Archive for September, 2010

Invest in a reusable water bottle.

Tuesday, September 28th, 2010

Why pay for costly single-serve beverages when you’re away from home? Stopping at a convenience store or drive-thru can easily cost $3. Just saving $3 a day will give you an extra $1,095 by the end of the year. That’s a great return on your investment!

You can save hundreds of dollars a year

Tuesday, September 21st, 2010

by comparing prices at different stations, pumping gas yourself, and using the lowest octane called for in your owner’s manual. Every little bit helps, so start today!

Wealth Watchers in the Classroom

Tuesday, September 14th, 2010

Federal Reserve Bank of Chicago – Marginal Thoughts Blog

Wealth Watchers in the Classroom

By Cindy Ivanac-Lillig 

I had met a woman, Alice Wood, a couple of years ago here at the Bank in connection with our Money Smart Week program. She is an attorney, a small business woman, and an author. Her life story is both heart-breaking and inspiring. She has recently come out with a book, “Wealth Watchers,” that documents not only her life story but also serves as a how-to for the popular tool she has come up with to help people manage their finances more effectively. As I read the book, I thought — this could be a great classroom tool for anyone teaching personal finance!
It is a rather easy paradigm to picture, because most of us have heard of the program Weight Watchers. There is no special food, only a way to keep score. Her system works much the same way. At one point in her book she says something like — this isn’t easy, but it is simple, which made me laugh at loud. The concept is so simple; it basically requires that you journal all of your daily expenses and know what your daily limit is for disposable income.
Why is simple sometimes so hard?
Please let me know what you think — I realize that there are many tools out there and I have by no means tried them all, but this just happened to cross my desk and I thought it was worth sharing!



No sale is a bargain if you didn’t need the item

Tuesday, September 14th, 2010

…because you can go broke saving money.

A home energy audit can identify ways to save up to hundreds of dollars a year on home heating (and air conditioning).

Tuesday, September 7th, 2010

Ask your electric or gas utility if they audit homes for free or for a reasonable charge. If they do not, ask them to refer you to a qualified professional.