Financially Fit Foundation, Inc.

Our previous post mentioned the main expenses included in an Auto/Transportation Expense Category, but we'd like to dive a bit deeper into this category to help with any decision-making regarding budgeting for a car and auto insurance.

When buying a car, it is important to consider other expenses outside of monthly auto payments.

1) Factor in what kind of gas the car will use, how much you'll drive, and how often you'll need to fill the tank.

2) Do some research to understand what maintenance usually costs for the type of vehicle (oil change, tire rotation, new battery, etc.).

3) Understand the type of DMV registration fees that apply to you and estimate how much those registration fees will be by using your state's DMV Fees calculator.

4) How much insurance do you need if leasing or financing your vehicle, and how much is required by your state's law?

Our book S.A.V.E. Yourself by Chelsea Galicia and our workshops offer additional support for managing your budget and making financial decisions. You can look for our free workshops at nonprofit organizations in your community. If your local community nonprofit does not offer our financial workshops, reach out and have them contact us via Instagram or Facebook or email us at [email protected]. We partner with nonprofits to bring our money management program to its staff and members. Our book is available on Amazon and is a great resource for starting today.

When categorizing your expenses, do you remember all of the costs associated with that specific category? For instance, one of our recommended expense categories is Wardrobe & Grooming, which is #12 in our S.A.V.E. folder system. Expenses in this category would include clothes, shoes, accessories, jewelry, dry cleaning, tailoring, haircuts, hair products, nails, facials, nail and facial products, and toiletries.

Another category that may have some expenses people forget to include is in their Auto/Transportation ( #2 in the S.A.V.E system) category. Your Auto/Transportation expenses should account for your auto payment, toll fees, public transportation, gas, repairs & maintenance, insurance, car wash, parking, emergency road service, and DMV fees.

The reason we find it important to accurately include and categorize your expenses is to ensure you are considering all money spent and to better inform your budget with exact amounts.

Our book and workshops help explain these expense categories and other recommended categories further in depth. Look for our available free workshops at nonprofit organizations in your community. If your local community nonprofit does not offer our financial workshops, reach out and have them contact us via Instagram or Facebook or email us at [email protected]. We partner with nonprofits to bring our money management program to its staff and members. Our book S.A.V.E. Yourself by Chelsea Galicia can also be a great resource for starting today.

As we head into the middle of the year, how do you feel like you are doing with managing your finances?

The beginning of the year always starts strong, but as we get into the swing of things, some financial goals take a backseat. Or maybe you're noticing you can improve some aspects of your budget. There's no better time to make some adjustments than now. To help you keep your finances in order and your budget alive, we recommend starting a filing system and creating a folder for each category of expense you have. These folders will help you maintain your financial documents, track your spending, and create a system for when it's time to file next year's taxes. We recommend a total of twelve expense categories we've found that almost everyone can use. A few examples of these categories can include Celebrations, Housing, and Medical Expenses.

This month, we will dive into a few of these categories to ensure you track everything associated with that expense and provide some tips.

Our book and workshops explain these expense categories in-depth and provide a few other expense categories for special use cases. Look for our free workshops at nonprofit organizations in your community. If your local community nonprofit does not offer our financial workshops, reach out and have them contact us via Instagram or Facebook or email us at [email protected]. We partner with nonprofits to bring our money management program to its staff and members. Our book S.A.V.E. Yourself by Chelsea Galicia can also be a great resource for starting today.

Every month, you receive a bank statement from your bank, but are you actively doing anything with it? What are you supposed to do with your bank statement? We recommend doing these three tasks on a monthly basis after you receive your statement to help you stay on top of managing your money.

1) Verify your expenses on the statement
2) Expense tracking what was paid by debit, cash, or check from your bank account
3) Bank reconciliation

If you would like more information on how to complete these three tasks and what to do with your bank statement, you can look for our free workshops at local nonprofit organizations in your community. If your community nonprofit does not offer our financial workshops, reach out and have them contact us via Instagram, Facebook, or email us directly at [email protected]. We partner with nonprofits to bring our money management program to its staff and members for free. Or if you'd like to get started sooner, you can buy our book S.A.V.E. Yourself by Chelsea Galicia, which is available on Amazon.

When it comes to banking, do you know what you are responsible for and what your bank is responsible for?

Your bank is responsible for selling their customers services that are suitable for them, making those customers aware of interest rates, risks, terms and conditions of those services, and receiving deposits and paying out from those funds. You are responsible for maintaining enough funds to cover the money coming out of your account, managing the money in your accounts, and understanding bank fees. Banks can make mistakes and are not perfect recordkeepers. Your main responsibility is to keep your own records and be the manager of your money.

For more information on how to manage your money and avoid unnecessary bank fees, you can look for our free workshops at local nonprofit organizations in your community. If your community nonprofit does not offer our financial workshops, reach out and have them contact us via Instagram, Facebook, or email us directly at [email protected]. We partner with nonprofits to bring our money management program to its staff and members for free. Or if you'd like to get started sooner, you can buy our book S.A.V.E. Yourself by Chelsea Galicia available on Amazon.

In January of this year, the Consumer Financial Protection Bureau (CFPB) proposed a new rule for banks to reduce the overdraft fees they charge customers. Most overdraft fees are more than the actual overdraft amount, and banks make a large portion of their revenue from these fees. According to a report done by CFPB, only 22% of those surveyed were expecting to overdraft their account. This means most people do not realize they are overdrawing their accounts.

We recommend avoiding over-drafting your account altogether by keeping track of your monthly spending. One way to keep track of your monthly spending is by keeping an account register (formerly known as a check register). By tracking each deposit and withdrawal, you will know exactly how much is in your account, and it will save you money by avoiding unnecessary fees.

For more tips and information on how to avoid unnecessary bank fees, you can look for our free workshops at nonprofit organizations in your community. If your local community nonprofit does not offer our financial workshops, reach out and have them contact us via Instagram, Facebook or email us at [email protected]. We partner up with nonprofits to bring our money management program to its staff and members. Or, our book S.A.V.E. Yourself by Chelsea Galicia can also be a great resource to get started today.

Openly talking about money and how you are managing your budget can be helpful for children to learn.

Children soak in what they hear via their environment. Sit down with them and explain the importance of maintaining a budget throughout the year and what your budget means to you. It doesn't need to be complicated, but having your children see you keeping a budget will model healthy habits and responsibility. When they are old enough to maintain their own budget, you can create a mini-budget for them to manage independently. This can be their college fund budget or a fun budget for activities/extras. As they grow, you can add more responsibilities for them to manage within their budget.

If you want to learn more about budgeting, you can look for our free workshops at local nonprofit organizations in your community. If your community nonprofit does not offer our financial workshops, reach out and have them contact us via Instagram, Facebook, or email us directly at [email protected]. We partner with nonprofits to bring our money management program to its staff and members for free. Or if you'd like to get started sooner, you can buy our book S.A.V.E. Yourself by Chelsea Galicia, which is available on Amazon.

Do you remember your parents' thoughts, feelings, and beliefs about money? Were any of their money beliefs or money practices passed on to you? If you are currently a parent, are you aware of some of the beliefs or practices you might be influencing?

We encourage you to look within and ask yourself, "Would I want my child to manage their future finances the same way I do?" If the answer is "no" there is most likely some work you can do to improve managing your finances. Start with questioning those beliefs and see if they still work for you and if you'd like to pass those on to your children. It is vital for us to understand our own money beliefs and decipher where they came from. Another tip is to organize and schedule monthly tasks for yourself so you can pay your bills on time, avoiding stress and allowing yourself to have more time with your kids.

For more information on how to build better money habits, you can look for our free workshops at local nonprofit organizations in your community. If your community nonprofit does not offer our financial workshops, reach out and have them contact us via Instagram, Facebook, or email us directly at [email protected]. We partner with nonprofits to bring our money management program to its staff and members for free. Or if you'd like to get started sooner, you can buy our book S.A.V.E. Yourself by Chelsea Galicia available on Amazon.

We're Hiring! Deadline for applicants is February 29!

The Financially Fit Foundation (FFF) is hiring an organized and resourceful Part-Time Foundation Manager to oversee and implement the day-to-day operations of the organization. FFF is a nonprofit that teaches people to spend in alignment with their values and not from their egos.

The position is part-time, requiring 10-15 hours weekly. The individual may work remotely but will require some in-person meetings. This individual will report to the Foundation Board President.

Please message us for more details and a full job description/qualifications regarding this position.

Qualified candidates should submit a resume with references and a cover letter to Foundation President Olivia Galicia at [email protected].

Taking care of your money is part of self-care! Financial self-care is just as significant as other self-care habits we maintain (exercise, rest, eating well, etc.). Showing ourselves love and care extends into what we do with our finances. When we prioritize our self-care, we feel whole, balanced, happy, and stress-free. Financial self-care can look like healing your relationship with money, spending time organizing your finances, paying bills on time, paying down debt, or starting an emergency fund.

What are some ways you take care of yourself and your money?

Our book S.A.V.E. Yourself by Chelsea Galicia is a great resource to learn more about ways to take care of yourself.

Or you can look for our free workshops at nonprofit organizations in your community. If your local community nonprofit does not offer our financial workshops, reach out and have them contact us via Instagram, Facebook or email us at [email protected]. We partner up with nonprofits to bring our money management program to its staff and members for FREE.

In the month of love, how do you show your money love?

The idea of loving your money doesn't mean you are obsessed with it. It doesn't mean to be greedy. Showing our money love is very similar to when we love a person. When we show our love, it means we accept, respect, and understand our money. We show our love by being organized, spending time with it, and managing our finances. When we take care of our money, it will be there when we need it.

📗Our book S.A.V.E. Yourself by Chelsea Galicia is a great resource to learn more about how money behaves like a person and how to show it love.

Or you can look for our free workshops at nonprofit organizations in your community. If your local community nonprofit does not offer our financial workshops, reach out and have them contact us via Instagram, Facebook, or email us at [email protected]. We partner up with nonprofits to bring our money management program to its staff and members for FREE.

We're Hiring!!

The Financially Fit Foundation (FFF) is hiring an organized and resourceful Part-Time Foundation Manager to oversee and implement the day-to-day operations of the organization. FFF is a nonprofit that teaches people to spend in alignment with their values and not from their egos.

The position is part-time, requiring 10-15 hours weekly. The individual may work remotely but will require some in-person meetings. This individual will report to the Foundation Board President.

Please message us for more details and a full job description/qualifications regarding this position.

Qualified candidates should submit a resume with references and a cover letter to Foundation President Olivia Galicia at [email protected]. The deadline for application is on February 29, 2024.

Frugal Living and a Budget Makes for a Great Life!

Frugal living sometimes has a negative connotation, but in our philosophy, we don't see it as such.

We prefer this definition of frugal: to be frugal means to be smart with money.

This idea means frugality is to intentionally spend money and not be reckless with it. When you adopt a frugal mindset, you don't see "cutbacks" as sacrifices but instead as smart financial decisions aligned with your values. Living frugally can mean you are able to stop money leaks and live a happy, fulfilling life.

Read more about adopting a frugal mindset and how to create your annual budget in our book S.A.V.E. Yourself by Chelsea Galicia.

We believe one of the best times of the year is January!

Why?

Well, because January is an ideal time to set your budget and set yourself up for success. To help you begin, we recommend asking yourself the following questions to determine if your values align with your budget. If you created a budget for yourself last year, you have some data to work with to help set up your values-based budget for this year. If you are starting fresh this year - no worries! This set of questions is a great way to reflect on how you intend to move forward this year.

Ask yourself the following questions:
- Do I know how much came in?
- Do I know how much went out?
- Did more come in than go out?
- Do I know where my money went?
- Am I satisfied with where my money went?

If you would like to know more about how to set up your values-based budget, our book S.A.V.E. Yourself by Chelsea Galicia is available on Amazon. Or you can always engage with any of our posts, and we will provide some additional tips.

Have you ever considered creating a budget based on your values or know why it is important to do so? Our values are expressed in what we spend our money, time, and energy on. When you use money aligning with your values, you will notice you feel good about how you spend your money. Your budget is a tangible and numerical representation of your values. Our S.A.V.E. Budget is a great resource to utilize when deciding what is important to you and how you plan to use your money this year.

Check out our book S.A.V.E. Yourself by Chelsea Galicia to learn how to implement the S.A.V.E Budget this year.

Are you making any New Year's Resolutions?

The start of the new year ignites many of us to begin planning and thinking about our goals or resolutions for the year. Finances can also be at the top of our mind at the beginning of January due to post-holiday spending and may be part of your New Year resolutions. If improving your finances is part of your goals this year, our book can help! Learn how to Spend in Alignment with your Values and not your Ego to help yourself save and spend on what is most important to you.

Available on Amazon S.A.V.E. Yourself by Chelsea Galicia

Happy Holidays from all of us at Financially Fit Foundation!

Wishing you all a large amount of holiday cheer and small holiday bills!

Are you prepared to shop this season and avoid holiday debt?

We recommend creating a holiday budget. Once you have created your holiday budget, it is then important for you to track your spending. Your budget is considered useless if you are not actively engaging with it and tracking your spending. Failure to create a budget and track your spending often leads many people into holiday debt. A holiday budget can function the same way your annual budget works.

If you'd like to learn more about creating a budget, tracking your spending, and keeping your payments organized by debit and credit card, our book S.A.V.E Yourself by Chelsea Galicia can show you how.

Do you ever get scared to check your credit card or bank statements? 👻

Finances can be scary, but one important way to manage this fear is by using an account register to stay on top of managing your balance and avoiding fees. If you would like to know more about how to manage your finances, follow us for more tips, or you can purchase our book S.A.V.E. Yourself by Chelsea Galicia, available on Amazon.

Let's talk about Money Anxiety and what we can do about it. Do you recognize any of these symptoms associated with Money Anxiety?

- Thinking a lot and/or dwelling negatively on your financial situation
- Feeling sick about checking your bank account or continually checking your account
- Avoid looking at your bank statements and bills
- Hoarding or deep attachment to material possessions
- Difficulty organizing your finances
- Lack of motivation to manage your finances

All of these symptoms can lead to a loss of sleep, insomnia, irritability, and body pain like headaches and/or tense muscles.

What can you do to manage these Money Anxiety symptoms?

We recommend improving your financial literacy and your relationship with money, as well as creating annual budgets to keep your spending on track. Our workshops cover all of these topics and are currently being offered through non-profits like Peace Over Violence and the Amity Foundation. Or you can purchase our book S.A.V.E. Yourself by Chelsea Galicia, available on Amazon, which covers these topics in greater depth. We also drop lots of tips and resources on our Facebook and Instagram.