Heroes at Home - Fighting for Financial Freedom

Today, we have a special guest blogger, Ellie Kay, who is the founder of Heroes at Home, a 501(c)(3) dedicated to helping military families and all Americans find financial freedom. 

"How would you like to live debt free?" Ellie asks. "Even as we celebrate Independence Day and the men and women who keep our nation stay free, we also can become financially free."

I (Dawn) believe there are many kinds of freedom we can experience as members of the family of God. Financial freedom is one kind of freedom that can affect your family, career and even how you give to ministy! God wants you to be a wise, intentional and cheerful giver (Proverbs 21:20a; 2 Corinthians 9:7), and one way to do that is to operate out of financial freedom!

Ellie continues . . .

In my work helping service members with financial readiness, there are tips that apply to everyone.

1. Credit Credibility

No matter what your financial picture is, it’s critical for every person to improve her own FICO (Fair Isaac Credit Scores). These scores determine not only the APR you pay on a home or car loan, but they also impact auto insurance premiums, whether you’ll get the promotion or the job (many employers check FICOS), whether you pay a security deposit for utilities, and much more.

You can go to Credit.com to check your score and they’ll even give you specific ways to improve each area of your credit score.

You can improve your FICO in three easy steps:

• Pay early – Set up automatic payments online so you will never be late.
• Pay More - Add $5 to $10 more than the minimum balance that is due; this indicates you are paying down debt.
• Pay Proportionally – Also known as credit utilization—make sure you don’t have more than 30% of the available credit charged on any one card at any time. For example, a card with a $5000 limit should never have more than $1500 charged.

2. Savings Savvy

It only takes 15 minutes to save hundreds of dollars! Once you save money in one area, use those funds to pay down consumer debt or to build up a savings account.

• Auto Insurance – Once a year, compare policies by getting a variety of quotes. Take the cheaper price back to your existing provider and tell them you will switch companies unless they can match the price. (Be sure to check out quotes from USAA.com if you are military and qualify to be a member.)
• RetailMeNot – If you have a smart phone, download the RetailMeNot app or bookmark it on your computer. This is a code site that offers 400,000 coupon codes at any given time. Just enter the store’s name and you’ll see all the codes to get the better prices. Use this on entertainment, travel, electronics and any kind of online shopping or in the mall.
• CouponMom.com – I was one of the original extreme couponers and it’s served me well all these years. If you go to this site, she’s done all the work for you and will tell you what is on sale in your neighborhood, what codes are available, what coupons are out for the item and which stores double coupons. I calculated that over the course of twenty years, I saved our family over 160K!  

3. Debt Deal Dilemma

With a slow economy comes an influx of those who want to "help" prepare you for the worse by consolidating your debt. However, most “for profit” debt-counseling companies charge a hefty fee for their services, which is usually tacked onto your debt load.

Instead, go to the National Consumer Credit Counseling Service at www.nfcc.org and use their free services.

4. Budget Baby

If you don't have a budget—as part of your lifestyle—then yesterday was the day to start! Set one up with online budgeting tools, found at mint.

The problem for a lot of families is not having a budget, it’s sticking to a budget.

Set up a “budget date” once a month with your spouse to revisit how the plan is working.

This kind of regular accountability works as well in finances as it does in Weight Watchers. When you know there will be someone asking you why you bought that purple mohair sweater for $198, you’re less likely to give into the impulse to go off budget.

Can you celebrate your "Financial Freedom" today? If not, which of Ellie's tips might help you claim your independence?

A special JULY 4^th note:

During this time of the year, be sure to thank those heroes at Heroes at Home ... thank them for their service. [For more information on where Ellie Kay’s Heroes at Home is visiting next, explore their website at HeroesAtHome.org.]

Ellie Kay is the best-selling author of fifteen books including Lean Body, Fat Wallet, and Heroes at Home. She is a Toastmaster Accredited Speaker as well as a popular international speaker and media veteran who has given over1,200 media interviews including appearances on ABC, CNBC, CNN and Fox News. As a popular columnist, she writes for six national magazines and has been a Subject Matter Expert for the Wall Street Journal, New York Times and Washington Post. Currently, Ellie provides financial education to military members through her “Heroes at Home Financial Event” sponsored for USAA. Ellie is married to LTC Bob Kay and they have seven children. 

Graphic adapted, courtesy of Morguefile.

8 Ways to Celebrate Savings

Ellie Kay, "America's Family Financial Expert" ®, offers some easy, practical money savers in this Financial UPGRADE to help us become better stewards of our financial resources. With financial wisdom, we can share with people in need and support the Kingdom in tangible ways.

"Saving money can be a lot easier than you think," Ellie says, "if you know when and where to use the right websites and apps."

I (Dawn) have appreciated Ellie's budgeting and saving tips in the past, and this post has a few ideas I hadn't thought of before!

Ellie continues . . .

I just returned from Barksdale AFB, where we had the latest Heroes at Home Financial Education event. I absolutely love traveling around the country giving these events to our Heroes and Heroes at Home! 

There are several apps we always love to recommend (RetailMeNot, TravelZoo, etc.) because they are so easy to use and save money. But one of the things I love is that we are always learning more and more websites and apps through these military families we encounter.

According to James 1:5, if we lack wisdom, we can ask of God who will give it to us.  

So let’s CELEBRATE the savings with a few of our favorite ideas, that can help you become wise in the use of your money.

1. Organize your Inbox: Sign up for emails from your favorite stores and brands because they frequently send out sales, deals, and coupons to get you back into the store! But if you don’t want to get 20-30 emails in your inbox every morning, sign up for Unroll.Me. You are able to unsubscribe from lists through this email that you no longer wish to see.

2. Budgeting: Mint is a great site and app for budgeting that I recommend quite frequently. You are also able to pay your bills and see your credit score. Also check out GoodBudget (formerly EEBA) if you are an envelope system family, and for sharing budgets with members of the same household.

3. Gas: Waze is my favorite GPS app out there. It calculates the best route using both major highways and side streets. But one of my favorite features in this app is that it tells you the gas prices for all gas stations in your area. It will also calculate how far off your route each gas station will be. TripTik (by AAA) calculates mileage based on most economic route.  GasBuddy is another great tool for calculating a trip cost, gas price charts, and more.

4. Coupons: RetailMeNot is my recommended coupon app for retail stores. But also check out Coupon Sherpa for in store coupons to make sure you are always getting the best deal. If you are a fan of paper coupons, use SnipSnap to take pictures of the coupon and use your phone when it comes time to redeem.

5. Entertainment Tickets: Goldstar is a great site for finding half-priced tickets for shows and concerts in cities around the world. For Veterans and families, take advantage of Veterans Tickets Foundation, which is a great organization that provides free tickets to family members of troops Killed In Action (K.I.A.), our Military and Veterans to sporting events, concerts, performing arts and family activities.

6. Parking: Never overpay for parking in any city when you use BestParking. You are able to search city and airport parking to find and compare the best rates. This is a great tool for both planning trips, and getting a good price on the go.

7. Airfare: Looking for that special price for that trip coming up? Keep an eye out for the best time to fly at the best price with Hopper or BookingBuddy.com.

8. Other Apps – Travelzoo.com

What are some of your favorite ways to be a better steward of God’s resources? Let me know so I can keep spreading the word!

Ellie Kay is a regular expert on national television with ABC NEWS NOW’s Money Matters and Good Moneyshows. Ellie is also a national radio commentator, a frequent media guest on Fox News, and CNBC, a popular international speaker, and the best-selling author of fourteen books including her  newest release, The Little Book of Big Savings (Waterbrook, 2009).

Graphic adapted, Image courtesy of Feelart at FreeDigitalPhotos.net.

Keeping to the 'B-word'

In this Financial UPGRADE, Ellie Kay, known as “America’s Family Financial Expert,”® gives us some timely information on how to be better stewards of our resources through budgeting.

"The only real failure in budgeting is to do nothing at all," Ellie says.

Budget! I (Dawn) used to hate that word. I saw it as restrictive ... no fun! But the Lord showed me the value of budgeting, and how it could free me up to do the things I really longed to do.

Ellie continues ...

Families usually have favorite restaurants, movies, and even special songs that reflect the character and tastes of the family. Your budget will be just as unique as your family. It will be based on variable factors, such as your family’s size, geographical location, debt load, and income.

One of the reasons Bob and I first set up a budget, is because we wanted to be better stewards of our finances. We remembered Luke 14:28, a passage that talked about the fact that a wise man counts the cost before he builds a tower. We wanted to build a Biblical financial legacy for our kids and realized that both of us wanted to have healthy finances.

We also realized that we didn’t need to go overboard by pinching our pennies so tightly that it strained our relationship and took all the enjoyment out of life. So we allowed for an occasional indulgence, implemented budget-cutting techniques slowly, and modified our plan as needed.

There are a few problems that can throw your budget off in a matter of seconds, sending it toward disaster. But the only real failure in budgeting is to do nothing at all.

Here are a few tips to avoid these common pitfalls, and a few reminders to keep trekking at this budget thing:

Debt or Credit

Proverbs 22:7 says, “The rich rule over the poor, and the borrower is servant to the lender.” We knew we wanted to get out of debt and we chose to adopt a cash-only policy when it came to our budget, setting up an envelope system where we placed the budgeted amount of cash in envelopes marked “food,” “entertainment,” “gas,” and so on.

When the money runs out, you stop spending until the end of the allotted period (generally one to
two weeks, depending upon how you are paid). A regular peek at the amount of cash left in each envelope is a vivid reminder of your budget commitment. If credit has become a habit, then you might even do something drastic, like cut up your credit cards. Mint.com also has a great, free app to help you track your budget.

Impulse Buying

Nothing busts a budget like impulse buying. If this is an area where you struggle, it’s important to be proactive and address the issue before you take action.

If you don’t drive to the mall and go to your favorite department store, you won’t be as likely to spend unbudgeted money. So determine to practice the habits you’ve been learning every day so you will have to internal motivation needed the next time you are tempted.

Comfort Spending

Many couples indulge in comfort spending on clothes, sports equipment, expensive restaurants, and excessive entertainment, to name a few. This unhealthy habit of throwing caution to the wind just to live in the “now” is a budget buster that will keep you living in debt. However, most of us do not reform our unhealthy habits overnight.

At the very least, begin to modify and become more intentional about these comfort indulgences. Even cutting back on some of this kind of spending can add up positively.

What is one thing you can do this week to stay on budget?

Ellie Kay is a regular expert on national television with ABC NEWS NOW’s Money Matters and Good
Money shows. She is also a national radio commentator, a frequent media guest on Fox News, and CNBC, a popular international speaker, and the best-selling author of fourteen books including her newest release, The Little Book of Big Savings (Waterbrook, 2009). For money savings links, or to view Ellie’s blog, go to www.elliekay.com.

Graphic in Text, adapted, Image courtesy of Stuart Miles at FreeDigitalPhotos.net.

Spend Less and Save More

I met Ellie Kay, billed as “America’s Family Financial Expert”®, when I interviewed her years ago for The Christian Examiner. I found her insightful, discerning and fun.  I asked her to share some simple financial tips with UPGRADE readers.

Ellie writes:

How would you like to pay off your credit card, put your kids through college with minimal student loan debt, pay cash for your vacations and fund a retirement?

I believe that every family can upgrade their finances by unlocking the secrets of how to spend less and save more.

1. Develop a Plan

Go to my website tool section and find an easy-to-use interactive budget tool at elliekay.com.  

Consider making yourself accountable to another person (or couple) to stick on the budget. They will check in with you monthly and ask how it’s going, what your challenges are and what you are going to do to stick to your plan.

Then, when you go to a store or visit a website, ask yourself, “Does this purchase fit into my plan and can it help me upgrade my finances?” Knowing that you are accountable will help you stick to your plan.

2. Don’t Buy Without a Discount

In a post-recession economy, consumers demand discounts and retailers are responding. Go to RetailMeNot.com, couponcabin.com, or BradsDeals.com to get codes that can help you save even more. Or you can go to mysimon.com or bing.com to compare prices on the Internet for the best price.

Then, try to get a rebate check on items you have to buy anyway by going to ebates.com or slickdeals.net.

3. Don’t Use Credit

One of the things our family has done for years is to take out the budgeted amount for food, gas, entertainment and gifts, and put them in a cash envelope marked accordingly. When we see the cash dwindling, we’ll know we need to stop spending.

Debit cards are similar, if you are sure to keep up with how much case you have left in your checking account so you do not overspend. The point is that you do not buy on credit.

Which of these tips is your favorite for spending less and saving more?

Ellie Kay is a regular expert on national television with ABC NEWS NOW’s Money Matters and Good Money shows. She is also a national radio commentator, a frequent media guest on Fox News, and CNBC, a popular international speaker, and the best-selling author of fourteen books including her  newest release, The Little Book of Big Savings (Waterbrook, 2009).

For money savings links or to view Ellie’s blog, go to elliekay.com.