Little Precautions Can Pay Large Dividends

Hernando Today

SPRING HILL Beware of too many snacks at work.

It's not just health professionals giving that warning. Financial advisers also remind people that a soda and bag of chips each day can lead to some sever e overspending.

Several years ago, Scott Taylor did the math. He realized he was spending more on Doritos and soft drinks at work per year than he was on car insurance.

"Look at how you're spending your money," said Taylor. "Make and stick to a budget."

He was the lecturer Thursday for the first "Strategies for Money Management" seminar, which was held at the Hernando County Extension Service office off Forest Oaks Boulevard.

Taylor discussed sneaky bank fees, common money wasters, impulse buying and the need to keep track of expenses.

He offered several tips during the hour-long seminar, including keeping a Ziploc bag in the car and filling it with daily receipts. Most people do not realize how much they pay per day or week on food, drinks, cigarettes or beauty products.

After two weeks, most people would be shocked to learn how much they spend, he said.

Taylor also suggested direct deposits and siphoning off a small sum and putting it into a savings account. Whether it is $5 or $50, the savings will add up and the earner will not realize it is absent from his or her checking account.

"If you don't see it, odds are, you're not going to miss it," he said.

He warned against bad credit, late fees on bills and avoiding collectors.

The only ways to combat a bad credit score is a solid payment history and time.

Sometimes it takes years to recover from a series of missteps, but creditors are known to pay closer attention to recent history rather than what happened five, six or seven years earlier.

"Creditors will look at what you're doing now versus what you've done in the past," Taylor said.

He also used charts to support his arguments. Axing that 75-cent soda could save someone more than $20 per month and more than $250 per year. During a five-year period, that savings could be more than $1,600.

Taylor will offer the same class Tuesday, June 24, at the Brooksville location at 19490 Oliver St.

For more information or to register for the free class, call Taylor at 352-754-4433.