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| Juggle Your Money |
| Helpful Information from FISC: Financial Information & Service Center |
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Hints to Stretch Your Dollar
Developing a Spending Plan
Building a Savings Account
Fixing Your Credit
Contact FISC
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Helpful Hints to Stretch Your Dollar |
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Use cash not credit cards for most expenses. |
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Cut up your personal credit cards, except for one card. Leave that card at home. |
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Avoid TV programming like the Home Shopping Network. |
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Stuff breaks, so save some money to fix and replace things. |
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Buy all of your groceries at a warehouse type store once a pay period. Plan your meals in advance to minimize convenience store shopping. |
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Translate the cost of something into the number of hours it takes you to buy that item. |
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Track your spending. Look for ways to save. What would you save if you stopped smoking or gave up snacks and soda at work? |
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Before you buy anything, stop and think if you really need it. |
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Do you need it now or will later be better? What's the best way to pay for it? |
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Remember, once you spend money, it's gone. |
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Develop a Spending Plan |
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A "spending plan" is a helpful tool that helps us to reach our own priorities and goals based on our own values. When we spend without having a plan, too often there isn't money left for those things we really value. In fact, without a plan, people often overuse credit and spend more than what they make.
A spending plan is a tool we create that helps us get out of debt and build savings for the future. As general guidelines, many people recommend saving 10%, giving 10% and spending the other 80%. For people squeezed with many obligations, who are having a hard time making ends meet, saving and giving 10% may be unrealistic at first. Start where you can and do what you can. Even saving $10 a pay period is a start that will build up over time.
A spending plan offers these advantages:
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It reveals how you and your significant other spend money so you can reduce or eliminate unnecessary spending. |
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It helps you use your income more effectively. |
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It helps you prepare for uncertain economic times and to build up an emergency savings account. |
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It helps you to pay off debt and free up more cash. Without a "noose" of debt around your neck, you may end up living better on your same income. |
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It helps you be in a position to plan and do fun things with your family and know that you can afford that trip or vacation. |
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You can have more money available to invest or for charitable giving. |
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You have money available so that when real bargains come along, you can take advantage of them. |
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Build a Savings Account |
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FISC recommends that people have a "put and take" savings account for their expected and unexpected expenses. Often, it is not the regular monthly bills that break the budget. Rather, it is those unexpected expenses for things like car repairs, insurance bills, back to school expenses, birthdays and Christmas that hurt.
Instead of taking out an expensive "credit card loan" to buy these items, build up your own savings and use cash instead. It's a lot cheaper to "borrow" from your own savings, as you need it. You won't charge yourself an outrageous interest rate to use your own money.
By consistently putting money into your put and take savings account, you will have cash when those expenses come around. For example, if you set aside $10 per pay period for back to school supplies, you would probably have enough money to pay cash when that time comes.
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How to Fix Your Credit |
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There are some scam artists that promise quick fixes to clean up your credit rating. Ask any Consumer Advocate about these promises and they will tell you to save your money and steer clear of quick fixes.
Here are some things you really can do to help yourself and improve your credit:
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Pay your bills on time |
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Don't bounce checks |
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Start with small loans and prove yourself |
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Start with a local lender or store |
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Apply for a secured credit card |
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Review your credit report at least annually and correct inaccurate information |
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Avoid having any accounts turned over to collections |
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Set up savings and checking accounts |
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Work hard to decrease your debt |
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Show lenders you are living within your income and can afford to repay what you want to borrow. |
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Contact FISC |
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But you don’t have to be the expert, click on the below link for more information or contact FISC at:
Address:
FISC, Consumer Credit Counseling Service
921 Midway Road
P.O. Box 335
Menasha, WI 54952-0335
Phone\Email:
(920)-886-1000 or
(800)-366-8161
receptionist@fisc-cccs.org
On the Web:
www.fisc-cccs.org/consumeradvice.htm
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