Retirement Confidence

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

Retirement Contributions and Saver's Credit

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

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:

• Record your Holiday Gift List- Use this chart to track your purchases

• Holiday Expense Planner- this is an easy to use chart that will help you see and calculate your holiday expenses.

• Savings Planner- This calendar tool can help you stay on top of all the activities and deadlines this holiday season.  December Planner: Map out your holiday activities and events using this calendar planner. 

Holiday Meals without the Stress

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 piggy bank. 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 side dishes 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 great this holiday season.Or better yet, host a potluck and have each member of the family bring their favorite holiday 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 Grocery List Food can be a real budget buster during the holidays.  With so many opportunities to gather around the table, stay on top of costs by keeping a list and checking it twice!  This is a list for your grocery shopping by food category.

• Groceries for the Holidays: Grocery Savings for you. 20 ways to spend less on groceries.

• 20 Ways to Save at the Grocery Store  The cost of food can really skyrocket during the holidays.  Here are some ways you can save organized by Virginia Tech Cooperative Extension. 

• Holiday 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.

• Couponing Guide: learn how to make the most of coupons to save you more as you purchase the things you need.   

Holiday Gift Giving Resources

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 may 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:

• Stocking stuffers can add up in addition to all the other purchases.  Save by making a list and staying on top of costs.  Christmas Stocking Stuffers: List what stocking gifts you have for each person.   List cost and location of purchase as well.

• Gifts from the heart: Finding personal gifts can be a challenge, but here is a list to help you wow them this holiday season.

• Looking for a NO cost gift idea?  Consider Gift Coupons – offer your valued services that will be appreciated more than any trinket you could purchase.

• Holiday Gift Giving Ideas: Great ideas for saving on holiday shopping and still give great gifts.

• My Holiday Spending Plan:  This is a must-have.  Plan your holiday spending including gifts, food, activities, utilities and more!