Category: News

We often hear or say ourselves “I don’t have the money to… go on vacation, buy a new mattress, get another car”  Here’s a step-by-step guide to help you build your savings effectively:

1. Set Clear Savings Goals

• Short-term goals: Emergency fund, vacation, new phone
• Medium-term goals: Car, home down payment, wedding
• Long-term goals: financial freedom

Knowing what you’re saving for keeps you motivated.

2. Create (and Stick to) a Budget

• Use the 50/30/20 rule as a starting point:
  • 50% Needs
  • 30% Wants
  • 20% Savings/Debt repayment
• Track every dollar so you know where to cut back.

3. Pay Yourself First

• Treat savings like a bill—transfer money to savings as soon as you get paid.
• Automate transfers to a separate savings account.
• If you get a tax return or an unexpected check, put it in savings account

4. Cut Expenses Strategically

• Cancel unused subscriptions
• Cook at home more often
• Shop with a list to avoid impulse buys
• Negotiate bills (e.g., internet, phone)

5. Increase Your Income

• Side gigs: freelancing, rideshare driving, tutoring, etc.
• Sell unused items

Even small increases can accelerate your savings.

6. Use the Right Accounts

• High-yield savings accounts: Earn more interest than traditional accounts
• Certificates of deposit (CDs): For funds you won’t need for a while
• Roth IRA/401(k): Save for retirement with tax advantages

7. Save Windfalls and Bonuses

• Tax refunds, gifts, or work bonuses should go straight to savings.
• Avoid lifestyle inflation—don’t spend more just because you earn more.

8. Track Progress and Adjust

• Review your savings monthly
• Use apps or spreadsheets to monitor growth
• Adjust your budget as your income or goals change

The budgeting 50/30/20 rule is a simple guideline that suggests allocating 50% of your income to needs, 30% to wants, and 20% to savings and debt repayment. It’s a way to quickly and easily organize your spending and ensure you’re saving enough.

Here’s a breakdown:

• Needs (50%):

These are essential expenses like housing, utilities, groceries, transportation, and debt payments.

• Wants (30%):

This covers discretionary spending on things you enjoy but aren’t essential, such as entertainment, dining out, hobbies, and travel.

• Savings and Debt Repayment (20%):

This includes building an emergency fund, saving for future goals, and paying down debts.

The 50/30/20 rule is a starting point and can be adjusted based on your individual financial situation and goals. It’s a flexible framework that encourages balanced spending and savings, while also allowing for some wiggle room in discretionary spending.

We just started doing this again. It’s really easy to forget you don’t need everything you’re buying!!

Separating wants from needs is a foundational skill for managing your finances, making smart purchases, and setting realistic goals. Here’s how to do it effectively:

What Are Needs?

Needs are essentials required for survival and basic well-being. These typically include:

• Housing (rent or mortgage)
• Utilities (electricity, water, heat)
• Food (basic groceries, not dining out)
• Healthcare
• Transportation (for work, school, or medical appointments)
• Basic clothing

Ask: “If I didn’t have this, would it negatively impact my health, safety, or livelihood?”

What Are Wants?

Wants are things that enhance your life but aren’t necessary for basic survival. Examples:

• Dining out or takeout
• Subscriptions (streaming, magazines, premium apps)
• Designer clothing
• The latest phone or gadgets
• Vacations
• Gym memberships (when free alternatives exist)

Ask: “Is this something I could live without or replace with a cheaper option?”

How to Tell the Difference

1. Use the 24-Hour Rule – Wait a day before buying. Needs usually can’t wait; wants can.
2. Apply the “Double Check” Test – If you’re unsure, ask twice: “Is this a must-have or a nice-to-have?”
3. Budget Categories – Label your spending categories clearly in your budget (e.g., Groceries = Need, Dining Out = Want).
4. Prioritize Long-Term Impact – Needs often have lasting value; wants often provide short-term pleasure.

Why It Matters

• Keeps your savings and debt in check
• Helps you live within your means
• Prepares you for financial emergencies
• Encourages mindful spending

– I just did this with my cel phone bill and saved $100.00 a month. I deleted services and lines I wasn’t using and played the “I’m a long time user” card

Negotiating your bills can save you a lot of money, especially with recurring services like internet, phone, insurance, and even medical expenses. Here’s a step-by-step guide on how to effectively negotiate your bills:

1. Do Your Research

• Know the competition: Find out what other providers are offering. Use these deals as leverage.
• Understand your usage: Know how much data, minutes, or coverage you actually use—this helps identify unnecessary add-ons.
• Review your bill: Look for errors, unexplained charges, or services you don’t use.

2. Contact Customer Service

• Use the phone: Negotiations are more effective via phone than chat or email.
• Be patient: You won’t get this done in a few minutes. It took me a hour and a half but I’m saving $1,200 a year!!
• Ask for the retention department: These reps are often authorized to offer better deals to keep customers.

3. Use These Phrases

• “I’ve been a loyal customer for [X] years.”
• “I found a better offer from [competitor].”
• “Can you help me lower my bill?”
• “Are there any current promotions or discounts available to me?”
• “I may need to cancel unless we can find a more affordable option.”

4. Be Polite but Firm

• Stay calm and friendly. People are more likely to help someone who treats them with respect.
• If the first rep can’t help, politely ask to speak with a supervisor or call back another time.

5. Consider Bundling or Downgrading

• Ask if bundling services (e.g., phone + internet) will save money.
• Downgrade to a lower plan that better fits your actual needs.

6. Follow Up

• Request a confirmation email or letter of any changes made.
• Monitor your next bill to ensure the discounts are applied correctly.

Louise is one of our newer volunteers at the center .She is super energetic and willing to
help out and pitch in anywhere and with anything needed. Louise has a son and they
spend a lot of time together, she also enjoys reading , visiting the beach, gardening and
baking. Even with all that, she rarely hesitates when asked to help and if need be learn
then jumps right in.
With over 25 years of experience in the food and restaurant industry, she was a natural
fit for our COASTAL CAFE. Louise has been amazing in the kitchen as a volunteer and
has helped the staff in their keep everything running smoothly. She enjoys volunteering
at Thrive 55+ because everyone is really nice and this is what makes her continue to
volunteer.
Having been a supervisor before, Louise has had the experience and pleasure of training many young adults to
work with older adults and for many of the young people it was their first time ever working with this particular
demographic and the one thing she used to always teach them was that when working with older adults you
should look at it as if you have inherited many grandparents. This is something to this day that Louise still teaches
young people who are new to working with older generations and are unsure as to how to interact with them.
Louise calls it her “Motto”.
Louise is an asset to Thrive 55+, we are very lucky to have her on the TEAM! Thank you for everything Louise.

Tim and Sarah have resided in CT for almost all of their lives where they raised a
family and now are both retired. They have both always been very artsy/creative
and living on the shore line inspired them to use items that are provided by nature
such as sea glass, drift wood, gourds and much more. Tim and Sarah love creating
bird houses, wind chimes, bird feeders and pretty much anything that they decide
needs to be created. Stop by the Nook and take a peek at their latest creations.