Sparking Change for Life!

April 26, 2012 By Cricket

Yesterday I had the opportunity to attend Sparking Change, an event hosted by Southern Indiana Asset Building Coalition in recognition of Money Smart Week.

The professional development workshop offered many relevant components from identifying your relationship with money, mapping your money dreams and highlights from 5 important community resources doing amazing things.

Syble Solomon, creator of the My Money Habitudes program was the keynote speaker and started the morning with her presentation on our emotional relationship with money.  Our ‘Habitudes’ are the habits and attitudes we carry about everything really. What we DO based on how we FEEL.

We played the ‘game’ associated with the My Money Habitudes program and discovered that there are 6 ‘Habitudes’ we have about money. Security, Spontaneous, Status, Selfless, Free Spirit and Targeted Goals. As we progressed through the game, we found which areas we are the most challenged in and where we need more balanced.

I found I was completely lacking in selflessness! This made me feel horrible until I realized it didn’t mean I was completely selfish or non-charitable. Actually I was strong in the security area which also means, according to the cards, that I am generous toward others. However, I am also overly concerned about my own security and making sure we have enough.

Two important things I realized from this activity were, one, that recent events can impact the way the results turn out. For example, several losses in my life over the last few years, including deaths and my husband’s multiple job losses contribute to my insecurity about our finances. Two, it won’t always be that way so there is hope that should I revisit this process in a year things might look different. That’s hopeful!

Making the connection between how I FEEL about money and my actual financial situation helped clarify what I need to work on to improve my relationship with my money.

After this session, we heard from Carrie Van Winkle, financial counselor for SIABC. Carrie shared on the dreams and goals we have financially and how we can achieve those despite challenges we may face. Some of those challenges may be temptations, stress, distractions and the expectations of others. She advised that the best way to achieve those SMART goals is to first specifically define them. Use a visual reminder, like a photo or word  and place it somewhere to be reminded of our goal. Accountability is a good prompter in helping us achieve the things we desire.

The day concluded with 5 organizations, Women 4 Women,  Bank on Louisville, Junior Achievement, Bellarmine’s Poverty Simulation and Southern Indiana Asset Building Coalition. Each organization was given 5 minutes to present 5 big ideas they are working on and how it will impact the community. It was exciting to see so many interesting and relevant resources but more importantly to me, I was impressed with how truly passionate the presenters were about what they are involved in. They really desire to offer programs and resources that make a difference.

It was a great event and besides a cool tote bag and the Money Habitudes materials I left with a sense of ‘What’s next” for my money? The good news is that the event gave me lots of great resources to tap into like a

  • financial counselor at SIABC
  • an opportunity to bring the Money Habitudes workshop into my home for my friends to experiences
  • Resources to refer friends with children for financial education
  • A new respect for the community we live in that cares so much about it’s people

For more information about any of these ideas, contact SIABC at 812 206 7520 or find them on Facebook at www.facebook.com/SIABC

 

Filed Under: Asset Building, Family finances, Financial challenges, Money Smart Week Indiana, Parents and teens, Poverty Simulation, Southern Indiana Asset Building Coalition Tagged With:

A lesson learned

May 20, 2011 By Cricket

Guest post by Kenny Smith

My 16-year-old daughter opened up a checking account a couple weeks ago.  It’s a free account for children ages 13-17 whose parents have an account with the bank. 

She had done a little work for our church and received her first official paycheck – meaning taxes were taken out.  It wasn’t a lot of money, but a start.

 She said she opened the account because she thought it will help her save some money.  But then that debit card came in the mail – $5 at Starbucks, $10 at Target, $20 at Old Navy $30 eating out and just like that her account had a few dollars left.

She said with the debit card it wasn’t even like she was spending money – she was just giving them a plastic card.  Statistics prove people spend more when using a card vs. cash.  It’s harder to let go of that cash.

Many financial experts suggest using the envelope system and paying cash for everything.  I’ve talked to some people who have tried it and they found themselves spending about $60 less per week.  Check out Dave Ramsey’s advice from www.DaveRamsey.com  for using the envelope system or contact SIABC for help.

 http://www.daveramsey.com/article/dave-ramseys-envelope-system/lifeandmoney_budgeting/

Filed Under: Budgeting, Family finances, Parents and teens, Southern Indiana Asset Building Coalition, Teens and money, Uncategorized

Sleep on it!

May 4, 2011 By Cricket

By Cricket

My friend Lynn told me about an experience she had with her daughter who was interested in buying a hamster. It started to sound very familiar when she explained what she advised her daughter to do before the purchase. My son, who is heading to college in the Fall, wants an apartment. Lynn and I both advised our children to make a list of expenses and see if they could truly afford what they desired!

Here is what Lynn told me:

Last week while shopping for cat food with my daughter at  our local Petsmart, my daughter’s attention turned toward a display of cuddly hamsters!   They must have just received a shipment because there  were at least 10 different varieties that day! I didn’t even know there there were 10 types of hamsters!

So this, my middle child decided that she wanted a hamster and she conveniently had her wallet with her. There is a rule in our house that any purchase that requires future expenditures must be slept on for two days. Which to a 10 year old is an eternity.  There was much hemming and hawing but she peacefully left the store. (I was silently relieved because I must admit I am not a fan of small rodents in my house.)
When we got home we sat down and mapped out the costs associated with the $13 hamster.

Cage                    30  (to save hamster from cats)
Water bottle        7   (hydration)
Food                    10   (every month)
Chew toys           4    for teeth health
Roller ball         15    for exercise
Total                  66  = Too much for a 10 year old’s budget

She made the realization that there were many more expenses associated with the purchase than she had thought of in the store. This made her doubt her desire to own a hamster!

Mission accomplished! What I am hoping is that by the time she is 18 she will realize what she can sustainably afford – from hamsters to cars.

I think Lynn’s family rule is a great one for everyone! And in this case it worked out to teach her daughter a valuable lesson in spending. What about you?

  • Do you weigh the pros and cons of all your major purchases?
  • Would this help you if you slept on your purchases for two days?
  • Do you tend to be an impulse spender? Or a long range planner?
Filed Under: Family finances, Parents and teens, Southern Indiana Asset Building Coalition, Teens and money

Money Talk with a Teenager

April 28, 2011 By Whitney

 

Posted by Cricket

In a recent conversation with my teenage son, the subject of the current economy came up. Being 18 and in a more sophisticated society than I was, he has a lot of pertinent insight into matters I knew nothing about when I was that age. He loves to talk politics and I loved to talk about the boy in my Algebra class.

Nevertheless, we were talking about the price of gas and other financial matters of the day and I made the comment that I wished real life were as easy as the games I play on Facebook. You buy something, you no longer want it or you need extra ‘coins’ and with a click of the mouse, it’s sold.

We both agreed that is what makes stores like “Half Price Books” so relevant in today’s economy. You can gather up your books, DVD’s, even game systems and take them in and walk about with a few extra bucks in your pocket on the spot! No shipping or waiting, etc. like on-line selling sites.

Obviously you are not going to make back your investment, but with the state of affairs in most people’s checkbooks today, it is a nice option to have for some cash on hand.

  • What are your favorite ways to generate extra cash?
  • Do you visit stores that buy back merchandise for cash?
  • Which ones are your favorites?
  • Do you have any experience, good or bad, with such businesses?
Filed Under: Family finances, financial literacy, Financial Stability, Parents and teens, Southern Indiana Asset Building Coalition, Teens and money Tagged With: , ,