Purse Strings event featured holiday shopping, entertainment and revealed a whole new look for SIABC

December 21, 2011 By Cricket

The Southern Indiana Asset Building Coalition held “Purse Strings” on December 6, 2011 at 300 Spring In Jeffersonville, IN. 10 vendors were featured in a Holiday Shopper’s Village, Kitty Slickers provided music and door prizes were presented to 10 lucky guests. The event also featured a purse drive benefiting Dress for Success Louisville. The highlight of the evening was when Executive Director, Whitney Bishop talked about the future of the organization. She revealed a new logo and programs for the non-profit which provides financial education, coaching, credit counseling and free tax preparation for individuals and families.

 

Guests enjoying Kitty Slickers at Purse Strings

“We are pleased to announce that moving forward our identity will feature the “Making Change” brand. This simple statement sums up what our mission is all about. To make change in the lives of the people we serve and the community where we live. 

Over the last several months the Southern Indiana Asset Building Coalition worked with Allen Howie at Idealogy to create the new logo and imaging. It will be the driving force behind the goals and ideas the organization will implement in the future, including increased community awareness and education, more individuals receiving services and a financial resource center that individuals can utilize to conduct their personal financial business in a convenient and secure environment.

The Southern Indiana organization, based in Jeffersonville, IN, plans to add more volunteers and partners to increase opportunities to serve in our community and our region.
For more information about how to get involved in the exciting things happening at Southern Indiana Asset Building Coalition, contact Executive Director, Whitney Bishop at 812 206 7514
Filed Under: Asset Building, Financial challenges, financial counseling, Holidays and money, Southern Indiana Asset Building Coalition

Budget Basics – What is Budgeting?

November 10, 2011 By Cricket

Is BUDGET a ‘bad’ word in your vocabulary?

For most people, the word “budget” conjures up thoughts of penny-pinching and the unpleasant task of crunching numbers. This couldn’t be further from the truth. A budget is the cornerstone of a solid financial foundation, regardless of your situation, and it isn’t that hard to do.

What is a Budget?

A budget is nothing more than a breakdown and plan of how much money you have coming in and where it goes. Could you imagine a business becoming successful if it didn’t keep track of its income and expenses? The same holds true when it comes to your personal finances. If you don’t know how much money you have coming in and where it goes, your road to financial success will be a difficult one.

The biggest fear that most people have when creating a budget is that they will need to suddenly cut back on all of the fun spending — things like the occasional coffee or dinner out, movie night, or even the trip to grandma’s for the holidays. While you may find that you do need to cut some spending after putting together a budget, without actually sitting down and creating one, it is impossible to know what expenses need to be cut, if any.

Tracking Income

The first step in creating a budget is to determine how much income you have. This is quite easy and typically only requires you to take a look at your pay stub. Of course, if you’re married, be sure to include your spouse’s income as well. In addition to your regular pay, you’ll want to also include any other sources of income you may have, such as dividends, interest, a side business, and so on.

Tracking Expenses

Now that you know how much income you have coming in, it’s time to take a look at your monthly expenses. Start with the regular and fixed payments you have, such as your mortgage or rent, car payments, insurance, debt and taxes. For most people, these are going to be relatively fixed, meaning you can’t easily change the amount that is due each month.

After you’ve listed your fixed monthly expenses, it is time to dig deeper to find out where the rest of your money goes. Take out your checkbook or pull your latest bank statement to help you with this step. Jot down how much you spend on things like utilities, groceries, entertainment, subscriptions, and so on. This handy worksheet can help you with keeping track of expenses.

The Bottom Line

You should now have all of the information needed to help you create your budget. So, go ahead and total up your monthly income and all of your monthly expenses. Subtract your expense total from your income total and you’ll have either a positive or negative number. If you have a positive number, congratulations, you are spending less than you earn. Don’t worry if you have a negative number. The whole reason for creating a budget is to identify deficiencies and find out how to address them.

Now that you can visually see how much you fall short, you can adjust your spending or saving in certain areas to improve the situation. Oftentimes you’ll realize that by just making a few small adjustments to your spending habits, you can significantly improve your situation. Maybe this means cutting back on one of your magazine subscriptions, eating out one time less a month, or even just hitting the matinee instead of the prime time movie. Typically, just saving a few dollars here and there can be enough to not only make sure you spend less than you earn, but also apply a few extra dollars to things like high-interest credit card debt or your retirement savings.

 

 

Filed Under: 6 month money challenge, Asset Building, Budgeting, Family finances, Holidays and money, Southern Indiana Asset Building Coalition, Uncategorized

FALL into Financial Health

October 10, 2011 By Cricket

Just because it’s FALL, doesn’t mean you have to FALL behind in your finances!
Kick it into gear with the 6 MONTH MONEY CHALLENGE designed to help you examine your beliefs, feelings and attitudes about money as  well as evaluate your relationship with the almighty dollar!

By taking the challenge, you’ll  have access to the tools, information and resources you’ll need to help  you change your behavior and create habits that support your financial  goals.

We post topic-related challenges to the SIABC Facebook page to give you direction!Jump on in and let SIABC help you reach the finish line of a great financial future!

Make sure to sign up on our Facebook page to get the weekly challenges.

Monthly Challenge Topics:

1.  SPENDING

2.  BUDGETING

3.  DEBT

4.  CREDIT

5.  SAVINGS

6.  CONSUMER PROTECTION

Click here to Join us on Facebook!

Filed Under: 6 month money challenge, Asset Building, Financial challenges, financial literacy, Financial Stability, Southern Indiana Asset Building Coalition

How long is long enough?

September 8, 2011 By Cricket

When it comes to keeping important papers like tax returns, bill payment records and bank statements, consumers often ask, ‘How long is long enough?’ We found some great advice from the folks at www.lifeorganizers.com with some great tips on just how to answer that question.

How Long Do I Really Need To Keep This?

by Maria Gracia – Get Organized Now!

Every year April 15 rolls around, and so many people ask me the infamous question, “How long do I need to keep all this stuff?!?!” And the answer generally is that if it has anything to do with your taxes, probably for a long time. But have no fear! The average family can keep it all organized with a good filing system throughout the year, and some catalog envelopes to store documents from past years.
So how long do you need to store these records you’ll probably never look at again? While you should always check with your accountant for your specific personal guidelines, according to www.bankrate.com, some of the basic records retention rules are as follows:
  • Audit Reports: Forever
  • Bank Deposit Slips and Statements: 6 Years
  • Brokerage Statements: Keep until you sell the security
    You need the purchase/sales slips from your brokerage or mutual fund to prove whether you have capital gains or losses at tax time.
  • Credit Card Receipts: Keep your original receipts until you get your monthly statement; toss the receipts if the two match up. Keep the statements for seven years if tax-related expenses are documented.
  • Current Contracts and Leases: Life of Contract, plus 3 Years
  • Housing Records: As long as you own the home, plus 6 years. Keep all records documenting the purchase price and the cost of all permanent improvements — such as remodeling, additions and installations. Keep records of expenses incurred in selling and buying the property, such as legal fees and your real estate agent’s commission, for six years after you sell your home.Holding on to these records is important because any improvements you make on your house, as well as expenses in selling it, are added to the original purchase price or cost basis. This adds up to a greater profit (also known as capital gains) when you sell your house. Therefore, you lower your capital gains tax.
  • Insurance Records: Life of the policy, plus 10 years.
  • Investment Records: 6 Years after sale of the investment. Discard your monthly statements once you receive the annual summary that reflects yearly activity.
  • IRA Contributions: Forever
    If you made a nondeductible contribution to an IRA, keep the records indefinitely to prove that you already paid tax on this money when the time comes to withdraw.
  • Legal Correspondence: (Marriage Certificates, Death Certificates, Divorce Papers, etc.): Forever
  • Paid Bills: 1 Year
    Go through your bills once a year. In most cases, when the canceled check from a paid bill has been returned, you can get rid of the bill.However, bills for big purchases — such as jewelry, rugs, appliances, antiques, cars, collectibles, furniture, computers, etc. — should be kept in an insurance file for proof of their value in the event of loss or damage.
  • Pay Check Stubs: 1 Year
    When you receive your annual W-2 form from your employer, make sure the information on your stubs matches. If it does, toss the stubs. If it doesn’t, request a corrected form, known as a W-2c.
  • Retirement and Savings Plans: From one year to permanently. Keep the quarterly statements from your 401(k) or other plans until you receive the annual summary; if everything matches up, then toss the quarterlies. Keep the annual summaries until you retire or close the account.
  • Tax Returns and Supporting Documentation: 7 Years The IRS has three years from your filing date to audit your return if it suspects good faith errors. The three-year deadline also applies if you discover a mistake in your return and decide to file an amended return to claim a refund. The IRS has six years to challenge your return if it thinks you underreported your gross income by 25 percent or more.There is no time limit if you failed to file your return or filed a fraudulent return.
  • Warranties/Guaranties: Life of the Product

 

Filed Under: 6 month money challenge, Asset Building, Financial challenges, Financial Stability, Southern Indiana Asset Building Coalition, Uncategorized

Bills taking over your desk?

September 6, 2011 By Cricket

Organization is key to keeping track of our bill paying!

Sometimes our bills pile up and become so overwhelming that it’s easy to want to throw in the towel! But taking a simple approach to organization is the first step in conquering that mountain! Our friends at www.realsimple.com are the experts at all things simplified and offer some great tips for getting on the right track!

 

1. Sort and corral unpaid bills

How To: Organize Bills Step 1Designate a box, basket, or folder specifically for bills. As soon as the mail comes, separate the bills from everything else and open them, throwing away the outer envelope and any inserts. Corral them in your designated spot until you’re ready to pay them. Tip: Instead of keeping bills in an office file, use a letter rack. As you open mail, stash the bills in order of their due dates. This way, you’ll have a visual reminder that they’re waiting to be paid.

How To: Organize Bills Step 2

2. File paid bills in an accordion file

Label a 13-pocket accordion file with tabs for each month of the year. Reserve the last slot for the year’s tax return. As you pay your monthly bills, file them under the appropriate month. Add bank statements and credit card receipts. When you complete your tax return, drop that in, too.
Aha! To streamline your bill-paying process, find out whether your bank offers online banking and whether your utility and service companies offer online and automated payment options.

Click here to watch a video demonstration!

Filed Under: 6 month money challenge, Asset Building, Family finances, Uncategorized

Word of the Week

July 12, 2011 By Cricket

debt collector

Definition

Individual that works for a debt collection company by calling and on some occasions harassing a debtor to pay an outstanding balance. Debt collectors are required by law to follow procedures set forth in the Fair Credit Collection Act, but many still used illegal techniques to collect funds.

Read more: http://www.investorwords.com/8568/debt_collector.html#ixzz1Rx0I0H2N

Filed Under: Asset Building, Financial challenges, Southern Indiana Asset Building Coalition, Uncategorized

Money Talks

June 28, 2011 By Cricket

WORD OF THE WEEK:

Savings Club

Definition:
A type of savings account used for a particular purpose. The most common type is a “Christmas club” account, in which funds are accumulated throughout the year and made available some time before Christmas. Contributions to a savings club may be made automatically by withdrawals from other accounts.

Read more: http://www.investorwords.com/18511/savings_club.html#ixzz1QczQ1NXo

Filed Under: Asset Building, Family finances, Financial challenges, Holidays and money, Southern Indiana Asset Building Coalition

June is Savings Month at SIABC

June 18, 2011 By Cricket

Saving money is more important than ever in these uncertain times. 

With the right amount of savings, we all can live more secure, prosperous and responsible lives. Saving money should be everyone’s goal, and we all should be looking for tips on how to do so. We hope to provide you with the information needed to make the best saving decisions related to money.

Our ability to save and store things is what gives us the freedom to look past day-by-day living and gives our lives the safety and security our ancestors never knew. Unfortunately, from government to individuals, much of modern society has forgotten how to live within its means and properly save for the future. In these tips we hope to help give you the motivation, information and tools to think more about saving money again.

 Tip 1: Spend Less. This is not over simplifying the best way to save money! It is essential if you are serious about being a long term money saver and being able to save money every day. Review what you spend and look at ways you can save money.

 Tip 2: Establish a personal budget. This is essential for families and individuals and can be the fastest way to save money. You will instantly see your incomings and outgoings once you create your budget. You will not be able to save money unless you know how much money you have coming in, and how much money you have going out.

 Tip 3: Buy used. Sure, we all like to buy new. But there are huge money savings to be made in buying used. Typically cars lose one-third of their value in the first 24 months from new.  Look for ways to buy “as good as new” items and save money. 

 Tip 4: Eat in rather than out. This is a huge area where you can save money. A cup of coffee taken out could easily cost you TWENTY times (or more) what it would cost you to make it at home. Fast food restaurants are counting on you eating food that you perhaps don’t really need at that time but buy just because it is quick.

 Tip 5: Don’t carry excessive debt. Some debt in our lives may be essential. We may need a mortgage to purchase a home, we may need to use our credit card to make purchases until pay-day, but your aim to save money should be to have as little debt as possible. Credit Card debt is typically the most expensive debt we may carry. You will be able to save money every month if you make it an absolute rule to pay off your outstanding balance every month.

Why not start today in making sure you have money to maintain your current standard of living in your retirement years or when the unexpected happens. 

Call SIABC if you have questions about these tips, are in need of financial counseling or would like to help others get on the right path to financial independence.  

Contact Executive Director Whitney Bishop at 812 206 7514.

Filed Under: Asset Building, Changing Economy, Family finances, financial counseling, Southern Indiana Asset Building Coalition, Uncategorized

Money Talks

June 12, 2011 By Cricket

When our son was little and trying out new words, there were a few times when we had to ask, ‘Do you know that that means son?’ Often, he said ‘No!’ and we had to tell him that he shouldn’t use words he didn’t know the meaning of; it could get him into trouble.

As I was thinking about that principle, it occured to me that managing money comes with a lot of big termonology. How can you possibly know what to do with it if you don’t know what it means. So I decided that the SIABC BLOG would be a perfect place for some FINANCIAL VOCABULARY.

Each week, we will post a new vocabulary word related to money and how it plays a part  in our daily lives.

Vocabulary, math…sounds like school’s back in!

WORD OF THE WEEK:

asset

Definition

Any item of economic value owned by an individual or corporation, especially that which could be converted to cash. Examples are cash, securities, accounts receivable, inventory, office equipment, real estate, a car, and other property. On a balance sheet, assets are equal to the sum of liabilities, common stock, preferred stock, and retained earnings. From an accounting perspective, assets are divided into the following categories: current assets (cash and other liquid items), long-term assets (real estate, plant, equipment), prepaid and deferred assets (expenditures for future costs such as insurance, rent, interest), and intangible assets (trademarks, patents, copyrights, goodwill).

Read more: http://www.investorwords.com/273/asset.html#ixzz1P6wj4jcz

Filed Under: Asset Building, Family finances, Financial Stability, Southern Indiana Asset Building Coalition

4 Steps that you may take to set up a good budget

May 1, 2011 By Cricket

SIABC Welcomes Jason Holmes as a guest blogger. Jason is a contributing writer to several other financial sites. His expertise is woven around various aspects of the debt industry and with his e-books he tries to impart to people the different situations and simple solutions to get out of difficult situations.

If your financial situation is deteriorating due to rising debts, then it is time you choose from various debt solutions that will be able to help you out of this situation. A debt solution is a solution that helps you come out of your debts with ease. There are many debt solutions that you may choose from. You must remember that the choice that you make should be based on your financial situation. However, it is also important to consider various other alternatives to coming out of debts. You may try various other options rather than considering traditional debt solutions.

 One such way in which you will be able to control your debt situation and you will be able to stay out of debts is the formulation of a budget. A budget that is made accurately will help you in finding out where your money is going and how much you are spending. Thus, you will be able to regulate your finances better and will be able to save enough to pay off your debts.

 Some simple steps that you may follow in order to set up a budget are as follows:

 1. Categorizing your expenses: You are to take down every little expenditure that you do. These expenditures should be recorded under different categories. There are two different types of expenditures that you are to put in your budget. They are variable and fixed expenses; in case of fixed expenses the expenditure is constant every month. In case of variable expenditure the expenses keep on fluctuating. Recording all your purchases and expenditures is very important when you are formulating a budget. As the expenses are put in categories you will be able to see clearly how much you are spending and where you are spending. Thus, you will be able to control your expenses.

 2. Calculating your total expenses: You are to then add up all your expenses together in order to find out how much you exactly spend in a month. This presents to you clearly how much you are spending in one month.

 3. Totaling your income: You are to now total your income. Income here does not only include your monthly salary but also the money that you earn form investments and your fluctuating income. Try to include all possible earnings that you have in the budget and total your income.

 4. Finding the net income: The next step is to find out your net income. This can be found by subtracting your total expenditure from your total income. This is the amount that you will be using in order to pay off your debts.

These are the steps that you may follow in order to formulate a good budget and get out of debts.

Filed Under: Asset Building, Budgeting, financial literacy, Financial Stability, Southern Indiana Asset Building Coalition
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