Budgeting and Money tips $101$

FEED THE PIG Check out http://www.feedthepig.org/ for tips on saving & managing money!

Mortgage TIPs Consider a home refinance Consider going from 30 years to 15 years Watch interest rates Pay extra principle

Consider automatic savings SAVING Tips Consider automatic savings You can have a set amount automatically taken from your check every week and automatically put into a savings account.

ON-LINE GROCERY SHOPPING Select Meijer and Kroger locations offer this feature now. Benefits: Not tempted to purchase items you don’t need Children or additional family members don’t add extras to your cart You have more time to prepare your menu for the week and ensure you’re purchasing needed items instead of feeling rushed or disorganized in the store. You can see your total in your virtual cart so you can delete items if you’re over budget!

Additional Tips ~Have payments automated, to avoid late fees Some companies reduce your rate for automatic payments ~Keep emergency fund in a separate bank and limit your ways to access this money ~Follow blogs such as the penny hoarder, points guy and krazy coupon lady ~Use your Coupons Digital (Mperks / Kroger), and cut from the paper

Additional Tips Continued ~Wait 48 hours before making any big purchases. This will allow more time to think about if this purchase is in your best interest at the moment or perhaps if you would be better off putting this money towards another expense such has paying off a credit card quicker. ~We all have weaknesses—after all, materialism is pretty ingrained into our culture and lifestyle. As you create and monitor your budget, give special attention to the areas you know you’re weak—whether it’s eating out, making big impulse purchases, or just addictive shopping. Strengthen your metal fortitude for those bad behaviors to keep them in check. First things first, find your weaknesses… it can be quite interesting if you monitor your expenses for even a month. You can use a pen and paper, a spread sheet, review your bank statements or even use an app that categorizes where your money is going.

SavingS Tip Save your change! Keep it in a big jar and use this to put in your savings, pay for vacations, etc.. Keep money separated by having more than 1 bank account. 1st to pay monthly bills 2nd is an emergency fund 3rd is 3 – 6 mos. of expenses Keeping them separate visually shows what your allowed to spend and what is set aside for emergencies. SavingS Tip

Additional Tips Continued ~Capture money when finished paying debt For example when you pay off an auto loan, start putting that monthly payment into your savings account ~Find free financial planning courses, sometimes offered at a church or community center to learn more ~Use Mint app on phone to track spending ~Use excel sheet to create budget, but then write in actual spending to track money spent vs. budgeted amounts

Strategically pay down expensive debt ~You’ll never get ahead if you don’t also implement a plan to pay down your debt. Interest payments made to credit cards not only cost you big, they also deny you the ability to apply that money towards savings or entertainment. If you have multiple credit cards, you should look at the credit card with the highest interest rate and pay that off the fastest. Once that card is paid off you will then focus on the next highest rate card. Paying off your credit card debt using this approach will save you money in the long run by not accruing more interested however some people find it psychologically more rewarding the pay off several smaller cards to get them out of the way first. No matter which approach you would like to take it is important to determine how much you can afford to send each month and make those payments consistently. Some individuals start getting more relaxed with this payoff method once they start seeing their payments go down! Don’t fall victim to this creditors tricks!

Credit card tips ~Negotiate rates with your credit card company or complete a balance transfer. If you’re paying a lot of interest on your credit cards, it’s important to know that you do have some power as long as you’ve been making your payments. Not only do you have the right to negotiate your current interest rate with your credit card issuer, but you have the right to transfer your balance to an entirely different card as well (in fact, that is perhaps your biggest bargaining chip). ~Quit using credit cards if you have a history of getting into trouble with them. If you need to keep a credit card for emergencies then you should consider keeping it in a safe place in your home and not in your wallet where it is easily assessable.

Additional TIPS CONTINUED ~Clean out those closets! A good general rule of thumb is to get rid of an item if you have not used/worn it in a year. You can sell your old items on Craigslist, Let Go, a consignment shop or even just donate the items and get the tax deduction for it (get a receipt). ~Drink more water. Not only does drinking more water have great health benefits, it has a financial benefit too! Instead of ordering a pop or juice at a restaurant or buying a pop from the vending machine, drink a glass of water. Remember, water is free and better for you!

Budgeting TiP -Pay with ca$h Give yourself a cash allowance each week, once your out of cash you have to wait to make purchases until your next allowance. This will keep you on budget!

Additional Tips Continued ~Make food in bulk and freeze it ~Plant a garden and reap the rewards ~Take advantage of Credit Card signing bonuses, reward or cash back programs- Use credit card to pay monthly bills, pay off each month but earn rewards ~Use electronic store coupons found on their websites: Bed Bath and Beyond, Dunhams, Michaels, Joannes, Kohls etc. Keep them in your e-mail and access your 20%, 25%, or 50% off coupons when you need them ~Purchase stuff from stores with GOOD return policies (i.e. Bed Bath and Beyond or Costco), that way you can return broken items instead of having to buy new or unwanted items to get your money back

Saving 101 Budget Worksheet https://www.consumer.ftc.gov/articles/pdf-1020-make-budget-worksheet.pdf Set Goals – Add savings plan to budget https://www.smartaboutmoney.org/Portals/0/Worksheets/NEFE-smart-about-money- activity-SMART-Goals-Worksheet.pdf?ver=2016-10-12-164326-807 Control Spending and Stick to the plan http://www.feedthepig.org/get-started#.WL7fCW8rLIU