Five Fall Financial Fitness Tips

Whoa, say that title ten times fast!  Fall is always a fun time of year; colors are changing, leaves are falling, and temps are beginning to drop.  Making the most of autumn while staying Financially Fit may be easier than you think! Check out this list of five money-saving tips we put together...

1.  Home-heating costs are not cheap, especially for us Minnesotans.  Before the Temperature cools way down, consider taking another look at how 'weatherproof' your home is.  It may cost you a bit up front, but it will save you a lot in heating and maintenance costs in the upcoming winter months!

2. Fresh foods are plentiful and inexpensive during this time of year.  You can still grab summer favorites like tomatoes, peppers, corn, and cucumbers AND add in fall favorites like butternut squash, grapes, and sweet potatoes for tasty, nutritious, and affordable meals.  And remember, as herbs and summer annuals start to seed, take a few minutes to collect seeds for next year. This can be an easy way to keep your garden going from year to year, without making it a huge investment!

3. Cooking with a crock pot rather than a stove can save you money in energy costs.  You can make a lot of yummy, healthy meals with a crock pot, and it will save you time too.  Simply throw ingredients in and let the crock pot do the work!

4. Fall is a great time of year to use nature for seasonal decorations.  While the goodies at home decor stores can be tempting, you can have a festive home for a lot less!  Gather acorns, twigs, leaves, or corn stalks for a fun Thanksgiving table, or snag leftover Halloween pumpkins to create a harvest scene!

5.  The Thanksgiving season triggers sales on all sorts of baking supplies – flour, sugar, chocolate chips, spices, nuts and more! Do an inventory of what you have to figure out what you're running low on. Then, stock up! *Tip: Be sure to check for coupons before you head to the store. This time of year you'll find coupons for the ‘staple’ baking items!

Bonus Tip:  If the cost of the Holidays is starting to stress you out, make sure to take some time to set a holiday budget and spending plan. If you haven’t done it yet, November is the best time to plan for spending in the month of December.  If you’re Financially Fit during the Holiday Season, you’re bound to enjoy it even more!

There are always ways you can have fun and enjoy the season while keeping your Financial Fitness in mind… Stay tuned for more tips, tricks, and Financial Fitness ideas!

Our mission is to educate, support, and encourage our Members to become Financially Fit.

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Start Saving Now, Thank Yourself Later!

For some of us, retirement might be next month, for others next year, and for others – it may seem a life time away.  Regardless of your age and retirement plan, it’s never too early to start saving.  No matter how old you are, where you work, or what your retirement goals are, there are ways you can start saving… today!

In Your 20’s:

• Starting early is the best way to save for your Retirement.  Consider starting to save where you work by taking advantage of any programs offered to you, such as a 401(k).  If your budget allows, try to contribute so that your employer matches your contribution – it’ll give you a 100% return on your ‘matched’ investment, which you won’t find many places.  If you don’t have the option of saving through work, consider seeing a financial advisor or looking into a Roth IRA.
• Create a do-able budget, and do your best to stick to it! At a young age, it can be hard to manage money with the stress of student loans, first time car purchases, and expenses of living on your own.  Finding a balance between being financially responsible and having fun.  Do your best to outline your expenses and determine how much you can save each month.

In Your 30’s:

• Review your budgeting by reassessing wants and needs– do you still need all those cable options? Can you cut the land-line  Are you spending too much on eating out? Can you get a better rate by refinancing a loan?  Looking at where you’re spending can help you see where you can cut costs.
• If your salary begins to increase, consider also gradually increasing the amount of each paycheck that you put away toward your retirement.  It may be a difficult adjustment at first, but if you ease into it, you’ll be glad you decided to start saving more of your income.

In Your 40’s:

• Now is a good time to review what you have saved for retirement so far, and how much more you need to save to reach your goals.  Even if it seems disheartening, try to calculate of how much money you need to be comfortable in retirement.
• Reassess any debts you have, and work toward getting them paid off as soon as possible! This will help with not only your finances, but your overall well-being.

In Your 50’s:

• Review all of your accounts to learn ‘where you sit’ in savings and with your retirement fund.  If needed, make changes to plans to assure you’re on track with your retirement plan.
• Consider ‘Catching Up’: After you turn 50, you can make “catch-up contributions” (an extra amount, beyond standard limits), or payments to tax-deferred retirement plans.  To learn more, click here.
• Begin to look at how much you may receive from Social Security to determine what age you should apply for these benefits.

In Your 60’s:

• Waiting to retire can sometimes add up to an increased Social Security payout.  Revisit your retirement plan and map out when you should start to receive social security benefits, and what your retirement goals are.
• Look over spending habits, and find ways you can reduce spending if possible.  This will help assure that you will be ready to live within your means during retirement.

Saving and planning for your retirement now, can ease the stress and financial burden later in life, and can help with your overall Financial Fitness!  It may be hard to save now, but someday you’ll be glad you did.

Our mission is to educate, support, and encourage our Members to become Financially Fit.