Hello & welcome to the Community Renewal Team (CRT) 2022
Financial Literacy Institute (Institute) blog. This blog is not public; it is
open only to those enrolled in our Institute. We use this blog as a
communication tool – to weekly respond to posted questions and assignments, and
as means to share ideas and resources.
I acknowledge your effort to take charge of your money future and look
forward to working with you on your quest to achieve sound fiscal health!
Elizabeth Horton Sheff & Eileen Feliciano
CRT Community Services
Hello all
ReplyDeleteHello EHS - how you doin'
DeleteHello Elizabeth, I am excited to me you and being in this class.
Deletehello all in finally in
DeleteHello all, I'm excited to learn more about financial literacy!!
DeleteHello Elizabeth how are you doing
ReplyDeleteGreetings and welcome to the Community Renewal Team (CRT) 2022 Financial Literacy Institute.
DeleteOver the coming weeks, together, we will explore the many facets of money management. Our intent is to provide you with a learning experience that results in your graduating our institute with new eyes, thoughts, and intentions with respect to your financial future.
In this regard, please post 1 - 3 ways how you plan to use financial literacy in your life.
~Eileen Feliciano & Elizabeth Horton Sheff
Greetings Adam - I'm feeling exceptionally blessed today! How are you?
DeleteEntering the blog message in behalf of Lashonda Charles. I am willing to Learn all the necessary tools and assignment to better manage my financial needs for myself and family.
DeleteGood Morning 1-3 ways that I am looking to improve on the financial literacy in my life would be one better money management , start budgeting my wants vs my needs, savings plans or clubs
DeleteHello all, Planning on ways to use financial literacy for my benefit, Is a good question. I would love to say 1. Win the Lotto 2. Buy a yacht and 3. Move to Europe. But those seem a little out of reach. So, I will say I would love to learn how to better budget my money. I think I do pretty good, but Amazon calls my name very often. I would like to start a more consistent savings plan. And lastly, I'm interested in planning better for retirement.
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DeleteMy plan for enrolling in this course is to learning more about credit, debt, and steps in sticking to a strict budget
DeleteHow I am going to use financial literacy in my life. I going to pay more attention to my spending habits, keep a consistent track of all my bills and make sure they are paid on time.
ReplyDeleteSean i agree with you one step at a time we will find the steps in class with tools for success
DeleteSean, I like all your goals. Keeping track of bills a big one for me too. And Lashonda one step at a time is right!!!
DeleteI agree as well! Auto pay is becoming to be my bestfriend
DeleteI am going to use financial literacy to get a handle on my debt; make a usable, practical budget so I can start saving; and protect my assets.
ReplyDeleteI also would like to be debt free within the next year.
DeleteAdam I agree with the practical comment lol I know that the first steps were joining this class an putting things in motion you are on the right track
DeleteAdamBen, a usable budget will work well for me. I tend to start and not finish.
DeleteSean, debt free within a year sounds like a great plan !
DeleteWeek 2: Last evening class focused on the Psychology of Money. Shared what's your money personality with one another. Listed down below are three questions to ask yourself about the Psychology of Money.
ReplyDeleteWhat's Holding Me Back From Taking Action?
Is My Money Being Spent on the Things That Truly Matter to Me?
How should we conduct ourselves?
What's holding me back from taking Action?
DeleteLack of discipline and myself is holding me back.
Is My money Being spent on the thing that truly matter to me?
Yes These days most of my money is being spent on what matter.
How should we conduct ourselves?
I try with control
What's Holding Me Back From Taking Action?
Deletebeing lazy living in my now and not forever
Is My Money Being Spent on the Things That Truly Matter to Me?
sometimes I feel like I am because I have children to expenses never stop i need to find balance in what's important
How should we conduct ourselves?
adult like an managing the rest of reality putting things of value on the forefront
Sean, I agree..I am holding myself back. No one can get in your way like yourself can!!
DeleteQ:What's Holding Me Back From Taking Action?
DeleteA: Dedication. I am currently working on creating and sticking to a strict daily routine/schedule, it been a little tricky but as soon as it sticks i'm sure things will be much easier .
Q:Is My Money Being Spent on the Things That Truly Matter to Me?
A: I would say mostly, I have always done well prioritizing necessities of daily living. However, I have notice that even spending just a little here and there is adding up to a great amount at the end of the month.
Q: How should we conduct ourselves?
A: We should conduct ourselves to be responsible and accountable.
Hi Eileen, I thank you for giving me another opportunity to join the financial literacy class.
ReplyDeleteRenee, Welcome to CRT 2022 Financial Literacy Institute program.
DeleteOvercoming obstacles in my life.
ReplyDeleteFirst thing is to do a buget plan for my household.
Putting my debit card away and Only using a set amount of money for myself a week.
Hi Sean, It is always great to see everyone feel encouraged and empowered especially while pursuing more financial knowledge. You are right, no better time than the present. I like Suze Orman's quote: "Who YOU are determines what you have and get to keep. YOU define your money". I think I know what this means but I am not sure - I hope through our learning in class, that I get to understand the full meaning behind this!
DeleteSean - I agree household budgets can be super tough when we are trying to understand what we need over what we want I know that you will get through this part I know the goals set are easier said than done but can be worked through I'm going to try your way only using weekly needs for a better outcome
DeleteSean, that debit card is so easy to just swipe. And if you are not keeping track before you know it the allotted funds are spent. I am in the same boat.
DeleteSpending Plans: Setting Goals & Stopping Leaks
ReplyDeleteSetting goals gives me the energy to move forward. The act of writing my goals down and crossing them off my list makes a sense of accomplishment.
Goal setting helps me with focus and direction. The focus to stay determined about the results I anticipate, and the guidance needed to maintain the course in the direction of my goals.
What I attempt to do with my goal setting is to surround myself with reminders. My reminders include notes to myself, a reward and punishment system, reflection and evaluation.
The use of reminders helps me to maintain my motivation by keeping my goals and progress on alert.
The reward and punishment system I use, help me with staying on track with the motivation to move forward.
Reflection during my goal setting stage helps me to remain optimistic about being realistic and purposeful with my goals. During the reflection process, I am able to take a clear look at my accomplishments, see areas that I may need improvements or adjustment and recognize my accomplishments. Sometimes it may simply be the wrong narrative I have rehearsed that may draw me away from my goals into a distracted thought process. Reflection helps me to redirect the distraction or false narrative.
Using an evaluation system with goals setting helps me to keep a realistic view of the normal interactions within life. A health set back, a change in lifestyle or some other unforeseen circumstances, has the opportunity to be navigated or integrated within the evaluation process.
Overall, the goal setting systems for me, provides an opportunity to turn large goals into smaller, manageable and realistic opportunities to complete any task.
Eileen, those are great points to keep in mind. to always be mindful of ones spending habit, keep track of how much money you have, and how much money you could give yourself to spend.
DeleteEileen, your thoughts are very detailed. I hope to get to that point from this class.
DeleteSpending Plans: Setting Goals & Stopping Leaks
DeleteMy current spending plan has been to write my expenses on my budget sheet. Tally up the items that were not accounted for on the sheet and re-evaluate.
I see now that I need to start setting goals. Have items or a dollar amount that I want to achieve and stick to it.
The goal I would like to set for myself is to hold my self-more accountable. I tend to be the one to just say I'll do it next month.
Spending plans: setting goals & stopping financial.
ReplyDeleteMy spending plan is to write down current household bills on a monthly budget sheet. Also write down my miscellaneous spending.
Setting a goal for myself. I would start with a small 3-month plan to save a certain amount of money. Then gradually keep a consistent goal in mind.
Spending leaks.
For myself I think I need to write down a weekly spending chart to stores, restaurants and other entertainment things.
Sean, I appreciate all the points you made. I like the idea of writing everything down. Then you can hold yourself more accountable because it is right there in black and white.
DeleteSean this a a great tool writing this makes it more official for me it allows me to focus it puts a focus on what needs to be done almost like your needs vs wants in plain sight black an white is more official
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ReplyDeleteHello All,
ReplyDeleteI want to share what I use to help me with my budget. I use this budget sheet that I acquired for free from Consumer.gov
It has been very helpful, but I just have to stick with it.
https://consumer.gov/content/make-budget-worksheet
Tara thank you I am going to use this link thank you again for sharing
Delete2 bills I would like to immediately reduce.
ReplyDeleteThe first bill is my credit card, with that I am going to challenge myself to put my credit card away, until I pay off my debt. I going to make sure I pay on time.
The second bill is my car note, with that I am going to start paying a little extra on my normal payment. hopefully to reduce the number of mouths of payments on my car.
This is in my future plans to pay of my debts.
Sean, those are good starting points. And putting the card away really works. I did that for 6 months and believe it "Out of sight out of mind" It made it so easy to pay it down.
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DeleteSean, this sounds like a great plan - I have learned making an extra payment toward your current balance before the billing cycle ends, you can help lower your credit utilization ratio.
DeleteThe bills that I plan to immediately reduce using the Avalanche method is my credit card balance and furnace loan. These are the smallest of obligations and the most manageable. I can afford to put extra on these bills to get them over and done with.
ReplyDeleteTara, that is a smart idea to start with smaller bills. Then when you are able to work on biger bills.
Deleteoh yes credit card definitely gets me every time
Delete2 bills I would like to reduce would be my credit card and phone bill. I plan on paying an extra amount monthly - making payments each pay day.
ReplyDeleteMadelyn, paying extra money on any bills will help you get ahead and give you wiggle room to save or treat your self.
DeleteMadelyn, sounds like we are all in the same boat when it comes to credit cards. I like the plan of paying a little extra each pay period.
Deletetara my credit card bill has to go i can agree with that all the way
Deletetwo bills that have that I would like to reduce in my household would be the light bill and my subscriptions. now with the AC units taken out i need to lower cost from the sky rocketing summer bill that also is through the roof. realized after last class I have over 14 subscriptions that i no longer utilize
ReplyDeleteLaShonda, it's funny when we take the time to look at what we are paying how surprising it is. Maybe the funds that went towards the subscriptions can now go to the light bill and put you ahead!!
DeleteI consider Credit to be a part of one's financial power. Having a good credit score is important because your credit can impact many areas of your life. I want to treat all my debt as a monthly bill. Paying off my revolving loans every month is a good financial habit that will have a positive effect on my credit score.
ReplyDeleteMadelyn i agree i never knew how much credit makes a difference its a silent voice it often to me weighs more than cash or debit having good credit is essential. I want to maintain an fix my credit more an more while taking steps an becoming aware
DeleteMadelyn I agree, especially in America having agood or great credit score goes farther the cash. Especially when you want to buy a big purchase like a house or car.
DeleteI agree turning debit into a monthly bill will trick you brain its like a learned behavior if we do better than we will achieve better as time goes on
DeleteI agree! I have learned that autopay plays a much needed role in adulting. For a period of time all I used was my cards, now I don't leave the house with them.
ReplyDeletecredit is important to me it is the american dream to have good credits its almost like a merrit or a gift of honor. it allows you to control mostly all things connected to you. I will work on paying my credit card bills on time checking the intrest rates when applying to things before just jumping head first at oppurunities
ReplyDeleteOur credit score is like a passport for us to gain benefits and to achieve certain things. If our ability to maintain credit in a good way is not up to standard, no one will trust us to lend us money. Therefore, our Credit score is very important, and it should be a priority for us to fix it.
DeleteLashonda, I agree with you. Having good credit will make you feel good about yourself. Life is less stressful.
DeleteHaving that A1 credit,it like having a black card and can buy anything you want.
DeleteA Black Card is NICE!!!!
Deleteworking with you is awesome as well thank you for all your help an consistent enagement
ReplyDeleteLaShonda, that sounds really good. Checking interest rates is a good step, that lower rate helps out a lot when paying down your card.
ReplyDeleteTara, I second the motion. Checking the interest rates is very important.
DeleteFin Lit Student’s, I agree with you all. It is very important that our credit score can determine the interest rate of any loan we take out! Don't spend more than a minute "kicking" yourself for not realizing this sooner! We are all learning how to be successful during this class and I know you will also be successful!
ReplyDeleteWe are all learning how to be successful during this class and I know you will also be successful!
ReplyDeleteWell said Eileen, regarding our (a good) credit score is like a passport. It gives one the availability to purchase anything one need and want.
ReplyDeleteWeek 7: Using Credit Wisely/loans
ReplyDeleteLast evening we explored the importance of using credit wisely. Review your credit use; Are you using credit wisely? If so how and what measures will you undertake to use credit more wisely? What was your number one take away from last night video?
Eillen before starting this class i tried many ways to make my credit better this time im actually fighting back becoming more aware
DeleteThe number one take away for using my credit more wisely, is to make sure I do an annual credit report every year. To ensure I do not have anything on it that do not belong. Also do not let anyone run my credit, not in less it is very important. With loans pay on time or setup automatic payments.
ReplyDeleteSean, I agree with you about letting anyone run your credit. Those small hits add up. And bring your score down.
DeleteYes, that is so true. Please be careful to whom you allow to pull your credit. Always be alert and monitor your credit.
Deleteoh yes sean your not alone i was the queen of a good payday loan which got me into more debt slowly but surely
DeleteThe best way for me to use credit wisely is to clean up any negative report against me. pay down my debt ratio and pay everything on time.
ReplyDeleteThat debt-to-income ratio, is something to really watch out for.
Deletetara I was reviewing this today with business and money managing its realistic great point
DeleteWell said! Keep up the good works!
ReplyDeletethank you its a pleasure to reread at down time
DeleteAs i review my credit score i have not used my credit wisely in the past this is what has gotten me here at this point, seeking tools to help myself which i have found, I am now an owner of only secured cards which allow me to only spend what i have. Also helping my credit while its in its repair stage not overspending an making necessary purchases
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ReplyDeleteThe bills that I plan to immediately reduce using the Avalanche method is my credit card balance and furnace loan. These are the smallest of obligations and the most manageable. I can afford to put extra on these bills to get them over and done with. And with the Snowball method I will pay down my JCPenney balance.
ReplyDeleteThe two bills I want to immediately reduce is my credit card and car note. I will use the snowball method put extra money on the smallest first.
ReplyDeletesean i agree credit card and car note for me as well
DeleteTara, that is a good move to pay a little extra on your bills with in your means.
ReplyDeleteSean, that can note can be a real strain. I know you will be happy to be car loan free!!!!
ReplyDeleteSavings, Assets & Wealth Building:
ReplyDeleteLast evening we addressed preparing for retirement and building wealth. How prepared are you? What measures do you need to undertake to ensure a retirement safety net?
6 ways to save for your retirement:
Focus on starting today
Contribute to your 401(K)
Meet your employer's match
Rein in spending
Set a goal/ Automate your savings
Eileen, I know I am not prepared enough. I have a 401k with my employer, and I do contribute, but I want to match what they are offering. I do have some savings for retirement, and I have investments. I want to speak to a financial planner and rein in my spending.
DeleteEileen i myself have a 401k savings plan with fidelity after leaving the old company i was with i continued to maintain payments' needed to take more initiative in that sense I've been thinking a lot about planning ahead especially with the children
DeleteLaShonda, planning ahead is a good idea especially with kids. When my daughter was little like 5 years old, I started a 529 plan (college fund) and just deposited like $50.00 a month into the account. And by the time she started college at age 18 I had enough funds to pay for her first 2 years of college. Every little bit helps.
DeleteTaxes:
ReplyDeleteLast evening, we learn a lot about taxes and the new tax law changes that are happening now and are about to come.
yes paying attention to the laws an taxes that are coming into play allow me to get prepared for jan 1
DeleteTaxes are so very interesting in regards on how and when to pay them. And how by not paying them can get you in some trouble.
Deleteyes for example like car taxes.
DeleteYes, I paid a lot attention to taxes and new tax laws changing for January 2023.
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DeleteLashonda, I have learned firsthand about paying tax on my first car/property each year. Also, the penalties for paying the taxes late.
DeleteInsurance
ReplyDeleteLast evening was our last night together as a group. We learned so much about the different types of insurances that are out there for our security protection against any potential losses. What type of insurance while you the must and how did it get your attention and Why?
I learned of renters insurance how important it actually is to have insurance on things that are in the home. these things are definitely put in place for our protection
DeleteEileen, the type of insurance that really piqued my interest was the car insurance of course. Since I have a soon to be 16-year-old driver on the road, insurance was most important. I appreciate the advice to start my son now with insurance to help his driving record.
DeleteLashonda, renters' insurance is really a good idea. When we had renters' insurance it really helped when the apartment next to me caught on fire and my apartment was damaged. The renter's insurance was a life saver. We lost a few items. But was able to replace it all with the insurance reimbursement.
Deleteyes after looking over the AAA prentation they provide so many services outside of roadside insurance is important its like a small cushion
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ReplyDeleteyes tara the presenter was very clear about adding the child onto the insurance that will help me when my children come of age
DeleteLashonda, Yes, it is very important to add a benefactor to your insurance and you made need to change the benefactor due to life changes.
DeleteYes, I agree about insurances. I don't like paying the insurances each month, but I enjoy the peace of mind and comfort of having it when I need it.
ReplyDeleteyes Renee I agree the protection is gives is well worth the payment
DeleteInvesting 101
ReplyDeleteOur presenter, Brenda Larkin, gave a very good overview of investment options. I specifically was interested in her talk about the mix of stocks and bonds. She encouraged looking into our 401K s to see what the mix was of investments. She suggested a mix of 60/40 to be safe stating that the 60 was in more growth funds and 40 in more conservative funds, although she mentioned that she had "older" clients who even went to an 80/20 mix. I will strive to establish what she called a "freedom Fund" to establish a 3 to 6 month of savings for expenses. I will also look into my 401K savings to see if I can change the mix of funds that they are invested in.
Brenda was amazing I took alot of information back I will be comparing my CHET accounts for the kids an most likely be adding to my ROTH account as well. I love how she broke the two apart an explained the difference between stocks an bonds that is very important to me
DeleteBrenda was some kind of Wonderful!! She explained everything very well. And now I see that I need to start contributing to my Roth again. I really wish I would have had all this info when I started investing.
DeleteI have a 401k with a company for over the past 6 years Brenda shed some light on the way the account should move an flex as far as money added continues to grow
ReplyDeleteI as well have an older 401k from my previous employer. I got me a financial advisor and since then the funds have been performing pretty well. But I wish I paid more attention a while ago, I could be a trillionaire!!!! LOL
Delete