Parachute Services Archives - Page 2 of 8

15 Universal Truths About Money

Here are 15 universal truths about money. Recognizing them will help you better understand the role that money plays in your life and how to best handle money to achieve your financial goals and attain financial security.

Money is a tool; a means to achieve your goals.
You can’t outspend your income. No matter how much money you make, if you spend more than you earn, you will eventually go into debt.
Saving money is important. It gives you a financial cushion in case of unexpected expenses, and it helps you reach your long-term goals.
Investing your money is a smart way to grow your wealth over time. But it’s important to do your research, understand the risks involved and seek guidance from a professional you trust.
Debt can be a burden. But it can also be a tool to help you achieve your goals. Just make sure you borrow responsibly and pay off your debt as quickly as possible.
Your spending habits matter. The way you spend your money (your own money habits) can have a big impact on your financial future. Small amounts of savings grow to big amounts just like small expenses over time add up to large expenses.
Comparing yourself to others is not helpful to your financial health. Everyone’s financial situation is different. Focus on your goals and make sure you are on track. Stay in your own lane!
It’s never too late to start saving and investing. Even if you are starting late, it is never too late to make a difference.
Get help if you need it. There are plenty of resources available to help you with your finances. Don’t be afraid to ask for help from agencies like Parachute!
Money is not everything. It is important to have financial security, but it is also important to enjoy your life and live within your means.
There will always be things that you want in the short term and cannot afford. It’s true for everyone!
Financial success is influenced heavily by your behavior with money. Consistent patterns are powerful.
Appearances are very deceiving. Just because someone looks like they have a lot of money, simply may mean they spent a lot of money and they be may be in significant debt.
Having a lot of material possessions (stuff) is not the same as having financial security.
Financial success involves what you earn, what you keep, what you grow (i.e., investments) and what you preserve.

These are just a few of the many truths about money. The most important thing is to learn about your finances and make smart decisions with your money. By doing so, you can achieve your financial goals!

If you’re dealing with high interest debt payments as well, see what you can save with Parachute’s Debt Management Plan https://parachutecreditcounseling.org/dmp-calculator/

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

Budgeting for the Holidays – Part Two

The holidays will be here soon and they are a “season”, not just a singular day or event; and, there can be several events! There may be parties and celebrations where you are expected to bring a dish, and/or provide a gift(s) and also meet family and friends out for lunches and dinners. The costs add up!

The holiday season can also include other celebrations such as birthdays, anniversaries or even weddings. Finally, winter is the time where added expenses can come into play such as higher utility (e.g., heat, electric) bills, and unexpected car expenses like batteries and tires that need replacing.

How do you cover these expenses without completely exhausting your budget and getting yourself in post-holiday debt?

Consider several of the suggestions below to help reduce the expense and stress of the holiday season. Ideally, an early and clear plan communicated to your family and friends can help a lot! If you haven’t already, check out Budgeting for the Holidays – Part 1 for more tips!

Try not to get too caught up in Black Friday deals. Many times, people spend far more on other items than they actually save by battling the crowds and spending a lot of time and gas.
Don’t forget discount and dollar stores for cards, tissue paper, gift bags, boxes, and small thoughtful gifts like candles and picture frames.
Delay some family and friend get togethers to late December or January to take advantage of fantastic post-holiday sales. Remember, it is really your thoughtfulness that counts the most.
Shop post-holiday sales for gifts for next year.
Consider buying everyday use gifts. Buy someone’s favorite cereal, coffee, muffins or snacks. Gift cards for essentials like groceries and gas are also often appreciated.
If your family and friends have favorite charities, you can make small donations in their name (e.g., an animal shelter or food bank).
Make a pact to exchange gifts you already have in your home with friends and possibly some family members.
Gifts can be experiences! Offer babysitting services, wash someone’s car for a few months, pet sit or do errands. You can get really creative here.
Be truthful with yourself and your family about what you can and can’t afford. Set expectations early to help avoid disappointment.
What you can’t buy during the holidays is an opportunity for the next holiday season (or for a birthday or other special occasion) and you can use the added time to save.
Finally, try to avoid the mindset that your love for your friends and family equates to how much you spend on them. Most of the time, it is not feasible to buy everything we want to buy for everyone we want to buy for without significantly hurting our budgets and our overall financial well-being.

If you’re dealing with high interest debt payments as well, see what you can save with Parachute’s Debt Management Plan https://parachutecreditcounseling.org/dmp-calculator/

Parachute Services, Uncategorized

We’re Hiring a Client Care Specialist!

We are excited to announce an opportunity to join the Parachute Team as a Client Care Specialist. Please spread the word!

Job Description

Job Title: Client Care Specialist (full-time)

Supervisor: Executive Vice President

Summary

Client Care Specialists are the contact for most clients and creditors on a Debt Management Plan (DMP) with Parachute. A Specialist’s responsibilities include contact with clients and creditors, answering questions, addressing concerns, responding to proposals or other issues, assisting in the maintenance of other responsibilities and working proactively by collaborating with co-workers to better achieve successful completions of future active clients.

Qualifications

Strong teamwork skills essential
Knowledge of computer applications, with proficiency in Microsoft Word and Excel
Excellent oral and written communication skills
Ability to multi-task
Must be able to work efficiently under strict deadlines
Must attain educational certifications, as required
Position requires attention to detail and basic math/accounting skills
Prior case management and/or counseling experience helpful, or experience within Agency
Associate and/or bachelor’s degree preferred

About Parachute

Parachute is a non-profit, full-service credit counseling agency, providing confidential financial guidance, financial education, counseling and credit repayment assistance to consumers since 1965. Parachute helps consumers trim expenses, develop a spending plan and repay debts. Counseling is available at our Main Office in West Seneca, by telephone and online.

Hourly rate range for this position is $16.00 – $19.00. Individual compensation is based on various factors unique to each candidate, including skill set, experience, qualifications and other job-related reasons. Other benefits include:

401(k) Plan
Paid Holidays
Paid Personal Time Off (PTO)
Life and Disability Insurance
Health Insurance
Remote work availability one day a week with supplemental throughout the year

Please send résumés to: scott.laughlin@parachutecredit.org

Budget, Parachute Services

Budgeting for the Holidays – Part One

How do you cover these expenses without completely exhausting your budget and getting yourself in post-holiday debt?

Consider several of the suggestions below to help reduce the expense and stress of the holiday season. Ideally, an early and clear plan communicated to your family and friends can help a lot!

Have the list of WHO you will shop for and stick to it! Make agreements with your family and friends as to WHO you will buy for and HOW MUCH you will each spend. It’s very tempting to want to buy “a little something” for others, especially items under $20, but it adds up fast!
If you have large extended family or circle of friends, pick ONE name for each group.
Discuss possible family gifts that you all will enjoy. Start collecting change as a family starting each early each year (January) to help reduce the cost of bigger family gifts. If your children have part-time jobs, ask them for $2-5 a paycheck to help support a significant family gift.
Shopping for items (e.g., at a spring craft show, summer fairs) throughout the year makes a BIG difference! There are sales all year round! It is just a little pre-planning to build your gift inventory throughout the year.
Buy items for your food pantry early, ideally when they are on sale or when you have more spare funds. If your extended family knows you bring a signature dish every year, consider buying non-perishable ingredients early on and then place them in a separate storage area for the holidays.
Buy food staples at discount stores such as Aldi, Save-A-Lot and Price Rite.
Buy food items in bulk, if possible.
Don’t feel obligated to attend EVERY holiday invite you receive.
Open a separate bank account to systematically save for the holidays. Set aside a manageable amount of money for a bank or credit union account that is offering a high interest rate such as a money market account or a short-term (e.g., 3-6 months) Certificate of Deposit so you have your money in time to shop without incurring any penalties.
Consider making or even baking some of your gifts. Personalized gifts are very memorable. Add a small ($5-$10) gift card if you like.
Shop at small businesses in your area that may have unique and reasonably priced gifts.
Try not to get too caught up in Black Friday deals. Many times, people spend far more on other items than they actually save by battling the crowds and spending a lot of time and gas.

Keep a look out for Budgeting for the Holidays Part Two coming soon!

If you’re dealing with high interest debt payments as well, see what you can save with Parachute’s Debt Management Plan https://parachutecreditcounseling.org/dmp-calculator/

Budget, Parachute Services

Family Savings Strategies

Family savings efforts can be a great way to reach your financial goals faster and easier. By working as a family team, you can motivate each other, build stronger family ties, and benefit from shared resources.

Here are some ideas to get you started!

Set goals common to all. The first step is to get everyone on the same page and agree on what you want to save for. This could be a short-term goal, such as a family vacation, or a longer-term goal, such as buying a boat or even a home! Once you have a common goal, you can start to develop a solid plan to reach it.
Create a budget. Once you know what you’re saving for, you need to create a budget that will help you reach your goal. This will involve tracking all your income and expenses to see where your money is going and identify areas where you can cut back. Then you can direct your newly found savings toward your family’s goals.
Open savings accounts for all family members. This helps everyone feel included and provides great lessons and good money practices for younger children and teens.
Automate savings. One of the best ways to save money is to automate your savings. This means setting up a recurring transfer from your checking account to your savings account each month. This way, you’ll be saving money without even having to think about it. If you have teenagers or young adults who earn a paycheck, they can automate their savings too into a savings account through direct deposit. If you have younger children, they can earn a weekly allowance and place, at least part of it, in a savings account.
Set up family savings challenges. A family savings challenge is a fun and motivating way to save money. There are many different types of savings challenges available online, so you can find one that’s right for your family. For example, you could do a 52-week savings challenge, where you save a different amount of money each week. Or you could do a no-spend challenge, where you commit to not spending any money on certain things for certain periods of time. Make it fun and competitive.
Have family savings meetings. Once a month or so, sit down with your family and discuss your savings goals and progress. This is a good time to re-review your budget, make any adjustments as needed, share tips, stay motivated and celebrate your accomplishments.
Make saving money fun. For example, you could have a family competition/contest to see who can save the most money in a month or award small prizes for the most creative way to save. Or you could reward yourselves with a special treat when you reach a savings goal.
Save change. Use cash whenever possible and save that change in a jar or other space labelled with your goal such as “2025 summer vacation trip.”
Consider selling items. Each family member could contribute some unwanted items to a group garage or yard sale to help fund the family goal. Children could host a lemonade stand. Teenagers and young adults could babysit or offer to rake leaves, shovel snow or run errands for neighbors to earn extra money.
Reward good grades or reading goals. Consider contributing more funds to the family savings pool if your children attain certain grades in school or read a certain number of books outside of school.
Consider savings matches: If your younger children or teenagers or young adults save $5, consider a 100% ($5 contribution) or 50% ($2.50) match so their savings grow faster and they are encouraged to save even more!

By following these suggestions, you can develop strong family savings strategies and reach your financial goals and future plans faster!

Parachute Credit Counseling offers group financial education and one-on-one services to help you budget your money, get out of debt, understand and build your credit, and more! Call us at 716-712-2060 or visit us at www.parachutecreditcounseling.org

If you’re dealing with high interest debt payments as well, see what you can save with Parachute’s Debt Management Plan https://parachutecreditcounseling.org/dmp-calculator/

Budget, Debt, Parachute Services

Women and Money

Women may face unique challenges with money due to a number of factors. Such factors can make it more difficult for women to achieve their financial goals and obtain financial security. These factors include:

Pay gap: Women still earn less than men for doing the same work. According to the U.S. Census Bureau, currently women earn 82 cents for every dollar that men earn.
Lack of retirement savings: Women are more likely than men to be single and not have a partner’s income to help them save for retirement. They are also more likely to take extended time away from work to care for children or ill or older family members. This can impact their overall savings rate, their retirement savings rate and Social Security contributions.
Debt: Women are more likely than men to carry debt, particularly student loan debt. Consider this also in light of the pay gap (see above). This can make it difficult for them to save for other financial goals, such as retirement or a home.
Lack of financial literacy: Women may be less encouraged to gain a basic understanding of financial concepts, such as investing or budgeting. This can make it difficult for them to make sound financial decisions.
Societal pressures: Women may feel pressure to confirm to societal expectations and may use larger portions of their income on clothing, accessories, dry cleaning, shoes, beauty routines (e.g., hair and nails) and more.
Women live longer: According to the World Health Organization (WHO), the life expectancy for women in 2023 is 80.2 years, while the life expectancy for men is 73.3 years. This means that women can expect to live 6.9 years longer than men. This means they need their savings to be larger or last longer.
Living single, longer: More women are living single longer than men. In 2019, 34% of women ages 18 and older were living without a spouse, up from 28% in 1990. Meanwhile, 29% of men ages 18 and older were living without a spouse, up from 24% in 1990.
Under-presentation of women in finance professions: According to a 2022 report by the Financial Industry Regulatory Authority (FINRA), women make up 26.8% of the workforce in the U.S. investment industry. This is still significantly lower than the 49.7% of women in the overall workforce. One factor is the lack of female role models in the industry.

These challenges can make it difficult for women to achieve financial security. However, there are a number of things that women can do to overcome these challenges, such as:

Negotiate their salaries: Women can and should negotiate their salaries and seek out career coaching and/or mentoring to help with such processes. They should also be aware of the pay gap and consider this as they make job and career decisions.
Start saving early: Women should start saving for retirement as early as possible, even small amounts are helpful. They should also take advantage of tax-advantaged retirement savings plans, such as 401(k)s and IRAs.
Pay down debt: Women should focus on paying down debt, especially high-interest debt, such as credit card debt. This will free up more money to set aside funds to save and even invest.
Automate savings: Make savings as consistent and easy as possible by having a set amount taken out of each paycheck for emergency funds and future financial goals, such as buying a home.
Encourage finance careers: More girls and young women can be encouraged to study finance. More female-friendly workplaces can be created in the industry.
Get educated: Women should educate themselves about financial concepts, such as budgeting and investing. There are *many* resources available to help women learn about money, such as books, magazines, podcasts, websites, and financial counseling services such as Parachute! Spending at least 1 hour a week learning basic money matters is really helpful!

If you’re dealing with high interest debt payments as well, see what you can save with Parachute’s Debt Management Plan https://parachutecreditcounseling.org/dmp-calculator/