Are you Saving Enough for Retirement?

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

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?

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

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

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.