January Meeting Recap

Is your New Year's resolution to get a handle on your spending and saving? Are you looking for strategies to become recession-proof in 2010?
In our first meeting of the new year, we had guest speakers Brian Strickland and Jeffrey D'Amico of Westshore Financial Group present on UFOs: Unidentified Financial Obstructions. They shared easy to implement strategies for taking a look at the here and now and becoming better savers to create financial stability for the future. They gave answers to the many financial questions that plague most of us in a very user-friendly format such as:

• Where am I today from a financial perspective and how do I manage the cost of living?
  
• How do I create financial shock absorbers for the unexpected in life (loss of income, unknown expenses, recession, etc?)
  
• How do I assess my monthly cashflow ~ net income, fixed expenses, and variable expenses?
  
• How do I create structure to my budget?
  
• How do I become a better saver and where do I put my savings first?
  
• What are the dangers of postponing a financial plan?
  
  The "Pour Over Savings Plan" is a three step process to help us create financial structure and become better savers. In this plan, all net income goes into a checking account. All fixed expenses (bills) are paid from this account. Any leftover money pours into a savings account (by automatic transfer.) Any variable expenses can be paid from this account including spending cash and envelope budgeting. Any leftover money from savings pours into a money market account (by automatic transfer )which is the "shock absorber" account. Any money beyond your personal financial goal for this account would pour over into debt reduction, 401K, investments, real estate, college plans, etc. It is in this area where independent wealth is created and your financial world can be considered recession proof.
  Becoming a good saver is the key to financial success and the only way to survive in a fluctuating economy. Brian and Jeff are available to help you to implement your own financial plan if you need extra guidance in this area. There are also some great Christian based financial courses available including Dave Ramsey's Financial Peace now being offered at Harborside Church.
  
  To go along with the presentation this month is great book you can find at Christian book stores: What the BIBLE Says about MONEY ~ selected scriptures on contentment, debt, hard work, investing, and other key topics; insights from those who have experienced financial trials; practical ideas for controlling spending, getting out of debt, and more.
  
  For our craft project, we created coupon organizers, personalized and decorated with
  our favorite scriptures on saving such as:
  
• Proverbs 21:5 "The plans of the diligent lead to advantage, but everyone who is hasty comes surely to poverty."
  
• Proverbs 21:20 "The wise man saves for the future but the foolish man spends whatever he gets." (NLT)
  
• Proverbs 22:7 "The rich rule over the poor, and the borrower is servant to the lender."
  
• Proverbs 27:12 "A prudent man sees evil and hides himself, the naive proceed and pay the penalty."
  
• Philippians 4:19 "And my God will meet all your needs according to his glorious riches in Christ Jesus."
  
• 1 Timothy 6:10 "For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.
  

Suggested Coupon Categories for the Coupon Organizer for those that did not get a copy:

Personal Care/Medicine/Cleaning/Other Household Supplies/Meat/Dairy/Sauces/Dressings/Condiments/Jellies/Canned Goods/Soups/Pasta/Rice/Seasonings/Crackers/Beverages/Flour/Baking/Oil/Cereal/Breakfast Foods/Paper Goods/Containers/Baby/Frozen Food/Bread/Dessert/Snacks