Author: Libby Morsheimer

Budget, Credit, Debt

Cash Course: Documentaries That Are Worth Every Dime

Cash Course: Documentaries That Are Worth Every Dime

In our modern world, money is the lifeblood of our economy, the literal currency of our dreams, and the source of countless anxieties. From the stock market to the corner store, money is always present, shaping our choices and determining our destinies.

Consider viewing the documentaries listed below to learn about the complexities and complications that surround a culture rooted in economics.

Essential Financial Documentaries

Maxed Out (2006)

Available on YouTube An independent documentary film that illustrates abusive practices in the credit card industry.

The Ascent of Money (2009)

Traces the evolution of money and demonstrates that the history of money is the back-story behind all history.

The Card Game (2009)

Delves into the massive consumer loan industry.

30 for 30: Broke (2012)

ESPN Documentary This film examines the psychology of men whose competitive nature carries them to victory in sports but leads them into financial ruin.

Spent: Looking for Change (2014)

In under an hour, this film examines the nearly 70 million Americans who live outside the traditional banking system and rely on services like payday lenders and title loans.

Thinking Money: The Psychology Behind Our Best and Worst Financial Decisions (2014)

PBS An exploration of what behavioral economics tells us about how and why we spend, save (or don’t), and think about money.

The Big Short (2015)

Focuses on the lives of several American financial professionals who predicted and subsequently profited from the collapse of the housing bubble in 2007 and 2008.

Explained (2018)

Vox/Netflix A series that breaks down complex financial topics, including:

  • Cryptocurrency
  • The Stock Market
  • The Racial Wealth Gap: This episode highlights systemic disparities, such as the fact that the median white household holds roughly eight times the wealth of the median Black household.

Playing with FIRE: The Documentary (2019)

Explains the growing movement known as FIRE (Financial Independence Retire Early) which prioritizes frugality and financial freedom.

Resources for Teens and Young Adults

Your Life, Your Money (2009)

PBS (2 Seasons) Explores basic financial information ranging from banking to loans and insurance.

The Most Important Class You Never Had (2020)

YouTube Teachers and students share why personal finance education is transformative for both individuals and their communities.

Money Explained (2021)

Netflix A documentary series about the various ways people use—and lose—money in the modern age.

The Minimalists: Less is Now (2021)

Follows two former corporate employees who walked away from the pursuit of money and prestige to find a more intentional way of living.

If you’re dealing with high interest debt payments as well, see what you can save with Parachute’s Debt Management Plan:

GET STARTED HERE

Budget, Debt, Parachute Services

Post-Holiday Budget Hacks for the New Year: It’s Never Too Early!

Post-Holiday Budget Hacks for the New Year: It’s Never Too Early!

Post-holiday budget planning is the process of getting your finances back on track after the holiday season. This can be a challenge, especially if you overspent. But, by taking some simple steps, you can get back on the right track and avoid financial stress in the new year.

It can take some time to recover financially after the holidays, but consistency can make a huge difference over time. Be patient with the process and regroup for next year! Additionally, reading this before the New Year of 2026 rings in can also be super helpful for this year’s holiday season.

Smart Tips for Post-Holiday Budgeting

Review Your Spending

The first step is to take a look at your spending and see where your money really went during the holidays. This will help you identify areas where you can cut back in the future. You can use a spreadsheet or budgeting app to track your spending. Take your time and be thorough! It’s research and reflection—not regret.

Pay Down Debt

If you overspent during the holidays, you may have some credit card debt to pay off. Make a plan to pay down this debt as quickly as possible to avoid high interest charges. Pay more than the minimum payments required, if at all possible. Consider using all or part of any tax returns to pay down this debt, as interest on credit cards really adds up!

Revise Your Budget

Once you have a good understanding of your spending and debt, it’s time to revise your budget. Try to consider it a “spending plan” and a useful tool to support your financial wellness. This may involve cutting back on unnecessary expenses or increasing your income on a temporary basis.

Set Financial Goals

Having financial goals will help you stay motivated. Common goals include saving for a down payment on a house, retirement, or a child’s education. Be specific to help them materialize. Write out those goals and look at them frequently to help make them happen!

Planning Ahead and Maximizing Value

Create a Holiday Spending Plan for Next Year

Start thinking about your holiday spending for next year now. This will help you avoid overspending again.

Shop for Deals Throughout the Year

Compare prices at different stores and online before you buy anything. Consider dollar, thrift, and discount/liquidation stores. Take advantage of sales, coupons, and promo codes whenever available.

Leverage Post-Holiday Sales

Many retailers offer deep discounts on leftover holiday merchandise. This is a great time to stock up on items you need for next year at a reduced price. Just be sure to store them in a place you’ll remember!

Manage Unwanted Gifts

  • Return items: If you received gifts you don’t need, return them for a refund or exchange to get your money back.
  • Regift: You can regift items you don’t need, but keep a careful inventory of who gave you what to avoid a social mishap!
  • Sell belongings: If you can’t return an item, consider selling it online or at a garage sale to declutter and make extra cash.

Additional Strategies for Financial Wellness

Cancel Unused Subscriptions

Review your subscriptions and cancel any you’re no longer using. Be honest about what you actually use, including magazine subscriptions, streaming services, and gym memberships.

Automate Your Finances

Set up automatic transfers from your checking account to your savings account each month. This helps you reach your goals without having to think about it. Start small and increase the amount as it becomes feasible.

Use Cash Instead of Credit

When you use cash, you’re much more likely to be mindful of your spending. People tend to spend significantly less when they physically hand over bills.

Review Your Insurance Policies

At the beginning of each year, make sure you’re getting the best possible rates. You may be able to save money by bundling your policies or shopping around for new providers.

Conclusion

Getting back on track financially after the holidays can be challenging, but you’re not alone. There are many resources available to help you, and with a little effort and the right plan, you can start the new year on solid financial footing!

If you’re dealing with high interest debt payments as well, see what you can save with Parachute’s Debt Management Plan:

GET STARTED HERE

Would you like to meet one-on-one with one of our Financial Counselors to talk specifically about your budget? Check out our Financial Coaching Session https://parachutecreditcounseling.org/services/credit-budget-counseling/#financial-coaching  or call 716-712-2060.

Budget, Parachute Services

💰 Mindful Spending and Financial Wellness: A Holistic Approach

Mindful spending and financial wellness go hand-in-hand. It’s not just about tracking your expenses; it’s about understanding your relationship with money and aligning your spending with your own personal values and goals.

What is Mindful Spending?

Mindful spending is about making conscious and intentional decisions about how you spend your money. It involves:

  • Understanding your spending habits: Tracking your expenses, identifying spending triggers, and recognizing your unique spending patterns.
  • Differentiating between needs and wants: Prioritizing essential expenses while also acknowledging that you deserve to enjoy life.
  • Considering the long-term impact: Making choices that support your financial goals, such as saving for retirement or paying off debt.
  • Finding joy in experiences: Prioritizing experiences over material possessions.
  • Practicing gratitude: Appreciating what you already have and avoiding the “keeping up with the Joneses” mentality. This can be challenging in the days of social media as a “comparison engine.”

How Mindful Spending Contributes to Financial Wellness

When you practice mindful spending, you’re not just saving money; you’re also:

  • Reducing financial stress: By making conscious choices, you can avoid impulsive purchases and the guilt that often comes with overspending.
  • Increasing your financial security: Mindful spending helps you build an emergency fund, pay off debt, and save for your future.
  • Aligning your spending with your values: When you spend mindfully, you’re supporting businesses and causes that align with your beliefs and what is important to you.
  • Improving your overall well-being: By prioritizing experiences and meaningful purchases, you can enhance your overall quality of life and find greater happiness.

Tips for Practicing Mindful Spending

  • Create a budget: A budget is a roadmap for your spending. It helps you track your income and expenses, and make sure your spending aligns with your goals.
  • Practice the 24-hour rule: Before making a major purchase, wait 24 hours to see if you still want it.
  • Unfollow social media accounts that trigger spending: Social media can be a major source of spending triggers. Unfollow accounts that make you feel inadequate or want to buy things you don’t need.
  • Find alternative ways to de-stress: Instead of turning to shopping to relieve stress, try exercise, meditation, or spending time in nature or outside.
  • Focus on experiences: Prioritize experiences over material possessions. Experiences often provide lasting memories and happiness. The desire for material possessions can be fleeting and result in buyer’s remorse.
  • Practice gratitude: Appreciate what you have and avoid comparing yourself to others.

Mindful spending is a journey, not a destination. It takes time and effort to develop mindful spending habits, but the rewards are well worth it. By practicing mindful spending, you can improve your financial health, reduce stress, and live a more fulfilling life.

Would you like to meet one-on-one with one of our Financial Counselors to talk specifically about your budget? Check out our Financial Coaching Session https://parachutecreditcounseling.org/services/credit-budget-counseling/#financial-coaching or call 716-712-2060.

If you’re dealing with high interest debt payments as well, see what you can save with Parachute’s Debt Management Plan:

GET STARTED HERE

Budget, Parachute Services

Don’t Get Left in the Cold: A Guide to Fall and Winter Budgeting

Don’t Get Left in the Cold: A Guide to Fall and Winter Budgeting

As the leaves change and temperatures drop, so do our spending habits. The fall and winter seasons, with their holidays, colder weather, and seasonal activities, can put a significant strain on our budgets. Without a plan, you might find yourself with a trickier situation in the new year. By preparing for these predictable expenses, you can enjoy the season without the stress.

Here’s how to create a fall and winter budget that works for you.

Step 1: Identify Seasonal Expenses

The first step is to recognize the unique costs that come with these seasons. Common fall and winter expenses include:

  • Holiday Shopping: Gifts, decorations, wrapping paper, and holiday cards.
  • Travel: Flights, gas, and accommodations for visiting family or going on vacation.
  • Utilities: Heating bills often skyrocket as you try to keep your home warm.
  • Seasonal Activities: Costs for pumpkin patches, apple picking, football games, and winter sports.
  • Wardrobe: You may need to budget for new coats, boots, sweaters, or other cold-weather gear.
  • Home Maintenance: Costs for winterizing your home, such as sealing drafts, cleaning gutters, or servicing your furnace.

Step 2: Review and Adjust Your Budget

Take a look at your regular monthly budget from the rest of the year. Your fixed expenses (like rent or mortgage) will likely remain the same, but your variable expenses will need to be adjusted.

  • Track Your Past Spending: Review bank statements or credit card bills from the previous fall and winter. This will give you a realistic idea of how much you’ve spent on seasonal items in the past.
  • Create a Holiday Sinking Fund: If you haven’t already, set up a separate savings account specifically for holiday expenses. By putting a small amount of money into this fund each month, you can pay for gifts and travel without relying on credit cards.
  • Set Spending Limits: For each of your fall and winter expense categories, assign a realistic spending limit. For example, create a gift list with a budget for each person, or set a total amount you’re willing to spend on travel

Step 3: Implement Money-Saving Strategies

Once you have your budget in place, it’s time to find ways to make your money go further.

  • Reduce Your Energy Bill: Winter heating costs can be a budget-buster. Take these steps to save:
    • Seal Drafts: Use weatherstripping or caulk to seal gaps around windows and doors.
    • Adjust Your Thermostat: Set your thermostat to a lower temperature when you’re not home or are asleep. A programmable or smart thermostat can do this for you automatically.
    • Reverse Your Ceiling Fans: This pushes warm air, which rises, back down into the room.
    • Open Curtains: Use sunlight to your advantage by opening curtains on sunny days to let in natural heat.
  • Shop Smart for the Holidays:
    • Start Early: Begin your holiday shopping in the early fall to take advantage of sales and avoid last-minute rush shipping fees.
    • Use a List: Stick to your gift list and assigned spending limits to avoid impulse purchases. Remember your financial goals to curb temptation.
    • Consider DIY or Experiences: Instead of buying expensive gifts, consider making homemade presents or giving the gift of an experience, like tickets to a concert or a cooking class.
  • Find Free or Low-Cost Activities: The seasons offer plenty of opportunities for fun that won’t break the bank. Go on a hike to see the fall foliage, visit a free holiday light display, or host a potluck dinner with friends instead of going out.

By being proactive and mindful with your spending, you can navigate the fall and winter seasons with a sense of control and peace of mind especially for the New Year!

If you’re dealing with high interest debt payments as well, see what you can save with Parachute’s Debt Management Plan:

Would you like to meet one-on-one with one of our Financial Counselors to talk specifically about your budget? Check out our Financial Coaching Session https://parachutecreditcounseling.org/services/credit-budget-counseling/#financial-coaching  or call 716-712-2060.

Budget, Credit, Debt, Parachute Services

The 5-Step Formula to Financial Freedom

The 5-Step Formula to Financial Freedom

Feeling overwhelmed by debt? Struggling to save money? Many people find themselves trapped in a cycle of financial stress. With the right approach, you can take control of your finances and build a brighter future. This blog post will guide you through five essential steps to help you overcome financial challenges and help you achieve your goals. Here are some effective strategies to help you accomplish them!

Budgeting and Saving

  • Create a Realistic Budget: Track your income and expenses to identify areas where you can cut back.
  • Emergency Fund: Aim to save 3-6 months’ worth of living expenses to cover unexpected costs.
  • Automate Savings: Set up automatic transfers from your checking to savings account.
  • High-Yield Savings Account: Maximize your savings with a high-interest rate. Research daily rates at https://www.bankrate.com/.

Spend Mindfully

  • Track Your Spending: Monitor your expenses to identify areas of overspending.
  • Cut Unnecessary Expenses: Reduce costs on subscriptions, dining out, and entertainment. Most people gain the most traction by watching what they spend on food, groceries and drinking/dining out. 
  • Shop Smart: Use coupons, compare prices, buy generic brands, shop discount grocery stores and dollar stores.
  • Cook at Home: Prepare meals at home frequently to save money on dining out.
  • Explore Money Mindfulness: https://www.forbes.com/sites/financialfinesse/2024/05/07/financial-mindfulness-the-key-to-enhancing-your-financial-life/.

Reduce Debt

  • Prioritize High-Interest Debt: Focus on paying off credit cards and other high-interest loans first.
  • Debt Avalanche Method: Pay off the debt with the highest interest rate first.
  • Debt Snowball Method: Pay off the smallest debt first to gain momentum.
  • Consolidate Debt: Combine multiple debts into a single loan with a lower interest rate.
  • Look into the various debt repayment options: Consult not-for-profit credit counseling agencies like Parachute to explore the best option for you!  https://parachutecreditcounseling.org/services/debt-management/

Increase Income

  • Side Hustle: Explore opportunities like freelancing, tutoring, or driving. Turn a hobby into an opportunity!
  • Upskill or Reskill: Invest in your education to increase your earning potential.
  • Negotiate a Raise: Advocate for a higher salary or better benefits.
  • Passive Income: Generate income through rental properties (e.g., apartment building, a spare room, storage space), dividends, royalties, etc. 

Invest

  • Start Early: The earlier you start, the more time your investments have to grow.
  • Diversify Your Portfolio: Spread your investments across various asset classes to reduce risk.
  • Dollar-Cost Averaging: Invest a fixed amount regularly, regardless of market conditions.
  • Consider a Financial Advisor: Seek professional advice to tailor your investment strategy. Because there is a risk of losing money, you should thoroughly educate yourself or seek expert advice. 

If you’re dealing with high interest debt payments as well, see what you can save with Parachute’s Debt Management Plan:

Would you like to meet one-on-one with one of our Financial Counselors to talk specifically about your budget? Check out our Financial Coaching Session https://parachutecreditcounseling.org/services/credit-budget-counseling/#financial-coaching  or call 716-712-2060.

Budget, Parachute Services

Money-Saving Hacks for Every Day Life

Money-Saving Hacks for Every Day Life

Here are some money-saving hacks you can incorporate into your daily routine.  Remember, small amounts saved regularly add up to BIG amounts, especially over time.

At Home:

  • Energy Efficiency: Switch to LED light bulbs, unplug electronics not in use, and adjust your thermostat for seasonal comfort.
  • DIY Maintenance: Learn basic repairs for leaky faucets, clogged drains, or ripped clothes. YouTube tutorials are a great resource!
  • Embrace Free Entertainment: Explore free library resources like e-books, audiobooks, movies, and events. Take advantage of free outdoor activities like parks, hiking trails, or community events.
  • Cook More at Home: Eating out adds up really quickly! Plan meals, utilize leftovers, and explore budget-friendly recipes.
  • Embrace Reusable Items: Invest in reusable water bottles, coffee mugs, shopping bags, and food containers to reduce waste and save money on disposables.
  • Shorten Shower Time: Every minute counts! Take shorter (not colder) showers to conserve water and energy costs.
  • Adjust Your Water Heater Temperature: Lowering the temperature slightly can save on your energy bill.

On the Go:

  • Pack Your Lunch: Bringing lunch from home is significantly cheaper than eating out daily. Most people see a big impact by eating more meals or prepping them at home.
  • Utilize Public Transportation: Consider public transportation, biking, walking, or carpooling to save on gas and parking costs.
  • Plan Errands Efficiently: Combine errands into one trip to reduce gas mileage.
  • Embrace Free Fitness: Utilize free workout options like bodyweight exercises, running/walking outdoors, or free online fitness classes.
  • BYOB (Bring Your Own Beverage): Skip expensive coffee shop drinks and bring a reusable water bottle or coffee mug filled from home.
  • Seek Out Free Events: Many cities offer free museum days, concerts, or festivals.
  • Search for Free Entertainment Apps: There are many free apps for music, audiobooks, podcasts, and even mobile games.

Tech and Subscriptions:

  • Audit Your Subscriptions: Review your monthly subscriptions for services you rarely use and cancel those you can live without.
  • Negotiate Bills: Don’t be afraid to call providers and negotiate lower rates for internet, cable, or phone plans.
  • Utilize Free Trials: Take advantage of free trials for streaming services or apps, but remember to cancel before you get charged.
  • Borrow E-books and Audiobooks: Libraries offer a vast selection of e-books and audiobooks you can borrow for free.
  • Compare Streaming Services: Research different streaming service options and choose the one that best fits your needs and budget.
  • Embrace Free Open Source Software: There is free, open-source software available for many tasks, potentially replacing paid programs.

General Money-Saving Habits:

  • Embrace Cash: Using cash can help you stay mindful of your spending compared to swiping a card.
  • Set Savings Goals: Having a specific goal can motivate you to save.
  • Challenge Yourself: Try a “no-spend” challenge for a certain period to curb unnecessary purchases. Some people try 3 months and then 6 months, etc., without buying clothes or shoes or accessories. 
  • Sell Unused Items: Declutter your belongings and sell them online or at consignment shops.
  • Embrace DIY Projects: Consider DIY alternatives for minor repairs, cleaning solutions, or even gifts.
  • Learn to Cook Simple Meals: Mastering a few budget-friendly meals can save you money on takeout.
  • Repair Clothes: Learn basic sewing skills to mend clothes instead of replacing them immediately.

Remember, consistency is key! By incorporating these hacks into your daily routine, you can make a significant impact on your savings over time.

If you’re dealing with high interest debt payments as well, see what you can save with Parachute’s Debt Management Plan:

Would you like to meet one-on-one with one of our Financial Counselors to talk specifically about your budget? Check out our Financial Coaching Session https://parachutecreditcounseling.org/services/credit-budget-counseling/#financial-coaching  or call 716-712-2060.