings by combining a manufacturer coupon with a store coupon for the same item.
Be an early bird, and beat those early birds! Wake up and get those savings! Some stores offer huge sales in accordance with the holiday, or during certain times of the day for a few hours. Go there early in order to bag the best deals on items. Success comes to those who prepare and put in the extra effort. So roll up your sleeves, read the papers, and find those coupons.

Extra Resources:

Holiday Meal Planner- this helpful guide outlines the date, occation, what food items are needed and who is bringing them to the table
Grocery List- here is an helpful grocery list outline to help plan your shopping trip.
20 ways to spend less on groceries.- 20 helpful tips for spending less.
Hoilday Turkey Dinner Calculator- from www.csgnetwork.com, this calculator finds the approximate amount of turkey along with the appropriate quantity of stuffing (dressing) and gravy needed to feed a family. There is tabled information below on thawing and cooking.
Coupon Guide: learn strategies to make the most of your couponing.

Holiday Gift Giving Resources

2011-11-04T13:23:00.000-04:00

The holidays should be a time for happiness and celebration. Most families look forward to gift-giving, holiday activities, and visits with families. However, it can also be stressful with hectic shopping trips, budget planning, and the holiday “hustle and bustle”. Focus on alternative gifts to your family and friends without spending a fortune. For more information on how to save while giving, visit our full page Gift Giving Ideas for the Holidays: Gifts from the Heart
Quick and Easy Shopping Tips:
• Don’t wait until the day before the big event to shop
• Leave the credit cards at home
• Charge carefully
• Get organized
•Remember that online items will cost more due to shipping charges

Interesting Gift Suggestions:

Create a brag book in minutes by uploading images to a CD and bringing them to a photo-printing kiosk.
Prove that eco-cleaning does work and can smell nice, too. Fill a pretty bottle with a homemade cleaner scented with essential oils. Find easy-to-make formulas at ehow.com. On the home page, type in “how to make green cleaning supplies.”
Make a recipe booklet with your favorites handwritten on cute cards. Punch a hole in the corner of each and tie together with a festive ribbon. Offer a dessert sample with the booklet.
Dip pretzels in melted store-bought almond bark and lay them on wax paper. Decorate with red and green sugar crystals, then package in holiday-themed cellophane bags.

More Resources:

Gift Coupons- a personal coupon book is inexpensive gift that is loved by all.
Holiday Stocking Stuffers- Keep track of the little items that add up on your shopping list with this easy to use chart.
Gift Giving List: 100's of ideas for gifts they will remember, but your budget won't

New Year's Resolutions Now

2011-11-04T13:22:00.001-04:00

New Year's Day may seem distant, but don't let that stop you from making a resolution today to start saving. Your personal wealth is always an important thing to keep striving for. With so many resources, it's easy to find effective ways to save. Find out just how much your assets are worth with our personal wealth estimator, learn about savings and investments, and take control of your debit and credit. Learn how to save for auto purchases, emergencies, or a home. Take control now.
Savvy Savings: Information You Need to Know About Savings Accounts and Resources
Budgeting Resources: What to Remember About Your Budget

Tips for Saving:

Make a budget: Visit our Virginia Saves blog for tips here
Save your loose change. Putting aside fifty cents a day over the course of a year will allow you to save nearly $200.
Take the amount the item costs and divide it into your hourly wage. If it’s a $50 pair of shoes and you make $10 an hour, ask yourself, are those shoes really worth five long hours of work?
Shop for food with a list and stick to it. People who do food shopping with a list, and buy little else, spend much less money.
Communicate by e-mail rather than by phone. If you're on-line, e-mail communications are virtually free.
For more savings tips click here
Learn about the four types of savings recommended by financial advisors on our Virginia Saves Blog- Four Golden Rings: The Four Types of Savings
Become a Virginia Saver! Enroll now and take your first steps to building long term personal wealth.
Learn how to save for emergencies, a home, or automobile- Click here.

Earn More Money Before the Holiday Season:

Apply for a seasonal position: A lot of retailers hire on new members to their teams during the holiday season. Not only is it a way to build cash, but also can be an easy way to establish contacts, build your resume, and learn important new job skills.
Sell unwanted items like DVDs, video games, or comic books to specialty stores which generally give you a better deal. For collector’s items or items of higher value, list online through auction websites.
Hold a garage or yard sale to get rid of your remaining items or things of lower value. If you don’t have much to sell, consider hosting a joint or neighborhood sale to increase traffic.
Take advantage of opportunities around the neighborhood.

Controlling Your Credit:

Gifts bought on a credit card usually end up costing more in fiance charges
Unexpected post-holiday expenses might postpone your credit card payment plan, lengthening your credit card debt.
Set a predetermined spending limit
Don't apply for new credit cards just because of the discount
Visit our blog and learn more about the full cost of holiday credit card spending here: The Cost of Holiday Credit
Use our Credit Card Cozy as a reminder to think before you spend.

Tax Tips

Get your free Credit Report: The only "free" credit report can be found at http://www.annualcreditreport.com/ you are entitled to one free report from each of the three credit reporting agencies. This website is your portal to get all three reports
Avoid High-Cost Anticipation Loans. These loans actually worth more than you get. They have high interest rates that can sometimes cost even more than your tax credit. By planning ahead, you can save money so that you will not have to take out one of these costly loans, and have more money to put forth towards savings
Stockpile Savings: Save as much as you can in preparation for your lean season. Even if there are no unexpected costs during the year, having the extra cash provides a cushion as well as financial security

Holiday Decorating on a Budget

2011-11-04T13:22:00.000-04:00

A lot of extra money is wasted over the holiday season. Conveniences such as professional gift wrapping and novelty attachments can really add up. By creating your own holiday spending plan, you can organize your inventory of items for each person on your list. Also, it becomes easy to see how much you are actually spending verses the estimated cost. For more information visit: Decking the Halls: Decorating on a Budget

When Decorating For the Holidays:
• Consider inexpensive decorating strategies, such as children's artwork and crafts
• Inspect and inventory holiday decorations and only purchase items to enhance current decorations
• Check light strands for cracked or broken bulbs and replace bulbs. The bulbs are less expensive.

10 Ways to Save:
1. Decorate with holiday ribbon. The ribbon can be tied to curtains, banisters, windows, and placed on mantles with a few unlit candles.
2. Bring the outdoors indoors. Don't be afraid to use pine cones and needles for decorations. The cones can also be painted or dipped in glitter for unique ornaments.
3.Want a unique table runner? Use an old holiday scarf instead!
4.Wrap your doors in Christmas wrapping paper and attach large bows make from fabric or purchased at your local craft store.
5. Use a holiday pop-up book as a centerpiece. Just open the book up to a desirable picture and place the open book in the center of your table.
6.Trim door frames, window frames and the edges of mirrors with Christmas garland.
7. For convincing "snow" on your tree lay lengths of rolled cotton, available at drugstores, on the branches.
8. Stuffing potpourri in bowls or baskets is another great idea to make a beautiful centerpiece.
9. Tie cinnamon sticks with ribbons and hang them from the mantle, Christmas tree, etc.
10. Make your own garlands with the help of popcorn, buttons, beads, cranberries, charms, candies, etc. Use these garlands for decorating the house.

More Resources:

Your Holiday Decorating Chart- By keeping a detailed inventory, you will know exactly what you have and where it is located.
25 Ways to Decorate on a Budget- 25 quick and easy ways to get you started.

Are you Saving Enough for Retirement?

2011-10-03T19:14:00.000-04:00

Everyone knows they can't really depend on Social Security to be enough to live on in retirement, but with so many demands on our budgets, how can we be sure that we are saving enough to retire? So many of us choose our retirement contributions based on what we have left in our budgets after all other bills, but this strategy could shortchange your retirement dreams.

You can know how much you need to be saving by using a free calculator called the Ball Park Estimate from the American Savings Education Council. You can find it by clicking on this link. Just fill in a few simple questions and the calculator will tell you exactly what you should be saving.

The Social Security Administration has issued announcements that people who are working should work closely with their financial planner to assure their needs are met in retirement. You can get personal financial planning advice by attending the Virginia Beach Financial Planning Days on October 22nd. Just visit www.financialplanningdays.org/virginiabeach to register. See you there!

Financial Planning Day

2011-10-03T18:56:00.000-04:00

We’ve all heard that there’s no free lunch, but in these challenging economic times, Hampton Roads-area residents will be able to get free financial planning advice and guidance from professional financial planners at Virginia Beach Financial Planning Day. The event will be held on October 22nd at Virginia Beach Convention Center and will feature experts from the Financial Planning Association^®and highly qualified Certified Financial Planner™ professionals, all volunteering their time and expertise to work with local residents one-on-one to address important financial issues.

Financial planners will be set up at their own tables to meet one-on-one with attendees to answer questions on budgeting, getting out of debt, income taxes, dealing with mortgage foreclosures, paying for college, estate planning and insurance, among many other topics. The advice will be offered on a “no strings attached” basis and planners will not give out business cards or sell financial products or services.

Betsy Duke, governor of the Federal Reserve Board will be the keynote speaker for the event.

The event will also feature a series of classroom-style educational workshops addressing key personal finance topics, including: Virginia Beach Financial Planning Day is organized by City of Virginia Beach in partnership with the Financial Planning Association of Hampton Roads as part of a national Financial Planning Days initiative created by Certified Financial Planner Board of Standards, Financial Planning Association, Foundation for Financial Planning and the U.S. Conference of Mayors. The collaboration is a first-of-its kind effort involving city governments and thousands of financial planners nationwide united in an effort to provide free financial education and programming to communities throughout the U.S.

Managing Money in Hard Times: Financially Surviving a Job Loss
Financial Firedrill
Accomplishing Your Financial Mission
Financial Planning for a Home of Your Own
Real World Retirement Planning
Taking Control: A Financial Planning Starter Kit
Estate Planning: What Everyone Needs to Know
Planning for Higher Education

TO PARTICIPATE: Virginia Beach Financial Planning Day is free and open to the public. Members of the news media are invited to attend the event and interview the organizers. The event will be held on Saturday, October 22nd at Virginia Beach Convention Center. Events will begin at 9:00 am and will run until 3:00 pm.

Free online registration for the Virginia Beacch Financial Planning Day is available at www.financialplanningdays.org/virginiabeach, or by calling 877-861-7826. Walk-ins are also welcome.

Lowering College Costs—To Live at Home or Not To Live at Home?

2011-09-25T20:47:00.001-04:00

That is the question if your child is considering staying on campus during college, and if you will have to pay for them to do so. Certainly, living on campus would be a great experience for your child—but really think about if you can afford it. Washington Post columnist Michelle Singletary revisits how to lower college costs and urges parents to reconsider what costs are truly necessary. The decision to attend college is a major one that affects not just your child’s life, but yours as well—emotionally and financially.

What are your thoughts on the on-campus versus off-campus experience? Is it worth the price? Let us know—we’d love to hear from you!

And don’t forget, if you are a parent it’s never too early to start saving for college. Join Virginia Saves today!

Back to School Savings Can be Misleading

2011-08-15T16:10:00.000-04:00

Can you imagine - it is already time to start thinking about how to finance back to school needs. If you notice, there are many events being provided for those returning to school or college such as tax savings month, if you buy certain products.

But have you noticed how everyone is trying to tempt you to purchase items that you truly do not need? They have bought into the concept of ‘back to school’ savings - you can even buy a lawn mower which has nothing to do with your education.

Many of these tax savings are lucrative but have you compared the prices to what you paid for pens pencils and the like to that of last year? Which brings me to this - you have missed the curve if you are just thinking about how to finance your newly about to be purchased items.

My Mom and Dad always had a way of teaching me and my 3 siblings how to save money and most of all they not only preached it but they did it as well. They were mentors to me and my brothers and sisters. The old saying that pennies make dollars - just imagine what dimes will make. You can start saving by taking the very small baby steps of using an empty tin juice can with a slit at the top cut just large enough to hold dimes. You will be surprised just how many dimes you can get into that recycled juice can - and guess what, you cannot open it unless you destroy the entire can. We used to save hundreds of dollars using this method. It became more of a fun game just waiting for those dimes to appear in the change that the local grocer gave back after a purchase or during a shopping spree. I know, I can hear it DIMES, well then go for quarters. One thing about quarters, you may want to bust into your bank for those quarters to do laundry. Dimes - are a safe bet since you may find you have less use for them.

You will be shocked and surprised at how much money you will have when your next school semester begins. You will also be very pleased with yourself when you can just about purchase any items with money that you have saved and not from money that you did not earn yourself through your daily chores.

To join the league of savers who have committed to their fresh financial start by setting a savings goal, visit www.virginiasaves.org/enroll today!

Back to School Shopping – Ways to Save

2011-08-04T18:04:00.000-04:00

Shopping for back to school supplies and clothing doesn’t have to break your wallet. In fact, there are ways to find what you need without spending money at all.

Virginia Saves recommends shopping at home first to see if you already have items on your child’s school supply list. Things like rulers, pencil boxes and backpacks can be reused if they’re in good shape. Also, do a clothing inventory. You may find your child’s clothes are still in great condition. And if they’re not the latest style, update them with paint, patches or sequins.

If you do have to shop for school supplies and clothing, a way to maximize spending is taking advantage of Virginia’s upcoming tax holiday, August 5-7. During this three-day period, purchases of qualifying school supplies selling for $20 or less per item and purchases of qualifying clothing and footwear for $100 or less per item will be exempt from sales tax. That means saving on everything from pencils and binders to jeans and sneakers—every penny counts! And don’t let those pennies go to waste; they could be the foundation for your back to school savings for next year. Become a saver at virginisaves.org today!

For more information and a full list of tax exempt items, visit www.tax.virginia.gov.

Christmas in July - Shift the Date

2011-07-04T10:24:00.000-04:00

Holidays can be overwhelming. Places to be, relatives to visit, meals to plan and host, events and parties galore. It is all good, but sometimes can be too much. Shear logistics of managing the schedules and events can be so difficult that it can take the joy out of the actual experience.

Virginia Saves has an idea that can keep the joy of the season but spread more throughout the year as well! Creative celebrations can bring new life to old routines and to keep the spirit of the season all year long. One idea is to shift some of the celebrations normally reserved for November and December to times when you can have more intentional focus.

Summertime can be a great time for breaking from routines and reconnecting with family. Shared vacations can be a great way to bond with sisters, cousins, aunts and grandparents. Consider adding some family fun to your get togethers by having Christmas celebrations out of season. It can help you keep the season in your heart and remember all the reasons for the holiday.

Who says you can't enjoy a turkey feast with all the trimmings during the summer. Perhaps even plan a Christmas party with family and friends. Singing holiday music, like "Let it Snow" can create some festivities and add a lot of fun to the summertime heat! Plan a gift exchange and pull out all the ornaments and baubles from your last celebration to bring new life and joy to your summertime fun!

Christmas in July - The Best Gifts

2011-07-04T09:37:00.000-04:00

By making plans now for the holiday season, you have plenty of time to save for that very special gift for the ones you love most. But what you may not have considered is that by planning now, you can make personal gifts that will not only tell your loved ones you care at Christmas, but all year long.

Our friends at Virginia Tech Extension Services put together some ideas of gifts that you can use to make this year the most special one ever. Use this Holiday Gift List to stimulate your thinking to make or buy a very personal gift that will be remembered not only Christmas week, but may become a centerpiece kept all year long.

Christmas in July - Counting the Costs

2011-07-04T09:26:00.000-04:00

Have you ever wanted something but weren't sure how much it would cost? Maybe it was a remodeling project, some landscaping, or perhaps a car. It is very surreal to make plans for something when you don't know the costs, but frequently that is how many approach the holidays each year. Without a real figure to plan for, we set aside way too little in savings because the costs are so indefinate.

Virginia Saves with some help from our friends at the Virginia Tech Extension Services have put together a planning tool to help you identify and plan for the costs of the holidays. This budget worksheet can help you plan for all the costs of the holiday and build a budget that will ensure that you have more than sufficient funds to meet your needs when the time comes.

If you read our last blog post, you know how to go about creating the gift giving list, but that is just the start of the total holiday costs. With this holiday planner, you can plan for the food, travel, gifts and all the other incidental costs of the holidays and be prepared for the best season of your life!

If you need some help pulling together the costs, take a look at your bank statement from last year to get an estimate for the costs of postage, cards, food, etc. If you use on-line banking or a credit card, often you can review history and get estimates that way. Don't forget that with a plan in hand, you can look for special discount and sales in the off-season that will allow you to cut the costs and still enjoy a full celebration during the season.

Planning also reduces impulse buying as you have plenty of time to plan for and make the right purchases. Advertisers thrive on incentivising you to act on impulse, but impulse buying can be very costly and not very satifying in the end. The joy of the purchase leaves soon after the act and you are often left with the fallout of the costs of your decision. Impulse buying disconnects you from your goals and priorities and drives you to act on the immediate desire.

Finally, buy building your budget now, you can make adjustments to your savings plan so that if additional funds are required to make your holiday dreams come true, you have enough time to make the adjustment. You may also find that you may have been saving more than what was needed and you can redirect that spending to other priorities in your life.

Planning ahead will destress your holiday and make this season the best ever. Tell us what you did to enhance your holiday! We want to hear from you!

Christmas in July - Making a List

2011-07-01T09:24:00.000-04:00

As the savvy saver, we know you have become, you have already begun making plans for your future by setting aside savings to cover the costs. In preparing for Christmas you may already have begun participating in a Christmas Club or have some savings set aside for the holidays. By preparing ahead, you take the financial and emotional stress out of the holidays and add to the celebration of the season. The most effective way to stretch your dollars is to disconnect financial decisions from emotional stress and impulses.

With this in mind Virginia Saves in partnership with Virginia Tech Extension Service has prepared a Christmas list to help you plan ahead even during the summer so that you can find that perfect gift for those special ones in your heart. The best part is that you can do this without the use of debt to haunt you into the New Year. The concept is simple and we have attached a form to assist. Holiday Gift List

Step one: Identify the people on your holiday shopping list. Remember not only immediate family but also remember those other gifts that crop up during the season, like the office party, your women's club, neighbors, the baby sitter, the mailman...all the people who have impacted your year. To help you - begin making a list of those people you purchased for last year and then modify your list from there.

Step two: Identify the dollar amount you would like to spend for that person's gifts. You can use an amount from last year and make adjustments or get creative this year... since you have time to plan ahead, you can perhaps make something more personal saving money and adding personality to your gift at the same time. See our article on Creative Gift Giving this Christmas.

Step three: Total up the amounts for the individual gifts and now you have an amount for your Christmas Gift Giving Budget. See our article on Budgeting for Christmas.

Step four: Now that you have people, amounts and even perhaps ideas for gifts in mind, you can start tucking away items over the next few months to destress the shopping portion as well.

Backyard Parties

2011-05-09T10:14:00.000-04:00

As the summer heats up, our activities gravitate to the great outdoors. Hosting a backyard party during the summertime can be a great way to connect with family and friends. Here are some ideas to help you throw a party to be remembered for years to come.

Engage other friends and family: You don't have to do it all. Consider how you can include the participants in the planning where possible. Family members will enjoy the party more when they had a part to play. Aunt Susie may be an awesome cook and might take charge of the food planning (that doesn't mean that she has to do it all but she now has an area that she oversees). Cousin Tommy, might be great at games, someone else on decorations, invitations, pictures, music, set up, clean up.... You get the idea. All you need is a theme and then begin the plan. By engaging all family members in the process you build anticipation for the fun day and increase the joy on the day.

Be Available: Prior planning can help you to be available more during the big party. People came and they want to see you. Disappearing to take care of logistics behind the scene makes the event work for you and not what your guest had hoped for. By creating a checklist and assigning duties, everyone gets to enjoy more of the fun.

Plan For Weather: Have a plan in case it rains or the weather does not cooperate. Having a covered shelter or a tent can be a great way to give people a way to stay dry if a sprinkle or two should crop up. Also if you have decorations for your party, make sure they are securely fastened in case a wind should blow up (don't forget about paper products - they blow nicely if they are not secured).

Lighting: If your party will go into evening hours be sure to have plenty of lighting around the yard so your guests don't have to search for their food and drinks! If you don't have outdoor lights, consider renting them from a local rental supply.

Food: Have as much of the food prepared in advance as possible. That way you are not slaving over preparations while the guests are there. Also consider foods that cook quickly like burgers and dogs to maximize the enjoyment of the fellowship with friends. If you are having guests bring a dish help them to know what would be helpful. You might suggest that they bring their dishes in low cost aluminum containers so they don't need to worry about taking empties home and you don't have to stress about reconnecting people with their dishes.

Bugs: Citronella candles can be a great addition to a backyard party. Also consider having a few cans of bug spray floating around for guests to use. Don't forget to provide cover for the food as well. Having a mesh tent for the food can keep bugs out and make your life much easier.

Chairs: Have extra chairs available for people to sit and enjoy the event. For those who do not bring a folding chair consider having some extra available.

Games and Activities: Simply providing a soccer ball or football can be enough to get a game started. In addition to the list below, check out our summer games list:

-:- Backyard cricket
-:- Basketball shoot out
-:- Discus throwing using a frisbee.
-:- Egg and spoon race
-:- Relay race with batons
-:- Sack race
-:- Volley ball match

Pictures: Your party is an event that you want to remember, so don't forget to take pictures not only of the set up before hand, but also of the guests enjoying themselves.

Music: Don't forget the music! Select music that is in keeping with the theme of your party to help your guests get into the mood.

Decorations: The internet can be a great resource for creating themed decorations without spending a lot of dough. If you decide to use a theme for your party, you can create the mood by creating decorations that convey the character of the theme. Decorate your fence with balloons and streamers to add to the festive nature of the event.

Theme Parties:

Luau: Go polynesian by decorating with a luau theme. Bamboo mats and floral decorations can create a wonderful mood. Fruity drinks with umbrellas can make the occasion very festive.
Garden Party: This can be a great excuse to get some of that landscaping done! Add some baskets and buckets of plants and flowers around and you have created a feeling of lushness.
Years Gone by: Create a theme of fifties, sixties or seventies to add a little life to the party. Guests come dressed in theme. Decorate with items from the time gone by. Vinyl records, muscle cars, drive-ins, create the appearance of going back in time!
Outdoor Theater: create the effect of the outdoor drive in by hosting a movie outdoors!

Travel Games and Activities

2011-05-07T15:05:00.000-04:00

Planning ahead to have activities along the trip can make the difference between frustration and fun for your vacation travel. Games can make the travel time go quickly and keep the family in a festive mood to make the vacation memorable. Here are some ideas to get you going:

1. I Packed my Trunk For India: This is a memory game that everyone can play. The game begins with the first player saying: "I packed my trunk for India and with me I took:" then they name something starting with the letter "a". Example: "I packed my trunk for India and with me I took an apple." The next person has to recant the list and then add an item with the next consecutive letter. Variation of the game we have enjoyed is packing the trunk with absurd items that couldn't possibly fit in a trunk or be needed on a trip to India. It adds to the humor of the game.

2. Treasure Hunt: When on a long trip, we have fun by listing off things that we might likely see along the way and creating two different lists and dividing the car into teams that will be on the lookout for the items on our list. Here are two sample lists, but you can create your own:

Team 1
18 Wheel Truck
Vegetable garden
Grocery Store
Waterfall
Car from out of state

Team 2
Truckstop
Swingset
Billboard for the destination
Falling Rock Sign
Car with cargo on top

3. Word Games: Make a game out of considering how many words you can form with the letters of you destination. For instance, if you are going to Busch Gardens, write down how many words you can form with those letters like: (bush, guard, gas, bus chard, den, etc). This can also become a competition between teams to increase the fun.

4. 20 Questions: One person says: "I have something in mind, see if you can guess what it is". The players ask yes/no questions to determine the item. The players go around the circle asking one question each until they reach 20 questions. If someone uncovers the answer, they win - if no one uncovers the answer, the person answering the questions wins.

5. Hangman: Old fashioned game of hangman can be great fun on a vacation. Increase the connection to the travel destination by selecting words that would be associated with that location.

6. Wave game: When on the highway, make a game out of seeing how many travelers on the road you can get to wave back to you. It can be a lot of fun and people will wonder how they know you.

7. Story telling: If visiting a family member or going to a location that is a family favorite, share stories about great memories that you had of that person or location. It will not only help prepare the family for creating memories of their own, but will also help them to become acquainted with what to expect and they will know you more personally as well as a result.

8. MORE GAMES: If you didn't find the perfect game for your family check out the Top 21 Travel Games for the Car.

Fun Doesn't Have to Cost Money

2011-05-07T12:54:00.000-04:00

One of the best things that has come from our economic reality has been that people are rethinking their priorities and getting connected to those things that are most important. We all need a bit of fun in our lives, but we don't always need the gadgets, the game systems, the expensive tickets to enjoy a bit of relaxation.

Virginia Saves is here to help you find some great ways to enjoy some fun without busting the bank. This is also a great opportunity to teach children to prioritize their spending choices and to think in advance about activities they can do that don't cost a money.

Here are some ideas that we have collected, but we would love to hear yours as well:

Fun for Free Box: is a fun parent activity sheet that you can use with your children to plan ahead for activities that don't cost money. You can create a box of activities you can do as a family and then an individual box of ideas that the child can use when they are bored and looking for something to do.

Libraries: Check out your local library for fun free activities.

Money Bunnies: Integrating a little learning as you plan your vacation can be a great opportunity to communicate to your children the things you value most. To get you started, take a look at Money Bunnies Take a Vacation. A fun story with some underlying principles that you can introduce to your children. Parents can download a presenter's guide and additional activities to follow up the story here.

Parks: You might want to look into what local Parks and Recreation facilities have to offer. Even state and national parks frequently offer some great free or low cost activities for kids. Plan a picnic and a day of romp and fun. Look to some of our family games section to integrate some fun with the great food.

Clubs: Have children become involved in a local kids club. Churches and civic organizations often offer free fun things to do for kids in the summer.

Local Free Activities: Look to your local community calendar to see if there are activities offered in your city http://www.americantowns.com/ is a great website to check out activities not only in your town but also in other towns you might visit. During the summertime you will find that these calendars can fill up with great fun.

Movies and Entertainment: Do you enjoy concerts, ball games and plays? Ask the management if they don't have volunteer usher positions that would allow you to enjoy the event without having to incur the costs! Also check out Free Summer Movies: Regal Cinemas offer free family movies during the summer time.

More Ideas: Disney Family Fun Page: Great ideas for making summertime fun.

Share your favorite ways to enjoy free summer fun. If you try out some of our suggestions tell us what you think.

Kick Start Your Savings Series

2011-05-06T15:35:00.000-04:00

If summer is closing in fast around you, it may be time to kick start that savings plan so that you can enjoy all that summertime fun you had planned. Sometimes we just need a kick start to get going. Check out these great ideas for helping get you back on track for your goals:

Overcoming Summer Temptations

Starting the Emergency Fund

Creating Savings Goals Start Small Think Big

Make More Money

Save on Food and Groceries

7 Ways to Save

Last Minute Vacation Savings

Back to Vacation Guide

Summer Projects

2011-05-06T11:35:00.000-04:00

Making a summertime memory doesn't have to be done in a day. Taking on a family project like a garden or a family craft that can be used as a gift later in the year can be a great way to bond together as a family.

We would love to hear about your ideas for taking on a project with your family. Your ideas contribute to the Vacation Planning Guide!

Disney has a website with some great family fun activities. From building a clubhouse to starting your own pumpkin patch there are some great ideas to start your family project. Combining learning and play family activities can be designed with a larger purpose in mind!

Crafts can also be a great way to let your children explore their creative side while having a barrel of fun.

Backyard Nature Crafts Who needs to purchase craft supplies? Nature can provide them just by exploring your own backyard!

Backyard Forts: Is building in your plans? Find all the how-to's here with lots of great ideas from forts to playhouses!

About.Com offers a great list of fun ideas to try for crafts and summer projects. Check it out!

Tell us about your fun projects!

Back to Vacation Guide

Kids in the Kitchen

2011-05-06T10:42:00.000-04:00

Summertime can be a great time to introduce kids to fun recipes that are easy to create. The extra time afforded as kids are out of school is great to begin training them to create snacks and meals on their own. As parents, we want to see our children learn the life skills they need to succeed.
Here are a list of websites we found. If you have some favorite recipes, please share with our readers!

Easy Kids Recipes Check out their suggestions for great fun foods for the fourth of July!

Kids Health Has a lot of great healthy recipe ideas that kids can create for themselves

Kids Recipes A-Z has fun ideas from Bunny Salad to Octopus dogs. Great cooking with a little whimsy!

Recipes from Disney Family Fun: Disney has some great fun ways for kids to get started preparing snacks and special foods.

Nick Jr. has a wealth of recipes that are fun for kids.

Great Summer Games for the Whole Family

2011-05-06T10:32:00.000-04:00

They say the family that plays together stays together. Remember the games you used to play as a child? As a culture, we have become so accustomed to being entertained, that we have lost touch with all the great interactive games of old. Here are some ideas we found on various game sites to get you started; we encourage you to share yours as well:

Ring Toss - All you need is a stake and some "rings" to toss. Horseshoes would work just as well.

Mother May I? - The adult can play the part of the "Mother" who instructs the children to take steps, or hops, towards her. For example the "Mother" could say "Take five baby steps towards me." or "Take two bunny hops towards me." Meanwhile the child she speaks to must reply with "Mother may I?" before proceeding, otherwise they are kicked out of the game. The last child standing or first child to reach "Mother" wins.

Treasure Hunt - In the mood for some summer adventure? Organize a game of treasure hunt. You draw up a map and burying the treasure throughout the yard. You can leave small mounds of dirt where each treasure is buried to make it easier for the kids to find the buried treasure. Or you could mark the area around the buried treasure as another way of giving your kids a hint. The actual treasures can be things like marbles, beaded necklaces, quarter machine toys, coins, and other small objects.

Scavenger Hunt - What could be more fun than going on a scavenger hunt? Scavenger hunts can be simple or hard depending on the "clues". Simple clues would be "Find something blue.", "Find something soft.", or "Find something shiny." Harder clues could be made up using a combination of two easy clues "Find something blue and shiny." You can divide the teams up with one adult and one child per team. Whoever finds the most items or finds them all first wins.

Hide and Seek - The ultimate hunting game has always been "hide and seek". One player is the counter who must cover their eyes while the others hide. The player who is found first becomes the counter during the next round. Adults can easily participate in a game of hide and seek, either as an individual game or as a team game with their child.

Kick Ball - With just a ball and a few family members you can have hours of fun and competition playing this variation of baseball. Instead of hitting a small ball with a bat, you kick the ball and then run the bases!

Relays:

Egg Relay - Two spoons, one egg, are the basics of the classic egg relay game. To play a game of egg relay with adults and children you can have the adults line up in a row and the children line up in another, facing each other. Give each child a spoon with a boiled egg and have them race to their adult partner meanwhile trying not to drop their egg. The first one to reach their assigned adult wins. Then you play again allowing the adult to carry the egg on the spoon back to the child.

Three Legged Race - The three legged race is a classic summer barbeque game where two people tie one of their legs to the other and race to the finish line. This game can be played by both adults and children though I would not recommend mixing the two unless the child is older or the adults understand that they need to keep pace with the child and not the other way around.

Water Balloon Toss - Looking for a way to cool down at your summer barbeque? A game of water balloon toss may be just what you need to cool off during the warm summer months. Two people stand within feet of each other and one tosses their water balloon over to their partner who in turns catches the balloon. If they are successful they each take one step back and repeat. If they aren't successful the water balloon bursts and someone has just managed to cool themselves off meanwhile being kicked out of the game. The last dry pair is the winner. Kids and adults can play this game together or separated by age group.

Tag Remember how much fun it was to play a simple game of tag? When kids of decades past wanted to play something fun outdoors, tag was always at the top of the list.

Hide-and-Go-Seek A favorite outdoor game from yester-year. Find a good hiding spot where no one else would think to look, and to make the game even more challenging, move to a new hiding spot after the seeker begins searching.

Ghosts in the Graveyard This outdoor game that kids loved to play on a moonlit night. One person was chosen to be the ghost, and everyone else hid in the yard. The ghost would begin counting, one-o'clock, two-o'clock, three-o'clock, and so on until shouting midnight! At that point the ghost would search the yard for kids to run after and tag. Once they were tagged they also became ghosts who went in search of those hiding in the bushes and elsewhere in the yard.

Looking for more great fun? Check out 50 Ideas for Old-Fashioned Summer Fun

Computer Games

2011-05-06T10:11:00.000-04:00

If you have a child that is "plugged in", finding computer games that are age appropriate and child friendly can be a challenge. Check out some of these free locations for games that can be entertaining and sometimes educational too.

Free summer fun computer games for kids to mix up some of the activities in the summer.

From Scooby's Rippin' Ride to Mower Mayhem to puzzles and word games all appropriate for kids. Check out this summer games selection from Primary Games!

The US Mint has a great selection of fun games that teach about money, art, history and just plain action games. Play When Pigs Fly to build your own plane an see how long you can keep it in the air. The Lewis and Clark Adventure can inspire the explorer in you. Join the journey into the old west and overcome the challenges that were faced by Lewis and Clark. Many more games at H.I.P. Pocket Change

The FINRA Investor Education Foundation has a website Dollars from Sense a beginners guide to getting started with money management, saving and investing. Great information for the whole family.

Learn for Good is a great website with a great array of fun online games for kids. Some educational and some just plain fun.

Vacation Savings Guide

2011-05-05T19:48:00.000-04:00

Take a Break without breaking the bank!

Vacation is a time for taking a break from our routines of life to reconnect with the important things in life, like family and friends while taking time to unwind and get rejuvenated. Virginia Saves is here to help your family create a vacation to remember!

Staycation Ideas

2011-05-05T18:50:00.000-04:00

Fun can reside in one’s own backyard! As parents, you can use the summer staycation to help your child explore their interests Check out some of the great arts, crafts, exploration activities right in your own area. Staycations can provide great fun with family without the costs of travel.

The trick to a successful staycation is to create the mood of a traditional vacation. Breaking from routine and enjoying fun activities together as a family.

Backyard Parties Great ideas for connecting with family and friends right at home.

Summertime Splash: Just add water and mix! Check out some great ways to enjoy a cool splash during the summertime from Amazing Moms.

Backyard Recreations: Having a party or just enjoying games as a family can be a great way to create summertime memories.

Explore your own Backyard: One of my favorite things to do is to investigate some of the history of my hometown and visit historical locations. Check out your local historical society or search for a book on the history of your area. Roadside America can also introduce you to some oddities that might be right in your own area! Finding that hidden treasure in your community can be a great adventure.

Family Reunions: You don't have to wait until Thanksgiving and Christmas to reconnect with extended family. Family reunions allow your children to connect with the roots of their family tree (and perhaps all the branches as well). Check out this website with all the resources you need to plan the perfect family reunion: http://family-reunion.com/ From concept to the actual event, there are lots of details to cover. The planning can become a family project with every member contributing something to the event.

Summertime Projects: Summertime can provide the time needed to tackle some of those projects. Doing projects together as a family can be a great way to create a memory this summer.

Random Holiday: I enjoy this one. Plan a day several weeks in advance for a special day to honor someone you love. It could be a grandparent, Dad or some other important person in your life. Spend time preparing a celebration that will show them how much they mean to you. Because it is random, it adds to the celebration - they will never expect it, but your family can have a great time as you plan and anticipate the event!

Pitch a Tent: You don't need to leave town to go camping. Consider camping in your own back yard. Just the very act of leaving the house can create a sense of adventure and fun.

If you are looking for some additional inspiration check out Smart Ideas for a Summer Staycation.

Building Family Ties

2011-05-04T14:16:00.000-04:00

You don't have to wait until Thanksgiving and Christmas to reconnect with distant family members. Summertime can be a great way to build family ties while strengthening the relationships in your own household. Planning a family vacation, reunion or just a gathering in your back yard can be a great way to connect family members to their extended roots. Here are some great ideas for getting started:

1. Host a family picnic: Invite family to a family picnic. You can make it as simple or elaborate as you desire. If family are located close, you can have them bring a dish to pass and share the costs or you can provide the food and have them contribute the activities or decorations. The more every member is involved in the planning the better.

2. Plan a family reunion: Check out this website with all the resources you need to plan the perfect family reunion: http://family-reunion.com/ From concept to the actual event, there are lots of details to cover. The planning can become a family project with every member contributing something to the event.

3. Combine a Vacation: Sharing a vacation can be a great way to create family memories! Choose a destination and start making plans. To help inspire you, check out http://www.favoritefamilyvacations.com/ as a resource for ideas to build your vacation plan. Pick a location in the middle or go to a favorite spot. The possibilities are endless!
Check out our vacation planning tools in the guide as well. Share your stories with us!

Back to Vacation Guide

Vacation Planning

2011-05-04T14:15:00.000-04:00

Vacation Planning can save you lots of money on the total cost of your vacation, but can also be a great family activity with each member getting involved in the choosing of the destination, planning the activities and the costs. With everyone involved, saving for vacation becomes an adventure in itself.

Planning for your vacation includes not only considering the costs before you go, but also allocation of time for travel and activities as well as creating a list of all the things you will want to take with you. By planning ahead you can save yourself not only money but stress as well!

Start with the budget: Knowing the financial boundaries before you begin planning will help simplify the decisions and lessen disappointments when lofty vacation dreams don't fit within your financial reality. The budget is the amount of money you have saved or will have saved prior to the vacation. Saving each month toward the costs will allow you to grow a larger reserve from which to plan activities. If you are planning a vacation to cost $1,200 then by saving $100 each month, your reserve is completely built before leaving.

Plan your destination: Getting the entire family involved in determining what you would like to do on vacation. Knowing the amount of money you can spend on the vacation, have a family meeting to discuss possibilities. The dream vacation you thought the kids would love may take on a new flavor with the kids involved in the planning. Establish rules for contributions so that no one is excluded and all ideas are considered. Good rules allow for unrealistic ideas to fall off the radar pretty quickly.

Make a list: You will want to get the family involved in making a list of all the potential costs for the vacation. The more detailed the list the fewer surprise costs. Consider the cost of preparing the car for the long trip, the cost of gas to get there or the cost of alternate travel. How will you get around once you are there? Where will you eat? How much will you spend on souvenirs? What is the cost of activities once you arrive? Use this worksheet to get started. As you develop the list, you will find new ideas cropping up from the team about what they would like to do - great time to discuss the costs and logistics of all the ideas. This way you are training your children to plan in advance for the costs of other items as well.

Begin Preparing: After the list is made there will likely be many things that need to be done to make the vacation successful, from adding to the vacation fund by giving up some of the costs of other daily things or packing, preparing the home for leaving, preparing travel meals and activities.

Consider Food Costs: Having snacks and drinks for the car can save a ton on stopping along the way. Also discuss boundaries in advance for eating out. You can save a great deal by drinking water instead of ordering beverages and skipping the dessert in favor of something tasty later. If you will be staying at a location that has a fridge with a microwave or stove, you may be able to purchase some groceries to make meals and save on costs of eating out.

Here are some more resources to get you started:

Plan Your Summer Vacation Now. Extension Service offers some great suggestions for getting started planning your summer vacation great strategies for breaking down the costs of the summer vacation and worksheets included.

Budgeting: Summer Travel. Practical Money Skills for Life offers some great tips for saving on your travel costs this summer. Arm yourself with a good vacation plan that accomodates all the costs.

How to save for the vacation. MSNBC offers 9 great travel tips for creative ways to save for vacation.

Travel Budgeting- Do you know how much you're going to spend on your travels? The Travel Budget Tool will help you plan your your vacation costs Little things add up so this tool can help you create a realistic budget for your total cost of vacation.

10 money-saving tips for a vacation Get creative and think about some great alternatives to those costly vacations.

Travel Savings

2011-05-04T14:13:00.000-04:00

Traveling in the summertime can be a great way to enjoy a family adventure while strengthening valuable relationships. With some simple strategies and the right planning, you can make that summer vacation you and your family have been talking about a reality.

Planning the Family Trip
As you plan your family vacation, there are several important things to keep in mind:

Picking a Destination

When considering destinations for your summertime get away, it is important to keep in mind how long the trip will take, the method of transportation, and how each relates to your budget; however the most important thing to keep in mind is the reason for the trip. Pick a destination where you and your family can relax, explore, and do the things you wouldn’t normally be able to do at home. An important thing to remember is to pick a destination where your family can spend and enjoy time together on a family adventure you will remember for a long time. Once you’ve chosen a destination, then you can plan with detail exactly how you will make your vacation possible while fitting your budget.

RoadsideAmerica.com

Travel Trends

By selecting less popular routes and travel dates, you can save both time and money as you plan your itinerary. For example, Tuesdays, Wednesdays, and Saturday afternoons often offer the best rates on air fares because there are typically fewer people travelling.

Flights/Airfare:

http://www.kayak.com/

http://www.bing.com/travel

http://www.airfarewatchdog.com/

http://www.whichbudget.com/

http://www.yapta.com/

Hotels/Lodging

A savvy vacation planner should be sure to find the best deal possible when making hotel reservations. The following are links to several popular hotel and lodging search engines you can use to find the best rate available for your vacation.

http://www.hotels.com/

http://www.priceline.com/

http://www.laterooms.com/

http://www.tripadvisor.com/

http://www.homeaway.com/

http://www.hostelz.com/

http://www.homeexchange.com/

Vacation Packages

Vacation Packages are often affordable solutions when planning a family vacation, however might not offer as much flexibility as planning your own.

http://www.cruisecompete.com/

http://www.dealbase.com/

The AAA website has a page on Travel Planning which offers a variety of valuable tips, tools, and resources to help you as you plan your itinerary. The article 20 Secrets to Save on Travel, lists in detail a variety of important tips to keep in mind during the planning process.

Food/Dining

For tips and ways to save on food and dining during your summer vacation, see

How can you save money on food costs while traveling on vacation? - extension.org

How to Save Money on Food During Your Summer Vacation - frugalsimplicity.com

10 Savvy Ways to Save on Travel - womansday.com

Make a Memory

2011-05-04T14:02:00.000-04:00

Vacation is not just about getting away, it is about connecting with the important things in life. The pace of everyday routines can allow us to take family and values for granted. Summer is about getting back to the essence of who we are and creating memories to last a lifetime. Think about your happiest childhood memories, weren't they when you felt loved and connected as a family? Summertime is a great time to make these memories for your children. Check out some of these great resources:

Fun Doesn't Have to Cost Money

Great Free Summer Computer Games

Games Adults and Children Can Play

Summertime Projects

Summertime Recipes for fun

Back to the Vacation Guide

Take the Credit Quiz

2011-04-20T16:32:00.000-04:00

HOW MUCH DO YOU KNOW ABOUT YOUR CREDIT SCORE?

Do you know who looks at your credit score? What are the factors that are considered in your score? Knowing how manage your credit so that you can improve your score and get the best rates and even improve access to credit when you need it is important.

We all know how important credit scores are to obtaining a mortgage, getting a car loan, leasing an apartment, even getting a job. Just as important is the information contained in a credit report that reflects the way an individual manages credit. You can find out just how savvy you are by taking a short credit quiz available at http://www.creditscorequiz.org/. Nationwide the average score for the quiz is 78% in response to 22 questions. See if you can beat the score and tell us your score!

Once you complete the quiz share your score with your friends on Facebook and Twitter and challenge them to beat you. Email your score to virginiasaves@gmail.com to get a free money tree seed packet to grow your own money tree!

2011-04-08T17:10:00.000-04:00

Money 101, the basics

April is Financial Literacy Month and a free resource is available! Money 101, the basics is a free web-based financial education designed to educate, empower and increase financial knowledge.

The eight modules cover the following subjects:

· Employment

· Income

· Taxes assets

· Credit cards

· Debt

· Expenses

· Goals

The information in this course is presented as real world practical application. The in-depth assessment report includes a budget, other important financial statements and personalized items, suggestions and strategies that are relevant and specific to the financial situation.

This is a great FREE resource. Sign up today to get started!

http://www.money101thebasics.com/

Triple Crown Tax Savings for Retirement Contributions

2011-04-04T10:18:00.000-04:00

One of the greatest missed opportunities of all time is the tax benefits offered through retirement savings. A lot of working Americans don’t realize how many layers of benefits there are to retirement plan participation. Just take a look at all the great things that retirement savings can do for you:

1. Reduces your taxable income. Participation in a traditional 401K, 403B or TSP reduces your taxable income as your contribution comes out of pre-tax dollars. Thus your federal and state tax withholdings are reduced and your taxable income at tax time is less. More money in your pocket right away because those tax savings go right into your pocket.

2. Matching benefits. Many employers match employee contributions. That is free money that the employee adds to their retirement nest egg. Free money that otherwise stays in the bosses pocket. Now who do you think can use it more?

3. Saver’s Credit. If you make contributions to an IRA or an employer retirement plan (including Roth contributions) and your income is less than $27,750 ($41,625 head of household or $55,500 married filing joint) you may be eligible for the savers credit which can be as much at 50% of your contributions!

With so many ways to save on your taxes while you are building your nest egg for the future, there is no reason not to ramp up your savings. For more great savings ideas and some more reasons to contribute to that retirement fund check out our retirement section at http://virginiasaves.blogspot.com/

Overcoming Barriers to Saving

2011-03-31T14:11:00.000-04:00

Did you read the new article from America Saves? Virginia Saves' own Lori Irwin was featured as a guest writer! Lori discussed the barriers to saving and gave four great resources to overcome these common problems. Check out the article and see these small changes can improve your financial situation!

All enrolled Virginia Saves receive this monthly email publication. Enroll today for this and other powerful saver tools.

A Budget is not for Babies!

2011-03-24T12:00:00.000-04:00

Most people do not have budget.

Budgets have really gotten a bad rap! The feelings that the word ‘budget’ evokes are usually negative and constraining. Budgets are usually associated with restricting the activities that are enjoyable. It does not have to be that way! Think instead, ‘spending plan’!

Income – expenses = Spending plan!

The calculations required is grade school math, therefore, everyone is qualified to make a spending plan.

The National Syndicated Radio Host Dave Ramsey recommends a zero based budget which means the income minus the expenses equals zero. He says to “spend every dollar on paper before the month begins.”

Budgets, AKA Spending Plans, can be written on paper, saved on a computer document or created in a computer software program. A great free online budgeting tool is available at http://www.mint.com/

It is important that all monthly expenses are covered by the income coming into the home. This will avoid the need to use credit card debt for basic living expenses. Credit should not be used to purchase items which you cannot afford!

If the expenses exceed the income, a deficit is present. The expenses must be reduced or income increased to balance the budget. If the income exceeds the expenses, this surplus allows additional savings or preparing for upcoming predictable expenses.

Predictable expenses are maintenance, holidays, bills or miscellaneous things that may not come due every month. A few examples would include Christmas, tires for the car, personal property taxes, and car insurance premiums. These expenses are not surprises but they can take the wallet by surprise!

Be prepared for these ‘budget busters’ by saving some money the expenses each month. Some things are not UNEXPECTED expenses is a Savvy Saver article that details a great method to be prepared for these kind of expenses.

Virginia Saves motto is ‘Start small, think big.’ Start small by creating a budget for you family this month! Think big. You may have to be creative to make all expenses to fit into that first budget.

Budgeting is the first step toward financial freedom! Will you take that step?

Savings Tips

2011-03-22T07:55:00.001-04:00

General

Save your loose change. Putting aside fifty cents a day over the course of a year will allow you to save nearly 40% of a $500 emergency fund.

Keep track of your spending. At least once a month, use credit card, checking, and other records to review what you've purchased. Then, ask yourself if it makes sense to reallocate some of this spending to an emergency savings account.

Never purchase expensive items on impulse. Think over each expensive purchase for at least 24 hours. Acting on this principle will mean you have far fewer regrets about impulse purchases, and far more money for emergency savings.

Use debit and credit cards prudently. To minimize interest charges, try to limit credit card purchases to those you can pay off in full at the end of the month. If you use a debit card, don't rely on an overdraft feature to spend money you don't have. With either approach, you'll have more money available for emergency savings.

Are you looking for an effective way to establish a budget? Beginning on the first day of a new month, get a receipt for everything you purchase. Stack and review receipts at the end of the month, and you will clearly be able to see where your money is going.

It pays to practice preventative dental care, since a good cleaning routine helps prevent fillings, root canals, and dental crowns, which are expensive and no fun.

Most people don’t track what they spend and may not realize when expenses add up to more than their budget can handle. To keep track of what I spend, I put what I think I should spend for the month on transportation, food, entertainment, etc., into envelopes. This helps me avoid buying things I don’t need, and what’s left over goes into saving.

Take advantage of discounts and/or incentive programs provided through your employer. For example, the company I work for offers discounted rates for computers, fitness center memberships, movie tickets and passes to summer festivals. Check your corporate intranet or talk to your human resources representative. And don’t forget the best deal of all – investing in your 401(k)!

One way to establish a savings discipline is to “save” an amount equal to whatever is spent on nonessential indulgences. Put a matching amount in a cookie jar for expenditures for beer, wine, cigarettes, designer coffee, etc. If you can’t afford to save the matching amount, you can’t afford the $4 super almond low-fat latte.

Take the amount the item costs and divide it into your hourly wage. If it’s a $50 pair of shoes and you make $10 an hour, ask yourself, are those shoes really worth five long hours of work? It helps keep things in perspective.

Aim for short-term savings goals, such as setting aside $20 a week or month rather than long term savings goals, such as $200 over a year. People save more successfully when they keep the short-term goal in sight.

Save money by buying items online, in bulk. Some companies even offer free shipping on large orders. Clearance items are sometimes available, and good savings can be found on non-perishable groceries and diapers. This saves time and money!

Food

Substitute coffee for expensive coffee drinks. The $2 a day you could well save by buying a coffee rather than a cappucino or latte would allow you, over the course of a year, to completely fund a $500 emergency fund.
Bring lunch to work. If buying lunch at work costs $5, but making lunch at home costs only $2.50, then in a year, you could afford to create a $500 emergency fund and still have money left over.
Eat out one fewer time each month. If it costs you $25 to eat out, but only $5 to eat in, then the $20 you save each month allows you to almost completely fund a $500 emergency savings account
Shop for food with a list and stick to it. People who do food shopping with a list, and buy little else, spend much less money than those who decide what to buy when they get to the food market. The annual savings could easily be hundreds of dollars.

Prescription and Over-the-Counter Drugs

Ask your physician to consider prescribing generic drugs. Generic drugs can cost several hundred dollars less to purchase annually than brand-name drugs.
Find the lowest-cost place to purchase prescription drugs. Make sure to check out not only your local pharmacist but also local supermarkets, area discount centers, and mail-order pharmacies
Purchase storebrand over-the-counter medications. Storebrand medications often cost 20-40 percent less than nationally advertised brands. The savings could easily exceed $100 a year.

Banking

Avoid bouncing checks or overdraft fees each month. The $20-30 you save by not bouncing a check each month would save you enough money to nearly fully fund a $500 emergency savings account.
Reduce credit card debt by $1,000. That $1,000 debt reduction will probably save you $150-200 a year, and much more if you're paying penalty rates of 20-30%.
Make your monthly credit card payment on time. The $30-35 you save by not being charged a late fee each month on one card would save you most of the money you need for $500 in emergency savings
Use only the ATMs of your bank or credit union. Using the ATM of another financial institution once a week could well cost you $3 a withdrawal, or more than $150 over the course of a year.

Insurance

Shop around for auto and homeowners' insurance: Before renewing your existing policies each year, check out the rates of competing companies (see the website of your state insurance department). Their annual premiums may well be several hundred dollars lower.
Raise the deductibles on auto and homeowners' insurance: Being willing to pay $500-1,000 on a claim, rather than only $100-250, can reduce annual premiums by as much as several hundred dollars.
Assess your need for life insurance coverage. If your children are now on their own, or if your spouse works, you may not need as much life insurance protection. The annual premiums on a term life policy would typically fully fund an emergency savings account
Consider dropping credit insurance coverage on installment loans. Many consumers don't need credit insurance because they have sufficient assets to protect themselves in the event of death, disability, or unemployment. Terminating this coverage often reduces financing costs by three percentage points, a savings of about $1,000 on a four-year $20,000 installment loan.

Transportation

Keep your car engine tuned and its tires inflated to their proper pressure. Doing both can save you up to $100 a year in gas.
Shop around for gas. Comparing prices at different stations and using the lowest-octane (recommended by the car owner's manual) can save you hundreds of dollars a year.
When driving, avoid fast start-ups and stops. Over time, you will save hundreds of dollars on lower gas and maintenance costs.
Take fewer cab rides. Using public transit instead of cabs can save you $5-10 per trip or more. If you're a frequent cab user, the savings could complete ly fund your emergency savings account
Check all airlines for cheap fares. Since no website lists all discount carriers, also check out the websites of discount carriers like Southwest and Jet Blue, possibly saving you hundreds of dollars.

Housing

Don't pay for space you don't need. Americans have relatively large houses and apartments. Think about more efficiently using space so you can purchase or rent less square footage.
Live relatively near your workplace. While this isn't always possible, driving 5,000 miles less a year can lower transportation costs by more than $1,000.
Refinance your mortgage to lower interest charges. Consider refinancing your mortgage to lower the rate and term. On a 15-year $100,000 fixed-rate mortgage, lowering the rate from 7% to 6.5% can save you more than $5,000 in interest charges over the life of the loan. For each $100,000 you borrow at a 7% rate, you will pay over $75,000 less in interest on a 15-year than a 30-year fixed rate mortgage. And, you will accumulate home equity more rapidly, thus increasing your ability to cover large emergency expenditures.
Choose home repair contractors wisely. Favor contractors who have successfully performed work for people you know. Insist on a written, fixed-price bid. Don't make full payment until satisfactory completion of the work.
TOP

Home Heating and Cooling

Ask your local electric or gas utility for a free or low-cost home energy audit. The audit may reveal inexpensive ways to reduce home heating and cooling costs by hundreds of dollars a year. Keep in mind that a payback period of less than three years, or even five years, usually will save you lots of money in the long-term.
Weatherproof your home. Caulk holes and cracks that let warm air escape in the winter and cold air escape in the summer. Your local hardware store has materials, and quite possibly useful advice, about inexpensively stopping unwanted heat or cooling loss
Use window coverings to block or let in sunshine. In summer, use these coverings to block sunlight, keeping your house cool. In winter, open the coverings to let sunshine warm the house. You could easily save more than $100 annually while being more comfortable.

Clothing

Look for sales at discount outlets. There are huge price differences between clothing on sale at discount stores and that sold regularly at many department and specialty stores, though keep in mind that prices at the latter are often deeply discounted.
Consider purchasing previously-used clothes from Good Will, second-hand stores, or school or church thrift sales. With a little effort, you can find low-priced, high-quality used clothing items that can be worn for many years.
Assess clothing in terms of quality as well as price. An inexpensive shirt or coat is a poor bargain if it wears out in less than a year. Consider fabric, stitching, washability, and other quality related factors in your selection of clothes
Clean clothes inexpensively. Wash and iron clothes yourself. If you use a cleaner, compare prices at different establishments. A 50 cent difference in cleaning a shirt, for example, can add up to $100 a year.

Communications

Assess your communications costs. As Internet and wireless use grows, many consumers are overpaying for unneeded communications capacity. For example, if you have a cell phone and two phone lines -- one for your computer -- consider receiving personal calls on your cell phone so you can give up one of the phone lines.
Communicate by e-mail rather than by phone. If you're on-line, e-mail communications are virtually free. Even for subscribers, landline and wireless calls often carry per-minute charges.
Be aware of your cell phone costs and how to reduce them. Cell phone use has dramatically increased communications expenditures in many households. Understand peak calling periods, area coverage, roaming, and termination charges. Make sure your calling plan matches the pattern of calls you typically make.

Entertainment

Research free or inexpensive entertainment in your community. Use local newspapers and websites to learn about free or low-cost parks, museums, film showings, sports events, and other places which you and your family would enjoy.
Give up premium cable channels or better yet, cable all together. It's a lot cheaper to rent one film a week than watch one on premium cable channels that may cost more than $500 a year.
Borrow books rather than purchasing them. Borrowing books and reading magazines at your local library, rather than purchasing reading material, can save you hundreds of dollars a year.
Attend high school rather than college or pro sports events. High school sports events rarely cost more than $5 and are often free, with hot dogs and sodas typically costing $1-2. College and pro football and basketball games rarely cost less than $20, and their concessions are usually several times more expensive.

Family and Friends

Plan gift-giving well in advance. That will give you time to decide on the most thoughtful gifts, which usually are not the most expensive ones. And if these gifts are products that must be purchased, you will have the opportunity to look for sales.

In families, discuss limits on spending for gifts. These limits not only tend to reduce expenditures; they also be greatly appreciated by the least affluent family members.

Socialize at pot-luck meals rather than at restaurants. Because one wants to be generous to friends and family, there may be huge cost savings here.

Consider writing letters instead of making frequent phone calls. Thoughtful letters are usually far more highly valued than phone conversations, and they are often saved by recipients for future reading.

Free Credit Reports and More! March Newsletter from Virginia Saves.

2011-03-19T16:42:00.000-04:00

Check out the Virginia Saves' March Newsletter! It is pack full of articles and information to help you win with money!
http://myemail.constantcontact.com/Free-Credit-Reports-and-more-.html?soid=1103122022232&aid=Lm_hrrgErPA

To receive this newsletter via email become a Virginia Saver today!

Home is where the financial lessons start

2011-03-17T12:00:00.000-04:00

Remember, the little ones are learning how to manage money by your example. Children learn a whole lot from what they see modeled in everyday life. They see how family members spend, save, give money. They are forming their ideas about the value of money.

The last video in the series Financial Planning for Your Future is about the next generation.

Week six: Teach Your Children

Kids are very smart and it is never too early teaching them about money. Chores teach children they must get a good job to have money to support a family. A child may not like it when a toy cannot be bought, but that is a real life lesson. Teach children to purchase needs before wants! Scarcity is real. That means wants will always outnumber the bills in a wallet.

For more information, check out these sites:

Virginia Saves Parent Resources

Teaching Kids About Money

Virginia Saves hopes you have enjoyed this six part video series. Please feel free to leave a comment of contact us at virginiasaves@gmail.com

Retirement - Reinvent Yourself

2011-03-10T12:00:00.000-05:00

The fifth video in the series of Financial Planning for Your Future gives new ideas about retirement. Here is a great perspective that may give hope to those close, and not so close, to retirement age.

Week three: Retirement- Reinvent yourself

That is not right! - What to do About Incorrect Items on a Credit Report

2011-03-09T00:30:00.000-05:00

According to the Fair Credit Reporting Act of 2005 , you may obtain one credit report from all three Credit Bureaus every 12 months at www.annualcreditreport.com. You may also receive a credit report if the following applies to your situation:

· Denied credit because of the information on credit report. Request a copy from the credit bureau within 60 day of being notified.

· Unemployed and plan to apply for job within 60 days following the request for the report.

· Receive public assistance.

· Believe credit file contains errors due to fraud.

· Victim of fraud. Contact all three agencies and request a “fraud alert” to be added to report.

If there is something incorrect reported on a credit report, submit a letter stating the problem to all three credit bureaus. A sample letter can be found at www.myfico.com. The letter should be sent by certified mail, return receipt requested, to document the credit bureau received the dispute. Do not send original documents of receipts and keep a copy of everything sent to the credit bureaus

The credit bureaus will contact the creditor who submitted the item within 5 business days of receiving the complaint. The creditor has 30 day to respond to the inquiry or the disputed item will be removed. If the credit bureau agrees the information is inaccurate or incomplete, the credit report must be updated with the correction or remove the item. The credit bureau will notify the creditor the reported item has been modified or deleted. The credit bureau must send notice within five business days if the disputed item is reinserted because the creditor provided documentation to prove the accuracy of the report.

If the disputed item shows up again it is time for more letters. Send a letter to the original creditor disputing the item. Resend the letters to the credit bureaus as well. All correspondence must be sent by certified mail, return receipt requested.

Removing an incorrect item on a credit report can be time consuming and frustrating, but it is important to be persistent. Credit reports determine the interest rates for new credit, can affect insurance premiums rates and may be evaluated when applying for a job.

Once a problem is resolved, you may request the credit bureau notify all the past inquiries of the corrected report for the last two years. Past employers may receive the updated report for the last 6 months at your requests. Review the credit report again in three to six months.

The three credit bureaus address are:

Equifax
equifax.com
PO Box 105069
Atlanta, GA 30349
(800) 525-6285

Experian
experian.com

TransUnion
transunion.com
PO Box 6790
Fullerton, CA 92634
(800) 680-7289

For more information:

Fair Trade Commission: Facts for Consumers

Freeze on Credit

What is on your report?

More Winning Pigs!

2011-03-04T11:19:00.000-05:00

New River Valley Piggy Bank Pagent Winners!

The New River Valley Piggy Bank Pageant was a great success. There were over 100 entries! Check out the creative banks. A special thank you to the sponsors of the the New River Valley Piggy Bank Pageant!

Next year, several areas will coordinate efforts for a statewide Virginia Saves Piggy Bank Pageant. Look for details in early 2012.

And the Winners Are. . .

2011-03-03T12:59:00.000-05:00

Virginia Saves is pleased to announce the 2^nd Annual Piggy Bank Pageant Winners!

The goal of the Piggy Bank Pageant was to inspire children to create savings goals and to develop the habit of regular savings for their future by engaging in building their own savings bank. Children tend to be early adopters of social campaigns and can be a great influence on family behavior. Money has power because it gives people (older and younger) decision making opportunities. Teaching wise spending and saving has a great impact on your child’s financial future than investing.

BB&T donated savings bonds for Virginia Saves to award as prizes in the Piggy Bank Pageant. BB&T has been an active partner with Virginia Saves. BB&T created new accounts for our Virginia Savers. These special accounts will really grow dollars that are saved.

The Savings Bonds provided by BB&T will be presented to the winners of each category.

· $100 Savings Bond for the 1^st Place Winners

· $75 Savings Bond for the 2^nd Place Winners

· $50 Savings Bonds for the 3^rd Place Winners

A BIG thanks to BB&T for the prizes and their support of Virginia Saves! Eight winners will receive the Savings Bonds.

2^nd-3^rd Graders

Tied for 1^st place: Myra

Name of bank: Piggy

Why savings is important: ‘So you can get what you want.’

What are you saving for right now? DSI

Tied for 1^st place: Brooke

Name of bank: Pepper

Why savings is important: “so you can buy a home.”

What are you saving for right now? A real dog

2^nd place: Jacob

Name of bank: Hotdog

Why savings is important: For College

What are you saving for right now? PSXL/College

3rd place: Erin

Name of bank: Piggy

4^th-6^th Graders

Tied for 1^st place: McKenzie

Name of bank: Pigy if a boy; Swirl if a girl

Why savings is important: “So you can go to college.”

What are you saving for right now? A horse

Tied for 1^st place: Shenan

Name of bank: SD Bank

Why savings is important: “Because if you need money, you have some.”

What are you saving for right now? Phone, electric scooter and a car

2^nd Place: Paige

Name of bank: Meatloaf

Why savings is important: College, a car, a house

What are you saving for right now? A car

3^rd Place: Hilary

Name of bank: Miss Pink

Why savings is important: “You can save for something coming when you grow up.”

What are you saving for right now? A car

Congratulations Winners!! The entries could be any style or theme. You were very creative and have great savings goals!

Parents can find more at Parent Resources for more information about instilling smart money habits in children while they are still young. By the time teens take the Personal Finance Class in High School, they have already established their 'money values'. Use fun activities like the Piggy Bank Pageant to talk about money with children!

Virginia Saves will be coordinating efforts with other areas of our great Commonwealth to include a State wide Piggy Bank Pageant in 2012.

Rethinking Home Ownership

2011-03-03T12:00:00.000-05:00

The fourth week in the series Financial Planning for Your Future address the American Dream, home ownership. Recently, that dream has turned into a nightmare for some families. Think through the cost completely before deciding to purchase a house. Watch this short video about renting vs. owning a home.

Week four: Rethinking Home Ownership

Home owners must budget for repairs, maintenance, and taxes. A revolving savings account may be a great idea to save for these irregular expenses.

More is 'Caught' Than 'Taught'

2011-02-28T23:13:00.000-05:00

Virginia Saves equips Savers with the resources needed to pay off past debts, pay for current needs and wants, and invest for the future. As adults, we actually have to reprogram how we deal with stress and create a new plan. The spending plan is a powerful tool to help reach goals!!

Part of this vision is to supply ideas to parents. The next generation is watching and learning how to handle money. More is ‘caught’ than ‘taught’. If children develop healthy spending and saving habits as young people, they can avoid some of the money troubles their parents have experienced. Take advantage of teachable moments that will instill good money habits with our children.

How can children learn the value of money?

· Be realistic. Tell children that they cannot have everything they want. Wants will always outnumber available dollars!

· Give commission. ‘If you do not work, you do not get paid!’ Teach children the value of work and that work produces money.

· Have a family spending plan. Living on a budget needs to be modeled to children. This may involve telling the adults in the family that wants will not fit into this month’s spending plan.

· Require calm money discussions. Talk with respect and without emotional outbursts or manipulation when talking about money in the home.

· Set family financial goals. ‘When debt free, we will save to go to Disney!’ Get everyone on board to think of strategies to reach the goal.

· Have fun while cutting back. Have a camp- out in the back yard and make S’mores. This spring break, have a ‘stay-cation’ and visit the sights close to home. Do not forget to pack a picnic lunch!!

Her are a few great resources for parents with young children:

Kids Count- many links to great parent resources

Children and Family- articles from Crown Financial Ministries to help train children (and parents) Children and Finances Part 1
Children and Finances Part 2

Handipoints- training good behavior in children through fun activities

Money Lessons for Children- Great resources for parents and teachers for financial skills

Thrive by 5- great activities and lessons you can use in your home to train pre-schoolers in financial basics

Money Mammals- website to help encourage both savings and giving for children.

Parents are a child’s first teacher. They will learn more about how to handle money from you than from a high-school Personal Finance Class. Talk to children about smart money choices and help them develop good money habits!

Enroll at www.virginiasaves.org/enroll to receive a monthly newsletter full of saving ideas.

LIKE Virginia Saves on Facebook!

Good Debt vs. Bad Debt

2011-02-24T12:00:00.000-05:00

The third video in the series Financial Planning for Your Future is about debt. Watch this short video and find out what is considered good debt!

Debts used to make purchases that will not increase in value over time is 'bad debt'. In other word, almost all credit card purchases are not going to increase in value, and therefore, are 'bad debt'. Items purchased on a credit card are usually either something that was not in the budget or something to be paid next month for convenience. A checking account debit card will give the convenience of the quick transaction, but not allow money to be spent unless it is in the account.

The budget is key to paying off debt. Budget for expenses and plan to pay more that the minimum on credit cards. www.powerpay.org is a free site that helps develop a plan to pay debts off more quickly.

What is on your report?

2011-02-21T22:50:00.000-05:00

A Credit Report is a snapshot of your credit reputation. Credit reports are commonly used by banks and companies to determine the interest rates when issuing credit to customers. As the customer, a high credit score will result in a lower interest rate which makes a loan less expensive.

According to federal law, everyone is entitled to one report from all three credit bureaus, Equifax, TransUnion and Experian, each year. The only free reports are available at www.annualcreditreport.com or call 877-322-8228. The website asks a series of questions, and then allows access to the report. The biggest problems with credit reports are incorrect or outdated information. Because each agency has its own reporting practices, it is important to take a look at all three credit reports.

The most common formula to calculate a credit score is created by the Fair Isaac Corporation, FICO. The FICO score is a formula which uses payment history, the amount owed on credit accounts, length of credit history, new credit and type of credit. The formula is ubiquitous and cannot be calculated by a consumer. The FICO score ranges from 300-850, with approximately 40% of scores are 750 or better. A Credit Score is use by businesses to determine interest rates for loans, insurance premiums and may even be used when applying for job. The higher the score the less of a credit risk.

The free credit report does not include the credit score. A Credit Score can be purchased by several online sources. The three reporting agencies’ reports may have different information and actually calculate the score slightly differently.

Most of the time is more important to know how to raise a credit score rather than the score. If full payments are made on time, the score will improve overtime.

Tips to raise a credit score:

Pay bills on time.

Make up missed payments and keep all payments current.

Maintain low balances on credit cards and other revolving debt.

Pay off debt instead of transferring it to new account.

Do not open new credit accounts.

Beware of “Credit Repair Agencies” or promises to “fix” credit! These companies charge a customer to dispute or correct information. This can be done by the customer. Some advertisement claim to provide a free credit report but are actually “introductory” offers that convert to expensive subscription services. Expect to see ads for companies try to sell things that are not needed such as credit scores, "Credit Monitoring Service" or a “3-in-1 Report”.

Credit scores are important in our society. Use the steps described here to improve your credit score!

Free Credit Report: www.myannualcreditreport.com

Understanding Credit Reports www.myfico.com

What is a Fiduciary?

2011-02-17T12:00:00.000-05:00

This second week in the Financial Planning for Your Future Series gives a new term that may be unfamiliar, Fiduciary. A fiduciary is someone who acts in your best interest, not their own. Watch this short video to learn what to look for in a financial planner.

Week Two: Putting Your Interests First.

Financial Planning my sound like what someone needs if they have 'lots' of money. In actuality, a financial planner can make even small amounts of money grow.

Participate in employer 401K or 403b plans, especially if the employer provides a match. The match is like free money!

Paying off debts is a great way to find money for savings. Remember, basic living expenses and emergency savings come before any investing!

Start small. Think big.

2011-02-14T12:00:00.000-05:00

What is the difference between a dream and a goal?

A dream is a vague idea with undefined steps. “I want to travel to Italy.” This is a dream with no action steps to make the dream a reality. A goal is specific plan with defined steps. “I want to run a 5k on July 4^th and I will run one mile, three days a week until the day of the race.” This goal names the ‘what’ and the ‘how’. It defines the desired result and the steps to achieve the goal. Virginia Saves encourages people to create a financial goal and make a plan to achieve it.

When enrolling at Virginia Saves, new savers make a savings commitment. The form asks for a goal, amount saved per month, number of months and total saved amount. A good savings goal has 3 parts: the amount to be saved, the period of time and the purpose of the savings.

Here are two examples:

1. I will save $30 for 12 months for Emergency savings.

$30 x 12 months = $360

That would be a nice emergency savings. The emergency savings is money set aside for unforeseen problems that arise.

2. I will save $25 for 10 months for Christmas.

$25 x 10 months (February through November) = $250

Christmas would look pretty Merry with $250 set aside for gift giving. A family with children in the home will enjoy the money saved in December for holiday gifts. In January, the Ghost of Christmas Past will not visit when the credit card bill is opened.

Both of these examples will help a family’s financial situation.

Success is will be more likely if the goal is realistic.

The amount should be 10% or less of income. Attempting to squeeze the budget too tight to save quickly can hurt long term motivation.
Start Small. The first savings goal should be relatively small. A new saver should try a small savings goal which can be achieved quickly. A successful experience will add confidence.
Total amount saved should cover the expense of the goal. Saving $100 for a plane ticket will not help if the ticket will cost $150.

Here is an example of a goal that needs some adjustment:

I will save $3 a month for 12 months for a reliable used car.

$3 x 12 months = $36

That is not going to buy much of a car! If the goal is a $2000 car, then the monthly amount saved will need to be increased and the length of time to save will also need to be extended.

A great saving strategy is to ‘Pay Yourself First’. Save money out of each paycheck before paying bills. Another great strategy is to make savings automatic. Set up a direct deposit or transfer savings from a checking account in a savings account.

The amount saved is not as important as starting the habit of saving. Increase the amount saved each month when possible. Send a portion of a tax refund to savings with the split refund.

Start an Emergency Fund! Money set aside for the unexpected is the first step to a successful financial future.

What is your savings goal? Let Virginia Saves motivate you to discover for yourself the peace of mind that accompanies having money in the bank.

Share your savings goal at virginiasaves@gmail.com!

Take Control of Your Financial Future

2011-02-10T12:00:00.000-05:00

Over the next six weeks, videos will be shared in a Financial Planning for Your Future Series on the Savvy Saver. These are short vidoes that will focus on a new area of your financial future each week.

Week one: Taking Control of your Financial Future.

Below you will find more find information about taking control.

Some things are not UNEXPECTED expenses
New Year Financial Resolution

Cupid is on a budget this year!

2011-02-08T12:00:00.000-05:00

This year cupid needs to be put on a budget.

About 1 billion Valentine's Day cards are exchanged in US each year. That's the largest seasonal card-sending occasion of the year, next to Christmas. Be creative and find a new way to express love that will not end up in a landfill such as make a poem, rent a movie, or recreate your first date.

Have little ones at home? Save the expense of a sitter; put the kiddos to bed early then cook dinner together and reminisce about fun memories.

Here are three ideas to show love without breaking the bank.

1. Dollar Store to the rescue!

7 Balloons from the Dollar Tree $7.00

1 Card from the Dollar Tree $ .50

1 package of heart window clings $1.00

1 box of chocolates $1.00

Valentines Day for less than $10!!

2. Show up at her/his work and self-deliver balloons. 8 balloons with a balloon weight and a card = major points!

3. Romantic evening with a bottle of wine over a candle light dinner at home and a single long stem rose.

Other great ideas for Valentine’s Day on a dime can be found at Cost-Conscious Cupid.

The best advice is to plan ahead. Vendors at the mall are ready to help the last minute shopper overspend. The best gift is well thought out and from the heart!

Happy Valentines Day!

Tax Refund Split to the rescue!

2011-02-05T13:17:00.000-05:00

Did it happen again? Did you say you were going to put some of your tax refund into savings last year, only to realize you spent the whole thing before you had a chance to move the money? If this describes you, then let the option to split the tax refund come to your rescue!

Savings will improve financial security. Life is unpredictable and brings about unexpected events that cause stress. The stress level of an unexpected event such as a major car repair is difficult to handle. The financial burden of the bill from the repair shop is just part of the problem. The need for new transportation arrangements until the vehicle is repaired is not only inconvenient, but can be very expensive. Money in savings helps buffer the impact on the financial situation.

Virginia Saves encourages people to become savers. The tax refund can jumpstart savings and prepare for life’s bumps in the road. Virginia Saves’ partners offer free or low cost, low balance accounts especially designed for our savers. Most people can become savers regardless of income. Start saving a portion of income received every month. Make savings automatic! Automatic transfers are great saving options at most local banking institutions. Start small. Transfer $5 to $25 to a savings account monthly. Think Big. The amount that is saved is not as important as just starting the habit of saving.

According to the IRS, the average refund for electronically filed tax returns in 2009 was approximately $2900. The IRS allows the tax refund to be split among two or three accounts. For example a $1500 tax refund can deposit $500 into a checking account to pay past bills or purchase current needs and deposit $1000 into a savings account for emergency savings. Tax preparers use Form 8888, Direct Deposit of Refund to More Than One Account, to allocate the tax refund to accounts as requested. This form tells the IRS how much money to electronically deposit in each account. It is important to check the box on the 1040 that indicates the splitting of the tax refund and double check the account and routing numbers before the form is submitted. See Frequently Asked Questions about splitting tax refunds.

Do something different this year; save part of your tax refund. You will be glad you did!

Pay Past, Present and Future with Your Refund

2011-02-01T14:11:00.000-05:00

Speculating about how your refund can be best spent can be a fun pass-time almost like considering how you might spend any other windfall that might come your way. Everyone chimes in with their own wishes: "how about a new TV or a game system, or paying off debt". While you want to enjoy a little of the bounty that comes your way, it is also important to balance debt reduction and savings as well.

Having a plan before the money arrives can ensure you get the best use of the funds. Without a plan, you may find that in two months that you are not financially better off than you were before the refund. Our temptation is to spend the money on current wants and desires while leaving debt and savings as they were before the bounty. This is the year all that changes!

Virginia Saves recommends using the 30-40-30 plan to address your past, present and future with your refund in 2011. It is a simple plan and works like this:

PAST: Earmark 30% of all of your refund to debt reduction and catching up on past due bills. This can be a great way to start power paying your debt. Power paying your debt can accelerate your journey toward financial freedom and increased savings.

PRESENT: Dedicate 40% of the refund to current needs and wants. Need that car repaired or wishing for a new computer? This is the money that can be used to improve your quality of life right now allowing you to splurge and enjoy some of the proceeds.

FUTURE: Finally put 30% of your tax refund into a savings plan. This can help jumpstart that emergency fund or be used for larger purchases later.

There you have it. A plan to address past, present and future with your refund. If you use this plan, you will surely find your future looks brighter. Don't forget to join the saver's movement at www.virginiasaves.org/enroll. Together we can make our personal economies stronger!

Virginia Saves 2nd Annual Piggy Bank Pageant- Show Your Creativity

2011-01-29T17:38:00.000-05:00

Announcing the Virginia Saves 2nd Annual Piggy Bank Pageant! Contest is open to children in Kindergarten through the 6th Grade. 1st, 2nd, and 3rd place prizes will be awarded! Winning entries will be displayed on the Virginia Saves Facebook Fan Page February 21-27, 2011.

This Piggy Bank Pageant is designed to educate children about the need for savings while engaging them in a fun creative activity.

Below are some of the creative entries from last year’s competition. The ‘Piggies’ can be any shape or theme!

Virginia Saves 2^nd Annual Piggy Bank Pageant Flyer

Virginia Saves 2^nd Annual Piggy Bank Pageant Entry Form

Virginia Saves 2^nd Annual Piggy Bank Pageant Parental Information

Drop-Off Locations for Piggy Banks

Catholic Charities 5361-A Virginia Beach Blvd., Virginia Beach, VA 757-484-0703

Guardian Federal Credit Union 309 County Street, Portsmouth, VA 23704

Jackie Cross (757) 397-1234

Port Alliance Federal Credit Union 5670 Raby Rd, Norfolk, Virginia 23502

Joyce Bailey (757) 461-1796 ext 327

SunTrust - Virginia Beach Blvd Branch 3334 Virginia Beach Blvd, Virginia Beach, VA 23452

Brandy Young (757)306-3355

SunTrust - Janaf Branch 5800 E Virginia Beach Blvd, Norfolk, VA 23502

Babs Kennedy (757) 466-2276

SunTrust - Pacific Ave Branch 3330 Pacific Ave., Virginia Beach, VA 23451

Cliff Brown (757) 425-6707

Wells Fargo Center 440 Monticello Ave., 12th Floor Norfolk, VA 23510

Kim Garrett (757) 640-5072

*Entries must be submitted/dropped-off by February 20, 2011.

R-A-L is a B-A-D Deal

2011-01-28T12:00:00.001-05:00

Everyone wants their tax refund quickly, but watch out for this bad deal. Some Tax Prep Companies offer a Refund Anticipation Loan, a RAL. These loans are for the short period between when a tax return is filed and the IRS deposits the money into the lender’s account (usually less than two weeks). A RAL allows access to the anticipated refund in one day or less.

The problem with these loans is they are extremely expensive!

The loan amount is the ‘anticipated’ refund minus loan fees and tax preparation fees. If there was an error or miscalculation on the tax return, the refund could be less than anticipated. The entire loan balance must be repaid even if the tax refund is denied, is less than expected, or is frozen.

People who do not have bank accounts are often tempted by a RAL because refunds issued as a paper check can take up to 6 weeks to receive in the mail. Having access to the funds early comes at a large cost because of the fees associated with these loans. Typical fees include a $75 "processing fee", an additional "service fee" (equal to 10% of expected refund amount) and a $50 bank fee.

Tax returns that are e-filed with direct deposit refunds will result in the quickest refund. Electronically filed tax refunds should be deposited into a checking or savings account within 10-14 days. 1040 Central gives all the details.

RAL is a bad deal for the customer. Be patient and do not choose to get a Refund Anticipation Loan.

Keep your refund and spend it wisely!

You know you should . . . but do you?

2011-01-26T12:00:00.000-05:00

You know you should save money, but do you put money into savings every month? Do you have a savings goal? It is easier to stay motivated when working toward a goal. The best goals are well defined. Check out this Savvy Saver article about creating a saving goal.

Here are some steps you can take today to become a successful saver.

1. Open a Savings account. Virginia Savers can open free or low fee savings accounts at local banks and credit unions. Check out our partners. These banks and credit unions offer no fee, low beginning balance ($25 or less) accounts.

2. Make saving automatic. Set up automatic monthly transfers from checking account to savings account.

3. Start contributing to workplace retirement plans. Many employers match a portion of the fund saved in retirement funds. Try to at least save enough to receive the employer match; it is free money! There may even receive some tax savings.

4. Save the tax refund. Use the IRS’s Form 8888 to directly deposit part or all of your refund into a savings account. Visit www.Form8888.org for more information.

5. Save raise or bonus this year. Jump start savings with money that will not be missed.

6. Enroll as a Virginia Saver. Savers receive a monthly newsletter full of tips and ideas to increase savings.

The key is to start today! Start small. Think big.

Is there a Tax Credit for you?

2011-01-24T15:37:00.000-05:00

Check out http://www.taxcreditsforworkingfamilies.org/ for information about tax credits for working families. Click Virginia on the State Resource Map.

Tax credits directly reduce taxes owed, dollar for dollar. Tax deductions reduce taxable income and will indirectly reduce taxes owed, but not dollar for dollar. In short, a $100 tax credit is worth more than a $100 tax deduction.

Some tax credits are refundable while others are non-refundable tax credits. Refundable tax credits are refunded to the tax payer even if credit exceeds the tax liability. A good example is the Earned Income Tax Credit (EITC). Click here for details about income qualifications.

The 2011 EITC Awareness Day is February 28! Stop by the Norfolk Workforce Redevelopment Center at 201 E. Little Creek Rd in Norfolk on Friday, February 28^th 9AM- 2PM.

This is the kickoff event for free tax prep. There will be a team of tax preparers ready to prepare taxes. Many other vendors will be available to give information including VEC, an IRS tax advocate, and some of the Virginia Saves financial partners. Also, Virginia Saves will have a table at the event. A change wrapper machine will be at the table and can be used to turn change into bank deposits!

Why build and emergency fund?

2011-01-21T12:00:00.000-05:00

Saving for Emergencies is a sound choice. Having an emergency savings fund may be the most important difference between those who manage to stay afloat and those who are sinking financially. That’s because maintaining emergency savings of $500 to $1,000 allows you to easily meet unexpected financial challenges such as:

• repairing the brakes on your car
• buying your child a new pair of needed shoes
• replacing a broken window in your house
• paying for a visit to the doctor when your child has the flu
• covering the dental expense of filling a painful cavity
• paying for a parking ticket
• flying to visit a sick parent.

The emergency fund not only allows you to cover these expenses, it also gives you the “peace of mind” that you can afford these types of financial emergencies. Not having an emergency savings fund is an important reason that many individuals borrow too much money at high interest rates. For example, with emergency savings, Americans probably would not have to take out $2 billion a year in payday loans at interest rates that average 300 to 500 percent.

To read more check out Build Your Emergency Fund.

Don’t pay to get your taxes prepared!

2011-01-20T15:15:00.000-05:00

There are many options to get your taxes prepared this year. Here is a link to free tax preparation in South Hampton Roads and Earned Income Tax Credit information.

Free Tax Preparation 2011

Some things are not UNEXPECTED expenses

2011-01-19T12:00:00.000-05:00

Christmas comes every December. Kids go back to school in September. The car needs new tires. These items are not unexpected. However, the family budget is often surprised by these predictable expenses.

These irregular items can really wreck efforts of money management. Planning for predictable expenses need to be incorporated in a good spending and savings plan.

Saving a portion of the tax refund can be one way to prepare for irregular expenses. The money saved will reduce financial stress. Imagine how it would feel to have money saved for Christmas, and no holiday bills arriving in January!

A Club Account at a local credit union or bank is a great way to save for upcoming events. Christmas clubs and vacation clubs allow money to be saved for a specific period of time, called the term of the club. The term can range from a few weeks to a year or more. This is a great place to save money before an upcoming expense instead of using debt. Funds can be deposited manually or transferred from a checking account automatically.

Another great idea is the revolving savings account. This is money set aside every month in a savings account specifically for these expenses that do not come every month. The money in this account may be for several items. Below is an example of a revolving savings account.

Expenses Total amount needed Monthly amount to save

Christmas $300 $300/12 months = $25

Car repairs $240 $240/12 months= $20

Car insurance $600 $600/6 months = $100

Total savings deposited in account $145 per month

This $145 deposited in the savings account every month will allow for withdraws for the whole amount of the expense (Christmas, Car repair, ect.) when the money is needed.

It is not a good idea to charge these expenses on a credit card without a plan to pay them off. Caution must be used when using debt to provide basic living expenses. A credit card is convenient, almost too convenient. If a credit card it used to pay for items that reoccur without quick repayment, debt will build quickly.

A better option may be the debit card which drafts money from the checking account for each purchase. Debit cards only allow money actually in the account to be spent. This forces spending choices. ‘Will we purchase groceries for 4 days or eat out tonight?’

A debit card can have a major credit card logo and may offer the same buyer protection. It is important to ‘opt out’ of options that allow overspending the money in the account. Overdraft protection is often expensive because of the fees charged. Use the convenience of the debit card but do not purchase items that are not budgeted in the spending plan.

Planning for predictable expenses is a smart plan. Think about the expenses that are budget busters for your finances and use one of the savings option discussed to plan for the expenses.

Savings helps you expect and plan for predictable expenses!

January 2011 Newsletter: Fresh Financial Start!

2011-01-18T10:19:00.000-05:00

The Virginia Saves January Newsletter is available! Check it out!

http://myemail.constantcontact.com/Fresh-Financial-Start-.html?soid=1103122022232&aid=2WLy0Oq400o

You can receive the monthly newletter filled with tips and information by enrolling as a Virginia Saver.
www.virginiasaves.org/enroll/

Dreaming about the Tax Refund. . .

2011-01-14T17:17:00.000-05:00

According to the Bankrate.com, this year 30 percent of Americans intend to pay down debt with their tax refund, 28 percent say they will save or invest it, and 26 percent plan to use the refund for necessities such as food or utility bills.

How should the tax refund be spent this year? The BEST idea is have a plan, then stick to it.

Virginia Saves recommends splitting the tax refund into three parts:

ü 30% Emergency savings- Prepares for the next emergency.

ü 30% Pay down debt- Improves financial outlook.

ü 40% Discretionary spending- Allows spending on needs or wants.

An Emergency fund is the first step to financial security. Even a modest savings of $300 will prevent relying on using debt for an unexpected expense. Emergency savings breaks the cycle of crisis living and living payday to payday. Saving 30% of the tax refund in a savings account prepares for the next unexpected emergency.

Reducing Debt will reduce the minimum monthly payment due on credit cards and other debts. The reduced monthly payment leaves more money in the budget for other needs. Paying down debt with 30% of the tax refund improves the financial outlook for the year.

The remaining portion of the refund is allotted for discretionary spending. Purchase needs before wants and look for sales to stretch the dollars. Spending 40% of the tax refund on desired items is the reward for money smart choices.

Taxes can be prepared for free for families with incomes below $49,000. South Hampton Roads EITC Coalition is offering free income tax preparation. This includes roving site service and a site may be close to you. The South Hampton Roads Earned Income Tax Credit coalition has the free tax preparation sites listed at http://www.shreitc.com/en/free-income-tax-preparation-sites. AARP are also offering free tax preparation for low income families and seniors at many local libraries. http://tidewatertaxaide.org

Many families qualify for the Earned Income Credit (EIC) and only have to file to receive a refund. Even if no taxes were paid, you may still be eligible to receive a tax refund with the EIC. Click here for more information.

Spend your tax refund wisely. You will be glad you did!

Be Money-Wise Poster Contest

2011-01-12T16:29:00.000-05:00

The National Foundation for Credit Counseling (NFCC) has a national poster contest for kids in 3rd- 12th grade. The submission deadline is February 2011. Click this link for details: NFCC 2011 National Be Money-Wise Financial Literacy Poster Contest.

Fresh Financial Start for the New Year!

2011-01-10T13:39:00.000-05:00

It is a New Year and time for a Fresh Financial Start! 2011 can be the year the finances get into shape, but it will not happen automatically. If the desire is to be in a better financial standing in at the end of the year, then some of the spending habits will need to be different during the year. Small changes over a period of time equal some impressive results.

Small ¢hanges x 12 months = Impressive Re$ults

It is all about the choices being made on a daily basis. For example, the extreme vow not to visit Starbucks in 2011 probably will not be successful. Simply cutting the fancy coffee mornings in half, ordering the regular coffee, or making coffee at home will save some dollars that really add up!

Where can extra money for savings be found? Look at how money is spent now and where small changes can be made.

· Save change in jar

· Bring a bag lunch several days a week

· Buy a reusable water bottle and refill at home

· Plan meals to prevent fast food runs at 6 PM when the kiddos are hungry

Little by little, collect money not spent during the week. Plan how to use the money saved or it will be accidently spent. A savings account is a good place to save money for unexpected emergencies. The emergency savings help Virginia Savers improve their current and future financial situations.

The ¢hange saved today will change the future for the better!

New Year Financial Resolution

2010-12-31T09:55:00.000-05:00

The New Year gives us all pause to consider where we have been and where we are going. 2010 has been a hard year for many economically. In Virginia many jobs have been lost and many more families struggle with reduced salaries. Others have stable income, but their finances have spiralled out of control. At Virginia Saves we encourage you to put the past behind you and take control of your financial future. You can find lots of help on our website http://www.virginiasaves.org/.

As you resolve to make 2011 a better year for yourself, look for updates to our website and blog to help you get started. Here are some actions you can take today to get started on your new course toward financial freedom:

1. Get organized: put important papers in their proper place so that you can locate them when you need them. You will soon be receiving tax statements, so you will want to have a file for those. Monthly bills should have a place to reside as they arrive in the mail (or email). As they are paid, they can be filed away for future reference if needed. Look for a future blog post on organizing paper.

2. Financial Checkup: Now is a great time to do a financial assessment. You can get one for free by contacting Virginiasaves@gmail.com. A financial assessment will help you to document your income and expenses as well as establish a net worth statement so you can have a clear picture of what resources you have available. Many people don't know. Now is the time to change that for yourself.

3. Make a plan: Virginia Saves operates in partnership with the Financial Planning Association. FPA has pro bono financial planners who can help you get started on a financial plan for yourself. Also, FPA has a free online financial planning tool at http://www.boulevardr.com/. There is no better time to establish your financial goals than the new year. FPA can help you create a plan that will allow you to achieve those dreams.

4. Measure Success: It isn't enough to make a plan, you need to take those positive actions that lead to success and measure your progress along the way. Get the tools you need to evaluate your progress using the planning tools available at http://www.fpaforfinancialplanning.org/. There is a free budgeting and planning tool that can help you measure success at http://www.mint.com/. Can't beat free to start the New Year off right!

5. Begin Saving: Your future financial success will depend on having a savings reserve to cover the unexpected expenses of the year and to provide for those additional costs through the year like vacations, new purchases etc. You can become a saver today at http://www.virginiasaves.org/. There is no cost and no catch, just great resources to help you begin saving. By the way, resolve to make that saving automatic this year so that it doesn't become the last priority but the first!

There you go! As you start to implement your financial plans for 2011, make sure to take advantage of all the free resources available at http://www.virginiasaves.org/. We are here to help you acheive your dreams. Tell us about them by writing to us!

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