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A special series from "Let's Get It! Together" in the classroom that focuses on financial literacy. Classroom guests and "instructors" visit from specific areas of financial expertise. From money basics...
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A special series from "Let's Get It! Together" in the classroom that focuses on financial literacy. Classroom guests and "instructors" visit from specific areas of financial expertise. From money basics to building wealth. It's all right here. Access, information and opportunity. Let's Get It! Together.
show less
The Money Classroom (LGi2)
The Money Classroom (LGi2)
Grandparents Had Value of Money Wisdom
10 OCT 2014 · TMC-01Value of Money Wisdom
“Value of Money Wisdom: Advice from Your Grandparents”
In the classroom: Royce Sutton, SVP and Community Development Director with Fifth Third Bank
Proverb 4:7 - Wisdom is the principal thing; therefore get wisdom: and with all thy getting get understanding.
We should treasure the wisdom that our grandparents and other seniors have when it comes to money. They speak from an important place that enables them to share profound pearls of money wisdom that may seem basic but if we would just draw from their knowledge is it comes from a place of experience.
During the Great Depression there was a popular saying that speaks to how we, today, should think about how we view and use money wisely.
That saying was:
“Use it up, wear it out, Make it do or do without”.
In this episode of "The Money Classroom" learn some of the money advice that Royce has received from his grandparents and other seniors.
1."Use It up, Wear It out, Make It Do or Do Without"
This rather catchy phrase was used quite a number of times during the Great Depression and is the perfect counterpart to the word 'frugal.'
USE IT UP!
We enjoy stockpiling and often don’t use all that we have—grocery items, cleaning solvents, clothes, etc
Tips:
Use up your stash before trying a new brand or going out to buy yet another 10 on sale
De-clutter, simplify, and eliminate.
Sell items in your home that you have not used in the past 2 years—use proceeds to pay off debt. Or you could give them away to a charity and get the tax deduction for 2015.
WEAR IT OUT!
An example of this would be an automobile purchase.
Tip:
When you buy a car, buy it until it is absolutely worn out and destined for recycling at the junk heap.
Don't fall into the trap of wanting a new car every 3 years just to keep up with the Joneses.
MAKE IT DO!
What you have may not be perfect, but if it is able to do the job, don't bother buying anything.
Tip:
If you run out of your favorite brand of ketchup in the house, but you have an old generic bottle that has been sitting around for a while that you don't really like. Make it do by adding flavorings such as spices to change what you don't like about it.
DO WITHOUT!
Find a creative way to do use something else.
Tips:
1. Perhaps you ran out of that commercial fertilizer for your plants. Why not try making your own at home by using egg shells, which are full of calcium, or your old coffee grounds?
2. Cook at Home. During the Great Depression, eating out was a rare treat. Today, it has turned from a treat to a routine habit, as seen in 2011 where 40.6% of American food budgets in general was spent on eating food away from home.
• If you must go to a restaurant, at least cut back on how frequently you go. Ask for water rather than an overpriced alcoholic beverage.
3.Free Things
There's no need to feel like staying at home is a punishment rather than a treat.
•Our grandparents were just trying to keep food on the table and didn't have the luxury of big-box malls to shop at.
•It can be nice to wind down and relax rather than always being on the go.
•Find free things to do like playing a sport with your friends, trying a new recipe at home, taking a book out of a library
•Learn a new skill such as a new language that could potentially increase your earning income in the future.
4. Live Within Your Means. Don’t spend more than you make.
• Control your impulse spending
oIf you have already lived happily with a set amount of money before, why change now?
• 50-30-10-10. Allocate your spending plan in this manner: Needs – 50%, Wants-30%, Savings 10%, Giving/Tithe 10%.
5. Pay yourself first. Regularly putting money away in a savings account is the first step to becoming a wealth builder.
6. Plan for the worst
7. Save
8. Pay Cash – You tend to be more thoughtful about your purchases and you can only use what you have. You tend to spend more wisely when actually you feel the money leaving your hands.
9. Pay down debt. Solutions: increase payment amounts, add no new debt, use your income tax refund to pay off debt, get a second job (legal side hussle) using sites like elance.com or flexjobs.com. Make a 13 mortgage payment –takes 7 years off your principle if you have 30 yr mortgage
When you do these things you will make things better
…for yourself, your family and your future!
08-Handling Debt Responsibly pt2
17 APR 2014 · In "The Money Classroom", Royce Sutton continues to give us knowledge on how to handle debt responsibly.
08-Handling Debt Responsibly pt1
17 APR 2014 · In "The Money Classroom", Royce Sutton highlights ways to handle debt responsibly.
13-11-22 SAFEGUARDING YOUR MONEY
17 APR 2014 · In "The Money Classroom", Royce Sutton gives the inside scoop of how to safeguard your money.
Top Holiday Shopping Tips
17 APR 2014 · TOP holiday shopping tips.
"The Money Classroom" is back in session led by Royce Sutton Vice President and Community Development Manager of Fifth Third Bank with some seasonal tips for the crazy shopping season!
In this episode we hear some valuable tips to keep it real this Christmas.
In this episode we learn –
•How to ensure January and the New Year don’t bring pain and stress after overspending in November and December.
•How to set a plan for Holiday spending and how to stick to it.
•Itemizing expenditure on gifts, food necessities, entertainment, travel, charitable donations and even decorations on a holiday budget is a great starting point.
•Why it is important to track this budget on a weekly basis to keep everything real and in perspective.
•How to be realistic and honest enough to set budgets on what you intend to spend on each family member, and stick to it.
•How using cash instead of flexing plastic at every opportunity is a tangible way to keep spending under control – when you’re out, you’re out!
•Why does purchasing local when possible supports our community?
•How shopping earlier and shopping when crowds are smaller will cause you to spend less when there’s no pressure on.
•What are the advantages of doing a research run instead of spending on impulse?
•How buying stock instead of irrational presents can be a valuable present –even for children and other gifts on the same level.
•The importance of ensuring the site you are shopping is a secure site, and how you can recognize this when shopping online.
•How to shop safely – ensuring you’re secure and your car is secure.
•The importance of ensuring your safety at ATM’s when withdrawing money for shopping.
•How to recognize what is truly important about the holiday season…Not necessarily the value and quantity of gifts.
Happy Holidays
06-TMC-The Earned Income Tax Credit
17 APR 2014 · In "The Money Classroom", Royce Sutton gives his insight on the earned income tax credit.
01-Money Basics Open A Checking Account
17 APR 2014 · In "The Money Classroom", Royce Sutton teaches the basics... Opening a Checking Account.
SMART MONEY MOVES FOR THE YEAR
17 APR 2014 · In "The Money Classroom", Royce Sutton details SMART MONEY MOVES.
02-Prospering through the Struggle
17 APR 2014 · In "The Money Classroom", Royce Sutton explains how to prosper through the struggle.
Tax Filing Less Pain More Gain
17 APR 2014 · In "The Money Classroom", Royce Sutton talks about how to file your taxes with less pain and more gain.
You can give Uncle Sam another interest free loan for 12 months if you want to or take this 15-minute finance class and learn to get the benefit of your OWN money and use it for what YOU decide to do throughout the year.
In this episode:
Interest
Investment
IRS
Taxes
Loans
Savings
A special series from "Let's Get It! Together" in the classroom that focuses on financial literacy. Classroom guests and "instructors" visit from specific areas of financial expertise. From money basics...
show more
A special series from "Let's Get It! Together" in the classroom that focuses on financial literacy. Classroom guests and "instructors" visit from specific areas of financial expertise. From money basics to building wealth. It's all right here. Access, information and opportunity. Let's Get It! Together.
show less
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