1. How to Save a Dollar... when you don’t have a dime to spare?
Name, County, Date here

2. Why do you want to save money?
To pay bills & make ends meet
Save up for a large expense
Save for emergencies
Pay off debt
Other reasons
Get people thinking about “saving” as more than just saving money for a financial goal – saving also means cutting back and catching up.

3. Flag of Italy Optional ice breaker (or use your own opener)
Flag of Italy: This is effective in relieving some anxiety about your current state of affairs. The message is simple:
It doesn’t matter where you are starting from. By following some basic guides, everyone will end up in the same place….financially independent

4. Start by picking any flag which contains the color BLUE in it
• Move your finger LEFT or RIGHT to the nearest flag which contains some GREEN in it
• Now move UP or DOWN to the nearest flag with some YELLOW in it
• Finally, move LEFT or DOWN to the nearest flag which contains GREEN in it
• YOU SHOULD ALL BE ON THE FLAG OF ITALY!
It doesn’t matter where you are starting from. By following some basic guides, everyone will end up in the same place….more financially secure!

5. Do you think of saving as striking a balance?
Income
Spending
Role of attitude when it comes to balancing spending and income. People may feel like a budget weighs them down or restricts their spending.
Or is saving money or cutting back a burden?

6. If you want to save money, make plans to spend it!
Look at planning your own spending as empowering decision-making. More positive than “cutting back” on spending.

7. Ideas for Saving Money Claim Tax Credits
Refer to overview tax credit form (depends on timing for the tax year too) – including child tax credit, EITC, homestead. Credits are one way to boost income.

8. Ideas for Saving Money Have financial goals.
(This is the topic in the first newsletter for households that receive it)
Having a financial goal can point you in the direction you need to take. If you have a big goal, you might want to think about the small steps that you can take to meet that goal. Challenging goals can be easier if you break them down into some smaller goals, to be tackled one at a time.

9. Personal Financial Goals
1 Year
3 Years
5 Years
Newsletter:
No matter what you want to set as a goal, strong goals have some things in common:
They say what you want
They say when you want it
And they say how you plan to get it
Once you know your goal or goals, you can decide how to move forward. Sometimes better to just save toward one goal at a time so not stretched too thin = Prioritize goals
What – When – How much?

10. What’s the Price Tag for Each Goal?
= Better Car
Date Needed
= 3 years/36 months
Amount Needed
= $3000
Example of a goal that’s SMART – assuming it’s realistic. If you’re not able to save $83/month, then what are your options? (cheaper car, longer time frame, less money down, etc. – in order to revise the goal)
And if you know that you have $83/month, then make your savings automatic. Can you have it taken right out of your checking account and put into a savings account? Saving is easier when it’s automatic and out of reach.
Amount to Save Monthly
= $83

11. Ideas for Saving Money Get (kind of) organized
Ask for a show of hands from anyone who has ever wanted to return something but has lost a receipt. Or tell an amusing personal story of record keeping gone awry. Discussion of household recordkeeping for mail, paying bills, balancing checkbook, finding receipts, filing taxes, etc. Depending on time – ask for examples of how people handle the daily mail flow. Point - Can save money just by avoiding late fees and interest charges, and documentation for tax credits.

12. Ideas for Saving Money Look for the little leaks
“Small leaks can sink big ships.” -- Ben Franklin
Refer to pizza example handout and how little, everyday expenses can make a big difference. Share a personal example about a habit that you became aware of or tried to cut back on. Use Advantage calculators if you have them.

13. Ideas for Saving Money
Find fun things to do that don’t cost much money
(shopping, TV)
You work hard for your money and need some enjoyable outlets. Build the expense into your budget and play around with ways to keep it on the cheap.
In Juliet Schor’s book “The Overspent American” – she noted correlation between amount of time spent watching TV and “window shopping” (mall, catalogues, online) and a decrease in amount of annual household savings. It can be hard to constantly see things you want and it feels like everybody has all these things but you.

14. Ideas for Saving Money Limit Bulk Purchases
It can be a good idea to stock up on some household items – toilet paper, lightbulbs, batteries, etc. – when they’re on sale (if you have the space and money). But purchasing in bulk on certain items – especially snack foods, alcohol, or other treats – can end up costing you more. Research shows that people tend to use these types of items more when they buy in bulk, figuring that they spent less per item and have lots to go around.
Also, people are more likely to buy unhealthy foods when they pay using credit or debit cards, according to one study in the Journal of Consumer Research. Researchers say 2 factors contribute to this effect: First, there is a correlation between unhealthiness and impulsiveness of food items: Unhealthy food items also tend to elicit impulsive responses. Second, cash payments are psychologically more painful than card payments, and this pain of payment can curb the impulsive responses to buy unhealthy food items.

15. Ideas for Saving Money ON SALE! Buy it cheaper Make it last longer
Use it less
Walk through example of how you could apply these 3 ideas – such as price of gas or a grocery item. If using the handout, have people talk with their neighbor about one expense they could play around with for these 3 ideas and jot down notes; then share as a large group.

16. Ideas for Saving Money Look out for credit!
Credit can quickly get us in a hole when we carry over a balance month to month.

17. Save Money by Using Less Credit
Current Credit Card Balance = $1, Minimum Payment Due = $18 Due Date = 21 days
If you make no additional charges on this card and each month you pay…
You will pay off the balance on this statement in about…
And you will end up paying an estimated total of…
Only the minimum payment
12 years
$2,685 ( in interest)
$55
3 years
$1,977
(Savings = $708)
Example of new “black box” warnings on credit card statements. (The red information is added for this slide, but does not appear in the warning); (This assumes a variable interest rate between 16-24% depending on types of charges made) You can ask if anyone has noticed these on a credit card statement?

18. Subprime Types of Credit
Pay Day Loans
Rent to Own
Car Title Loans
Pawn Shops %
Not just credit cards – there are other types of credit that really hit hard with interest charges.

19. Ideas for Saving Money Look out for debit too!
2014 CFPB study found that the average household spent $29 per month on debit fees when they OPT IN to overdraft protection – reduces to $7/month when don’t opt in. Research also shows that consumers who use debit cards often are more likely to overdraw their checking accounts.

20. Overdraft Protection? Option to opt-in to overdraft protection:
Debit card transactions
Withdrawals from an ATM
Does not include:
Checks
Automatic transfers
2010 CARD Act: Financial Institution’s must give consumers the option of opting-in to overdraft protection for debit and ATM transactions (only). 20

21. …One more idea for Saving Money
Track your spending.
Tracking spending is a tool for financial decision-making and prioritizing. Bottom line: are you happy where your money is going?

22. How do you know how much money you’re saving if you don’t know how much you’re spending?
Start tracking spending right away to get a baseline of spending. Then you can see how much your savings efforts pay off.

23. Ways to Track Spending:
Bank Statement
Computer & Apps
Notebook
Receipts
Calendar
Envelope Method
Other?
Ask for a show of hands if anyone has ever tracked their spending. See if some will share how they did it, or share what methods you’ve used. Refer to handout – walk through examples of different ways to track.

24. Compare income and expenses once a month.
Spending
Income
Once you track your spending, you can compare income and expenses. You might find every month is a little different. Some months it’s easier to save and other months you might have to dip into your savings. Think long term to make a difference.

25. If something happens and you can’t pay bills . . .
Act now!
Financial Counseling
Provide list of area resources for financial counseling.