Supermarket Smarts

Do you consider buying groceries a real grind? A necessary evil? Well, it may never turn into a fun adventure for you, but there are some things you can do to make it easier on you and your budget.

Grocery shopping actually begins at home:

  • shopping mattersKeep a note pad handy in the kitchen to make a list; when staple items are getting low, add them to your list so you won’t forget to replenish them. Then let your fingers do the walking through the grocery store ads to see which stores have the best buys on what you need.
  • You may want to plan menus around advertised specials and seasonal foods. It helps to have menus planned for the week so you can be sure to have all the necessary ingredients on hand.
  • If you plan to use paper coupons, clip them to the list or use an electronic app. It is helpful to have the list organized according to the layout of the store to avoid backtracking for missed items.
  • When shopping, buy non-perishables first and save refrigerated and frozen items for last. Make the grocery store your last stop if you are doing other errands. Once home, frozen and refrigerated items should be brought in and stored first.
  • Finding the best buy can sometimes be a little tricky. Doing your homework with grocery ads is a good start for comparison shopping. When you get to the store, a little more detective work may be needed. If the store has it, learn to use unit pricing. This is the label on the shelf which gives not only the total price but also the price per unit (ounces, pounds, sheet, etc.). Buying larger sizes often saves money.  However, this is not always the case, so use unit pricing or a calculator to check (divide the price by the number of ounces, pounds, etc.). Even if the larger size is cheaper per unit, be sure you can use all of it; if it spoils or can’t be stored, it is not a bargain. Can you divide foods into smaller portions and freeze some for later, or share with a friend?
  • Another way to save is to compare national brands with store brands which are usually cheaper. The quality may or may not be the same, so try it once to see if it is acceptable. The nutritional value is usually the same.
  • Buy the quality or form you need for the purpose.  For example, don’t buy whole canned mushrooms then chop them into pieces if buying a container of already cut mushroom pieces is cheaper.
  • Compare fresh, frozen and canned forms, especially for seasonal produce.
  • Shop on a full stomach and alone if possible. Hunger and children often lead to impulse buying.
  • Buy only the items on your list; anything else should be avoided unless it is a good buy on something you’re sure you will use.
  • A larger portion of our “grocery” bill is actually for non-food items such as household cleaners, paper goods, personal grooming products, etc. Comparison shopping is important here too. Are there other types of stores where these products might be cheaper? Can these be purchased cheaper in bulk?
  • Convenience foods are a part of today’s lifestyle. While they may save us time, they are usually more expensive than the homemade version. With some convenience foods you are paying for labor; grated cheese, cut up chicken, etc. With others we are paying for having ingredients packaged together; meat helpers, macaroni and cheese or vegetable sauces, etc. Compare time savings with the added cost. Are you paying for ingredients you may already have on the shelf or are easily purchased separately?

If you have questions about budgeting, shopping, menu planning or nutrition, contact your Family and Consumer Science Extension Agent.

For further information contact:

Dorothy C. Lee, C.F.C.S.

UF/IFAS Extension Escambia County

dclee@ufl.edu

Saving Just $50 of Your Tax Refund Could Mean Winning Big

Saving Just $50 of Your Tax Refund Could Mean Winning Big

SaveYourRefund-without-D2D-300x83As W-2 forms and other receipts start rolling in, we’re reminded that tax season is upon us once again. It’s exciting to get back some of your own hard-earned money in the form of a tax refund! Saving a portion of your tax refund can be a big step toward meeting your savings goals, so it’s no surprise that a 2015 tax season survey found that a majority of those who receive a refund planned to save it.

This tax season, reward yourself for saving some of your refund by entering for a chance to win $25,000 through SaveYourRefund. SaveYourRefund has 101 cash prizes, including 100 weekly prizes of $100 and one grand prize of $25,000. Making smart financial decisions isn’t always easy, but splitting your refund couldn’t be simpler. Follow these quick and easy steps to enter to win in 2016:

  • Use Form 8888 to split your refund. Entry to win with SaveYourRefund starts with splitting your refund into savings.
  • Save $50 or more of your tax refund. In order to enter, use Form 8888 to save at least $50. There are a number of accounts you can save into including a savings account, a U.S. Treasury Direct account (savings bond), and a myRA retirement account.
  • Visit SaveYourRefund.com to enter. You will automatically be eligible to win one of ten $100 prizes that will be given away every week from the start of the contest until the end of tax season.
  • Upload a picture here that represents your savings goal or motivation, and you’ll be entered to win the $25,000 grand prize!

Need tax assistance? Take advantage of a Volunteer Income Tax Assistance (VITA) program. VITA programs offer free tax help to those who generally make $53,000 or less, persons with disabilities, the elderly, and limited English speakers.

Get ahead of your financial goals by splitting your tax refund into savings, and reward yourself with SaveYourRefund!

Source:  Tammy Greynolds, AmericaSaves.org.

 

Seasonal Savings

Holiday Spending

Holiday Spending

The holiday season will soon be upon us. It seems to begin earlier each year placing more stress on both retailers and consumers. Retailers struggle to sell more products while consumers are subjected to a bombardment of messages via ads and media to encourage us to buy more!  Through careful planning, the journey can be more emotionally and financially stable.

It is not about sacrifice; it is about opportunity to…..

  • Make the commitment to be debt free from holiday expenses on January 1, 2016 through good planning.
  • Create a spending plan and log each expense. Use cash and/or debit cards when at all possible. Money coming directly out of your pocket will likely make you think harder about your purchase.
  • Stay motivated by finding a support system of people who have similar goals. Share your vision and ask for assistance and support.
  • Think of ways to find alternatives to pricey presents. Holidays are about spending time with family and loved ones so don’t let gifts be the focus of your holidays or break your holiday budget.
  • Track and assess your spending. Recommit daily to being debt free on January 1, 2016 from holiday expenses.
  • Learn more about this subject with worksheets to assist with your planning at https://edis.ifas.ufl.edu/pdffiles/FY/FY140500.pdf  FCS5267

5 Easy Steps to Save for Big Ticket Items

Large Screen TV

Large Screen TV

Very few of us have money ready to cover an emergency, never mind the money for the larger purchases we’d like to make. This is why it’s so important to prioritize savings to cover both the items you need as well as those you want.

Whether you’re saving for a new computer or a car, the security deposit for an apartment or a house down payment, a little planning and an easy-to-maintain budget will be instrumental in making your big ticket purchase a savings reality. With these direct and easy steps, big ticket items don’t have to be limited to big dreams:

Set Your Goal. It’s easy to keep dreaming of the things you want or even things you might need, but making it a point to establish your big ticket item as an actual savings goal is a necessary first step in making the goal a reality.

  1. Do Your Research. Start with the most important question: how much is your large purchase going to cost? Some items, like a computer or a security deposit, will have a set dollar amount that you’ll need to save for, while other items, like a car or a home, will need to include associated costs for maintenance, insurance, and taxes/fees.
  2. Make a Plan. Once you know your goal and all of the costs associated with that goal, it’s time to dig into your BUDGET to determine how much you’ll be able to save each month. You might need to make some changes to your spending to make savings (or additional savings) happen. Dividing your goal’s costs by the amount you’ll be able to save will also let you know how long you’ll need to save. When you know these two items, head over to AmericaSaves.org to take the pledge and put your savings plan into action.
  3. Automate Your Savings. Start a good saving habit by automatically moving the predetermined amount into your savings account each month. Employer-based direct deposit can move the amount straight from your paycheck into your savings account or you can set up an automatic transfer through your banking institution. Regardless of which method you choose, be sure to keep your savings in a separate savings account to watch your money accumulate with interest (and the harder to access those funds, the better).
  4. Earmark windfall income. Depending on how long you’ve determined it will take to reach your savings goals, you may want to plan to move any additional unbudgeted income directly into savings. Receiving an end of year bonus? How about a tax refund? Since those funds aren’t a part of your established budget, you won’t miss the additional income by moving a portion of it into savings – plus, you’ll cut the time it takes to reach your goal!

To learn more about saving for a large purchase and take the America Saves pledge, visit AmericaSaves.org. Article adapted from AmericaSaves.org Saving for large purchases.

Five Steps to Seasonal Savings

 ©Feverpitched

©Feverpitched

 

Recently, UF/IFAS published Five Steps to Seasonal Savings, http://edis.ifas.ufl.edu/pdffiles/FY/FY140500.pdf, an EDIS brochure which reminds us of the stress that can result from holiday spending. I would encourage each of you to print or review the brochure and ponder its message TODAY.  We are nearing the hustle and bustle of preparing for the season and it is timely information.

The five steps are:

  1. Recognize Your Seasonal Stressors
  2. Develop a Holiday Spending Plan – Make a Budget
  3. Develop a Holiday Spending Plan – Create a List
  4. Find Alternatives to Pricey Presents
  5. Fine-Tune Your Financials

It is already early December, the Thanksgiving shopping sale and Cyber Monday have passed but planning is still possible before the 2014 holiday rush if you will take some time to do so.

The section of this brochure that really spoke to me is the Fine-Tune Your Financials.  As I do every day, I try to use cash and/or debit cards when possible. I need to see the money leave my account so the holidays don’t haunt me into the new year. There is too big of an allure for me to overspend when I buy gifts with credit. There is not as much reality with credit card spending. Paying interest on the credit debt is even more troubling, as the holiday spirit is long gone before the item is paid for.

Holidays are about spending time with family and friends. It does not need to center on gift giving. Consider your spending plan in the next few weeks for a more financially comfortable 2015.