Category Archives: Tips

Five Ways to Save More

Posted in Financial Planning, Goals, Spending Plans, Tips on by .

Many of our clients want to save more.   These 5 tips will inspire you save more for retirement and other goals while minimizing your anxiety!

  1. Understand that there are only two ways to increase savings Earn more or Spend less.   Enough said…no fairy dust.
  2. Understand the concept of Retirement  It’s important to know why you are saving.  Think about it…if you start working and saving at 30 and you plan to retire at 65 and you live till 95 you have 35 years to save enough money to live on for 30 years.  Social Security is designed to provide about a third of your need in retirement, the rest comes from pensions and/or savings.
  3. Have an Emergency Fund Having 3-6 months of expenses in a savings account helps you save for the long-term and protects you and your family in case of emergencies.  Without an emergency fund, small problems like a lost job, a car breaking down, a tree falling on your house, or an illness, can become major life setbacks.
  4. Create a Real Spending Plan Monitor your actual spending and saving for 3 months and create a monthly and annual spending plan using these actual numbers. You may not like these numbers but this is your reality.  By studying where you spend you can make changes that have real impact instead of wondering where your money is going.
  5. Accrue funds for large non-monthly expenses Put money aside each month for your non-monthly large expenses.  Vacations, holiday spending, home improvements and summer camp are large expenses that seem like unwelcome shocks to many people.  Instead of being surprised and eating ramen noodles the months after your vacation, calculate your annual spending on vacations and transfer 1/12 of that amount out of your pay every month to a separate savings account.

We hope these tips help.  Good Luck!

Carolyn and Beth

Thrifting and Consignment Shopping: Fall Shopping Guide

Posted in Shopping, Tips on by .

Thinking about fall shopping?  The stigma of shopping “used” seems to have been replaced by the pride of getting great items for less.

You can save money by shopping consignment and thrift stores, but you do need to follow a few rules:

  1. Buy what you need:  When you find an eye catching item, ask yourself a few questions:  “Do I need it? What purpose does it serve? How many times can I put the item to use in the next 6 months?”  Walk on by if you can’t think of any clear use for the item or if you have to create a new lifestyle or hobby to use that bargain item.  Random purchases fill your closets and your mental space and reduce cash available for truly useful items.
  2. Look for brands you know and love.  Buying brands helps you know a good deal when you see it.  For example, if I am buying furniture from CraigsList I look for Pottery Barn or Ikea where I can look up the original price.  Same with consignment stores.  I may look for brands like J. Crew, Boden or Garnet Hill, which I would buy anyway.  I know how much I’m saving because I am familiar with their quality, sizing and pricing.
  3. Visit your favorite shops frequently.  Good stuff comes and goes fast.  I was looking to buy a Barbour quilted jacket and happened to spot one in my local consignment store for $16.  SCORE!
  4. Walk away if the item is not right, doesn’t fit or needs repair.  Who needs another project?

By following these rules you can enjoy the thrill of the hunt and have your shopping dollars go a lot further!