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Bank It or Plank It 2019

Posted by Alayna Osborne @alaynaosborne, Sep 12, 2019

Please click here to take the Bank It or Plank It survey.

We apologize for including the wrong link in the email. If you're looking for more tips and tricks from participants, please read below.

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Year after year, financial concerns are one of the leading causes of stress in America. It’s time to break the trend and discover your very own lost treasure.

During this 5-week challenge, you will be the captain of your own ship. Your efforts earn their weight in gold! Fill up your treasure chest by collecting as many gold coins as possible. Challenge yourself further by completing extra bonus activities! Explore the resources to increase your financial knowledge and discover easy ways to reduce spending, save more, pay off debt, and sail to financial well-being.

Before you know it, the “lost” treasure will be yours!

Interested in more discussions like this? Go to the Well-Being @ Work Community group.

DeeDee Rickert | @deedeerickert | Oct 24, 2019
In reply to @tinabialzik "Our work unit is going to share ideas for saving money. I would love to hear..." + (show)
@tinabialzik

Our work unit is going to share ideas for saving money. I would love to hear what others do to save money too. Please share what works for you, and I will be happy to divulge as well. Together, we learn and grow!

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We have a jar at home and we normally put all our loose change in it weekly and at times I will trade bills for change just to have extra to add. Something about seeing the jar fill and it is amazing how fast it fills.

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Kelly Sullivan | @keepingactive | Oct 24, 2019

My parent saved all of there change and growing up they purchased 2 snowmobiles and carpet for the house. So when I was young I started saving all of my change and when I was 27 paid $4,000 cash from my change for my first Harley

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1 reply
Kelly Nance | @kelly62 | Oct 24, 2019
In reply to @keepingactive "My parent saved all of there change and growing up they purchased 2 snowmobiles and carpet..." + (show)
@keepingactive

My parent saved all of there change and growing up they purchased 2 snowmobiles and carpet for the house. So when I was young I started saving all of my change and when I was 27 paid $4,000 cash from my change for my first Harley

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That's awesome! I knew someone who put money in a jar every time cigarettes would have been purchased, and took child on vacation. Win Win!

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Tai Kraft | @tk618 | Oct 24, 2019
In reply to @ahmedz "I need to build my credit rating here in the states - I will be applying..." + (show)
@ahmedz

I need to build my credit rating here in the states - I will be applying for a credit card, use it for daily expenses and pay in full each month. Are there any other products I need to build my credit score? Thanks!

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Hi @ahmedz – a credit card can have a useful place in a consumer’s financial toolbox! It sounds like you are in a “credit building” phase of your life. If that’s the case, I think you’re on the right track: paying off the balance in full and on-time will help build your score. One more piece of advice: I recommend using no more than 25% of the credit limit.
If your credit limit isn’t very high, consider using that credit card to pay one small bill each month (such as a streaming service that you already pay for) and then setting up an automatic payment to pay off the balance of your credit card in full every month.

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2 replies
Kelly Nance | @kelly62 | Oct 24, 2019
In reply to @tk618 "Hi @ahmedz – a credit card can have a useful place in a consumer’s financial toolbox!..." + (show)
@tk618

Hi @ahmedz – a credit card can have a useful place in a consumer’s financial toolbox! It sounds like you are in a “credit building” phase of your life. If that’s the case, I think you’re on the right track: paying off the balance in full and on-time will help build your score. One more piece of advice: I recommend using no more than 25% of the credit limit.
If your credit limit isn’t very high, consider using that credit card to pay one small bill each month (such as a streaming service that you already pay for) and then setting up an automatic payment to pay off the balance of your credit card in full every month.

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what is the reasoning behind only using no more than 25% of credit limit?

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1 reply
ATennis19 | @ahmedz | Oct 24, 2019
In reply to @tinabialzik "When I was thinking about ways our family saves money, three things came to mind right..." + (show)
@tinabialzik

When I was thinking about ways our family saves money, three things came to mind right away.
1. I have a lot of landscaping and use a lot of mulch. I purchase mulch from a local tree trimmer. He delivers a HUGE truck load for $40. It saves me money and a lot of time.
2. There are a number of stores that price match. When shopping at Scheel's, I always look up the price online, and the clerks are always happy to match any lower prices I find. I get great customer service, shop local, and save money.
3. Date night no longer has to be a Saturday night. If we go out to dinner, we take advantage of local deals during the week and save a bundle.

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Tina, I got this email form PerkSpot on 09/24. It had some restaurant deal with a value of $100 only for $30. You might want to check it out.

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ATennis19 | @ahmedz | Oct 24, 2019
In reply to @tk618 "Hi @ahmedz – a credit card can have a useful place in a consumer’s financial toolbox!..." + (show)
@tk618

Hi @ahmedz – a credit card can have a useful place in a consumer’s financial toolbox! It sounds like you are in a “credit building” phase of your life. If that’s the case, I think you’re on the right track: paying off the balance in full and on-time will help build your score. One more piece of advice: I recommend using no more than 25% of the credit limit.
If your credit limit isn’t very high, consider using that credit card to pay one small bill each month (such as a streaming service that you already pay for) and then setting up an automatic payment to pay off the balance of your credit card in full every month.

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Tai, this is very helpful. Yes, I need to establish credit here in the states as I've been here about 3 months now. Thank you for the advice and I'll take note of the 25% limit, had no clue about this.

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timmahle | @timmahle | Oct 25, 2019

Bank with Banks that are not Publicly Traded. In my experience they do not have the best interest for their customers. I have found the best banks are the smaller ones like Credit Unions who value you as a customer and don't think your expendable over a shareholder. Shop around on interest rates and hidden charges and you will often find those smaller banks will not stick it to you.

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1 reply
Tai Kraft | @tk618 | Oct 25, 2019
In reply to @kelly62 "what is the reasoning behind only using no more than 25% of credit limit?" + (show)
@kelly62

what is the reasoning behind only using no more than 25% of credit limit?

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Hi @kelly62 - Credit Utilization is the ratio of how much credit is used in comparison with how much is available. It is one of the factors used in creating a credit score. This is why a "maxed out" credit card can take a big bite out of a consumer's credit score. Leaving space on a credit card between what is owed (balance) and what could be owed (the credit limit) will help a consumer's credit score.

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1 reply
Andrea Kelley | @andreak | Oct 25, 2019
In reply to @ahmedz "I need to build my credit rating here in the states - I will be applying..." + (show)
@ahmedz

I need to build my credit rating here in the states - I will be applying for a credit card, use it for daily expenses and pay in full each month. Are there any other products I need to build my credit score? Thanks!

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Hello, I found this article from Experian (one of the major credit handlers or a "multinational consumer credit reporting company") that can help you learn to build your credit here: https://www.experian.com/blogs/ask-experian/credit-education/improving-credit/building-credit/.
Best wishes,
Andrea

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