Why I Want to Share My Story
Hello credit union members, I am a guest blogger for the next few months. Why did I volunteer to share my experiences? It’s not just my 36 years of banking experience, it’s the perspective from a now middle-aged woman with a husband, three grown children and one young grandchild. I have been through the ups and downs both in the financial industry and in my personal life. My wish is that I can bring a very personal touch to the blog and help some of you with relatable topics.
How I Became Smarter with Money
Let’s start with talking about getting “smarter” with our money. In these economic times, making more money isn’t always an option. Have you ever heard the term “work smarter not harder”? Over the years I have had to make the same income amount stretch further more times than I can count. Early in my professional life, I was a single mom. There was no one to turn to but Me, Myself, and I when it came to making sure the baby had formula and diapers, or the car got new tires. How did I survive? It was a whole lot of budgeting/planning, scrimping on luxuries, and something I call “Mommy Money.”
My secret to success was breaking the year down into four quarters. In the first quarter of the year, I would get a tax return and the end of the second quarter was my deadline to have saved for my biggest expenses for the year. I would take the tax return money and immediately put it in a savings account. If I left it in my checking account, it would undoubtedly be spent. From there I would budget for how I would use this money throughout the year. Back in the day we also had US Savings bonds that could be purchased in the branch, and had to be held for six months before they could be cashed. From January to June, I purchased an amount I could afford that would help me fund the third and fourth quarter of the year. You don’t need to use US Savings Bonds like I did (it’s not as easy anymore). What you CAN do is set up an auto payment from either your payroll directly or from your checking account on payday; transfer the affordable amount to the club or savings account.
Summer: The Tightest for Money
The third quarter of the year was always the tightest for money because it included summer camp and back-to-school clothes shopping expenses. It always rolled around faster than I could blink. It wasn’t always easy, but I stuck to that budget I made in the beginning of the year to determine how much I would use from my savings account and savings bonds to supplement my income. Yes, there were days I remember making the baby chicken nuggets and instant mashed potatoes while I ate crackers with cream cheese. In all honesty, our children never really know our sacrifices like their $100 sneakers vs. our $10 shoes. What they will remember is that they were taken care of, they made magical memories in camp, and they felt well prepared on day one of the next school year. The appreciation comes later when they actually get the blessing of doing the same for their children.
Managing the Holidays
In the fourth quarter of the year, I was preparing for the holidays. I started as early as I possibly could for two reasons: first, so the expense didn’t happen all in one shot, and second, there never seemed to be enough time in the day to get everything done to create the perfect magical holiday. This was also the time where I was grateful I had set aside my “Mommy Money” because it was the most helpful at the holidays.
Coupons Count
Clipping coupons was much harder back then. I sat with the newspaper or advertisement and clipped away. I put all the coupons in a Ziplock, and it stayed in my purse or diaper bag at all times. Today it is SO much easier, though it still takes planning. For example, I know I will be grocery shopping on Sundays. So, Sunday morning while I’m relaxing in bed, I spend time on my Publix app. I look for the BOGO’s, I clip the electronic coupons, and I plan my weekly meals and grocery list based on the sale items.
Sometimes, I have to compare the prices and adjust where I do my shopping. Regardless of where I shop, I use Ibotta to look for cash back opportunities. This is just one of the many programs where you can be reimbursed small amounts for purchases you make, and it all adds up. I have shocked cashiers when they see my savings. My goal in telling you all this is there is money left on the table in the form of coupons, discounts, and cost comparisons that you could be using to make your money work smarter for you. Yes, it takes time; in the end though, it does stretch the dollar.
Your Turn
I am sure you have some of your own ways you have stretched your dollar. Do yourself a favor and take the time to budget and save. If you need help creating a safe place to save money for big purchases or emergency expenses, reach out to our teammates either in the financial center or digitally. They will help you talk through your options and maybe even share some of their best practices with you.
Facing financial challenges is scary when you are in it alone. We Florida Financial is there to be your partner in looking for ways to make your income work smarter for you!
About the Author
Our guest blogger, Mommy Money, has been with We Florida Financial since 2022. She has worked in the financial services industry since 1989 and has held many titles, from drive-through teller to VP/Director, all focusing on retail banking, leadership, and talent development. She is a wife, mother, and grandmother with a treasure trove of financial survival experiences from becoming a mother to empty nesting and everything in between. She contributes her professional and personal perspectives to her blogs with a focus on helping others navigate life's financial events.
