Top Drawer Women’S Designer Apparel
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Top Drawer Women’S Designer Apparel

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Top Drawer Women’S Designer Apparel Top Drawer Women’S Designer Apparel Presentation Transcript

  • How to Survive the High Cost of Living in Ann Arbor Kathryn Greiner Director of Credit Education First of Washtenaw A subsidiary of the University of Michigan Credit Union (734) 663-7900
  • Financial Survival
    • Develop a spending plan:
      • Spending
      • Bill-paying
      • Saving
    • Find less expensive ways to meet your needs.
  • Step 1: Budget Analysis, or Where the Money Goes Average Monthly Income Monthly Take Home Pay $1,465 Total Monthly Income $1,785 Monthly Income $1,785 Less Monthly Expenses - 1,450
    • Average Monthly Expense
    Partner’s Take Home Pay -0- Other Income - roommate 320 (include child support, alimony, Social Security, direct deposits for savings Amount Available for debt $335
  • Cost of Credit
    • Outstanding balance $2,500
    • Interest rate 18.5%
    • Minimum monthly payment 2% of balance, not less than $15
    • Interest cost over loan period $6,650
    • Years to pay off 30 years
  • PAYMENT DUE DATE 01/20/20xx Sale Date Post Date Reference Number Activity Since Last Statement Amount -22.00 12/09 14481030 PAYMENT – THANK YOU * DRIVER’S EDGE CHARTER MEMBER REBATES * TOTAL Last Month’s Balance 0 Earned this Month 0 Redeemed/Expired 0 Current Balance 0 * FORD REBATES SUMMARY * TOTAL Current Balance 109 HAPPY HOLIDAYS FROM ALL OF US AT CITIBANK! We’d like to take a moment to thank you for being a Citibank cardmember and let you know that we appreciate your business. Warmest wishes for the upcoming year. FREE GIFT WITH ENROLLMENT! 30 DAYS RISK FREE! Save today on dental, vision, pharmacy, hearing and chiropractic services. Signature Dental Plan & More – the 5-in-1 health savings plan. ENROLL TODAY! Call 1-800-448-1725 and ask for offer #0410027003. Driver’s Edge Visa With NO ANNUAL FEE Account Number For Customer Service, call or write 1-800-967-8500 BOX 6000 THE LAKES, NV 39163-6000 To report billing errors, write to this address, calling will not preserve your rights. Statement Closing Date 12/28/19xx Total Credit Line $1200 Cash Advance Limit $400 New Balance $1089.22 Available Credit Line $110 Available Cash Limit $110 Account Summary Amount Due Previous Balance (+) Purchases & Advances Purchases 1089.62 22.00 21.60 1089.22 Advances Total 1089.62 22.00 21.60 1089.22 (-) Payments (-) Credits (+) Finance Charge (+) Late Charges (=) New Balance Purchases Minimum Due 22.00 Advances Minimum Due Amount Over Credit Line Fees Past Due Minimum Amount Due 22.00 Rate Summary Number of days this Billing Period 34 Calculation Method Daily Daily Daily Periodic Rate .05863% . 05178% .05178% Nominal Annual Percentage Rate 21.400% 18.900% 18.900% Annual Percentage Rate 21.400% 18.900% 18.900% Balance Subject to Finance Charge 1055.52 31.65 Purchases Before 06/25/1997 Purchases After 06/25/1997 Advances CK 2647 $22.00 Sent 1-4-xx $ .40 towards principal!
  • Step 2: Monthly Plan for Spending, Bill Paying, & Saving Spending Allowance Bills Savings This Month’s Spending Allowance: = 433 This Month’s Net Income: $1,785 Less This Month’s Bill & Saving Total - 1,352 Divide above figure by 4 for weekly spending allowance = $108
    • Don’t shop as a form of entertainment. If you really need something, go buy it.
    • Live within your means.
      • Paying cash eliminates extra interest charges, lowering the price.
      • Forces you to use what you now have.
    10 Ways to Save Money
    • Take care of what you have.
    • Wear it out. Use the parts.
    • Do it or make it yourself.
    • Anticipate needs.
      • Eliminates impulse buying.
      • Can take advantage of sales.
    10 Ways to Save Money
    • Research value, quality, durability and multiple uses before buying.
    • Get it for less — look for discounts.
    • Buy it used.
    • Borrow it, rent it, or share it.
    10 Ways to Save Money
  • Annie Zirkel’s Cheap Living in and Around Ann Arbor
    • The Non-Consumers:
    • - avoid materialism, enjoy simple pleasures
    • The Necessarily Cheap:
    • - those who must stretch every dollar
  • Cheap Lifestyles
    • The Scrimp & Splurgers:
    • - sacrifice in some areas so they can be extravagant in things they enjoy.
    • The Habitually Thrifty:
    • - grew up in a frugal household
  • Cheap Lifestyles
    • The Crafty Livers:
    • - enjoy the challenge of living beyond their money means by using their wits.
    Environmentalists: - motto is reduce, reuse and recycle which in cheap talk means save $, save $, save $!
  • Cheap Deals
    • Planning
    • Ingenuity
    • Maybe some rethinking
    • Knowing where to get what you need for less
  • Resale Shops
    • Ann Arbor PTO Thrift Shop
    • Once Upon a Child
    • Kiwanis Club Sales
    • Klothes Kloset for Women
    • LA Designs
    • Retro Threads Vintage Clothing
  • More Resale Shops
    • St. Vincent DePaul
    • Top Drawer Women’s Designer Apparel
    • The Tree
    • closing end Sept
    • Treasure Mart
    • Recycle Ann Arbor Reuse Center
    • U of M Property Disposition
    • Woman in the Shoe
  • How to Shop Resale
    • Shop frequently and spend time looking
    • Look at everything
    • Plan ahead-buy for next year
    • Network with a friend and buy for each other
    • If looking for something unusual, call & ask
  • How to Shop Resale
    • Check clothes thoroughly:
      • Buttons
      • Seams
      • Zipper
      • Stains
  • How to Shop Resale
      • If you really don’t like it, don’t buy it just because it’s cheap!
      • - you’ll never wear it
      • or
      • - you won’t feel good about your appearance when you do
  • Garage Sales
    • -Inexpensive way to buy furniture and household items.
    • - Listed in the Ann Arbor News classified ads section.
    • - Fliers posted on phone poles and bulletin boards.
  • Other Cheap Resources
    • Auctions
    • Estate Sales
    • Rummage Sales
    • Ann Arbor News
      • Freebies in Saturday’s paper only
      • Bargains section is daily
        • Appliances, computers, furniture
  • Cheap Dates
    • AA is a gold mine of cheap and free events!
      • Ann Arbor Observer’s daily listing of events
      • UM Arts weekly list of theater, dance and arts events
      • Town and nature walks: Walker’s Guide to Washtenaw County
  • Cheap Dates
    • Take a walk around downtown Ann Arbor:
      • Used bookstores abound
      • Free birthday dinner for your companion at some restaurants – call and ask!
      • Award-winning public library
        • Videos
        • CD’s
        • Books on Tape
  • Free Outings
    • UM Museum of Art
      • Campus art museum at 525 S. State St.
    • UM Exhibit Museum
      • Dinosaurs and much more at 1109 Geddes Ave
    • Kelsey Museum
      • Ancient archeology museum at 434 S. State
  • Free or Cheap Outings
    • Cobblestone Farm
      • Colonial period house, pioneer events at 2781 Packard Rd.
      • Matthai Botanical Gardens
      • hiking trails and greenhouse/conservatory
      • Farmer’s Market
      • - Detroit St at Kerrytown on Saturday’s
  • Free Outings
    • UM Marching Band practice
      • Hill and 5 th Ave, Fridays before home games
      • City Parks & Recreation Dept: 994-2780
      • city parks
      • Natural ice skating rinks
      • Sledding hills
  • Renting
    • True of False:
    • “Renting is like throwing money away.”
    • False!
    • It is no more true than money is thrown away on food or clothing.
  • When Renting is Best
    • No long term commitment to that location.
    • Low upfront cost.
    • Move in and out quickly.
    • An apartment requires less time and physical labor to maintain.
    • Low upkeep costs.
  • Some people invest at a greater rate of return by saving the difference between the monthly cost of rent and the true cost of home ownership. Your Money or Your Life , by Dominguez and Robin, Viking Books
  • Housing as Investment
    • Grandparents bought house 30 years ago for $15,000.
    • Today it’s worth $85,000.
    • It’s value has grown over 5 fold in 30 years.
    • That is just under 6% average annual compound rate of return.
  • Mortgage vs. Rent
    • Mortgage interest is fully tax deductible.
    • Claim property tax as a deduction.
    • Homeowners are likely to get a larger tax refund.
    • (Which provides money for home repairs!)
  • Homeownership Benefits
    • Forced savings program builds equity through compulsory monthly payments.
    • House equity can be leveraged.
    • Rental income from second property can offset the costs.
  • Reducing Housing Costs
    • Shared housing:
      • Roommates or tenants
      • Housing Bureau for Seniors’ HomeShare Program
      • Simplicity Movement :
      • Fewer belongings allow for smaller dwellings.
      • Live close enough to public transportation or work so vehicle is unnecessary.
  • Cut Heat & Electric Utilities
    • Turn down your thermostat.
    • Make sure your fireplace damper is tightly closed.
    • Use bathroom and kitchen fans only when necessary.
    • Reverse the direction of your ceiling fan.
    • Put an inexpensive insulating blanket around your water heater.
  • Cut Heat & Electric Utilities
    • Schedule a checkup for your furnace annually, and change filters at least twice each year.
    • Plug air leaks in your home.
    • Add insulation if you can see the tops of the joists in the attic.
    • Home sealing and attic insulation can cut heating and cooling bills up to 20%.
  • Cutting Car Costs
  • Shop for Best Gas Price
    • gasbuddy.com
    • bankrate.com
  • Aggressive Driving
    • Aggressive driving can slash your highway gas mileage by 10%.
    • With gas prices at $2.70 per gallon, that ’ s the equivalent of paying an extra 27 cents per gallon.
    • Fuel efficiency peaks at about 60 mph . After that, factor in an extra 10 cents a gallon for each additional 5 mph .
  • Basic Maintenance
    • Properly inflated tires will save you up to 6 cents per gallon.
    • Save 4 cents per gallon by using the proper grade of oil.
    • Replace a clogged air filter and save 20 cents per gallon.
  • Maintenance
    • Replace a malfunctioning oxygen censor and save as much as 60 cents per gallon.
    • Check your gas cap regularly . Nearly 150 million gallons of gasoline evaporate into the atmosphere due to damaged, loose and missing caps.
  • Keep Up with the Upkeep
    • Few things can bust your monthly budget – or jack up your stress level- like an unexpected car problem.
    • A little advance planning can ward off unwelcome surprises.
  • “ Cinderella Era”
    • By keeping a well-maintained car for an additional 4 years after it ’ s all paid for, you could bank the new car payments and save as much as
    • $10,000
    • So find a mechanic you can trust!
  • Find Good Mechanic
    • See if the National Institute certifies the mechanics for Automotive Service Excellence (look for the blue ASE sign on display).
    • Check the shop ’ s record with the Better Business Bureau .
    • Get a referral from AAA -even if you’re not a member.
  • Do It Yourself
    • Replace wiper blades and headlight bulbs .
    • Install a new air filter - it ’ s like changing the bag in your vacuum cleaner.
    • Even if your mechanic performs some of these services for free , by doing it yourself you’ll save on the parts, which can be marked up significantly.
  • Do It Yourself
    • Clean corroded terminals , which can damage connections between battery and cable.
    • Wash your car regularly and wax it at least twice a year.