Sharon Marchisello's Blog, page 9
January 14, 2019
Countdown to Financial Fitness: Enough Money
Countdown to Financial Fitness: Enough Money: "If only I made $80,000 a year!" one of my carpool colleagues once told me. "I'd never care what anything costs." A...
January 2, 2019
Countdown to Financial Fitness: Financial New Year's Resolutions
Countdown to Financial Fitness: Financial New Year's Resolutions: Improving one's financial situation is a popular New Year's resolution. But if you're too vague about what you mean by that, ho...
Financial New Year's Resolutions
Improving one's financial situation is a popular New Year's resolution. But if you're too vague about what you mean by that, how will you ever know when you accomplish it?
Here are some more specific, actionable pledges that might help you achieve the results you’re hoping for. You can customize and quantify them into S.M.A.R.T. (specific, measurable, attainable, realistic, time-limited) goals to meet your needs.
1. Reduce debt. Stop using credit cards for incidentals (groceries, gasoline, dining out, utilities, etc.) if you're carrying a balance. When you carry a balance, interest accrues as soon as each new purchase is posted, making everything you buy needlessly more expensive. Try to make more than the minimum payment each month on at least one card so you can whittle away at your debt. As soon as possible, zero out at least one card and then keep it current, i.e., pay the entire balance in full, on time, every month.
2. Increase retirement savings. If you work for a company that has a 401k or similar plan and you're not contributing, start now. If you didn't max out your contributions last year, increase them for 2019. If you have eligible income but no workplace retirement plan, or you're already contributing the maximum, start or contribute to an IRA (Individual Retirement Arrangement). Also, it's not too late to fund an IRA for 2018; you have until April 15.
3. Establish an emergency fund. Too many Americans are one paycheck away from homelessness. To keep from sinking into debt or wiping out your retirement savings if you're hit with a large, unexpected expense, start building an emergency fund. An emergency fund should hold at least six month's living expenses in a low-risk, liquid investment. Did you get some cash for Christmas? Instead of blowing it on toys, put it into a savings account or money market fund. Budget a little each pay period—even if you can only manage five or ten dollars—to build your emergency fund. Did you vow to give up or cut down on a vice like smoking, drinking, hitting the vending machine every afternoon? Put the savings realized from modifying those habits into your emergency fund.
4. Review investments. It's a good idea to take inventory of your holdings periodically to ensure you're still on track. If you work with a financial planner, make an appointment to discuss whether any changes are necessary to keep your asset allocation in line with your goals and tolerance for risk. Open your statements promptly and read them. Ask questions if you don't understand something.
5. Focus savings goals. The beginning of a new year is a good time to evaluate why you're saving money in the first place. A new home? College? Retirement? A trip around the world? How close are you to reaching those goals, and what do you need to change if you're falling short?
What financial goals have you set for 2019? I'd love to hear your comments.
For more saving and investment tips read Live Well, Grow Wealth.
Here are some more specific, actionable pledges that might help you achieve the results you’re hoping for. You can customize and quantify them into S.M.A.R.T. (specific, measurable, attainable, realistic, time-limited) goals to meet your needs.
1. Reduce debt. Stop using credit cards for incidentals (groceries, gasoline, dining out, utilities, etc.) if you're carrying a balance. When you carry a balance, interest accrues as soon as each new purchase is posted, making everything you buy needlessly more expensive. Try to make more than the minimum payment each month on at least one card so you can whittle away at your debt. As soon as possible, zero out at least one card and then keep it current, i.e., pay the entire balance in full, on time, every month.
2. Increase retirement savings. If you work for a company that has a 401k or similar plan and you're not contributing, start now. If you didn't max out your contributions last year, increase them for 2019. If you have eligible income but no workplace retirement plan, or you're already contributing the maximum, start or contribute to an IRA (Individual Retirement Arrangement). Also, it's not too late to fund an IRA for 2018; you have until April 15.
3. Establish an emergency fund. Too many Americans are one paycheck away from homelessness. To keep from sinking into debt or wiping out your retirement savings if you're hit with a large, unexpected expense, start building an emergency fund. An emergency fund should hold at least six month's living expenses in a low-risk, liquid investment. Did you get some cash for Christmas? Instead of blowing it on toys, put it into a savings account or money market fund. Budget a little each pay period—even if you can only manage five or ten dollars—to build your emergency fund. Did you vow to give up or cut down on a vice like smoking, drinking, hitting the vending machine every afternoon? Put the savings realized from modifying those habits into your emergency fund.
4. Review investments. It's a good idea to take inventory of your holdings periodically to ensure you're still on track. If you work with a financial planner, make an appointment to discuss whether any changes are necessary to keep your asset allocation in line with your goals and tolerance for risk. Open your statements promptly and read them. Ask questions if you don't understand something.
5. Focus savings goals. The beginning of a new year is a good time to evaluate why you're saving money in the first place. A new home? College? Retirement? A trip around the world? How close are you to reaching those goals, and what do you need to change if you're falling short?
What financial goals have you set for 2019? I'd love to hear your comments.
For more saving and investment tips read Live Well, Grow Wealth.
December 10, 2018
Countdown to Financial Fitness: Saving Money on Heating Costs
Countdown to Financial Fitness: Saving Money on Heating Costs: Winter is coming; in fact, in many parts of the country, it feels like it's already here. Time to review those reminders about how to ...
Saving Money on Heating Costs
Winter is coming; in fact, in many parts of the country, it feels like it's already here. Time to review those reminders about how to save money heating your home.
1. Change the filter in your furnace. Not only is a filthy furnace filter a fire hazard, but a fresh filter will help your furnace run more efficiently.
2. Replace worn weather stripping around doors and windows. Repair cracks where your precious heat could be escaping. Seal around ductwork and cable/electrical outlets. Bring your attic insulation up to code or better.
3. Wrap hot water heaters and pipes. Turn the temperature down a few degrees if you don't relish scalding showers.
4. Close the flue in your chimney when you're not burning a fire in the fireplace.
5. Close heating vents in rooms you're not using.
6. Open blinds and curtains during the day, especially in sun-facing rooms. Close them at night to preserve heat.
7. Put a timer on your thermostat so you'll use less heat when you're away or sleeping. And turn down the temperature! Just as it's wasteful to keep your house like a meat locker in the summertime, you don't need to live in a sauna during the winter. Put on a sweater and some warm socks and save 10-30% on your heating bills.
What tips do you have for saving money on heating costs? I'd love to hear your comments.
For more savings tips, get Live Well, Grow Wealth.
1. Change the filter in your furnace. Not only is a filthy furnace filter a fire hazard, but a fresh filter will help your furnace run more efficiently.
2. Replace worn weather stripping around doors and windows. Repair cracks where your precious heat could be escaping. Seal around ductwork and cable/electrical outlets. Bring your attic insulation up to code or better.
3. Wrap hot water heaters and pipes. Turn the temperature down a few degrees if you don't relish scalding showers.
4. Close the flue in your chimney when you're not burning a fire in the fireplace.
5. Close heating vents in rooms you're not using.
6. Open blinds and curtains during the day, especially in sun-facing rooms. Close them at night to preserve heat.
7. Put a timer on your thermostat so you'll use less heat when you're away or sleeping. And turn down the temperature! Just as it's wasteful to keep your house like a meat locker in the summertime, you don't need to live in a sauna during the winter. Put on a sweater and some warm socks and save 10-30% on your heating bills.
What tips do you have for saving money on heating costs? I'd love to hear your comments.
For more savings tips, get Live Well, Grow Wealth.
December 4, 2018
Navigating New York
New York City has always intimidated me. Exciting, yes, especially during the holidays. But it's one of those places that stomps all over you while you stop to marvel at the skyscrapers.
My memories from previous trips to New York include getting ripped off by cab drivers who refused to take us the most direct route to our destination. They salivate when they spot a tourist. And everything is so much more expensive in New York!
So I wasn't thrilled when my husband suggested spending Thanksgiving weekend in New York City. A friend's daughter was marching in the Macy's Thanksgiving Day parade and he wanted to go there to show hometown support.
Also, my sister-in-law owns an apartment in the City. She said we could stay there… except… She'd been renovating the bathroom for six months, and it still wasn't done. Not only was there no shower curtain (or anything to hang it from) but the toilet had not yet been installed.
Not confident that the bathroom would be finished in time for our visit, we decided to book a hotel. My husband shopped around, pronounced the Manhattan hotel rates exorbitant, and booked a Hampton Inn across the river in New Jersey. Nice property, but it was across the river in New Jersey. Even with the bargain rate, we'd be spending almost $400 on accommodations, not to mention transportation to and from the City each day. We were excited that the hotel had a shuttle to the Newark airport. But it was only TO the Newark airport. When we arrived, we'd be on our own to get to the hotel. Ka-ching!
Fortunately, my sister-in-law's toilet was installed at the eleventh hour, so we were able to cancel our hotel reservations and stay at the apartment. Free accommodations in a central location. Much better. Next problem was figuring out how to get there.
Working for the airlines, we fly space available. We knew there was a train from the JFK airport into Manhattan, but the flights looked better to LaGuardia. No one could tell us anything about public transportation into the City from LaGuardia—other than cabs.
When we arrived LaGuardia, we found a Visitor Information desk. After the attendant got off the phone, she turned out to be quite helpful. She told us we could buy a Metro card from a machine at the airport and then get on the E train; there was a stop only about three blocks from the apartment. A public bus, the Q70, links the LaGuardia airport with the Metro station (Jackson Heights / Roosevelt Avenue).
It costs $1.00 to purchase a Metro card, and then you have to fill it. Ours is good for a little over a year, and we can keep refilling it in ten-dollar increments until it expires. The woman at the Visitor Center suggested starting with the minimum amount since rides are only $2.75 each. The bus link is also $2.75, but supposedly you can get transfers to and from the subway. The bus link was free during Thanksgiving week, so we didn't have to figure out how to do a transfer. We got into town for $5.50 and walked to my sister-in-law's apartment from the subway station. I was feeling much better about our trip's affordability!
New York is a great city for exploring on foot, but it's huge, so the Metro card came in handy when we had to travel a long distance in a relatively short time. When we went out with my husband's two sisters, we took cabs. Depending on the distance, a cab was almost as cheap as for the four of us to ride the Metro. The secret was to catch the cab going in the correct direction and get out a block or two shy of the destination if it meant avoiding extra traffic lights and U-turns. It helps to know the City which, fortunately, my sister-in-law does.
We found New Yorkers very helpful—from subway workers, to shopkeepers, to policemen. I left feeling much more comfortable with the city, and willing to go back. After all, I still have a Metro card.
Sharon Marchisello is the author of Live Well, Grow Wealth
My memories from previous trips to New York include getting ripped off by cab drivers who refused to take us the most direct route to our destination. They salivate when they spot a tourist. And everything is so much more expensive in New York!
So I wasn't thrilled when my husband suggested spending Thanksgiving weekend in New York City. A friend's daughter was marching in the Macy's Thanksgiving Day parade and he wanted to go there to show hometown support.
Also, my sister-in-law owns an apartment in the City. She said we could stay there… except… She'd been renovating the bathroom for six months, and it still wasn't done. Not only was there no shower curtain (or anything to hang it from) but the toilet had not yet been installed.
Not confident that the bathroom would be finished in time for our visit, we decided to book a hotel. My husband shopped around, pronounced the Manhattan hotel rates exorbitant, and booked a Hampton Inn across the river in New Jersey. Nice property, but it was across the river in New Jersey. Even with the bargain rate, we'd be spending almost $400 on accommodations, not to mention transportation to and from the City each day. We were excited that the hotel had a shuttle to the Newark airport. But it was only TO the Newark airport. When we arrived, we'd be on our own to get to the hotel. Ka-ching!
Fortunately, my sister-in-law's toilet was installed at the eleventh hour, so we were able to cancel our hotel reservations and stay at the apartment. Free accommodations in a central location. Much better. Next problem was figuring out how to get there.
Working for the airlines, we fly space available. We knew there was a train from the JFK airport into Manhattan, but the flights looked better to LaGuardia. No one could tell us anything about public transportation into the City from LaGuardia—other than cabs.
When we arrived LaGuardia, we found a Visitor Information desk. After the attendant got off the phone, she turned out to be quite helpful. She told us we could buy a Metro card from a machine at the airport and then get on the E train; there was a stop only about three blocks from the apartment. A public bus, the Q70, links the LaGuardia airport with the Metro station (Jackson Heights / Roosevelt Avenue).
It costs $1.00 to purchase a Metro card, and then you have to fill it. Ours is good for a little over a year, and we can keep refilling it in ten-dollar increments until it expires. The woman at the Visitor Center suggested starting with the minimum amount since rides are only $2.75 each. The bus link is also $2.75, but supposedly you can get transfers to and from the subway. The bus link was free during Thanksgiving week, so we didn't have to figure out how to do a transfer. We got into town for $5.50 and walked to my sister-in-law's apartment from the subway station. I was feeling much better about our trip's affordability!
New York is a great city for exploring on foot, but it's huge, so the Metro card came in handy when we had to travel a long distance in a relatively short time. When we went out with my husband's two sisters, we took cabs. Depending on the distance, a cab was almost as cheap as for the four of us to ride the Metro. The secret was to catch the cab going in the correct direction and get out a block or two shy of the destination if it meant avoiding extra traffic lights and U-turns. It helps to know the City which, fortunately, my sister-in-law does.
We found New Yorkers very helpful—from subway workers, to shopkeepers, to policemen. I left feeling much more comfortable with the city, and willing to go back. After all, I still have a Metro card.
Sharon Marchisello is the author of Live Well, Grow Wealth
Countdown to Financial Fitness: Navigating New York
Countdown to Financial Fitness: Navigating New York: New York City has always intimidated me. Exciting, yes, especially during the holidays. But it's one of those places that stomps all ov...
November 27, 2018
#GivingTuesday
For #GivingTuesday, I am supporting the Fayette Humane Society, where I have been a volunteer for over a decade. The Fayette Humane Society is dedicated to ending the needless suffering of unwanted cats and dogs through adoption and an aggressive spay/neuter program.
I started out fostering cats, then bringing them to adoptions and working the adoption event, then leading adoptions, then grant writing and contributing to the newsletter, and now I've been on the Board of Directors since 2011. We don't have a facility or employees, so our overhead is very low--which means over 90% of any donation goes directly to helping the animals.
I just released Live Well, Grow Wealth, my self-help book about basic personal finance and have pledged any royalties I earn from sales today to the Fayette Humane Society.
Please check it out:
Live Well, Grow Wealth
https://www.amazon.com/Live-Well-Grow-Wealth-C…/…/1986446123
It would make a great gift for a new graduate or retiree, or for anyone trying to get back on track financially.
I started out fostering cats, then bringing them to adoptions and working the adoption event, then leading adoptions, then grant writing and contributing to the newsletter, and now I've been on the Board of Directors since 2011. We don't have a facility or employees, so our overhead is very low--which means over 90% of any donation goes directly to helping the animals.
I just released Live Well, Grow Wealth, my self-help book about basic personal finance and have pledged any royalties I earn from sales today to the Fayette Humane Society.
Please check it out:
Live Well, Grow Wealth
https://www.amazon.com/Live-Well-Grow-Wealth-C…/…/1986446123
It would make a great gift for a new graduate or retiree, or for anyone trying to get back on track financially.
Countdown to Financial Fitness: #GivingTuesday
Countdown to Financial Fitness: #GivingTuesday: For # GivingTuesday , I am supporting the Fayette Humane Society, where I have been a volunteer for over a decade. The Fayette Humane Socie...
November 19, 2018
Countdown to Financial Fitness: Live Well, Grow Wealth
Countdown to Financial Fitness: Live Well, Grow Wealth: At long last, I have updated my personal finance book and plan to release it on Amazon in time for Black Friday. What better Christmas gift...
