4/17/2014

Tax season is over. Now what?

With our tax return supplying a nice refund we were finally able to pay off our truck loan.  Now what?  My first thought is that summer is around the corner and the kids and I could use a new wardrobe.  Then it hits me, this is the same thinking that filled my closet with clothes and emptied my savings account.  This bad habit it trying to re-enter my life!  Habits are hard to break so I must protect my thoughts to change my behavior.  Instead of going on a shopping spree I am increasing my savings contributions.  Rather that shop I will clean out my closet and sell the items I don't wear; then I will use the money I make to buy summer clothes at the thrift store for my kids and I.  I may even splurge on a new blouse, when the kids aren't around. 

4/03/2014

How Many Hours Do You Work?

You work hard for your money!  Our paycheck funds our life, but have you ever considered how long you have to work for the things you use each month?  Our Bank On Virginia Beach investigator has created a chart we can use to give us a sense for how long we need to work for our things.

We all know that if your hourly wage is less, you take less home.  But if your hourly wage is less, you also have to invest more labor to purchase the things you enjoy.  For instance, if you buy a 20 gallon tank of gas for your car, you would have to work 10.9 hours for that tank if you earn $8.00 an hour before tax, but if you earn $18.00 per hour, you would only have to work 4.9 hours for the same tank of gas.

Would you be willing to work 1/2 hour for a cup of premium coffee?  People do it every day.  Likewise would you be willing to work almost 1/2 a week to have coffee every day?  People do it all the time.  When we take time to consider how long we have to work to earn the things we enjoy, our choices take on new life.

Note: Assumes 20% tax rate for federal and state taxes.

 
HOURS WORKED
Before Tax Hourly Pay
$5 Cup of Coffee
Coffee for a Month
20 Gallons of Gas at $3.50
$350 Car Payment
$1200 Tuition
$10,000 Loan at 7% Interest
$8.00
            0.8
            23.4
                   10.9
          54.7
        187.5
                1,856.3
$12.00
           0.5
          15.6
                   7.3
         36.5
       125.0
              1,237.5
$18.00
          0.3
          10.4
                   4.9
        24.3
        83.3
                  825.0
$25.00
           0.3
            7.5
                  3.5
         17.5
         60.0
                   594.0

3/25/2014

New Classes for April

Bank On Virginia Beach

Forming new classes in April


Bank On Virginia Beach will begin a new semester in April.  Now is the time to enroll to get in on this great opportunity to create a financial makeover for yourself.  Meet in a class once per month and get one on one help from a personal financial coach as you take steps to complete the Mayor's Action Challenge for Financial Fitness.

Choose from one of three convenient class times:

Bryant & Stratton College
April 8th (2nd Tuesday)
3:30 - 5:00 pm

Meyera E. Oberndorf Cental Library
April 16th (3rd Wednesday)
6:00 - 7:30 pm

Virginia Beach Adult Learning Center
April 21st (3rd Monday)
6:00 - 7:30 pm

To learn more, check out the Flyer visit www.vbgov.com/bankon or call the Financial Empowerment Office at 757-385-3551.

3/18/2014

Piggy Bank Pageant

Hey Kids!  Anyone feeling a little creative?  Enter the Virginia Saves Piggy Bank Pageant!  Just create a piggy bank and snap a picture.  Send your enrollment with your picture to Virginia Saves for an on line pageant.  Pictures will be posted to the Virginia Saves Facebook page.  This contest is open to children ages 6 - 16!  ENROLLMENT FORM and RULES can be found at: http://www.vbgov.com/government/departments/human-services/Documents/FE-PiggyBankPageantRegistration.doc


Judging of the piggy banks will take place at CELEBRATING CHILDREN event at Mt. Trashmore May 10th, 2014!  Grand prize is $100 gift card!