The post I am teaching my money wisdom to my children appeared first on Money Clubs.

The post I Am Facing My Fears and Creating New Dreams appeared first on Money Clubs.

The post I Am in Control of My Tax Situation appeared first on Money Clubs.

• Record your transactions in your check register as soon as possible. Remember to include any debit card fees that may apply. Then store your receipts safely in one place in case you need them later.
• Keep your checkbook up to date. Know your current bank account balance before you use a debit card. Don’t forget to subtract checks and debits that have not yet cleared your account.
• Get your family’s records in order. Set up a home “office” for bill paying and record-keeping. A corner in the kitchen or a desk in the guest room is fine—as long as you have everything you need to pay bills, track tax-deductible expenses, and manage investments.
• Gather in one place information about all of your investments, whether in IRAs, brokerage accounts, savings accounts, or life insurance. Create a “master list” of all of your accounts, what they are invested in (stocks, bonds, cash) and the approximate amount in each. You can then create a picture of your present allocation and decide if you need to make any changes.
• Keep track of papers that are important to your life. Visit your safe deposit box and make a list of everything inside the box, and store that list in your home or office in case of emergency. You’ll stop that nagging worry—what the heck is in that box anyway? If there’s nothing you need to keep in there, close the box and put the money you save to better use.
• Create a list of all of your accounts, account numbers, and approximate balances. Make copies and store them in your safe deposit box and your house files. Gathering this information in one place will save time and keep you from wasting your life energy searching for what you already have.
• Spend 15 minutes sorting and dealing with the money papers that worry you.
• Write a quick list of 20 things you would take with you if you had to evacuate your home in an emergency. Dollars to donuts, the things on your list are not the most expensive things you own, but the things that are the most meaningful to you.

Unclutter Your Life

• Go through your house and choose 15 items to donate to charity. Gather the items in a box, drive to the charity drop-off center, and get your donation receipt. Yay! A cleaner house, and a tax deduction!
• Tackle some small organizational task you have been putting off—whether it’s a junk drawer, a closet, or a file folder, Start the project and then (gasp!) complete it.
• Sort the bills in your wallet. Put small bills in front for easy access, and large bills behind for security. At the same time, dump loose change into a jar for savings. Every time you touch money, you should feel a sense of security, not disorganization
• Spend 15 minutes clearing off your desk, and organizing the clutter of papers. Rearrange, refresh, clean up, and toss.
• As you get your mail today, don’t toss it onto the pile of papers you already have. Immediately sort, do the actions that need to be done, and toss what you don’t need to keep. Half the trick in getting clutter-free is not adding to the clutter you already have!
• Donate your unneeded clothes to charity. Get rid of everything that doesn’t fit, is worn out, or that you haven’t worn in two years. If you don’t need it or love it, or it doesn’t fit any more, get rid of it!
• Spend 15 minutes thinking of ways you could cut down on stuff and have an easier and more fulfilling life. What could you do to make your life simpler?
• Take a quick look around the house. Do you have any rental videos or library books that are overdue? If so, scoop them up and drive right down to there to return them! Don’t say “I’ll do it later!”
• Make a clean sweep of your purse. Dump everything out on the kitchen table and start fresh. Clean out old pieces of paper, half-eaten mints, keys to nothing, and other junk you don’t need. Sort your credit cards in a sensible way. Put things in compartments where they are easy to access. Your purse is the gateway to your financial life, and it should be a well-organized portal, not your junkyard.

Managing your time

• Ask yourself the following question throughout the day: What is the best use of my time right now? This technique is used by some of the most successful business people to keep themselves on track. Sometimes you’ll find yourself doing an activity that makes you feel busy but is not productive. By simply asking yourself this question, it will keep you moving forward with today’s tasks.
• Let your phone go to voice mail or the answering machine for an hour each day. Use this time to catch up on things you find most important, and to recognize that your time is your own and your life is not at anyone’s beck and call.
• Practice being on time for everything this week. Experience the calm of not trying to pack more into one day than can actually fit.
• Take 15 minutes to plan this week. Review your appointment schedule, make sure you have everything you need, and make a list of goals for the week. In 15 minutes, you can gain peace of mind for the whole week.
• For 15 minutes, practice really listening to someone important to your money life. It could be your boss, assistant, best client, or business advisor. Be entirely silent while they speak their mind, and focus only on what they are saying—don’t multitask! Then, ask a question that will help you understand more deeply what the person is saying.
• Make a list of the financial questions you want to discuss with your advisors—attorney, financial advisor, tax preparer, insurance agent, mortgage broker, etc. Leave space to jot down the answers. In the meeting, be deliberate and articulate. When the meeting is over, be sure that all of your questions and concerns have been discussed.

The post Small Steps to Get Organized appeared first on Money Clubs.

The post Small Steps to Save Money on Gasoline appeared first on Money Clubs.

• Shop carefully for debit cards. Some debit cards have monthly or per-transaction fees. Carefully review your cardholder agreement. Your issuer is legally required to disclose any fees you will be charged for card use.
• Set your alarm 10 minutes earlier so you can make your own morning coffee and pack a bag lunch. Apply this savings from not going out for lunch or coffee toward your credit card debt and whittle it away faster.

• Check your finances for these drains:
  • Belonging to a health club that you don’t use very often;
  • Paying for more premium cable channels than you watch;
  • Paying for phone services you don’t use/need (land lines and cell);
  • Paying ATM charges and debit charges when free alternatives are available;
  • Using credit cards that charge fees that are greater than the premiums they offer (miles, rebates, etc.);
  • Buying more expensive gas for your car than you actually need — or not comparison shopping for gas;
  • Ordering checks from the bank rather than ordering the cheap ones from the mailers;
  • Drinking coffee at an expensive java joint rather than at home or the office;
  • Anything else that costs you money but for which you do not really get any value.

• Go to the library instead of buying your books at the bookstore. You’ll find an interesting variety of old as well as new books, interesting community programs and activities, and most libraries have high speed internet access as well.
• Sign up for the free Money Club Makeover, 21 Days to Boost Your Savings.

The post Small Steps To Cut Expenses appeared first on Money Clubs.

The post Small Steps to Making Your Budget Work appeared first on Money Clubs.

• Write down your worst money fears. Once you have made your list, decide which fears are real, and which fears are beyond your control. Cross out the ones beyond your control. Then you can develop a plan to deal with the fears that are real. As you move past the fear, you’ll watch your whole world change.
• Make a list of 10 money thoughts you have had in the past two weeks. Were they positive or negative? How could you treat yourself better? How can you send a message of respect and love to yourself with your money?
• If you have a money secret that’s been bothering you, tell it to a trusted friend. Find someone to whom you can admit this secret without fear of judgment or reprisal. Then, feel the pleasure you experience by releasing your “secret.”
• Get moving for 15 minutes! Consider what you do for exercise. Exercise is not usually considered a money topic, but blocking the flow of energy in your body will also block the flow of energy outward to create wealth and prosperity in your life. Do something, anything, that gets your heart pumping for 15 minutes.
• Today, make a date with yourself to take care of one small financial issue that is bothering you (such as requesting a credit for an unjustified late fee on a credit card or ordering an extra copy of a statement)
• Choose one good money habit to practice for today, such as making a list of everything you spend—and make it a part of your life, just for today.

Visit the past

• Write down the worst thing that ever happened to you financially, in three sentences or less. Then, write several good things that came about because of this event.
• Spend 15 minutes thinking of a time when work did not go your way, yet ultimately provided you with more rewards than you’d have received had things gone the way you had expected.
• Sit down in a quiet place where you won’t be disturbed. Set a timer for four minutes. Close your eyes and think of the worst money mistake you have ever made. Relive the hassle, frustration, and loss you experienced one last time—and then let it go. When the timer sounds, forgive yourself for your mistakes. Next time you are tempted to dwell on it, say to yourself: “That’s water under the bridge”, and move on
• Set a timer for 10 minutes. Take 8 minutes to think of the ways that you hold tightly onto the money in your life. Think of how you grasp money and try to squeeze it for all it’s worth, instead of simply allowing it to flow into your life. Then, clench your hands as hard as you can for 1 minute. Feel the tension blocking the flow of energy in your hands. For the last minute, relax your hands and let the tension flow out of your body.
• Money has a natural ebb and flow. Spend 10 minutes focusing on the ebb and flow of money in your life. Sometimes there is more than you need, and other times there is less than you want. This exercise will help give you perspective the next time your money seems to have “deserted” you. It will be back soon, with the next flow tide.
• List 5 things you thought were important in life but you have found that you can live without. They can be physical things, emotional things, or qualities, such as status or prestige. What is more important to you now?

Be good to yourself

• When you are in the middle of a financial crisis, it’s easy to blame yourself—but try to resist the urge. Always remember, keep your head held high, and your eye to the future. Tell yourself that “this too shall pass” and reward yourself in small ways for the progress you make. Your self worth is not dependent on your net worth.
• Make a list of some of your best attributes and skills. Each day, choose one attribute to concentrate on. Write it into the blank on this affirmation: “I am ________, and with each day, I am wiser, stronger and more self-confident.” Tape this affirmation to your mirror. Say it to yourself throughout the day.
• Take a small risk with something you do each day—take a different route to work, try a new type of ethnic cuisine, experiment with a new hobby. Get used to taking small risks in life and seeing what happens. Increasing your tolerance for risk will help you expand your horizons and think more creatively about your investments.
• Did you get enough sleep last night? Do you usually get enough sleep? Figure out five ways that you get more rest in your life. If you are well-rested, you will have the focus you need to create prosperity in your life.

• Stand in front of a mirror and say today’s Money Attraction Affirmation to yourself 20 times right now.
• Find a quote, poem, or religious verse that inspires you. Copy it and post it where you will see it. Whenever you are feeling the “money crazies”, look at your inspirational message and remember that you are much more important than money.
• If you are worried about something, ask yourself, what difference will this make six years from now? If it will make a significant difference, begin working to solve it. If it won’t make a difference, recognize where it fits into your priorities.

Get support from your friends

• Think of the person who most supports your life, who offers you hope and encouragement when things look bleak. Write this person a thank-you letter for all he or she has done for you.
• List 5 people you really enjoy talking to about your life—who make you feel energized and strong after you spend time with them. List 5 people who are the exact opposite—who drain you and make you feel weak and hopeless. List ways you can spend more time with the former and less with the latter. Would your favored five like to join with you in a Money Club?
• Think about friends with whom you’d like to share information and who can act as a support system for you or join with you in a Money Club. Write their names down, then give them a call.
• Organize a regular family “money meeting” to discuss your financial situation, dreams, and goals. Use this time to brainstorm creative solutions to problems and generate ideas to improve your future. Make it fun and educational by holding back criticism and approaching problems with a “can-do” attitude.
• Build your financial “advisory board.” Which of your friends can you count on for unbiased career advice? Who is good with investments? Who comes up with the most creative ideas for getting out of a financial jam? Start a Money Club to build on your strengths and help each other achieve your financial goals.
• It’s sometimes hard to look at yourself objectively. Ask your friends in your Money Club to help you assess your talents and suggest what you can do in the future to make the most of them
• Form a support group. Do you know other women who could use financial guidance? Invite them for a casual gathering at your home, and talk about the money issues that concern you. Odds are, some members of the group will be able to offer support and advice to others facing similar issues. If there is interest among your friends and peers, you could hold regular meetings and start a Money Club of your own!

The post Small Steps For Fighting Your Money Fears appeared first on Money Clubs.

Visualize your life

• Create a timeline of your financial history, starting with your first job or entrepreneurial endeavor. List your childhood lemonade stand, college stint at the local bookstore, and first “real” job. Include any financial milestones or setbacks, such as a career change, bankruptcy, or inheritance. Charting your money history over time will help you to see where you’ve been and how it may be influencing where you are going.
• Imagine your life as you would like to see it ten years from now. Where will you live? What work will you do? What will you own? Cut pictures out of magazines to make a Dream Collage. Put this Dream Collage in a place where you see it daily, and use it as the starting point to develop specific financial goals.
• Visualize and vocalize your goals. Say, “I am…” and then the goal of your choice. I am getting a promotion. I am taking a vacation to Europe. I am contributing more to my 401(k). Say these affirmations 10 times in the morning and 10 times at night. This is the secret behind Money Attraction Affirmations.
• Write a paragraph describing your idea of “the good life”. Where do you live? What do you do? Who are you with? What does your day look like?
• Take 15 minutes to focus on what is important, not what is urgent. What is the most important direction for your life right now? Where are you going? What builds the most value for yourself and the ones you love?
• Write down what you want to be known for at the end of your life. Are you working on that right now? How could you step up the pace?
• Visualize how you would like your life to change over the next ten years. Then, use this visualization as the starting point to develop specific financial goals. Would you like to go back to school? Start a business? Buy a house? Use your dreams to motivate yourself to get your financial house in order.
• Try a different route to work and go to a different place for lunch (or brown bag it or exercise during lunch). Shake up your daily routine so you can see more of your options.

• Think about what matters most to you and how you can use your money better in the future to bring you more pleasure, joy and love.

The post Small Steps for Achieving Your Financial Goals appeared first on Money Clubs.

• Take stock of your situation. Don’t be afraid to look your bills “in the face” and make a list of what you actually owe. Being willing to analyze your situation objectively will make it possible to resolve the problem. Knowledge is power!

• Take this simple quiz to see if you’ve got too much debt. If you answer any of the questions “Yes”, you may be getting into financial trouble:
  • Next month’s bills are due before you’ve paid last month’s.
  • There are more bills than you thought.
  • You know what past-due notices look like.
  • You get an overdue balance on a credit card statement.
  • You avoid opening statements.
  • You rarely keep a running balance in your checkbook.

• If you can, quit using your credit cards: Instead, use a debit card so the payment comes straight out of your bank account

• Give yourself some credit. If credit card debt has been a problem in the past, don’t cut up your cards, simply use them wisely this year. (Would you get rid of the stove because you burned the bacon? No, you’d just be more careful when you cooked in the future.) Track your credit card purchases as you make them, or use a debit card so the purchase amount is automatically deducted from your checking account.
• If you must continue using your credit cards for now, charge only what you can pay in full within 30 days, when the bill comes.

• Put the money for each charge you make into a savings account as you make the purchase. That separate account will be used to pay the bill when it comes. As an alternative, deduct each charge slip from your checking account balance as you make the charge. Where you would normally write in the check number, put “CC” for “credit card.” When your checking account balance reaches zero, quit charging.

• Figure out the ratio between your monthly payment on debt and your monthly income. Here’s a rule that is used by mortgage lenders – the “28/36 rule.” Your monthly household debt service should not exceed 28% of your gross monthly income. Your total debt service, including your house payments plus all other payments, should not exceed 36% of your gross monthly income.

• Sign up for the free Money Club Makeover, 21 Days to Get Out of Debt.

Get off the credit card treadmill

• Freeze your debt. If you’re trying to tighten your belt, consider putting your credit cards out of service temporarily. Simply place your card in the middle of a container full of ice cubes, putting a few cubes on top to keep the card from floating to the surface. Fill the container with water, and put it in the freezer. In order to use your credit card again, you’ll have to wait for it to defrost, which will give you a “cooling off” period to consider your expenditures.

• Save, don’t charge. If you want to make a large purchase, try saving monthly for it until you can pay for it in cash. It’s much cheaper to save for an item first than to buy it on credit. Keep your future debt load reasonable.

• Before you run up credit card debt, have a plan for paying it off. Remember that your debt SPENDS your future income. Will you be able to curtail future spending so you can pay for the item’s you’ve already bought?

• When the bill comes each month, if possible, pay all the current charges plus the monthly finance charge. In addition, pay 5 to 10 percent of the old balance due, as much as you can afford.

Be wise about credit cards

• Pay attention to interest rates. Don’t throw those credit card solicitations out without looking for cards that have a lower interest rate than your current debt. If you find a good offer, transferring your debt can save you a bundle. You can also check out www.bankrate.com to find the lowest available offers and submit your applications.
• Order a copy of your credit report, and that of your spouse, and sit down together to review them. If there are any inaccuracies or inconsistencies, decide which of you will take steps to correct the problems. Don’t put it off—it will only get worse, not better.
• Shop for the lowest interest rate if you expect to carry a balance from month to month. However, if you plan to keep your balance small, look for a no-annual-fee card with the lowest interest rate you can find.

• Make sure the credit or debit card you carry has a zero liability policy. Although payment card fraud is extremely rare, many of the card associations enhance federal security protections with a zero liability policy. The zero liability policy provides added protection to consumers by eliminating liability, in most circumstances, of consumer payment card fraud. Without the zero liability policy, under federal regulations, consumers may be held liable for up to $500 or more.

• Plan ahead. If you are planning a big purchase, such as furniture, look for a credit card offering a low introductory rate if you are certain you will pay off the balance and are comfortable with the terms. Opening a credit account with the furniture store is another option, but credit cards issued by financial institutions usually have lower rates than store cards.
• If you’re drowning in debt, get help! Contact Consumer Credit Counseling Services at www.cccs.org, or the National Foundation for Consumer Credit at www.nfcc.org.
• Watch out for credit card bill consolidation companies—most of them are not worth the fees.
• If you might get laid off, apply for credit cards now. The best time to get a credit card is while you are employed, and if you do lose your job, the available credit can help you with emergencies and help tide you over until you can find new employment.
• Use your card to bridge the gap. If you are expecting a bonus in a few months, but want to make a big purchase now, you can put the purchase on your credit card and pay it off when your bonus comes. That’s a good plan if: (1) you’re sure the bonus will come; (2) you limit your spending to the amount of the net bonus after tax (don’t treat it like an endless supply of money); (3) you’ve found a card with a credit limit high enough to accommodate the purchase and with a reasonable interest rate over the period of time you’ll need to pay off the balance.

Use your debit card

• Be smart about when to use your debit card and when to use your credit card. A credit card is a “buy-now, pay-later” tool. A debit card is a “buy-now, pay-now” tool. Both cards can play major roles in your money-management plan.

• If you have trouble getting a credit card, get a debit card instead. Because debit cards use your own money at the time of sale, they are often easier than credit cards to obtain.

• Check your bank account. Before you use your debit card, be sure there’s sufficient funds in your bank account to pay for the purchase. A debit card is linked to your checking and/or savings accounts. When you use a debit card, money is subtracted from your account. In contrast, a credit card is an unsecured loan that you will have to repay with interest at a later date.

• Go for convenience and safety when you shop. A debit card allows you to shop without having to carry cash or remember your checkbook.

• Use your debit card when you surf the net. If you like to shop the Internet, you can’t write a check, so use your debit card. Even in many bricks-and-mortar store, debit cards are more widely accepted than checks, especially when you travel.

• Pay attention. Debit cards and credit cards look a lot alike, so know which card you are using. There is no grace period for a debit card purchase. Since it’s directly deducted from your checking account, make sure you have the money available to cover the full transaction amount at the time of sale.

• Shop carefully for debit cards. Some debit cards have monthly or per-transaction fees. Carefully review your cardholder agreement. Your issuer is legally required to disclose any fees you will be charged for card use.

• If your debit card is lost or stolen contact your card issuer immediately. Not only does this reduce your liability if fraud losses occur, but if it’s a VISA card you can get your credit restored faster. A VISA cardholder will receive provisional credit within five business days of notification of the unauthorized use of their debit card. This exceeds the federal guidelines of 10 days. Many financial institutions, however, often provide credit within 24 to 48 hours. Under federal regulations, financial institutions have up to ten days to provide provisional credit.

The post Small Steps To Reduce Credit Card Debt appeared first on Money Clubs.

The post Love Brings Me Prosperity Every Day appeared first on Money Clubs.

The post I Will Have a Happy, Prosperous 2013 appeared first on Money Clubs.

• This December I reflect on my successes and challenges of the past year and I look forward with confidence to the next.
• I pay attention to what is really important in life: spending time with loved ones, giving to others, and sharing the joy of living.

The post My holiday season is filled with joy, hope, love, and prosperity appeared first on Money Clubs.

The post I am Grateful for Everything I Have appeared first on Money Clubs.

Icebreaker

It’s time to reveal some fun and wacky budgeting categories. What is the funniest item in your budget each week or month? Do you have a line item for “beer budget”, “retail therapy”, or “mystery cash”?

Things to Talk About

Budgeting is only boring if you view it as a straitjacket that keeps you from buying the things you love. Budgeting is a way to bring order to your financial life and to see progress towards your goals. Talking about budgets can be informative, revealing, and (dare we say it?) fun.

Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own!

• What was your most successful experience with a budget?
• When have you found it easiest to stick to a budget? At what times in your life? On what items?
• Do you function best with a budget of broad categories, a detailed line-item budget, or a budget for certain big-ticket or problem items? What tricks have you learned to help yourself stay on track?
• What inspires you to cut back on nonessential expenses? What goal or dream makes you want to stick to a budget?

AS USUAL.

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting?  What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Stepto do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions: What are your money challenges before the next meeting? What do you need to focus on? What is the next step in your life — and what can you do before the next meeting to achieve it? Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example: I will spend 15 minutes in the evening recording my spending for that day. I will notice my spending habits so I can better understand what is going on in my financial life. Or I will spend 15 minutes rewarding myself with something free or inexpensive for sticking to my budget that day: a great cup of coffee, a walk in the park, a conversation with a friend. I will give myself permission to enjoy the simple things in life and to acknowledge my self-discipline in financial matters. Or I will put a small sum of money into a jar in the evening if I stuck to my budget that day. At the end of the month, I’ll take the money out and blow it on something entirely frivolous and fun. You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am a powerful woman who manages her own financial affairs. I keep my financial house in order. I know how to take care of myself financially.  I am a self-disciplined spender.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.So You Wanna Be Frugal Discussion questions: Which description most closely matches your own situation? What steps can you take right now to “frugalize” your attitude? What Really is Essential to Happiness? Discussion questions: What must you have to be happy? How much happier do additional purchases make you? What steps can you take to keep your eye on your own personal “prize”, when you are tempted to spend? Other Budgeting Strategies Discussion questions: Was this budgeting strategy helpful to you? What do you think would be an effective budgeting strategy for special situations in your financial life?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called Setting Up Your Budget

Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.

Discussion questions for your club meeting:

• How did you feel before you set up your budget? When you finished the budgeting process?
• What can you do each month to celebrate your fiscal discipline?

The post Budgeting: Member Guide appeared first on Money Clubs.

If you don’t know where your money goes, you’ll live and spend from day to day with no clear idea of how much money is moving in and out of your accounts. To help you figure it all out, follow the four simple steps below.

1. Create a worksheet so you can analyze where your money goes.
   In a blank notebook, list the budget categories that apply to you, one on each line, using the categories in the budget worksheet (see below) as a guide. Add budget categories that are uniquely yours; for example, if you are enrolled in school part time, you may have additional expenses for tuition payments, textbooks and supplies.
2. Figure out where your money has gone.
   Go through your checkbook and credit card statements for the past year and list each check or itemized credit card charge in its proper category. Add the amounts in each category, and you will have a summary of your spending by category for the past year.
3. Create your budget for the coming year.
   Decide where you can cut back, and by how much, and subtract the changes from the category totals. Divide the revised amounts by 12 to arrive at your preliminary monthly budget. Compare the total of all expenses with your monthly income, and adjust the expenses as necessary until your monthly budget equals your monthly income. Be sure you allocate as much as possible to the category “savings and investments”; 10-15 percent of your gross income is ideal. Getting the inflow and outgo to agree may take some doing, but persevere until your budget balances.
4. At the end of each month, see how close you came to your budgeted amounts.
   Use the Budget Worksheet below. Once you figure out whether your spending was over or under your budget, jot an explanation into the column next to major variances. If you consistently exceed your budget, you will have to adjust your spending habits or find a way to increase your income so you can accommodate your extra spending.

Using a computerized program such as Quicken or Microsoft Money will make tracking your expenses much easier, because it does the math for you as you go along.

The post Setting Up Your Budget appeared first on Money Clubs.

Icebreaker

What did you learn about charity while you were growing up? What lessons have you taught your own children?

Things to Talk About

Generosity is an expansive feeling of abundance that you experience when you know that you have enough and you know that you have extra to give others. Charity is one way of affirming to yourself and to the world: “I have enough to give”. Many women have found giving to others just the affirmation they needed to make lasting improvements in their own lives.Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own! What charities do you believe in? How do you support them? When in your life have you felt most generous? What is the greatest gift you have ever given, monetary or otherwise? What gives you a feeling of generosity, of “giving back”? What do you think is your greatest opportunity for contribution to the world?

AS USUAL.

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting? What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions: What are your money challenges before the next meeting? What do you need to focus on? What is the next step in your life — and what can you do before the next meeting to achieve it? Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example: I will spend 15 minutes researching charities that do good works in areas that I care about. I will choose to donate to one that I respect and that makes good use of its contributions. Or I will spend 15 minutes thinking about ways that I can be more generous. I will concentrate on the wealth of skills and experiences that I have to offer the world. Or I will spend 15 minutes talking with a good friend about starting a program of regular donations. We will support and reinforce each other in our good works. You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am a financially generous person. I have everything I need. I have plenty to offer the world. I am ready to give back for all of the good that I have received.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.Tips on Charitable GivingDiscussion questions: Which of these tips is most helpful to you in your charitable giving program? Have you given to any charities that you now think might be questionable? Charity Database Discussion questions: Did you find any charities for causes that interest you? Will this new information enable you to target your charitable giving program more effectively? Gifting Strategies to Save on Taxes Discussion questions: How can you use these strategies to save on your taxes? What can you do today to set up a gifting program?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called Exploring Your Gifts.Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.Discussion questions for your club meeting: How can you show financial generosity in your daily life? What can you do to capture the joy that comes from helping others?

The post Financial Generosity: Member Guide appeared first on Money Clubs.

Icebreaker

Go around the room and complete this sentence: “If I had a million dollars, I would.” Would you save the money? Pay off debts? Splurge on yourself? Give it to family? Listen to the other group members’ answers-they will often be quite similar, but will show the unique style that guides each person’s money interactions.

Things to Talk About

Your money style is an important part of who you are. Knowing your money style can help you to choose consciously how you would like to handle money, instead of letting your unconscious tendencies rule your interactions.

Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own!

• Do your friends and family members have the same money style?
• What are the advantages in your life of your money style? The disadvantages?
• When have you done something completely out of character with regard to money?
• How has your money style affected your interactions with others?
• If you could change just one thing about your money style, what would it be?

AS USUAL.

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting? What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions:

• What are your money challenges before the next meeting?
• What do you need to focus on?
• What is the next step in your life — and what can you do before the next meeting to achieve it?

Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example:

• Next time I go shopping, I’ll pay attention to how my money style affects my experience. I’ll be more conscious of what I buy and what I don’t buy and the thoughts I have while making purchase decisions.

or

• I will spend some time discussing money styles with a close friend or a significant other who might be open to the discussion. I won’t be judgmental of their money style, just listen empathetically to understand how their money style has affected their experiences.

or

• I will do just one small thing that is totally contrary to my natural style. If I am a Hoarder, I will splurge on a small item. If I am an Avoider, I will face a money issue that I have been putting off. If I am a Splurger, I will refrain from buying something on impulse.

You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right.

More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am becoming conscious of my money style. I am learning how to handle money to my greatest good. I am willing to embrace new experiences and ways of thinking. I am in control of my financial life.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.Your Approach Towards Money Discussion questions: How does your money style affect your attitude towards money? Has your money style remained constant while your attitude has adjusted to your life circumstances? Or vice versa? Your Relationship with Money  Discussion questions: Think about your own money history. How have your experiences shaped your money style? What events in your life had the most impact on your career, spending, and saving decisions? Money Style-Yours and Theirs Discussion questions: How has your money style affected your interactions with significant others? How have you learned to balance your differences? What can you do to be more tolerant of others’ money styles?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called Your Money Style Quiz.

Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.

Discussion questions for your club meeting:

• Are you a Hoarder, Avoider or Splurger?
• How can recognizing your personal money style avert conflicts and confusion with others (such as a mate or business partner)?

The post Your Money Style: Member Guide appeared first on Money Clubs.

Nevertheless, you will undoubtedly recognize aspects of yourself in one or more of them. Keep in mind that the categories are also useful for negotiating the more complex business of handling money with another person, whether a mate or business partner. Recognizing your personal money style can avert otherwise inevitable conflicts and confusion.

2.	When shopping at your favorite store, you spot the perfect pair of pants. They suit you to a T! Only one problem: they are way out of your budget. What do you do?

3.	Good news arrived in today’s mail! You have inherited $10,000 from crazy old Aunt Minnie, whom you have never even met. You:

4.	When it comes to saving money, you:

5.	Honestly, how do you drive your car?

6.	If you could choose any one of the following occupations, regardless of income, it would be:

7.	Regarding money, your best wish for your children is that:

8.	Money-wise, what do you look for in a mate?

9.	When you think of your retirement, you:

10.	Your worst money problem is your:

11.	Your worst fear about money is:

12.	If asked how much is in your bank account right now, you’d say:

13.	When you get a retirement account statement, you:

14.	A quality that you admire in yourself is:

15.	The reason you don’t have as much money as you want is:

16.	Guests are arriving for Thanksgiving dinner in one hour. In the kitchen, you’re:

17.	When entertaining, you like:

18.	Your attitude toward life is best summed up with the phrase:

19.	When tipping in a restaurant, you:

20.	What you don’t know about money:

Scoring:
In the chart below, circle the letter (H, A, or S) to which each of your answers corresponds. Then count the number of circles for each type and fill in the blanks next to each type. The type with the highest number is your money style.

 ______ Hoarder
______ Avoider
______ Splurger

Rating:
From the scores above, you can see which of the money styles dominates your personality.

Our thanks to Olivia Mellan, whose groundbreaking work in this area appeared in her book Money Harmony: Resolving Money Conflicts in Your Life and Relationships (Walker & Co, 1994).

The Hoarder 

The Hoarder is deeply attached to her money. Her hobby is saving money, and she loves to see her bank account grow. She is also apt to clip coupons, set budgets, and prioritize financial goals, although she may not be inclined to take on much risk. The Hoarder keeps her money “safe in the bank,” never considering that inflation is eating away at her savings every day. She is less concerned with having money now than with her security in the future, and although she appears successful, she often worries that she may outlive her money and end up in poverty.

The Hoarder also has a hard time spending money on herself and her loved ones, especially on luxury items or things that offer only short-term gratification. Many Hoarders worry about money and feel that they will never have enough to feel secure. Others channel their thrifty tendencies into bargain hunting, always looking for the big sale. Getting a bargain makes her feel great, but finding out there was a better deal elsewhere makes her feel awful. Whatever outlet she uses to channel her anxieties, the Hoarder attempts to assert financial control of her life by focusing on details, and she is usually apprehensive about making mistakes.

If you are a Hoarder: With obvious exceptions, the Hoarder is onto a good thing. Financial security is essential for creating and building self-esteem. But too much hoarding can be destructive and can lead to inner turmoil and bitter conflicts with family and friends.
If you are a tried-and-true Hoarder, you can take three positive steps toward a secure future:

1. Systematically examine your financial situation and assess your goals; then decide how much money you will need to reach your goals.

2. Take more risks with your money to gain greater rewards; make your money work as hard as you do. For example, channel the energy you might use looking for bargains into researching appropriate investment options for your financial goals and risk tolerance.

3. Once you know what you need to reach your goals and you have your money working for you, enjoy life! After saving and investing for your future, spend the remainder without guilt or anxiety.

The Avoider 

The Avoider has trouble dealing with her finances, whether balancing her checkbook, budgeting, paying bills or investing. She may have a fear of money that stems from a lack of self-confidence in dealing with financial transactions. As a result, the Avoider prefers to ignore the issue of money rather than confront her anxieties and take control of her finances.

Alternately, the Avoider might believe that money is evil and has the power to corrupt. She feels that having too much wealth or making a profit on investments means she is being greedy or selling out on her values and beliefs. Avoiders are not inclined to keep tabs on their current spending or invest for the future, and they may alienate their loved ones with their self-righteous attitude toward wealth.

If you are an Avoider: First, you need to take an honest look at why you’re evading the issue of money. Do you feel like you lack the knowledge to make informed financial decisions? Or do you think that money and material possessions are superfluous, and want to follow a more spiritually virtuous path of poverty?

If it’s a lack of self-confidence that’s standing in your way, make an effort to learn about financial planning. You can find both basic and detailed information in books such as this one, magazines and newspapers, and through the Money Club website. If you haven’t already joined a Money Club, start your own with a few of your friends. In the Money Club, you can figure out which financial issues need to be addressed immediately, like learning to balance your checkbook, and paying your bills on time, and which you can tackle in the near future, like researching different mutual funds for your retirement plan.

If you think money is the root of all evil, remember that you can do a lot of good with your wealth, and there is no sin in success. Consider investing in socially responsible companies or creating a charitable fund in your own name. And recognize that having money affords you the opportunity to help the people and causes that are nearest to your heart. You don’t have to live extravagantly, but you shouldn’t jeopardize your future security either.

The Splurger

The Splurger’s credit cards are her best friends, but like some friends, they frequently talk her into spending money she can’t really afford. The Splurger hates to limit herself-after all, she works hard for her money, and deserves to have money make her feel good. At the same time, however, she might feel frustrated that all her hard work hasn’t garnered her more spectacular financial rewards, and she often splurges to cheer herself up or make herself feel more successful. Splurgers have a hard time budgeting, and difficulty delaying gratification in the present to save for the future.

The Splurger is also prone to fantasies of financial rescue, and fears achieving success on her own, afraid that she will give up a certain emotional dependency that has been keeping her from being self-supporting. While she waits for the miracle person or event that will solve her financial woes, the Spender may spend most of what she has at her disposal, or rack up a hefty amount of debt.

If you are a Splurger: Although money is tightly intertwined with the Splurger’s definition of success, Splurgers never feel they have enough money, or seldom have a clear perception of what money is. For many Splurgers, money is also a measure of love and approval. The Splurger uses money to make herself feel good, but when splurging undermines her financial security, it’s time to get a grip on it.

If you share some of these characteristics, reward yourself for good performance with occasional splurges rather than all-out spending binges. Or perhaps you can learn to enjoy making sound financial purchases: Splurge on some smart investments that will grow in value in the future, rather than buying more clothes you don’t need.

Similarly, instead of lavishing money and gifts on others, concentrate on building personal relationships on foundations other than money. Invest your time and your attention in your relationships with others, and invest your money in yourself. You will achieve considerably more satisfaction on both fronts.

The post Your Money Style Quiz appeared first on Money Clubs.

Icebreaker

What do you imagine for your life after widowhood? What do you imagine you could do to be fulfilled and socially connected?

Things to Talk About

Nine out of ten women are on their own financially at some point in their adult lives, and often the quality of your life will depend on your financial skills. The traumatic early days of widowhood should not be spent scrambling to catch up on your financial education. The earlier you begin to take responsibility for your financial affairs, the better off you will be.Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own! How did your parents or family friends handle their widow or widower status? What were their coping strategies? What can you do right now to help yourself prepare for widowhood? What can you do right now to help your husband prepare to be a widower, if that occurs?

AS USUAL.

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting? What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions: What are your money challenges before the next meeting? What do you need to focus on? What is the next step in your life — and what can you do before the next meeting to achieve it? Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example: I will plan a Contingency Day (link to Money Zone for Estate Planning) to review my estate plans and other arrangements with my spouse or adult children. Or I will talk with other women who have been through widowhood and learn from their experiences. Or I will spend 15 minutes thinking about the new possibilities created by life transitions such as widowhood. You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am learning and growing every day. I am taking care of myself financially. I am a strong and capable woman. I use every experience for my personal growth.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.Giving Gifts Discussion questions: What can you do to start a gifting program that will reduce your estate? If death were imminent, what gifts would you give? Tax Matters Discussion questions: What kind of help can you get to handle tax matters after your husband’s death? What records can you gather to make it easier to handle these matters? Creating an Estate Planning Team Discussion questions: Who is on your estate planning team right now? What can you do to assemble your team before you need their help?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called Widowhood Checklist.Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.Discussion questions for your club meeting: What can you do to gain a “future perspective” on widowhood-to rise above the emotions and concerns of the moment? What financial preparations can you make right now for widowhood?

The post Widowhood: Member Guide appeared first on Money Clubs.

As always, be sure to ask for help and support from family and friends. The following checklist can serve as a reminder of steps to take immediately after your husband’s death and during the time that follows:

The post Widowhood Checklist appeared first on Money Clubs.

Icebreaker

What is your funniest (or most embarrassing) experience involving the Internet? Did you stumble across a site that was not what you had imagined? Contact someone by e-mail only to realize that you’d made a significant mistake?

Things to Talk About

Using the Internet for financial education offers great advantages over the old fashioned newspaper. By surfing a variety of sources, you can experience many perspectives on the same issue. You can also get up-to-the-minute information on the stock market and breaking news.Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own!

• Do you ever search the Internet for financial information? Do you find what you need?
• What is your favorite source of financial news? What do you like about it?
• What financial information apps have you found that are useful?
• How do your opportunities for financial education differ from your parents’? From your own opportunities in the past?
• What topics do you want to learn more about?

Icebreaker

Using the Internet for financial education offers great advantages over the old fashioned newspaper. By surfing a variety of sources, you can experience many perspectives on the same issue. You can also get up-to-the-minute information on the stock market and breaking news.Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own!

• Do you ever search the Internet for financial information? Do you find what you need?
• What is your favorite source of financial news? What do you like about it?
• How do your opportunities for financial education differ from your parents’? From your own opportunities in the past?
• What topics do you want to learn more about?

AS USUAL

Catch Yourself Doing Something Right

Share your success with your fellow Club members:

• What Money Miracle (unexpected good fortune) did you have since last meeting?
• What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions:

• What are your money challenges before the next meeting?
• What do you need to focus on?
• What is the next step in your life — and what can you do before the next meeting to achieve it?

Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example:

• I will spend 15 minutes reviewing a bank, investment, or insurance statement online. I will note any discrepancies or questions and contact the company electronically to resolve my concerns.

Or

• I will spend 15 minutes online researching a financial topic that interests me. I will use a search engine such as www.google.com to find information on the topic, and bookmark any websites that might be useful to me in the future.

Or

• I will set my home page to a financial website, such as www.wife.org, or the Small Steps page of the Money Clubs www.moneyclubs.com/dotoday.htm. I will take a brief look at the website as I start my computer each day, reminding myself of the financial topics I’d like to learn more about.

You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like:

• I am learning new skills and ways of achieving my goals.
• I am flexible and adapt well to new circumstances and technologies.
• I am financially healthy and strong.
• I can find whatever I need to know.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own. Exploring Connections Discussion questions:

• Which of these websites did you find most interesting? Why?
• Which resources do you think you would find most helpful in your daily financial life?

An Ongoing Program of Financial Learning Discussion questions:

• Which financial learning courses most fit your current stage of life?
• What part of the site did you like the best?

Fun Facts Discussion questions:

• How did it feel to read these fun facts about women and money? What conclusions did you draw?
• What particular statistics were most interesting to you? Why?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called Searching the Internet.Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.Discussion questions for your club meeting:

• How can you incorporate a financial learning program into your everyday life?
• What are the advantages of going online to learn about finances? The disadvantages?

The post Using the Internet for Financial Education: Member Guide appeared first on Money Clubs.

Have no fear, cowgirl! This brief course in searching the Internet for financial information will help you find what you need. We’ll start by helping you to become more familiar with the most popular search engines, and help you construct a search that will lead to financial information on your particular topic. Then, we’ll cover alternate ways to search for financial information.

First, take a look at the three most popular search engines on the web, Google, Bing and Yahoo!. All three help you find information about other websites on the Internet. Searching through these sites can help you locate information on many financial topics from a great variety of websites. Google’s search engine favors sites that have a lot of links to other sites. Yahoo! organizes sites by category and helps you to find similar sites on the topic you have chosen. Take a quick look at each of these sites to familiarize yourself with their structure.

Now let’s try a sample search. Let’s suppose that you are looking for information on retirement plans. Go Google, Bing or Yahoo!, type “retirement plans” into the Search box, and press enter. If any of the links look interesting, explore them to gather information that might be helpful.

Now, go back to the original search page (press the “Back” button on your browser), and add some additional words, such as “401k”, “IRA”, or “403b”, depending on what type of plan interests you. If you are looking for particular investments within a retirement plan, you can add additional words, such as “investing”, “stocks”, “asset allocation” or “money management”. For other topics related to retirement plans, try “defined-benefit”, “self-employed” or “over 55″ as necessary. Keep clicking on links until you find the information you need. If you get stuck at a dead end, press the “Back” button to go back to the last useful point and start again.

When examining websites, favor ones that are educational in nature-for example, choose Money magazine at money.cnn.com over Joe Financial Planner’s website. Also favor large sites by well-known organizations, such as the IRS, Department of Labor, university extension programs, and major financial institutions. You are more likely to get a good general education on the subject from these sites, instead of having to separate what is generally accepted fact from personal opinion.

To expand your search skills, you may want to consider a totally different approach. Instead of using a search engine, try going directly to the financial information websites themselves and using their “site search” feature. For example, WIFE.org has a search feature that will help you find articles on financial topics on the WIFE site. By targeting your search in this way, you screen out biased or commercial sites that might plague your search results from Google or Yahoo!

Other financial sites to try include:

• practicalmoneyskills.com
• smartmoney.com
• moneycentral.msn.com
• money.cnn.com.

The post Searching the Internet appeared first on Money Clubs.

Icebreaker

Who among your family or friends has already begun collecting Social Security? What has their experience been like?

Things to Talk About

Now that people are living longer, more and more people are drawing benefits. In 1940, there were 40 active workers to support each person receiving Social Security. Now, there are only three workers for each beneficiary, and that number will continue to fall. Keep in mind that the age at which you can start receiving full benefits is going up as well. It used to be 65, but the qualifying age for full benefits is now increasing on a graduated scale. By 2027, the age will be 67. So you’re probably going to have to wait longer and longer to qualify for full benefits to start replacing a smaller and smaller percentage of your pre-retirement income.Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own! Is Social Security a large part of your personal retirement plan? Are you familiar with Social Security’s other benefits, such as disability and widower benefits? Do you think your children (or anyone in the next generation) should count on receiving Social Security? Do you prefer the idea of a guaranteed fixed benefit like Social Security, or do you prefer to manage your own funds, with the attendant risks, as in a 401(k) or IRA?

AS USUAL.

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting?  What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions: What are your money challenges before the next meeting? What do you need to focus on? What is the next step in your life — and what can you do before the next meeting to achieve it? Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example: I will spend 15 minutes reading my Social Security Statement and making sure that all of my earnings are correctly recorded. Or I will investigate Social Security benefits for my parents or retirement-age relatives who may need help sorting through the red tape of the Social Security system. Or I will investigate the range of Social Security benefits available for divorcees, widows, and others who may not qualify for full benefits under their own earnings, as befits my personal situation. You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am planning for my future. I am completely aware of my options regarding retirement. I am investigating my retirement benefits. I am becoming a Money Star.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.Social Security Basics Discussion questions: What additional information did you learn about the Social Security system? Did this article change the way you see the Social Security system? Women and Social Security Discussion questions: What does this information mean to your own retirement plans? What further information are you inspired to seek out? Social Security Benefits and Divorce Discussion questions: Did this information surprise you? What steps can you take to collect on your Social Security benefits based on your ex’s earnings record?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called Determining Your Benefits.Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.Discussion questions for your club meeting: How can you ensure that your future earnings are credited accurately? How can you enhance your retirement plans to be less dependent on Social Security?

The post Social Security: Member Guide appeared first on Money Clubs.

First, you can check your benefits on the Social Security Administration website to determine if your earnings have been recorded accurately. You can send your request by Internet, download a paper version of the request form, call 1-800-772-1213 to request a form, or visit your local Social Security office.

Whether you make your request online or by mail, you will receive yourStatement by mail. It takes about 2 to 4 weeks if you request the Statement electronically and about 4 to 6 weeks if you send your request by mail.

If you will be relying on someone else’s earnings (for example, your current or former husband), you should call or visit the local Social Security office. If your spouse is still living, privacy rules prohibit the Social Security Administration from giving you his or her record, but they can tell you about your benefits after they have established your relationship to him. If your spouse died sometime in the past, this kind of Statement won’t give you the most up-to-date estimate of benefits you might receive, so the Social Security Administration’s telephone service staff at 1-800-772-1213 or the personnel at your local Social Security office can give you the correct information from other records.

However you get the records, check it carefully for errors once you receive it. If you find any errors, call the Social Security Administration at 1-800-772-1213. If you would rather take your records to your local Social Security office, use the online locator to find the office serving your area.

To correct your earnings record, they’ll need to know your name, SSN, the year or years that are incorrect, and the business name and address of your employer for those years. If available, have your forms W-2 (or tax returns if you are self-employed) for the years in question handy when you call or visit. Even if you don’t have any paperwork, make an effort to contact the Social Security Administration to get your records corrected. They may be able to search their records using the information you give them about your employer’s business name and address. If you live outside the United States and can’t use their 800 telephone number, you can write them a letter (including copies of W-2s and other documentation) at the following address:

Social Security Administration
Office of Central Operations
P.O. Box 17775
Baltimore, MD 21235-7775
UNITED STATES OF AMERICA

Remember: The Social Security Administration may still be processing your earnings for last year, so your record may not be up-to-date. (Also, if you had more than one employer during the year, each one reports separately and the information may be added to your record at different times.) Your earnings for the current year won’t be reported to the Social Security Administration until next year.

After your record is corrected, the Social Security Administration will send you a letter letting you know. Your next annual Statement after that will also show the correction. If you need an updated Statement right away, you can request one after you get your letter about the correction.

Now, let’s hope the system stays intact long enough to get your benefits. 

The post Determining Your Benefits appeared first on Money Clubs.

Saving at least 10 percent of your income is a way of showing yourself love and respect. This 10 percent can be used to pay down debt, to set aside an emergency fund, for long-term goals such as buying a home or retiring-for anything that is good for your financial future.

Icebreaker

Saving starts early. What purchase did you save up for and anticipate enjoying as a kid? Was it a dollhouse? A bike? A car? How long did you save for it? How did you get the money? How did you feel when you finally got it? Share your childhood memories of saving with the others in your Club.

Things to Talk About

There’s a lot to talk about on the subject of saving — that is, showing yourself respect with your money.

Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own!

• How do you handle saving decisions in your family now?
• How do you “trick” yourself into saving?
• Are you good at saving? Why or why not?
• What savings goal have you achieved that makes you most proud?

AS USUAL.

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting? What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions:

• What are your money challenges before the next meeting?
• What do you need to focus on?
• What is the next step in your life — and what can you do before the next meeting to achieve it?

Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example:

• I will contact my employer to set up an automatic deduction plan from my paycheck to my savings account — and I am setting aside a date and time to do it right now.

or

• I will take 10 percent of any windfall (a raise, a refund check, a birthday gift) and put it into my savings — and I am setting aside a date and time to do it right now.

or

• I will add up any savings I have from coupons or sales since the last meeting and deposit a check for this amount to my savings — and I am setting aside a date and time to do it right now.

You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right.

More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am saving for my future. I am paying myself first. I am giving myself the respect I deserve. I am creating my own financial destiny.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone, then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.Living Rich on a BudgetDiscussion questions: How have you used savings to live better? What is your best savings experience ever? Where to Keep Your Savings Discussion questions: What do you think is the best option for your own emergency savings? Do you have any other ideas for good places to keep your savings? Which Debt to Pay off First? Discussion questions:  If you have debts, which one do you think you should pay down first? What other uses for your savings can you foresee?

Just For You

Before the next Money Club meetings, do the Just for You Exercise called Start Your Savings Program

Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t’ get it done, and they will encourage you (not bug you) to make a date to do it soon.

Discussion questions for your Club meeting:

• Do you consider yourself to be a saver? If so, how did you get that way? If not, what can you do to hone your savings habit?
• What can you do to save more? Brainstorm some ideas such as: Bank your raises, shop sales, cut out expensive snacks, etc.

The post Saving: Member Guide appeared first on Money Clubs.

The more items you chose, the better your savings habits! You go, girl!

To start your savings program, it is better to save something rather than nothing — but your ultimate goal is to save at least 10 percent of your income. Your savings should go toward your goals, in this order:

1. Pay down existing credit card debt.
2. Set aside an emergency fund.
3. Longer-term goals, such as taking a vacation, buying a new car, getting a new house, saving for retirement, etc.

Let’s see if you’re on track with this savings plan. Here we go!

First, you need to know how much you are earning. Get your pay stubs, tax return, or whatever else you need to find a good number for the amount of money that you bring in each month, before taxes. If it’s an annual number, convert it to monthly. If it’s weekly, convert it to monthly by multiplying by 4.33. If bi-weekly, convert it to monthly by multiplying by 2.17. If your income varies, make a conservative estimate of what you average each month.

Your ultimate savings goal may not be achievable for you at present. Figure out what you think you can save, and then stretch to exceed it each month. Post your savings goal where you can see it. Every time you put money toward one of your goals, such as paying down debt, your emergency fund, or your longer-term goal fund, write down the amount on the same sheet. At the end of the month, add up your total savings. How did it compare with what you said you were going to save? Now, create a new sheet for the next month.

Try to meet or beat your savings number each month. Can you increase the amount you promise to save by even a few dollars? Challenge yourself. As you increase your savings goals over the months, you will be on your way to becoming a Money Star.

By the way, we’ve found a cool program to encourage you to stay with your savings goals. It’s a free program called the American Saver, sponsored by the non-profit Consumer Federation of America. You can become an American Saver through the website www.AmericaSaves.org, and join thousands who have committed to saving and improving their financial lives.

(Of course, it’s free and non-fattening, and they are non-profit, just like us, so they won’t try to sell you anything.

American Savers get this neat stuff:

• Information about saving and building wealth.
• A free annual subscription to American Saver, a quarterly newsletter.
• At your request, free (that’s no cost, folks) advice over the phone from financial planners.

When you sign up, indicate the savings goal you have committed to in this exercise, and tell them where you plan to save. You are still in charge of your own savings plan. America Saves can provide advice and encouragement-and we all need as much of that as we can get!

The post Start Your Savings Program appeared first on Money Clubs.

Icebreaker

How did your parents, grandparents, and other older relatives experience their work life and their retirement? Did they enjoy their jobs? Did they continue to work during retirement, or did they make dramatic lifestyle changes? Have they planned well for retirement? What choices did they make? What lessons can you learn from them?

Things to Talk About

Retirement is long hoped-for, eagerly awaited, and often quite different than expected when it finally arrives. Here are some questions to help you explore what retirement means for you, and to plan for your eventual transition into the next phase of life.Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own! What do you look forward to most about retirement? What concerns you? What have you always wanted to do but never had the time? What do you enjoy most about your work life? What do you enjoy least? How does your vision of retirement differ from that of others you know? From media images of retirement?

AS USUAL.

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting? What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions: What are your money challenges before the next meeting? What do you need to focus on? What is the next step in your life — and what can you do before the next meeting to achieve it? Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example: I will spend 15 minutes brainstorming ways that I can include the concept of “retirement” in my current lifestyle. I will think of things I have always wanted to do, but have been waiting to do when I retire-and find ways to incorporate them into my life right now. Or I will spend 15 minutes setting up an automatic deduction plan of some kind for my retirement savings. I will set up a regular contribution from my employer’s plan, if I have one, or an automatic deduction from my bank account for an IRA or Roth IRA. Or I will discuss my retirement plans with my family and significant others. I will examine the ways we can work together to create the retirement lifestyle that will bring fulfillment and joy. You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am living my life to the fullest. I am empowered to make good decisions for myself. I am building my future one day at a time.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.Amazing Truths About Retirement Discussion questions: If you knew you would live to be 100 years old, what changes would you make in your life right now? How do your views of retirement affect your current work style? Do you live to work or work to live? Women and Retirement Discussion questions: How do your retirement and work experiences relate to the issues mentioned in the article? What steps can you take right now to get ready for retirement? Forgot to Save Discussion questions: What new attitudes can you foster to help you save more for retirement? What daily habits can you change (in an easy, comfortable way) to help you boost your retirement savings?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called Easy Retirement Planning.Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.Discussion questions for your club meeting: What is the most important thing you can do today to ensure a healthy and happy retirement? After doing this exercise, how have your feelings about retirement changed?

The post Retirement Planning: Member Guide appeared first on Money Clubs.

Here is a worksheet you can use to compute your retirement needs:

Retirement Planning Worksheet

1.	How much you will need each month, in today’s dollars $			$__________
2.	Add 20 percent for income taxes			__________
3.	Total needed each month, in today’s dollars (1 + 2)			__________
Monthly earnings and retirement benefits:
4.	Earnings from employment during retirement	__________
5.	Social Security from Table 1	__________
6.	Pension plan monthly distribution (defined benefit)	__________
7.	Total monthly earnings and retirement benefits (4 + 5 + 6)			__________
8.	Other monthly income you will need, in today’s dollars (3 – 7)			__________
9.	Divide income needed (line 8) by 24 (assumes inflation is 3%)	__________
10.	Times years until retirement	x__________
11.	Additional income you will need due to inflation (9 x 10)			__________
12.	Monthly income you will need, in future dollars (8 + 11)			__________
	Multiply by 240*			x 240
13.	How much you’ll need at retirement to produce future income			__________
Amount saved so far:
14.	401(k) and other employer-sponsored plans	__________
15.	IRAs	__________
16.	Other investments earmarked for retirement	__________
17.	Total saved so far, in today’s dollars (14 + 15 + 16)	__________
18.	Times investment growth factor from Table 2 x	x__________
19	.Amount saved so far, in future dollars (17 x 18)			__________
20.	Investments still needed, in future dollars (13 – 19)			__________
21.	Times monthly savings factor from Table 3			x__________
22.	MONTHLY SAVINGS NEEDED (20 x 21)			$__________

*Assumes that investments will earn four percent more than inflation and will be exhausted in 40 years.

Retirement Planning Worksheet – Table 1
Your Social Security Benefits
Monthly Social Security Benefits You Will Receive In Today’s Dollars

Retirement Planning Worksheet – Table 2
Investment Growth Factor
Amount One Dollar Invested Now Will Grow To

Retirement Planning Worksheet – Table 3
Monthly Savings Factor
(Monthly Amount Needed To Save One Dollar)

If the worksheet showed you are saving enough each month for retirement, great. If not, step up your retirement savings, if you can. If it seems impossible to save enough each month, perhaps you can modify your assumptions. For example, you could plan to work longer, so you have longer to save and the period of time you are using your assets is shorter. Or you could plan to work part-time during retirement, reducing the amount of retirement income you’ll need. Remember, the important thing is to start saving now, and keep saving as much as you can.

The post Easy Retirement Planning appeared first on Money Clubs.

Icebreaker

What financial issues are most important to you in your remarriage? Caring for your children from a previous marriage? Having a more combined (or more separate) financial life? Dealing with inheritance issues?

Things to Talk About

Learning from your experiences is what life’s all about. When you remarry, you take with you the lessons gained from your previous experiences of marriage. By analyzing the financial aspects of your previous marriage and your goals for this one, you can carry the wisdom you have gained into your new adventure in love.Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own! What are your financial goals for your new marriage? What do you want to build together? What discussions have you and your intended had about finances in marriage? What ideas do you have to make this transition go more smoothly? How is dealing with financial issues different this time around?

AS USUAL

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting? What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions: What are your money challenges before the next meeting? What do you need to focus on? What is the next step in your life — and what can you do before the next meeting to achieve it? Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example: I will schedule a real and deep discussion with my intended about financial issues in our marriage. Or I will plan a date to talk with other women who have remarried and learn from their experiences. Or I will plan a Contingency Day with my intended. You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am growing and learning. I gain knowledge from all of my experiences in life. I can create positive life changes. I am opening my heart to new experiences.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone? If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.Are You Ready for Marriage?  Discussion questions: How did your sweetie respond to your request to take this quiz? What did you learn from comparing your answers? Managing the Move-In Situation Discussion questions: What issues do you and your intended need to discuss before you move-in? Is moving in a stepping-stone to marriage for you or is it a final destination? Have you discussed this with your beau? Planning the Wedding Discussion questions: How will this wedding be different than your previous wedding(s)? Have you and your soon-to-be spouse discussed wedding plans?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called A Step-by-Step Guide to Tying the Knot.Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon. Discussion questions for your club meeting: What is the most important thing you learned from your previous relationships? What are the strengths and weaknesses of your current partnership?

The post Remarriage: Member Guide appeared first on Money Clubs.

Tie Up Loose Ends

First, you’ll need to resolve any financial loose ends from your previous marriage. You’ll want to make sure that you have settled issues from any previous marriages, and that your paperwork is in order for your real estate, bank accounts, and other assets.

• If you are divorced, cut financial ties to your ex-spouse as soon as you can. That will clear the way for a less-encumbered relationship with your new husband.
• When dealing with your ex regarding money or family issues, be sensitive to his feelings about your remarriage. He may feel hurt, left out, resentful or jealous. Those feelings are natural, so be understanding.
• To make the best of your new relationship, analyze carefully how your previous marriages have affected you. The emotional trauma of divorce or widowhood can leave lasting scars that inhibit you in your new partnership unless you make a conscious effort to overcome them.
• Review the title to real property and check your accounts (checking, savings, money market and brokerage) to be sure they are all in your name. If you wait until you are remarried, you’ll just complicate matters, as you deal with the issue of current spouse, former spouse and your former single status.
• Check your credit. Make sure that you (and your new groom) will not be on the hook for debts from previous relationships.

Discuss Financial Truths and Dreams

Next, discuss financial issues with your new intended. As you are getting into a new relationship it is important to define roles. Each of you should have basic competencies when dealing with money. While one person may take more responsibility in one area, don’t give of your power and responsibilities to your partner. The beginning of the relationship is the perfect opportunity to start things out on the right foot.

Marriage is about love and commitment, but it is also a legal and financial contract between you and your future husband. Regardless of how you plan to manage your financial affairs as a couple, you should both be very frank with each other before you get married, so you each understand the full extent of your assets and obligations. We suggest you exchange credit reports before you exchange your vows.

In addition, you should share information with one another about:

• Your dreams and goals: where you would like to be in five years, how you would like your financial life to look, what your personal goals are and how you plan to make them happen.
• Your annual income (from all sources, including investments, Social Security, businesses, etc.)
• The financial support you provide for your ex-spouse, children or other family members
• Whether you will be providing for your own (or your new spouse’s) children’s education
• Whether you expect to pay for a parent’s care or have a parent move in with you someday
• Any debts you are currently carrying, and how you plan to pay them off
• Regular financial gifts you make to family, church or other charities

Arrange Prenups

A prenuptial agreement (or prenup) is often more important in a second marriage than in a first. Because of obligations to children, existing assets, and prior legal commitments, a written agreement assures that everyone’s needs are clear and their financial interests protected. If your future spouse feels uncomfortable about the idea, reassure him that the agreement is intended to benefit and protect you both. The fact that you are revealing all of your assets prior to marriage should be taken as a sign of trust.

A properly drafted prenuptial agreement generally will cover the same topics that you have been discussing, except that it will formalize your discussions into a written agreement. That agreement should specify:

• How any premarital debts will be paid
• How jointly owned assets will be split in the event of a divorce or death
• How separate assets will be treated, regardless of the laws of the state in which you are living at the time you are married, divorced or die
• How your respective incomes are split during the marriage and upon divorce
• Who is responsible for childcare and education expenses during marriage and upon divorce

Prenups can protect your children’s assets, providing for their inheritance in the event that you die or get divorced. Similarly, having a written agreement is critical if either you or your new husband owns a business. Prenups can also include language to protect your current interest and all future benefits that flow from a patent, trademark or creative idea, whether it be a book manuscript, a computer software program, or a pharmaceutical patent.

Both you and your soon-to-be spouse should consult a family law or matrimonial lawyer to negotiate the terms of your premarital agreement and draft the final document. If you don’t know of a suitable attorney, ask a trusted professional adviser for a referral. You can also contact the American Academy of Matrimonial Lawyers at www.aaml.org.

Enjoy your new love

Here’s the fun part. Once you’ve got the basics taken care of, you give your sweetie a hug and say, “We did it!”

The post A Step-by-Step Guide to Tying the Knot appeared first on Money Clubs.

Icebreaker

When you were growing up, did your parents read or watch the financial news? Did you pay attention to what was going on? What impact did you think world events had on your family’s finances?

Things to Talk About

Keeping up on the financial news means more than just watching CNBC occasionally. It means understanding, integrating, and prioritizing what you hear and read. What is most important to you? What do you most need to learn about?Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own!

• Have you ever taken a class on economics or finance? Did you enjoy it? Why?
• Did you learn much about consumer finances or economics in middle or high school?
• What do you do now to keep up with the financial news? Do you have a favorite commentator, show, magazine or website?
• How would you improve financial news coverage? What do you want to learn about on a regular basis that isn’t often covered?

AS USUAL

Catch Yourself Doing Something Right

Share your success with your fellow Club members:

• What Money Miracle (unexpected good fortune) did you have since last meeting?
• What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions:

• What are your money challenges before the next meeting?
• What do you need to focus on?
• What is the next step in your life — and what can you do before the next meeting to achieve it?

Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example:

• I will spend 15 minutes reading a financial newspaper, magazine, or webpage. I will look further into articles on any subject that interests me.

Or

• I will subscribe to a financial newspaper or website, such as the Wall Street Journal and read it for a few minutes each morning.

Or

• I will spend 15 minutes discussing some piece of financial news with a friend or significant other. The issue can be political, social, or economic, but I will address it from a financial or economic perspective.

You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like:

• I am financially aware.
• I keep up with current events.
• I am financially educated.
• I am a money-savvy woman.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.MSN Home Page Discussion questions:

• What articles on this page interested you?
• What sections would you like to return to learn more?

Financial Glossary:

Discussion questions:

• What terms did you encounter that you had not seen before?
• How will learning these new words affect the way you read the financial news?

How to Further Research the Financial News

Discussion questions:

• Are there any companies you’d like to research using these methods?
• What further information are you inspired to seek out?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called Exploring the Financial World.Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.Discussion questions for your club meeting:

• What news habits can you create to keep up-to-date?
• How can you incorporate ongoing financial education into your life?

The post Reading the Financial News: Member Guide appeared first on Money Clubs.

First, simply familiarize yourself with the financial news. Get a business newspaper such as the Wall Street Journal or the business section of your local newspaper. Now, don’t panic! Read the articles for about 15 minutes and familiarize yourself with the terms used. As your mother always told you, if you don’t understand a word, look it up! : Read for only about 15 minutes, which is long enough to absorb one day’s business section of the newspaper. That’s enough for one sitting.

Next, get acquainted with the general economic environment. Watch the financial news and look up any terms you might not understand, such as “GNP” or “housing starts”. Become familiar with the concepts that are used by economists to describe the world of global economics. Get a feel for what the issues are and what people think about them.

And finally, identify a few of the issues that are important to you right now, such as the sector of the economy in which you work, or home mortgages if you are buying a house. Look for magazine articles, books, or web pages on these subjects and start to form your own opinions. Challenge yourself by asking questions: Where do you think your industry is headed? Will home mortgage rates go up or down? And why?

Now, you’re becoming a Money Star!

The post Exploring the Financial World appeared first on Money Clubs.

Icebreaker

How do people in your family typically care for their parents? Does the older generation support themselves, or do they move in with their children?

Things to Talk About

According to the National Association of Female Executives, more than half of working women say taking care of aging parents affects their relationships with children, and 62 percent say that care-giving has an impact on their relationships with significant others. Of women caring for an elder, a whopping 89 percent report an increase in stress and 37 percent report feeling exhausted.Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own! How have your family dynamics changed over the past few generations? Do the same rules that your grandparents and their siblings used to determine the right course of action still apply? How do you feel about caring for your elderly parents? Have you discussed their retirement and long-term care plans with your parents? Do you think you can? In an ideal world, how would your family provide for its elderly members?

AS USUAL.

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting? What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions: What are your money challenges before the next meeting? What do you need to focus on? What is the next step in your life — and what can you do before the next meeting to achieve it? Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example: I will spend 15 minutes having a direct, honest, non-confrontational discussion with my parents about their retirement and long-term care plans. Or I will spend 15 minutes discussing my parents’ (and my partner’s parents’) retirement and long-term care plans with my partner. Or I will spend 15 minutes reviewing insurance policies or other financial information that can help my family make better financial decisions. You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am a kind and loving person. I maintain my autonomy and my connection to others. I am a strong, contributing member of my family. I maintain healthy boundaries with my family.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.The Sandwich Generation Explodes Discussion questions: Do you feel like you’re going to explode from the burden of caring for your elderly parents? How can you make sure that others are doing their fair share of the work? Planning for Aging Parents Discussion questions: What extraordinary things have you done to help your parents? Do you feel guilty when you think about caring for your parents? Do you try to buy their love with expensive care? When Your Parents Can’t Live Alone Discussion questions: Are your parents nearing the point where they can’t live alone? How can you join together with others in your situation?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called Taking Control.Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.Discussion questions for your club meeting: Imagine you are looking back, years from now, after your parents are gone. What would you like to have done for them? What can you do to share fairly the burden of your parents’ care with your siblings and other family members?

The post Providing for Your Parents: Member Guide appeared first on Money Clubs.

There is no reason you should be solely responsible for meeting all of your parents’ needs. Here’s how you can take back control of a stressful situation and plan for your parents’ care in the future.

Have a Conversation with Your Parents

Whether you are already caring for your parents to some degree, or just thinking about the future, it’s time to have a conversation with them about their life plans. If you anticipate that they might be reluctant to talk about it, open up the conversation by telling your parents how a friend of yours neglected to ask her parents about managing their finances and now she wishes she had, or by writing a letter to your parents asking them to have a discussion with you.

Once you’re ready to get started, here are some topics to cover in your discussions:

If your parent is remarried, ask: What steps have you taken to ensure that your spouse is taken care of after your death, and yet to provide for your children as inheritors of your estate?

Find Outside Support

Full-time care giving can take a tremendous toll on your own life. Within three years of beginning full-time care giving, care givers often become so stressed that they become ill themselves. Instead of doing all the work-driving your elderly parent to and from the doctor’s office, buying groceries, running errands, and visiting every day-you need to set up support systems to help you. Here are some sources of support you might use:

• Family. Caregivers who rely on a cooperative family network report lower stress levels than those who do not. Encourage other family members to become involved by letting them know what tasks they can do to make your role easier.
• Community. Explore the local resources that can help your parents and give support to the caregiver. Join online support groups for individuals caring for parents as well as dealing with specific diseases, such as cancer.
• Work. Employers realize the increased need for help with elder care and often provide aid through Employee Assistance Programs. Flexible benefit plans can include reimbursement for elder costs or day care. Check to see if your employer has such a program in place.
• Professionals. Don’t be afraid to delegate some of the tasks involved in caring for your elderly parents. Check into community elder day care programs or get a nursing assistant to help you maintain your home and career schedules.

Create an Elder Care Plan

After you’ve discussed your parents’ needs and learned about your options, think deeply about what services you can provide to your parents and what your limits are. Using the resources above, and keeping your parents’ needs in mind, set up a preliminary plan that works reasonably well for all involved. As you go forward and glitches develop (and they surely will) you will find you have laid the groundwork so you can work with your family to resolve your concerns.

The post Taking Control appeared first on Money Clubs.

Icebreaker

Who is a financial role model to you? Talk about the characteristics that you admire. How have they impacted your financial well-being?

Things to Talk About

Net worth is a convenient way to keep track of how you are doing financially. Are you moving ahead or falling behind in pursuing your goals?Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own! Have you ever calculated your net worth? Was the result surprising to you? What emotions come to mind when you hear the words “net worth”? Do you think your net worth is positive or negative right now? Why? Do you judge other people (and yourself) based on net worth? Do you think other people judge you? What is the relationship between net worth and self-worth in your life? If one impacts the other, how does that work for you?

AS USUAL.

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting? What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions: What are your money challenges before the next meeting? What do you need to focus on? What is the next step in your life — and what can you do before the next meeting to achieve it? Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example: I will create a big sign with my realistic net worth goal for six months from now. I will hang this sign over my desk, on the refrigerator, or any other location where I will see it each day to remind myself of my financial goals. Or I will spend 15 minutes thinking about all of the things in my life that are priceless to me-family, friends, experiences, learning, the beauty of nature. I will remind myself that there is more worth to life than money. Or I will spend 15 minutes getting ready to calculate my net worth for the Just For You exercise. I will prepare everything so that my net worth calculation will go smoothly. You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am in control of my financial future. I am honest with myself about where I stand financially. I accept responsibility for my financial choices. I value and enjoy my life, regardless of my financial status.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.Increasing Your Net Worth Discussion questions: Can you think of any other windfalls you are due to receive soon? How can you use these windfalls to improve your net worth? How Much Money Does it Take to Change Your Life? Discussion questions: What thoughts came to mind as you read this article? Have you had any experiences with “marginal utility” in your own life? Another Way to Look at Net Worth Discussion questions: What do you think is most important about net worth? How can you balance your net worth with a feeling of purpose?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called Finding Your Net Worth .Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.Discussion questions for your club meeting: When you think about calculating your net worth, how does it make you feel – excited, scared, happy, guilty, or some other emotion? Why do you think that is? How did you feel when you completed the calculation of your net worth? Did the final numbers surprise you? Why or why not?

The post Net Worth: Member Guide appeared first on Money Clubs.

Your assets include your cash, stocks, bonds, and other investments, including your home, plus furniture and furnishings, clothes and jewelry, cars, and even the heirloom ring your mother handed down to you from your great-great-grandmother. Professional appraisals can be a big help if you have expensive items that you need to list on your insurance policy. For our purposes here, though, estimates of value are just fine.

Assets can be considered liquid or illiquid. Liquid assets can be easily converted into cash. For example, a savings account is a very liquid asset. All you have to do is go down to the bank (or the ATM) and withdraw your money. Other investments, such as stocks and bonds, can be liquidated quickly, even if you may miss out on some appreciation.

Illiquid assets, may take some time (and may cost you some money) to convert into cash. For example, you may have $50,000 in equity in your house, but to get your cash out you’ll either have to take out a home equity loan or sell your home. That can take some time, and may be expensive to accomplish. Other examples of illiquid assets include retirement assets and, of course, your personal stuff.

What do you owe? Many of us have credit card debt. You might also have school loans, car loans, mortgages, personal loans you owe to friends or relatives, and business loans.

Pinpointing your net worth gives you a snapshot of your financial life today, which you can use to gauge your progress over time. Once you’ve crunched the numbers, your net worth lets you evaluate the way you spend and save your money. If you find that you’re right on track, yay! If you’re shocked to see how low the number is, knowing your net worth can be a motivational wake-up call.

By creating a net worth computation, you can also evaluate how secure your financial position is. For example, if you have $1 million in total assets, you will probably feel rich. But if only $10,000 is in cash, what happens if you get laid off? And if offsetting that $1 million in assets is $999,000 in liabilities, your wealth won’t last long. You know that you need to make some changes.

Use the worksheet below to create your current financial snapshot.

The post Your Net Worth appeared first on Money Clubs.

Icebreaker

How does the word “mortgage” make you feel? Does it have good connotations of becoming a grown-up? Or does it feel like an anchor or burden?

Things to Talk About

Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own! What is your experience with mortgages? If you have a mortgage right now, how did you choose it? Do you feel comfortable with an adjustable mortgage, or is it scary not to know what your payments will be for the life of the loan? What did your parents tell you about mortgages while you were growing up?

AS USUAL.

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting? What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions: What are your money challenges before the next meeting? What do you need to focus on? What is the next step in your life — and what can you do before the next meeting to achieve it? Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example: I will spend 15 minutes exploring mortgage rates on the Internet. Or I will spend 15 minutes gathering my records so I can verify my income and debts to qualify for a mortgage or refinance. Or I will set up an appointment with a mortgage broker for this week. You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am making excellent financial decisions. I know how to get what I need. I can handle the details of life. I am a money-savvy woman.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.One Simple Investment Discussion questions: Do you prepay your mortgage? How much do you think you could send in with your payment, in order to reduce your loan by several years? What is PMI? Discussion questions: Do you currently pay PMI? If your house has appreciated, have you contacted your lender to find out when you can stop paying? 10 Things Your Lender Won’t Tell You Discussion questions: Have any of these things happened to you? What changes will you make to your financial plans to avoid these pitfalls?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called Paying For It. Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.Discussion questions for your club meeting: What can you do today to ensure that you have the best mortgage rates possible? What other resources can you use to learn more about mortgages?

The post Mortgages: Member Guide appeared first on Money Clubs.

A big dilemma is whether to choose a fixed-rate mortgage or an adjustable-rate mortgage (ARM). With a fixed-rate mortgage, your monthly payment is set at the beginning and will never change. If you opt for an adjustable-rate loan, your initial interest rate may be lower, but the interest rate and monthly payment can climb quickly as interest rates rise.

If current rates are low, or if you expect to stay in your new home for at least five years, a fixed-rate mortgage is probably your best bet. But if rates are high, an ARM may tide you over until rates decline and you can lock in a fixed rate.

If you’re planning to sell the house in less than five years, you may choose an adjustable mortgage with a lower initial interest rate. Do this only if that rate is 2 to 3 percent lower than current fixed rates, and there is no charge for repaying the loan early-called a prepayment penalty.

If you decide on an ARM, you need to know not only the initial rate, but on what basis it will be adjusted and how often. Each lender may impose a different cap-that is, a ceiling above which rates cannot rise. Generally, your interest rate shouldn’t increase more than 2 percent at any one time, or 6 percent for the life of the loan. Also, make sure you’ll be able to meet the higher monthly payments as they occur.

You might also consider a hybrid mortgage, with a fixed rate for a few years, and adjustable after that. The mortgage payment is calculated over 30 years, but is fixed for the first five years at a lower rate than a fixed 30-year mortgage. If you plan to stay in your home less than five years before moving on, the hybrid mortgage with a five-year fixed rate will guarantee you a stable mortgage payment while you are there.

Another option is to pay your loan off faster than the traditional 30-year mortgage. If you choose a 15-year mortgage, the interest rate may be somewhat less than a 30-year mortgage. In addition, the quicker you pay your loan, the less interest you will pay over the life of the loan. A $100,000 loan paid over 30 years at 7 percent will cost $139,400 in interest. (That means your $100,000 loan actually costs you $239,400.) Pay it off using a 15-year loan at 6.5 percent, and it costs $56,800 in interest. That’s a savings of $82,600 in interest-which isn’t chickenfeed!

If you decide to use an ARM, here are some important rules to keep in mind:

• Don’t choose a loan with rates that change more than once per year. You don’t want to get stuck in a cash flow crunch as your payment goes up month by month.
• Don’t choose a loan with rates that can go up by more than 2 percent per year. Two percent may sound small, but it can create a big increase in your monthly payment. Be sure you will have time to adjust.
• Choose a loan with rates that have an increase limit of no more than 6 percent over the life of the loan and no decrease limit. You don’t want to get stuck with a loan that will increase stratospherically. Conversely, you want to be able to take advantage of any interest rate decreases that might be in your future.
• Don’t use negative amortization. Negative amortization means that you are not fully paying off the interest on your loan-in other words, you are getting deeper into debt each month. You want to pay down your mortgage, not increase it!
• Use a slow-moving index. Check which index your proposed ARM is tied to. Choose an index that is not as reactive to a rise in interest rates, such as the bank’s cost of funds, instead of the Treasury index.

Be Aware of Closing Costs

Closing costs on your loan can add up to thousands of dollars. When you apply for a mortgage, your lender should provide a good faith estimate of these costs, including “points”, which are the lender’s one-time charge for transacting the loan. Each point represents 1 percent of the mortgage amount, and the more points you pay up front, the lower the interest rate for the life of the loan. If you plan to stay in your new home for several years, it’s to your advantage to pay an extra point up front to get an interest rate that is a quarter to a half percentage point lower. But if you plan to move after only a couple of years, paying extra points for a lower rate may not be wise.

Here’s a worksheet you can use to compute your effective interest rate if you pay points. Use this worksheet to compare the various options that are offered to you by the lender, and you will be able to determine whether paying points to reduce the interest rate is worth the up-front cost.

The post Paying For It appeared first on Money Clubs.

Icebreaker

Go around the room and describe one word the feeling you had about money as a child. Choose one of these or any other word that comes to mind.

Things to Talk About

Childhood money issues affect every aspect of our lives. Money is not just a static quantity-it flows and ebbs based on our feelings and our thoughts.

Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own!

• Why did you choose that one word to describe your childhood?
• How is the way you handle money similar to your parents?
• Did your family have significant financial reversals or good fortune during your childhood?
• Did you have the same experience with money as your siblings?
• Could you talk about money with your parents when you were a child?
• What was the most important message your parents sent to you about money?
• What’s your most significant memory about money?

AS USUAL.

Money Club Housekeeping

Since this is our first meeting, we’re going to take care of some housekeeping matters. Fill in this worksheet to help you keep track of your club.

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions:

• What are your money challenges before the next meeting?
• What do you need to focus on?
• What is the next step in your life — and what can you do before the next meeting to achieve it?

Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example:

• I will take some time to list 10 good experiences I had with money as a child. I will remember all of the good times I had and the lessons I learned.

or

• I will spend some time talking about money history in a non-threatening way with any family members who might be open to the discussion. I won’t push things, but I’ll attempt to discuss it in a spirit of sharing and lack of judgment.

or

• I will talk to my children about my experiences with money, the money values I want them to learn, and their own growing experiences about money.

You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right.

More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am releasing and letting go of my money issues. I am creating my own life according to my values. I am an independent adult, and I choose how I will handle my money. I am creating my own financial destiny.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.Teach Your Children Well Discussion questions: How did your parents communicate with each other about money? What messages did your parents’ send regarding money? Examining Your Money Messages  Discussion questions: How did you feel as you completed this worksheet? What questions did you resist answering? Be a Child Again Discussion questions: As you read the sections for the ages at which you had formative experiences with money, imagine yourself as a child again. What would you do differently than your parents? We all miss certain lessons during our childhood. What lessons do you still have to learn?

Just For You

Before the next Money Club meeting, complete the Money Truth and Dreams Questionnaire so you can see where you are in each of the Money Zones. As you progress, use this worksheet to monitor your progress in each of these areas and see yourself transform into a Money Star!

Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon. 

Discussion questions for your club meeting:

• Which Money Zones interest you the most? Why?
• For which Zones will you be willing to lead the discussion for your Money Club? (You don’t have to know much about the Zone, just be able to keep the discussion going.)

The post Money Attitudes From Your Childhood: Member Guide appeared first on Money Clubs.

Icebreaker

What is the funniest money misconception your children have had? What episodes of “Kids Say the Darndest Things” (regarding money) have you had in your family?

Things to Talk About

Of course, teaching your children about money goes beyond practicing math skills with your change purse. Teaching your child about finances goes is more than teaching smart money management. You are instilling in your son or daughter the skills and values they need to succeed later in life by teaching them responsibility, patience, the importance of charitable giving, and the benefits of planning. What’s more, you’re showing them that while money isn’t the answer to all of life’s problems, it can be a powerful tool for achieving goals and boosting self-confidence.Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own! What money lessons from your own childhood do you want to pass to your children? Which money lessons do you want to avoid passing on to your own kids? What do you think is the most important thing kids can learn about money? What defining moments in your own money history can help you to teach your children valuable lessons about finances?

AS USUAL.

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting? What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions: What are your money challenges before the next meeting? What do you need to focus on? What is the next step in your life — and what can you do before the next meeting to achieve it? Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example: I will play a game with my kids that involves money-from Monopoly to seeing who can clip the most grocery store coupons to playing “cash register” with Fisher-Price coins. Or I will spend 15 minutes discussing the concept of money with my older children. I’ll ask them for their perceptions on the value of money and discover what financial lessons they have internalized. Or I will spend 15 minutes thinking about what lessons I would like to pass onto my children about money. How will I integrate these lessons into our daily habits as a family? You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am a wise and knowing teacher of my children. I am giving my children good money habits to last a lifetime. I am sharing the values that guide my life. I am teaching my children valuable money skills.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.Teaching Your Children About Money Discussion questions: Which of these suggestions best suit your children’s needs? What options are you now likely to investigate? Using Your Child’s Learning Style Discussion questions: How can you use this knowledge of your children’s learning style to help them learn about money? What activities can you plan for this week to teach each of your children about money using their styles? Heir-Raising Lessons Discussion questions: How does your own economic situation affect the money lessons you need to teach your children? What can you do to keep your child from being either a “poor little rich kid” or a spoiled brat?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called Playing Games with Your Money.Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.Discussion questions for your club meeting: What was your favorite money game as a child (Monopoly, Life, etc.)? Do your children also enjoy it? How has teaching your children about money shed new light on your own upbringing?

The post Kids and Money: Member Guide appeared first on Money Clubs.

Penny Accumulation Game
Ages 4 and up

To play this game you’ll need a pair of dice and 20 of each type of coin in the game. (For younger children, you may want to start with just two types of coins, such as pennies and nickels, and add dimes and quarters later, when they are better at the game). The object of the game is to be the first player with 50 cents saved. Take turns rolling the dice. Each player gets the amount of pennies shown on the dice-but they have to give back all the pennies in their possession if the dice show a 12. As each player accumulates five pennies or more, the five pennies can be traded in for a nickel and so on. Kids will quickly understand the fact that a dime is worth ten pennies, that a nickel is worth five, and that fewer coins doesn’t necessarily mean less money. Let your child keep the money they win to add to their piggy bank savings.

The Coin ID Game
Ages 5 to 12

In this game, your child is going to gather up a few coins and you are going to magically tell them which coins they have. To start, dump out variety of coins from a coin jar or the bottom of your purse. Ask your child to gather up several coins. Then, ask your child to tell you how much money they have in their hand and how many coins there are. For example, your child could say: “I have 12 cents and 4 coins, what coins could I have in my hand?” You can then guess which coins they have in their hand. (In this case, two nickels and two pennies would be the answer.) Once you get the hang of this and it becomes easy, reverse roles and see if they can tell you which coins are in your hand.

Teen Money Journal
Ages 13 to 18

Teach your teen the importance of keeping good financial records by creating a financial journal together using columnar paper, journal paper, or even a computer spreadsheet. The journal can look like a basic check register, or take any other form that you agree upon. Your teen can note every time she receives money (weekly allowance, part-time job, babysitting), and every time she uses money (for lunch, for clothes, for long-term savings such as college). Once a month, you can review the journal and discuss her money choices. Encourage her to share her journals with her friends, or share your own financial journal with her and discuss your own money questions and answers.

The post Kids and Money: Playing Games With Your Money appeared first on Money Clubs.

Icebreaker

If your current investment style were an animal, what animal would it be? An ostrich, a cheetah, a turtle, a hare? Go around the group and explain how this animal illustrates your current investing style.

Things to Talk About

Investing is not some strange, complicated science that only big Wall Street brokers can understand. It’s something we have all done, on a scale large or small. We invest when we sign up for a 401(k), buy a savings bond for a birthday present, or save for college.Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own! What was the best investment you ever made? The worst? What did your parents teach you about investing? How have your life experiences influenced your investing style? Have you ever taken a big risk when investing? How did it turn out?

AS USUAL.

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting? What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions: What are your money challenges before the next meeting? What do you need to focus on? What is the next step in your life — and what can you do before the next meeting to achieve it? Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example: I will spend 15 minutes letting go of any negative thoughts about previous investments. I will relax and release the energy of worry and upset over past events that cannot be changed, and think about how I can act more positively in the future. Or I will spend 15 minutes reviewing the brokerage or IRA statements that have been piling up on my desk. I will call the company if I have any questions about what I see. Or I will spend 15 minutes focusing on my investing objectives. What do I want to achieve? What are my goals? I will brainstorm ideas to investigate later. You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am investing wisely. I am knowledgeable and skillful with my investments. I am financially wise. I know how to handle my money well.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.Picking the Right Mutual Fund Discussion questions: Name one thing you can do to improve your investment program this year. What changes can you make to your asset allocation to improve your investment performance? No More Chicken Little  Discussion questions: What can you tell yourself to stay the course during hard times? What do you think is the best thing to do when the market goes down? Emotional Investing Discussion questions: Do you agree with the ideas in this article? Do you see yourself as a risk-averse or aggressive investor?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called Evaluating Your Risk Factor.Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.Discussion questions for your club meeting: What kind of investor are you? What can you do today to improve your investment knowledge?

The post Investing: Member Guide appeared first on Money Clubs.

2.	If the stock market dropped 10 percent tomorrow, I would:

3.	If I had a choice between $1,000 cash and a 1 in 10 chance for $10,000, I would:

4.	Would you invest in a start-up company?

5.	Short-term losses in my retirement account make me feel

6.	Do you like surprises?

7.	When I make a bad investment,

8.	In my daily life:

9.	I am like the:

10.	My outlook on the future is:

_________ A’s
_________ B’s
_________ C’s

If you listed more A’s:
You are very risk-averse. You tend to seek out conservative investments with predictable returns. While it’s important to work with your natural style, it’s also good to stretch yourself a bit. Try some learned optimism-see the best in new situations, and take a risk once in a while!

If you listed more B’s:
You are a good balance between risk-averse and risk-seeking. You tend towards prudent investments that take on an acceptable amount of risk. Your challenge is to seek investments that suit your life stage and financial goals.

If you listed more C’s:
You are a risk-taker extraordinaire! You go for it-every time! Try to temper your risk-seeking tendencies toward wildcat investments with a sense of balance and realism. Be sure that you take care of the basics before you go for the risky stuff.

Choosing Your Investments
Each investment carries its own set of risks. Here is a chart that ranks investments in order of risk of loss from lowest to highest.

Most of the investments shown in this chart can be purchased through mutual funds. The concept of mutual funds is fairly simple. A mutual fund is a pool of money from investors with goals similar to yours; this money is invested by the mutual fund manager or investment committee. You buy shares in the mutual fund, and then sit back and leave the rest to the experts, who invest your money in stocks or bonds of many different companies or government entities.

The post Investing: Your Risk Factor appeared first on Money Clubs.

Since most people will spend an extended period of time in a long-term care facility in their lifetimes, you need to get started thinking about this. There’s a 43 percent chance that a person 65 years or older will eventually enter a nursing home sometime during her lifetime.

Because the cost of long-term care is high, there is no way that most people can afford to pay for long-term care out of their pockets. So, that’s why they invented long-term care insurance.

This Money Zone will help you understand the concept of long term care insurance and decide what you want to do about your (or your parents’) future.

Icebreaker

Long term care is pretty heavy stuff, so let’s shake things up a bit. Get out of your chair and get moving. Take a walk around the room, stretch, shake yourself out. If you’ve had a tough day, let yourself hang loose for a few minutes. Be grateful that you are strong and capable of stretching and moving. Feel your body move and be thankful for your health.

Things to Talk About

Long-term care is a complex issue that requires a lot of planning. You’ll need to consider your goals, your habits, and your ideas for the future.Pick the question your Club finds most interesting. If there’s still time, pick another one-or make up your own! Have you (or a friend or family member ever had an experience with long-term care? What do you think are your chances of needing long-term care? Do you currently have long-term care insurance? Do your parents have it?

AS USUAL.

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting? What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions: What are your money challenges before the next meeting? What do you need to focus on? What is the next step in your life-and what can you do before the next meeting to achieve it? Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example: I will spend 15 minutes thinking about those in my life who may need long term care, what resources they might have to help them (financial, and emotional and spiritual), and how I can help them. OR I will spend 15 minutes on the phone with my insurance agent, discussing long-term care insurance. OR I will spend 15 minutes on the Internet, researching information on long-term care insurance options. You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am preparing for my future.  I am planning ahead for the rest of my life. I take good care of my financial self. I know how to handle my money.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on the next Money Zone? If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.Long-Term Care is a Woman’s Issue  Discussion questions: Is long-term care insurance part of your financial plan? Do any of your family members currently have long-term care insurance? Long-term Care: A Primer Discussion questions: Which features and benefits are most important to you? What can you do today to learn more about long-term care insurance? How to Pick a Long-Term Care Insurance Agent; Six Questions to Identify a Real Pro Discussion questions: Does your current insurance agent sell long-term care insurance? Which friends might be able to recommend an agent?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called Do You Need Long Term Care Insurance?Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.Discussion questions for your club meeting: Has anyone in the group had experience caring for an elderly relative? What was the most challenging part? The most rewarding? If you were free of disabling illness, how would you spend your older years (eighty-plus)?

The post Insurance — Long Term Care: Member Guide appeared first on Money Clubs.

Do You Need Long Term Care Insurance?

1. How old are you? _______

Generally, the age to apply for long-term care insurance is between 50 and 65 years old.

2. What is your net worth? $__________

If your net worth is between $75,000 and $2 million, long-term care insurance can help protect your estate. If your net worth is below $75,000, Medicaid (government assistance) will pay for your care as soon as your assets are depleted. If your net worth is over $2 million, it might be cheaper just to pay for the care yourself.

3. Have you been diagnosed as having chronic memory loss, liver cirrhosis, muscular dystrophy, Parkinson’s Disease, Alzheimer’s Disease, senility or dementia, or multiple strokes? Do you currently need a walker, wheelchair, oxygen, or kidney dialysis? Do you currently need the ongoing assistance or supervision of another person in performing any of the following activities: Getting out of bed or up from a chair, bathing, dressing, going to the bathroom, controlling your bladder, eating?

If you have any of the above symptoms or diagnoses, you may not qualify for long-term care insurance.

If your net worth is between $75,000 and $2 million, you are over 50 years old, and you are in fairly good health, long-term care insurance might be a good idea. You know what to do next. (Hint: Small step, small step!

The post Just for You: Do you need long term care insurance? appeared first on Money Clubs.

This Zone will help you manage the holiday season, so you won’t spend the next year dealing with the stress of paying for all of those lovely gifts and parties and decorations.

Icebreaker

What is the best present you ever received? What made it the best: was it who gave it to you, the anticipation of waiting for it, what you did with it?

Things to Talk About

The holiday season is a time of renewal and fellowship-and also time of wild consumerism. We seem to worship the mall and the Hallmark store, instead of our faith, our traditions, and our connection to our families and the world. Whether you celebrate Christmas, Hanukah, Kwanzaa, or simply “the holidays”, it’s important to develop your own personal meaning for the season. Instead of spending money this season, consider spending time with those you love.Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own! What were the holidays like when you were a child? Were they lavish or low-budget? Were they well-planned or last-minute? What were your parents’ gift-giving rituals? Was there a spending limit per present? A resolution to only give presents to the children? At what age did you start giving presents to your parents? What interesting traditions do your family and friends have for the holidays? How have they saved time or money or added additional meaning to the season? What new traditions for the holidays have you started in your adult life? Why did you choose these?

AS USUAL.

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting? What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions: What are your money challenges before the next meeting?  What do you need to focus on? What is the next step in your life — and what can you do before the next meeting to achieve it? Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example: I will take 15 minutes from the stress and hurry of the holiday season to relax and think about my loved ones. Then, I’ll tell at least one of them how much I care! Or I will spend 15 minutes (before December 24) planning my gift list and holiday plans. I will be sure that I am not missing anyone or double-booking myself. Or I will spend 15 minutes working on a holiday budget to make sure that I don’t spend more this season than is comfortable for me. You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am a generous and loving person. I show self-discipline in all of my actions. I am filled with goodwill toward all. I share the joy of the holiday spirit.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone? If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.Save Time and Money This Season  Discussion questions: Which of these suggestions can you put into action this year? What other ideas can you share for saving time and money during the holiday season? Holiday Spending Doesn’t Equal Holiday Cheer  Discussion questions: What inexpensive, but heartfelt gift has meant a lot to you? What can you do to spend less and enjoy more this season? The Gift of Financial Knowledge Discussion questions: Have you ever given a financial gift to your loved ones? Received one? What gifts can you give to the young ones in your life to empower them financially?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called Holiday Spending Planner.Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.  Discussion questions for your club meeting: What is your best holiday memory?  If you had to go through the holiday season, with no money at all, what would you do to make it festive, happy, and loving?

The post Holiday Spending: Member Guide appeared first on Money Clubs.

1. Print this worksheet

2. Write down your estimated expenses to help you stay on track through the holidays.

The post Just For You: Holiday Spending Planner appeared first on Money Clubs.

Icebreaker

Go around the room and give an example of an organizational technique that works for you-anything you like, as simple or complex as you choose. Do you use a day planner? Do you pay your bills online? Do you keep your keys in a tray by the door?

Things to Talk About

Organization is a difficult topic for many people-we seem to have a lot of guilt about our organizational skills. If we are very organized, we feel guilty when people call us “anal”. If we are not very organized, we feel guilty when we forget appointments or can’t find something. The trick is to find a system that works for you-that lets you accomplish as much as you choose, without being cumbersome. The following questions will help you think more deeply about your feelings about organization, and to discover creative ways of dealing with the details of life.

Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own!

• Were family members very organized when you were growing up? Do you think you have a similar style?
• What are the advantages of your organizational style? The disadvantages?
• Do you consider yourself “organized” or “disorganized”? Why?
• Does lack of organization (or over-organization) cause stress in your life?
• Is there someone in your life who would be your role model regarding organization? What can you do to adopt some of their traits?
  AS USUAL.

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting? What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions: What are your money challenges before the next meeting? What do you need to focus on? What is the next step in your life — and what can you do before the next meeting to achieve it? Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example: I will spend 15 minutes clearing off the surface of my desk. I will touch each piece of paper only once, handle it, and then forget about it. When the 15 minutes is up, I will reward myself with doing something I enjoy. Or I will go through my house and choose 15 items to donate to charity. I will gather the items in a box, drive to the charity drop-off center, and get my donation receipt. Yay! A cleaner house, and a tax deduction! Or I will tackle some small organizational task I have been putting off-whether it’s a junk drawer, a closet, or a file folder, I will start the project and then (gasp!) complete it. You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am organizing myself to achieve my goals. I am managing the details of my life. I am letting go of rigid standards and expectations of myself. I relax and enjoy the process of organizing my life.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.Organizing Your BusinessDiscussion questions: Which of these organizing tips best suits your needs? What other ideas do you have to organize your business (or personal) life? Organizing Your Time Discussion questions: How can you adapt these time management techniques to your life? What fun activity have you been putting off because “you don’t have time”? Is there a way to arrange to schedule so you do have time? Organization — A Way to Create Balance in Your Life  Discussion questions: Did you do the exercise in the article? If so, what were your results? If not, why not? In what ways is your life balanced? How can organization help you to create more balance in your life?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called Organizing Your Family’s Records

Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.

Discussion questions for your club meeting:

• Do you have some special tricks for organizing you can share with your club members? How did you develop them?
• How do your methods of organization differ from your mate’s? Does this cause problems?

The post Getting Organized: Member Guide appeared first on Money Clubs.

If your answer was something unprintable, you might need to get a bit more organized. This is an excellent time to set up a financial record-keeping system for your family. So, let’s break out the trash bags, face down the piles of paper on the kitchen counter, and get started!

Step 1. Set up an office

First, set up a small “office” to pay bills and keep records. This can be as elaborate as an entire room or as simple as a small filing cabinet in a corner of your kitchen or bedroom. If you don’t have enough space for a filing cabinet, buy accordion folders, plastic files, or sturdy cardboard boxes. Make them cheerful and colorful, not dreary, and perhaps you’ll enjoy the job a bit more.

Whatever you decide, choose a permanent place to take care of business. The kitchen table just doesn’t cut it-it’s too easy to misplace something important, or to neglect to pay a bill because it takes too much time to get everything together and put everything away.

Step 2. Discard what you don’t need

Most people dread organizing their records because they keep far more information than necessary. Papers are only needed to remind you of the details of a transaction, for legal reasons, or for IRS reporting purposes. Keep it simple. You don’t need cancelled checks from 15 years ago, but you do need a list of your current bank accounts. Think: Why do I need this? When would I use it? Where will I look for it?

For tax purposes, keep papers that substantiate your income and expenses for at least three years in case of audit. If you failed to report more than 25 percent of your gross income, the IRS has six years to collect the tax or to start legal proceedings. And if you forgot to file, there are no time limitations.

But you don’t have to keep everything. You can lighten your load by discarding certain statements once they have served their purpose. For example, throw away weekly or monthly salary statements after you check them against your annual W-2 Form. You can also discard any non-tax-related items if you no longer have a need for them.

Step 3. Keep your tax records in one place

One simple tax record-keeping system starts with a big mailing envelope. Label it “200_” and fill it with all of your deductible receipts, bills, cancelled checks, tax statements and related information. At the end of the year you can categorize things, but just toss them in for now. When you are ready to refer to it at tax time, everything will be in one place. If your situation becomes more complicated, you can branch out into (gasp!) files, or simply break your records down into more specialized envelopes.

Step 4. Organize your files

Of course, you also need to keep certain information for your own current use. Keep these in your working files in your “office”. Set up a category for each of the following, or use this list as the basis for your own system.

• Unpaid bills
• Paid bill receipts
• Current bank account, loan, and investment statements
• Current cancelled checks
• Credit card information
• Employment records
• Health benefit information
• Insurance policies
• Family health records
• Manuals and warranties, and receipts for items under warranty
• Inventory of safe deposit box (and key)

Step 5. Safeguard your permanent records

Permanent records that are difficult to replace should always be kept in a safe deposit box. If there is a fire, burglary, or other disaster in your home, you will still have the basics you need to reestablish your financial life. When in doubt, keep an extra copy in your safe deposit box. It can’t hurt-and it may make a huge difference in an emergency.

Here’s a list to get you started:

• Birth certificates for every member of the family
• Adoption papers
• Citizenship papers for every member of the family
• Marriage certificates
• Divorce decrees
• Veteran’s papers
• Wills (keep one copy in the safe deposit box and one copy at home for easy access)
• Death certificates
• Deeds for real estate
• Mortgage papers
• Important contracts, such as leases and notes
• Special papers, such as patents and copyrights
• Automobile titles
• Household inventory
• List of your current accounts, with addresses and account numbers
• Stock and bond certificates (including government bonds)
• Anything that is government or court-recorded

The post Getting Organized: Organizing Your Family’s Records appeared first on Money Clubs.

Icebreaker

Have you ever worked with a financial advisor? What did you like (and what did you dislike) about the experience?

Things to Talk About

Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own! If you have an advisor, how do you feel when you visit your financial advisor? Do you feel in control and “heard”? Or do you feel talked down to? Does your financial advisor answer your questions in a way that is comprehensive yet easy to understand? Do any of your friends use a financial advisor? If so, what do they think of his or her services? In what specific areas of your financial life would an advisor be helpful?

AS USUAL.

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting? What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions: What are your money challenges before the next meeting? What do you need to focus on? What is the next step in your life — and what can you do before the next meeting to achieve it? Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example: I will spend 15 minutes interviewing a prospective financial advisor. Or I will spend 15 minutes researching financial advisors on the Internet. Or I will spend 15 minutes gathering the papers necessary for my first meeting with a financial advisor. You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am in control of my financial life. I get the help I need to make good decisions. I manage my financial affairs to the best extent possible. I deserve the best advice possible.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own. Financial “Interior Design” Discussion questions: How can you use these suggestions to better “decorate” your financial life? What can you convey to your financial advisor about your own sense of financial style? Financial Advisor Qualifications Discussion questions: If you have an advisor, what are his or her qualifications? What is the most important Which Financial Advisor Should I Choose? Discussion questions: Which financial advisors do you currently have? Are you getting all of your financial needs met by your advisors?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called Finding an Advisor-Step-by-Step.Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.  Discussion questions for your club meeting: Is there a public figure who would be your ideal “type” of financial planner? How often do you think you should review your relationship with your financial planner to be sure that it still meets your needs?

The post Finding an Advisor: Member Guide appeared first on Money Clubs.

But take heart-there are plenty of highly qualified financial advisors out there. In fact, independent planners and large financial firms are more eager than ever to attract a female clientele, since they now recognize that women have wealth at their disposal, and the earning power to acquire more.

What Matters Most

First, determine what is most important to you in a financial planner. Which of these statements most matches your attitude?

• I am overwhelmed by my financial situation and I need help sorting through my options.
• I don’t have enough time to devote to researching my investments properly.
• I am comfortable with the basics but would like to learn about more complex topics in investing.
• I am hoping to gain better investment performance.
•  I have recently been through a life transition and I need help getting back on track.
• I just want a brief review of my financial status to see if I’m making the right decisions.
• I have a lump sum of money and I need to know what to do with it.
• If none of these match, fill in your own description here.

Find Advisors

Asking friends, colleagues, business associates, and family members for referrals is a good place to start. In addition, check out these industry organizations:

• The Financial Planning Association at 1-800-647-6340 provides a list of certified financial planners in your local area, as well as other free information about financial planning for consumers.
• The National Association of Personal Financial Advisors (NAPFA) at 1-888-FEE-ONLY (333-6659) provides referrals to fee-only (non-commission) financial planners in your state.
• Society of Financial Service Professionals (formerly the American Society of Chartered Life Underwriters (CLU) and Chartered Financial Consultants) at 1-888-243-2258 will send you up to five names of Society members in your area. Many of these advisors specialize in insurance and estate planning services.
• American Institute of Certified Public Accountants (AICPA) at 1-888-999-9256 provides referrals to personal financial specialists (PFS), licensed accountants with a minimum of three years of financial planning experience.

Interview Advisors

Once you’ve narrowed your search to a few names, you’ll need to interview your prospective advisors. Here are some things you’ll want to know:

• How long have they been in business, and what is their background?
• What services do they provide? Some advisors only offer investment planning services and are not licensed to buy and sell investments.
• What kind of clients do they work with? If an advisor deals primarily with young families and you’re a single woman in retirement, you may want to shop elsewhere.
• How often would you meet? At the very least, you should get together for an annual review, but many planners prefer to meet quarterly.
• Is there a minimum account balance they require, and how will they be paid? Although some financial planners still earn commissions, many are switching to a fee-based practice and charge a flat rate, valued at about 1% of your assets under management.
• Have they ever faced disciplinary action? You can check an advisor’s professional record by contacting the National Association of Securities Dealers at (800) 289-9999.

You also want to make sure your advisor asks a lot of questions about you. He or she should inquire about your current financial situation, family, career goals, present and future income needs, and investment objectives. On a more personal level, the advisor should want to know your feelings about money, your hopes and fears, and how much risk you are comfortable with. Many planners use extensive personality and financial questionnaires to gather this information, which can be an asset. But don’t be fooled by flashy charts or presentations. At the end of the day, you want to feel like your advisor understands you as a person and cares about your financial needs. After all, this is someone you’re trusting with your money, and your future. If your gut tells you it’s not the right fit, keep exploring your options until you find someone with whom you’re comfortable.

Maintain Your Relationship

Once you have established a relationship with a financial advisor, you’ll want to ensure that it stays successful with ongoing communication. Be sure to tell your advisor of any events in your life that may affect your financial plan or your investments. When you meet with your advisor, make sure that these concerns are addressed:

• How is my portfolio doing in relation to the goals we’ve outlined?
• Why is my portfolio over-performing or under-performing? What actions, if any, are needed?
• What new trends in the financial planning industry can help me in my business?
• What adjustments to my portfolio are needed due to changes in my life?

The post Finding an Advisor: Step-by-Step appeared first on Money Clubs.

1. Find your passion. We knew that our passion was to use our skills to empower women, especially those in transition: divorcing, going through widowhood, or just experiencing tough times. What is important to you? What can you do to help others, and make their lives better?
2. Focus your gifts, rather than scattering them. We knew who we wanted to reach, but how could we reach them? Our skills have always been helping people with finances. Put a hammer in our hands, and we’d end up with sore thumbs and not much accomplished. What are your gifts? Are you good at organization, are you a people person, or are you really good at building things? Are you using your gifts to help others? You don’t have to reach out to a lot of people-helping one-on-one will make a huge difference in someone’s life.
3. Share your time and skills. We didn’t have a lot of time-we both had full-time jobs-so we wanted something that we could do on the weekends. We both sat on numerous boards and foundations, but we found those to be passive, and we wanted to be actively involved helping others. How many hours a week do you have to give? Would you prefer to work alone or in a group? Do you want to work at your computer, talk to people on the telephone, or do you want to see people face-to-face?
4. Give money to the causes you are passionate about. We find that by donating our own money, in addition to our time, we dramatically increase the number of people we help. If you have the financial resources, maybe it’s not enough to just put in your time. What impact do your donations have? Do they support causes you really care about? Would they be more effective if you gave them along with your time to a charitable cause about which you are passionate?
5. Capture the power of the three Es – energize, engage and enhance. We wanted to truly make a difference, and we found that when we directed our energy we engaged others who wanted to help, thus enhancing our cause. What activity can you do on a consistent basis to make an impact? Are there others you could engage to help?

Now, get out there and do some good. 

The post Financial Generosity: Exploring Your Gifts appeared first on Money Clubs.

We’ll obviously become unemployed bag ladies-or worse! Aren’t we good at driving ourselves nuts?

Once you face your money fears, you replace them with your money dreams. So, what are your money fears and dreams?

Icebreaker

This is a variation on 20 questions. One member chooses a money fear or dream. Perhaps she is afraid of living out of a shopping cart. Perhaps she wants to own a Ferrari. Who knows? Take turns asking questions. The group has 20 questions to figure out what she has chosen. Can you guess it?

Things to Talk About

Now let’s focus on something positive — money dreams. Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own!

• What did you want to be when you grew up and why?
• If you could do anything you wanted, regardless of money, what would you do?
• If you were in perfect health and totally retired, how would you spend your time?
• What is your idea of the good life?

AS USUAL

Catch Yourself Doing Something Right

Share your success with your fellow Club members:

• What Money Miracle (unexpected good fortune) did you have since last meeting?
• What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions:

• What are your money challenges before the next meeting?
• What do you need to focus on?
• What is the next step in your life-and what can you do before the next meeting to achieve it?

Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example:

• I will brainstorm 10 (small) money dreams that I want to achieve this year — and I am setting aside date and time to do it right now.or
• I will spend 15 minutes sorting and dealing with the money papers that worry me — and I am setting aside a date and time to do it right now.or
• I will take care of one small financial issue that is bothering me (such as requesting a credit for an unjustified late fee on a credit card or ordering an extra copy of a statement) — and I am setting aside a date and time to do it.

You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right.

More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like:

• I am letting go of my financial fears.
• I am pursuing my financial dreams.
• I am financially organized.
• I am focusing on my financial future.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?

If your group decided to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.

When Your Money Dreams (and Nightmares) Come True
Discussion questions:

• How have your own emotions influenced your money dreams (and nightmares)?
• Do you know someone like Tamara? Did he or she get back on track?
• How could Tamara’s family have helped her (instead of taking advantage of her) during her good fortune?

Focus on the Road, Not the Roadblocks
Discussion questions:

• What are you doing with your Magic Wand?
• What Roadblocks have you set up for yourself?
• How can you create your own personal lottery?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called Confront Your Money Fears

Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.

Discussion questions for your club meeting:

•  Do you have money fears that keep coming back, no matter what you do to banish them?
• Are there money fears you used to have that you have managed to get rid of? How did you do it?

The post Fighting Money Fears: Member Guide appeared first on Money Clubs.

People hang onto their money fears long after the danger has passed, and they worry about things that will never, ever come to pass. How much of what you worry about actually happens?

For this one, you’ll need some paper and a timer.
Set the timer for 15 minutes.

Write down your worst money fears. Brainstorm every money fear you can think of. Write down what keeps you up at night. Write down all that nasty, nasty stuff. Here are some common money fears to get you started.

Do you have these fears? Well, join the club! We all have many of the same fears. Acknowledge them, work on them, then let them go.

Once you have written your little heart out, look at your list closely. Which fears are real, and which fears are not an immediate threat? Transfer the fears over which you might have control to a separate piece of paper, and cross them off the other list. If you are aware of these fears as you go through the Money Zones in future Money Club meetings, others can help you deal with them.

The rest of your Money Fears, over which you have no control, should stay on your original list. Write at the top, “Money Fears, Be Gone”, and put that list in an out-of-the-way place, such as a shoebox in the back of your closet. (Someday you’ll come across this list and you’ll be surprised at what you’ve been able to let go.

Now, next time you start worrying about money, tell yourself to Stop It!You are working on the things you can control, and the rest of your money fears are on a list in the box. You are now taking active steps toward dealing with your fears and you can stop worrying about them.

The post Fighting Your Money Fears: Confront Your Money Fears appeared first on Money Clubs.

Icebreaker

What is the most unusual bequest or will provision you’ve heard? Property left to a favorite pet? Unusual objects for unusual people? Trying to control what the kids do with their lives from beyond the grave?

Things to Talk About

No matter what your financial situation, you can create a simple will that states how your assets will be distributed and who will care for your children and the funds you leave them. If you have significant wealth or your situation is more complicated, estate planning can be a more complex process, and you should work with a knowledgeable professional to make sure that you cover all the bases.Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own! Does your family discuss estate planning issues openly? Are you familiar with the terms of the estate plans of your relatives in the generation older than you? Do you discuss estate planning with your children or others in the generation younger than you? Do you know what your own estate plan calls for?

AS USUAL.

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting? What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions: What are your money challenges before the next meeting? What do you need to focus on?  What is the next step in your life — and what can you do before the next meeting to achieve it? Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example:  I will spend 15 minutes reviewing my current estate plan to be sure it is correct, complete, and up-to-date. I will ask my legal professional any questions I have. Or I will spend 15 minutes discussing estate plans with my spouse, parents or adult children in a calm, non-confrontational way. I will familiarize them with the concept of a “contingency day” to see if they are interested in using that technique to organize their affairs. (You’ll learn more about Contingency Day in the Just for You exercise.) Or I will spend 15 minutes thinking about what I would like to happen when I’m gone. I’ll take a closer look at my desires for the future so I can be sure that my plans fit my goals. You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am in control of my finances. I am completely aware of my options regarding estate plans. I am becoming a Money Star. I am learning new money skills.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.Basics of Wills and Trusts Discussion questions: What interesting facts did you learn? What options are you now likely to investigate? More Estate Planning Information Discussion questions: What articles did you find interesting? Why? What new information did you learn about your estate planning options? Talking to Your Parents about Estate Planning Discussion questions: Were you able to use these tips to talk to your parents about their estate plans? What other strategies might be helpful in talking with them?

Just For You

Before the next Money Club meeting, do the Just for You Exercise calledContingency Day.Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.Discussion questions for your club meeting: When are you going to schedule your Contingency Day? (Remember, you can do anything for just one day.) What issues are most pressing in your estate plan?

The post Estate Planning: Member Guide appeared first on Money Clubs.

If you have adult children, you may want to include them in these discussions. If you are not married and have no adult children, plan an annual Contingency Day anyway, and have a day of reckoning for yourself. That way, you can assure that the future will be as comfortable and uncomplicated as you can make it for those you leave behind. If you have relatives who will be responsible for your estate, make their task as simple as possible. Remember, they will be mourning your death at the same time they will be dealing with your financial assets and the responsibilities that you leave behind.

Here are some important steps to take when planning your Contingency Day:

• Decide what information you must gather to prepare for the discussion, and designate which of you will be responsible.
• Set a date to meet, and schedule several hours for your Contingency Day planning. You might want to decide in advance to follow the discussion with some form of entertainment, like dinner and a movie, to help you both unwind.
• If your spouse resists setting a date for the meeting, ask him if he will help you gather the documents to proceed yourself. Discuss with him what information you have and what you need, and then begin the process on your own. Your progress and determination may spark his enthusiasm for the project.
• If discussions about money have caused conflicts between you and your spouse in the past, ask your accountant or financial planner to be present to facilitate your financial discussions. The money it costs to have a professional present will be well spent if it results in a productive discussion and lays the groundwork for future planning meetings between you and your husband.

Topics for Discussion on Contingency Day

What are our financial assets?
It is important to identify everything you own and what you owe before you can begin to plan for the future when one of you dies. Use the Net Worth Money Zone to help you identify and list all your assets, cash, and the current income that will be available if either spouse passes away. Be sure to insurance policies and retirement assets such as deferred annuities and employer death benefits.

Are our assets sufficient?
Now that you know how much you have, you can determine whether it’s enough. How much would you need to live on? How much cash would you need immediately? Calculate the funds you will need to educate your children, your living expenses until retirement, and your retirement needs. Any shortfall should be covered by insurance.

Where are our assets invested?
Discuss each asset you own so that you and your partner understand the nature of the investment, how much income it produces, what the long-range growth potential is, how safe the investment is, and the investment’s marketability. This is a good way to take a look at your current circumstances-which you should do on a regular basis anyway.

Should any of our investments be sold?
Examine each investment critically. Does it fit your long-term goals? What are the growth and income potentials of the investment? Too often, a widow is left with investments that she doesn’t understand. Give careful consideration to the criteria that will indicate the time to sell investments you may currently own, so that you can decide whether to continue to hold them.

Will either of us be able to manage this investment alone?
An active business or real estate investment requires time and skill to manage. If your spouse has managed the business or property in question, you may need to develop the skills necessary manage it or at least to keep it going until it can be sold. Here are some of the questions that you will need to answer:

1. What are the specific management requirements of the investment?
2. If the asset is to be sold once your spouse dies, what steps must be taken to sell it?
3. If the asset is to be kept after your spouse’s death, what skills will be required to maintain and supervise it?
4. If you lack the requisite management skills, list those you will need to acquire and how you plan to attain them.
5. If either you or your spouse is involved in a lawsuit, review the progress of the lawsuit, the expected outcome, and the procedure that the other spouse should follow if one of you died.

Whose advice should we solicit?
Which key advisors know the most about your financial and legal affairs? Both you and you husband should meet with your advisors, and each of you should feel comfortable with them. Make a list of all your advisors, including their contact information (addresses, phone numbers, and email addresses). On the list, include your accountant, attorneys, stockbrokers, financial advisers, insurance agent, banker, mortgage broker, executor of your will, and any other advisers on whom you depend.

Do we have an estate plan?
Do we have the wills, trusts, powers of attorney and other documents that we need to be prepared for every eventuality? If you don’t have an estate plan in place (or if yours is not current), this is an excellent time to contact your estate planning professional for a consultation.

Happy planning! 

The post Estate Planning: Contingency Day appeared first on Money Clubs.

Icebreaker

When did you first use a credit card-your own or someone else’s? How old were you? What did you buy?

Things to Talk About

Is Big Brother watching you? When it comes to your credit history, it seems that way. Most people go merrily on their way, living their lives, while computers in back rooms are keeping track of their every financial move. It is only when they get turned down for credit that most people realize that someone’s been keeping track, and it’s not them.Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own! What actions have you taken to improve your credit? How did they work out? What is the best credit decision you have ever made? Have you ever ordered a copy of your credit report? What did it reveal? Have you ever found an inaccuracy on your credit report? How did you correct it?

AS USUAL.

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting? What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions: What are your money challenges before the next meeting? What do you need to focus on? What is the next step in your life — and what can you do before the next meeting to achieve it? Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example: I will spend 15 minutes ordering a copy of my credit report (online, if possible, so I can read it immediately). I will review my account for mistakes and dispute any errors. Or I will spend 15 minutes applying for a new credit card to improve my credit score. I will find the best card by checking at bankrate.com. Or I will spend 15 minutes thinking about my credit history. What have I done well? How can I improve my credit habits for the future? You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am staying on track to achieve my financial goals. I am committed to self-improvement. I am becoming a Money Star. I am taking control of my financial life.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.Unmasking the Secrets of Credit Scores Discussion questions: In which area of credit scoring do you need the most improvement? How can you use this information to improve your credit score? Applying Credit Wisdom Discussion questions: What can you do now to improve your credit rating? Which resources do you think you would find most helpful in your daily financial life? Credit After Divorce Discussion questions: How does it feel to take control of your credit history during this difficult time? What are the first steps of your new financial life?

Just For You

Before the next Money Club meeting, do the Just for You Exercise called Credit Beginnings and Credit Fixes.Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.Discussion questions for your club meeting: How can you remind yourself to check your credit files regularly for errors? What can you do to improve your credit score over the next few years?

The post Establishing/Repairing Credit: Member Guide appeared first on Money Clubs.

Then, you need to get some! Getting your first credit card can be tricky, because many credit card companies want to see a credit history before they give you credit, and you need to develop a credit history by having a credit card account. Seems like an endless Catch-22, right?

Well, not exactly. Before you accept one of those mail offers that charges a huge “initiation” or “account maintenance” fee, try these approaches.

• Contact your local credit union. Often, credit unions can bend the rules a bit for their members and give your credit a jump-start with your first credit card (secured or unsecured) that offers a decent rate and no annual fees.
• Contact your local department store to see if they will offer you a card (and a discount on that day’s purchases!) or contact a small, local bank for a personal loan. Some smaller institutions have more relaxed criteria and will be willing to help you get your start.
• Contact companies that specialize in working with people who need to establish credit, Check out www.lendingtree.com or www.bankrate.com for names, phone numbers, and online deals.

If you already have credit in your name.

Then it’s important that your credit report is accurate. Read on for more information on how to check your credit report and fix any errors you might find.

The accuracy of your credit report is critical, because it can be used by lenders to decide the interest rate on a loan, by prospective employers to screen job applicants, and by insurance companies to price policies. In addition, your creditors regularly review your credit profile, even if you have a good payment history.

Your credit report reveals many things about your financial habits. It shows how many bank cards and charge accounts you currently have, as well as those you have had in the past, and whether they were paid when closed. For each card or account, your credit report tells the current amount you owe, when you made the last payment, whether your payments have been made on time, and your credit limit or the largest amount you have owed on the card or account. Your credit report also lists any judgments against you, liens, bankruptcies, and foreclosures on real estate you owned.

These items will ding your credit, so avoid them if you can:

• Too many credit cards, even if they have zero balances
• High non-mortgage debt
• Delinquent accounts or frequent late payments
• Frequent job or address changes
• Bills marked uncollectible
• Bankruptcy

How to Read and Correct Your Credit Report

What can you do to improve your credit? First, get a copy of your credit report. By Federal law you are entitled to a free copy of your credit report if you have been denied credit based on information in the report and request a copy within 60 days, if you are unemployed and intend to apply for a job within 60 days of your request, if you’re on public assistance, or if your report contains errors due to fraud. Otherwise, the cost to order a credit report is generally around $15.

The three major credit bureaus are:

If you purchase your credit report online, you will be able to view it immediately and dispute any incorrect items online. This will save you considerable time and hassle-and it’s a very easy process. If you have regular access to a computer and to e-mail, this is the method we recommend.

When you receive your report, go through it with a fine-tooth comb, and be sure you understand fully the various codes and abbreviations that are used. If you find incorrect information, contact the credit bureau immediately and ask that it be corrected.

If the source of the incorrect information is a lender or credit card company, you will have to ask that company to furnish corrected information to the credit bureau. If the information cannot be corrected, or doesn’t tell the full story as reported (such as extenuating circumstances for delinquent payments), you may put a written statement of 100 words or less in your file at the credit bureau, to be transmitted along with your payment history whenever a potential creditor accesses your file.

When you take action to correct a mistake in your credit report, be sure to keep a copy of the correspondence in your files. Also, realize you may have to make the same request again in the future, since credit reporting agencies are notorious for dragging their feet. If at any point you speak to a credit bureau representative on the phone, make a note of the date and time of your call and exactly what was discussed. With patience and persistence, you can resolve disputes and clean up your credit history, so you can move forward with your plans for the future.

How to Improve Your Credit History

Improving your credit history takes time. You must create a record of timely payments, reduce the balance outstanding on your accounts, reduce your required monthly payments, and give past credit problems a chance to fade away. Because bankruptcies stay on your record for ten years and other credit problems may remain for seven years, bankruptcy, skipped payments, and foreclosures should be a last resort in dealing with financial woes.

Clean up any legitimate debts you still owe. Contact your creditors to see if they will settle for less than the full amount, or perhaps wipe the past-due status off your record in exchange for payment. Negotiate the best deal you can.

Once all of the negative items are cleared up, work on getting the right number of credit card accounts. You don’t want too many and you don’t want too few-you want it j-u-s-t right. Keep a few accounts open, use them regularly, and pay them off every month, with no late payments.

IMPORTANT: Don’t do business with companies that promise to “fix” your bad credit or improve your credit rating for a fee. If you need help, contact a non-profit organization, such as the National Foundation for Credit Counseling  (1-800-388-2227).

The post Credit Beginnings and Credit Fixes appeared first on Money Clubs.

Icebreaker

If you went to college, how did you pay for your education? How did your parents plan for your college education?

Things to Talk About

The best thing you can do is to start saving while your child is still in diapers. The earlier you begin socking away cash, the more opportunity your money has to grow through compounding. Even if you don’t implement your investment strategy until your kids are in high school, you can make great strides toward meeting your savings goal-you’ll just have to cut back in other areas and put every spare cent into your college fund.Pick the question your Club finds most interesting. If there’s still time, pick another one — or make up your own! Do you think children should pay for their own college education? Do you think they should help with the costs? How early should you start planning for your children’s college education? Do you think a name-brand education is important? Who can help you set up a college education planning program? What do you expect for your children’s education and career?

AS USUAL.

Catch Yourself Doing Something Right

Share your success with your fellow Club members: What Money Miracle (unexpected good fortune) did you have since last meeting? What did you do since last meeting to become a Money Star (a money-savvy gal in charge of her finances)? How did you further your financial goals?

What Will You Do Today?

Choose one Small Step to do before next meeting, and pledge to the group to do it. To select that 15-minute exercise, ask yourself these questions: What are your money challenges before the next meeting? What do you need to focus on? What is the next step in your life — and what can you do before the next meeting to achieve it? Don’t drive yourself crazy. Remember, you can do anything for 15 minutes! For example: I will spend 15 minutes researching possible scholarships at fastweb.org. Or I will spend 15 minutes filling out an application form for a tax-deferred savings program, such as a Section 529 or Roth IRA. Or I will spend 15 minutes talking with my children about their college education plans. I will discuss how we will jointly plan to finance their educational goals. You get the picture. This is like Goldilocks. Don’t try to do too much. Don’t try to do too little. Do it just right. More Cool Ideas for Small Steps.

Money Attraction Affirmations

Choose one affirmation to motivate you to achieve your goals, something like: I am providing for my children’s future. I am guiding my children on their journey into adulthood. I am a financially savvy woman. I am wise and know the value of a good education.

The Money Zone for Next Meeting

Cast your vote: Does your Money Club want to stay in this Money Zone, or do you want to move on to the next Money Zone?If your group decides to Stay in the Zone then, future Money Star, check out these fun articles so you can discuss them at your next meeting. Even if your group decides to move to the next Zone, you still can explore these on your own.Searching the Scholarship Database Discussion questions: What scholarships did you find to fit your family’s unique circumstances? How can you ensure that you apply for all of the scholarships for which your student qualifies? Heading Back to School Discussion questions: Do these resources inspire you to consider going back to school? Which resources do you think you would find most helpful if you were to consider returning to school? Account Ownership: In Whose Name to Save? Discussion questions: How does this information change your educational savings strategy? What new decisions are you going to make regarding your savings plans?

Just For You

Before the next Money Club meeting, do the Just for You Exercise calledCalculating the Costs.Don’t skip a meeting if you don’t get this done. Half of life is showing up, Money Clubs included. You can tell the group you didn’t get it done, and they will encourage you (not bug you) to make a date to do it soon.Discussion questions for your club meeting: What options do you think are best for your family’s educational plan? How can you further educate yourself on your planning options?

The post Education Planning: Member Guide appeared first on Money Clubs.

If your child is not a star athlete, and you just can’t save enough, don’t dispair. There are other scholarship and aid programs, government-sponsored tax incentives, and plain old working your way through college. So start when you can to save as much as you can. We’re here to help.

Let’s start with (gasp!) a pop quiz:

Pop Quiz on Education Planning

1. Planning for my kids’ college education is like:

1. Baking a cake-you just follow the instructions and voila!
2. Learning a new instrument-I’m making mistakes, but I’ll get where I’m going
3. Climbing Mount Everest, blindfolded and alone, with no shoes

2. A 529 plan is a:

1. Smart move for college savings
2. Education planning thinga-ma-bob that might help me to achieve my goals
3. Step below a 530 plan?

3. When I think about my college savings plan, I feel:

1. Confident and secure
2. Learning and improving.
3. Scared to death.

4. If my child were to get into Harvard, I’d say:

1. “Wow! Let’s take a tour of Boston next month.”
2. “Yay! But it’s just a bit more than we budgeted”
3. “Congratulations! Now, start packing for your trip to Public U.”

5. I’ve been saving for my children’s college education since:

1. The day they were born.
2. I woke up one day in a cold sweat when my oldest was in junior high.
3. Saving? What’s that?

If you answered mostly A’s:
You are well on your way to fulfilling your college savings plan, and you feel good about your knowledge and achievements. Yay! You are in a great position to help your fellow Money Club members learn how to succeed. You may also benefit from the additional articles in this Money Zone to further your knowledge.

If you answered mostly B’s:
You are learning new facts about education planning that will help you to achieve your goals. As you learn and grow, you can benefit from the support of your fellow Money Club members in achieving your goals. You may want to join the Money Club discussion group for more information and support.

If you answered mostly C’s:
You are having some difficulties planning for your children’s college education. Well, sista’, you have come to the right place. The Money Club is a support and information network that can help you get moving toward your goals. Join (or start) a Money Club to help yourself get motivated, and then learn more about the tools available to plan for your children’s college education.

Wherever you are right now, you can start saving each month for your children’s future. Here’s a worksheet to help you figure out how much you’ll need to save for college. (If you have more than one child, do the worksheet separately for each child and then add the total monthly amounts together to determine how much to save.)

Education Planning Worksheet – Table 1
INFLATION FACTOR

Education Planning Worksheet – Table 2
SAVINGS FACTOR