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.
Tips for Saving:
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.
Learn about the four types of savings recommended by financial advisors on our Virginia Saves Blog- Four Golden Rings: The Four Types of Saving
Become a Virginia Saver! Enroll now and take your first steps to building long-term personal wealth
Showing posts with label budget. Show all posts
Showing posts with label budget. Show all posts
Christmas in July - The Best Gifts
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.
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
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!
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
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.
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.
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!
Overcoming Barriers to Saving
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!
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?
Good Debt vs. Bad Debt
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.
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.
Take Control of Your Financial Future
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
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
Seven Ways to Save
We all want to save money, it’s the “how” that causes some confusion. If you’re not currently saving or living paycheck-to-paycheck, you need to start by changing your behaviors. Begin by tracking your spending and making a plan to save. Saving money is simple once you realize where it’s going.
Here are seven ways that you can save $100 or more in 2010:
Reduce your cell phone plan or switch to a prepaid plan. Many of us overestimate our cell phone usage. Drop minutes or features you’re not using to add to your savings.
Walk rather than drive to destinations less than a mile. You’ll not only burn calories, but also save the wear-and-tear on your vehicle.
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.
Utilize a cash-only spending plan. Unlike using your credit or debit card, you can’t spend what you don’t have on you, and it makes resisting temptation easier.
Take full-advantage of discounts! Ask your HR department at work to see what discounts or group deals like are offered.
Make your own entertainment by hosting a game night with family and friends. One board game costs less than $20 and produces hours of entertainment.
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.
Make sure to bank your savings! Track your progress towards a savings goal by becoming an Virginia Saver, where you can utilize the America Saves My Savings Tracker for free to record deposits and monitor your progress.
Here are seven ways that you can save $100 or more in 2010:
Reduce your cell phone plan or switch to a prepaid plan. Many of us overestimate our cell phone usage. Drop minutes or features you’re not using to add to your savings.
Walk rather than drive to destinations less than a mile. You’ll not only burn calories, but also save the wear-and-tear on your vehicle.
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.
Utilize a cash-only spending plan. Unlike using your credit or debit card, you can’t spend what you don’t have on you, and it makes resisting temptation easier.
Take full-advantage of discounts! Ask your HR department at work to see what discounts or group deals like are offered.
Make your own entertainment by hosting a game night with family and friends. One board game costs less than $20 and produces hours of entertainment.
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.
Make sure to bank your savings! Track your progress towards a savings goal by becoming an Virginia Saver, where you can utilize the America Saves My Savings Tracker for free to record deposits and monitor your progress.
Kick Start Your Savings Series - Emergency Fund
This post is part of the Virginia Saves Kick Start Your Savings Summer. Each week we'll
focus on saving for a particular savings goal or how to save on everyday expenditures.
To kick start your own savings click here.For beginning and more advanced savers, nothing is more important than the emergency fund. As the cornerstone of your savings plan, an emergency fund is your protection against unexpected, but inevitable, expenses.
Step 1- Figure out your goal & a place to save. 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 a car repair or medical bill and avoid high interest, short-term loans. With your emergency fund goal in mind, decide where you want to save it. Do you need to open a savings account? Do you want to add to a savings account you already have? Determine your goal and where to keep your emergency savings.
Step 2 - Save automatically. Have a portion of your paycheck, as little as $50 a month, transferred automatically from your checking to savings account. Individuals who save automatically are more than six times more likely to be successful long-term.
Step 3 – Track your progress. By enrolling as a Virginia Saver, you can utilize the Virginia Saves Savings Tracker for free to record deposits and monitor your progress. If you’re not sure where to find the money to start saving, cutting down expenses can be easier than you think. Institute a “no-spend day” and for each dollar you don’t spend, add to your emergency fun. Stay tuned for next week for even more ways to save on everyday expenditures!
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