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Into the Mind of a Frugal Shopper

Posted by wesmay01 on 13 August 2010, 5:01 pm

coupons are a great way to save money!Most of us could spend a fortune’s worth of money on things we arguably don’t need and still not have everything we want. Some of us are actually quite the opposite. There are those who are frugal by nature and have made it a point to save money where they can. They’re the ones that spend hours cutting coupons saving a dollar here or a dollar there when they make much more per hour at work. They’re the ones tending a vegetable garden while most of us would love to be out shopping. So what makes a frugal shopper feel the need to be frugal?

Meet the DIYs
Sometimes, a frugal shopper can see an opportunity to learn how to fix something, such as a worn out pair of shoes or a pair of old speakers and actually pick up a skill from doing so. This not only gives them a chance to save money on buying new equipment, but gives them the ability to perhaps learn a new skill/trade that can make them money down the road.

Channel-surfing? Save money instead!
If you’re going to just watch television or play video games instead of clipping coupons or looking for better deals online for the things you really need, you might as well spend the time doing something that can bring you one step closer to an early/comfortable retirement. The frugal shopper just loves thinking ahead like that.

Junk in the trunk? No way!
Frugal shoppers often times loathe clutter. They like to keep it simple, and in doing so save thousands by just keeping their material possessions down to a minimum. As the saying goes, Keep It Simple Silly!

It’s like a game
Frugal shoppers sometimes have a competition with themselves to see how much they can save per month. It’s no different than a conservative driver trying to maximize their fuel economy just to see how many miles they can squeeze out of their tank.

Are you a frugal shopper? It’s no surprise if you say no. Most people these days aren’t. However, if you’re in major debt and still trying to live like a celebrity, then perhaps you can take some of these examples and learn from them. Additionally, you (as a Park Community member) have FREE access to Accel – our partner in financial counseling.

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Collecting for ISA’s Cans For Kids Campaign

Posted by wesmay01 on 6 August 2010, 3:26 pm

All 9 Louisville area Park Community locations have collection jars set up for the Cans For Kids program, which is a charity event established by ISA (Industrial Services of America). Each dollar donated through the month of August will benefit the neonatal intensive care unit (NICU) at Kosair Children’s Hospital. We at Park Community fully support this initiative and urge our members to participate.

If you have cans you’d rather donate for the program, please take them to ISA’s recycling center at 7100 Grade Lane in Louisville.

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Save Money; Buy in Bulk!

Posted by wesmay01 on 30 July 2010, 5:01 pm

Starting a food club is easy!What better way to save money than to spend more to buy a large amount, right? Well that usually isn’t the case, especially with groceries. However, what if you were to start a food club? Neighbors, relatives, roommates, friends, or whoever else you associate with can start a food club. Then, you can visit a wholesale store that sells things specifically in bulk, buy for the group, and then distribute the cost and products equally. This means you’re getting the very best deal on your groceries while saving money and promoting healthy social interaction! That’s what I call a win-win-win! If you would like more tips for starting a food club, e-mail me at wes.may@parkcommunity.com!

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Raze Your Debt; Raise Your Credit

Posted by wesmay01 on 16 July 2010, 4:49 pm

Perhaps you’re 20, still in college, and nonchalantly giving your credit card information to the pizza place down the street.  Perhaps you’re 30 and starting a tab at the club to look good when you buy her a drink.  Maybe you’re even 55 and never really got your spending habits under control and now are worrying about retirement.  Whatever the case, your financial choices make or break your bank account as well as your credit score.  Here are a few financial tips that will help keep your ledger in the black and put your credit in the 700-club.

Closing Credit Card Accounts
You get your bill at the end of the month and you feel a sense of panic and unease at how you’re going to pay off all that late-night shopping on the internet, those Friday night trips to the bar, or even that new wardrobe of once-only worn outfits.  Perhaps you shrug it off and look at how much the minimum payment is.  Even better, you could tell yourself that it’s better to pay it off now.  Some folks feel a sense of desperation once they pay off a credit card and quickly close the account to restrain themselves from charging anymore.  This actually can hurt your credit score.  Why?  Well, simply, credit bureaus look at the ratio of the credit you use compared to the credit you have available.  If you have less credit available, this will affect that ratio significantly.  The better option would be to physically cut up the card, monitor each statement for changes in your balance, and work on paying off another card.

Squeaking by with Just The Minimum
Making minimum payments is always a bad idea.  You’re mostly paying off interest rather than principle, so you’re actually going to spend more in the long run.  A good rule to follow is to at least make double the minimum payments.  This way, your balance isn’t creeping toward your limit, which will keep your score from dropping.  Also, making your payments on time is another great way to keep your credit up.   If you’re a Park Community member and feel like you need help creating a budget for all of your bills and credit payments, you can call Accel: Park Community’s financial counseling partner for FREE financial counseling.

Don’t Open So Many Accounts
Every time you apply for credit, the lender will pull your credit report.  This kind of access to your report will actually lower your score.  So when you fill out a credit application to save 10% on that outfit you want, you’re actually doing a disservice to your credit score.  What’s more, if you’re rejected credit, your score is lowered making it even more difficult to be approved.

Statute of Limitations
Did you know that your state has a statute of limitations on every debt (except federal loans)?  After a few years, lenders lose their right to file a lawsuit.  This is no excuse to max out a credit card and not make payments; however, if you can’t pay even the minimum payment due to financial hardship, this could be a long-term solution that will hurt your credit less than bankruptcy.  Also, the older negative information on your credit is, the less impact it has on your credit score.  So don’t lose hope!  If you can start turning your payment habits and spending splurges around now, you’ll have your head above water before you know it.

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ShopAmerica – Rewards for Being a Credit Union Member

Posted by wesmay01 on 9 July 2010, 4:51 pm

How would you like to earn cash back on your purchases from stores like Wal-Mart™, Target™, and Best Buy™? You can! Just follow the Shop America link below, select the credit union you belong to, and you will be redirected to the discounts page where you can register an account.  This way, you can even track your accrued savings electronically! Over 1,200 retailers are participating, so start racking up the savings today and continue to love your credit union!

Shop America – your source for credit union discounts

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$aving Families – Making Finances a Walk in the Park

Posted by parkcommunity on 25 June 2010, 5:04 pm

Apply today!With the past few years, plenty of families find themselves struggling with their finances. This is usually because of the fact that we don’t like cutting back when times are tough. Whatever the case, if your family is sinking in bills, neck-deep in debt, facing a foreclosure on your home, or experiencing any other symptoms of the fiscal nightmare we all try to avoid, there is hope!  Park Community is proud to announce that there will be a second $aving Families competition where your family can be one of four that learns not only better spending/saving habits, but could even win up to $5,000!  For those who weren’t aware of our first competition or don’t know what the competition entails, here are some details.

1. Application/Interview Process
First, we will review your completed application (which you can get here).  If your family qualifies, we may contact you to come by for an interview.  Don’t worry; the interview is very casual and there’s no real pressure.  That being said, there may be more than one interview, and they could be video recorded to later be reviewed during the selection process. 

2. Pairing Contestants with Coaches
The four families that get selected will be paired with a member of the Park Community staff.  They will have knowledge, advice, and support you’ll need to learn healthier financial habits and apply them to their daily spending.  The families will be in contact periodically with their coaches for updates, financial advice, or even just to make sure everything is still on track.  (This financial counseling comes at no cost to the families)

3. Save Save Save!
Following the advice of their coaches, the families will apply their new-found knowledge.  Ideally, debts will start to melt away, credit scores will start to rise, and the families (along with their coaches) will have a huge sense of accomplishment that will give them the momentum to keep up the good work!

4. Blogging
A requirement for the families is to keep an updated blog.  The blog will be located on Fox41’s $aving Families section of their website (click here) once the competition starts and contained therein will be examples of the families applying what they’ve learned, debts/bills they’ve paid, or maybe even an expenditure (like getting approved for a mortgage).

5. The Finish Line
Once the saving period ends (which is approximately 10 months), the Park Community accounting staff will go over every single bill paid, debt payments made, equity gained, etc. to determine which family had the largest increase of net worth.  At that time, there will be a ceremony and the winning family will be announced.  Not only will that family be in much better financial shape, they’ll be $5,000 richer! 

Sounds pretty sweet, right?  Even if you don’t apply, you can follow along with the families on Fox41, the $aving Families Facebook page, and (as previously stated) Fox41’s website.  If you do choose to send in your application, I’d like to take this opportunity to say good luck!  And if you don’t get selected, please remember that Park Community does offer FREE financial counseling with Accel.

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My Credit Report is Wrong! …What Do I Do?

Posted by wesmay01 on 18 June 2010, 5:00 pm

Every payment you make or miss is on your credit report. Keeping up with your credit is good practice for responsible financial management!It’s well known that over half of all credit reports contain erroneous entries. That being said, if you look at your credit report (which you can do for free at annualcreditreport.com) you may find one or more errors. These errors usually affect your score negatively, so how is it then that you can get these entries changed? The following information (as found on the Credit Loans blog) can be of great help!

Get A Copy of your Credit Report
First, you should submit a copy of the credit report that has the erroneous entry on it. Circle the disputed entry and/or otherwise clearly note the entry to which you refer. Otherwise, you are forcing someone at the credit agency to look up your report and essentially guess which entry to which you refer.

A Letter of Explanation
Second, as clear as you think the issue may be, remember that you lived it; any outsider has no idea of the particulars. Even if it seems unnecessary (or even condescending), spell out exactly what the issue is, why the entry is being disputed, the circumstances to the contrary, and list any evidence you have to that effect.

Personal Evidence
In addition to the letter, you will also need to submit copies of any evidence that you may have. For example, if the issue is an unpaid bill, a copy of the receipt for that bill or some other proof of payment will be required.

Official Evidence
Further, and this is the part most people miss, you will likely need official evidence of the matter. In the case of unpaid bill, the credit agency would have no clear way of knowing that a receipt or canceled check belongs specifically to that charge. As such, you would need to submit a letter from that company explaining that the bill in question was in fact paid. In most cases, the letter would either need to come from the company directly to the credit agency (be sure to retain a copy if this is the case) or it will have to be notarized.

If you would like to have one of our financial service representatives go over your credit report with you, please bring a copy of your credit report… preferably from all three credit bureaus. Otherwise, all Park Community members are eligible for FREE financial counseling with Accel.

Filed under Credit Management, Financial Education.
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Louisville Area Residents, Come Join Us!

Posted by wesmay01 on 4 June 2010, 4:58 pm

We have a couple of great events coming up that will be fun for the whole family, so come out and have some fun!  There’s the St. Matthews Community Festival in Brown Park on June 12 as well as the Lyndon Area Fair on June 18th and 19th.  Both events include live music, great food, as well as appearances from Park Community staff!  Stop by our area for great coupons and incentives as well as chances to win some great prizes!

More information for the St. Matthews Community Festival

More information for the Lyndon Area Festival

We hope to see you there!!

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Summer is Here and School is Out!

Posted by Wes May on 28 May 2010, 4:02 pm

Although most colleges have been out for several weeks now, most gradeschools are now closing (or getting ready to close) for the summer.  The academic pressure is off, and it’s time to relax, have fun, and celebrate right?  That may be fine for the first few days, but as most students figure out, that can get boring pretty quickly.  Here are some ideas that may help you fill your time and your savings account this summer.

Summer Job
There are several summer jobs that are merely seasonal, such as life guard, snowcone booth, and landscaping positions.  These jobs are ideal for those old enough to work during the summer because each year will require a hiring frenzy to be adequately staffed.  Those who aren’t young enough to get a summer job can do extra chores around the house, neighborhood, or even their parents’ workplace if the situation allows.  It may not sound like a fun way to spend your summer, but your mind will change when you get your monthly statement from your financial institution and find the numbers growing at an escalated rate.

Outdoor Fun!
Camping, fishing, hiking, canoeing, tennis, baseball, and even golf are excellent inexpensive ways to enjoy the great outdoors.  If you’re not old enough to do some of these activities, talk to your parents!  Perhaps they’ll be glad to help you put up a tent in the back yard or take you fishing.  There *are* many more outdoor things to do, so you can sit down and make a list of outdoor activities you like or even ones you’ve never done and want to try. If you do spend time outdoors during the summer, please remember to wear sunscreen and stay hydrated!

Volunteer Work
This is especially important for those attending high school.  Did you know that most scholarship applications have a place where you can list your volunteer work?  It’s looked at as having a good sense of responsibility toward your community.  Plus, you get a great feeling for having something to make a difference in the lives of others.  You may not  get paid for it now, but if it means that you have a better shot at getting a discounted or even free college education, it couldn’t hurt.

There are plenty of productive ways to spend your summer without having to shell out big bucks.  You can even make some cash in the process.  Just remember that staying indoors too much can be unhealthy as it promotes anti-social tendencies.  And for those of you with summer jobs, keep saving!  You never know what expenses may come out of the woodwork. Have a great Memorial Day weekend, by the way!

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