Volusia Banking

Making a Difference – It’s a win, win

Volunteering is often thought of as something nice that people can do. Although this is true, it’s much more than that. Volunteering has a significant impact both intrinsically and extrinsically. It not only affects the health and well-being of a community but it can also make a positive difference in the volunteer’s life as well.

Volunteers provide critical services – from firefighting, delivering meals to the homebound elderly and providing public health and safety education to manning the phone lines at domestic violence and sexual assault centers. Volunteers also keep our neighborhoods safe. Volunteers tutor, mentor and coach our youth from everything from math homework, to dealing with a personal crisis to good sportsmanship on the soccer field. Volunteers also take tickets at cultural events and festivals and lead tours at museums, ensuring that the arts stay alive and well in our communities. They build houses, man soup kitchens, start recycling programs, fundraise and so much more.

According to the Corporation for National and Community Service, about 64.5 million Americans, or 26.5 percent of the adult population, gave 7.9 billion hours of volunteer service worth $175 billion in 2012.

But, volunteering is not just about money. Volunteering is about giving, contributing and helping people and your community at large. It’s working with other like-minded people to make a meaningful contribution to a better community…a better world.

Whether you want to address a community problem or advance a worthy cause, volunteering offers many benefits in appreciation for your time well beyond the monetary value. Volunteering can help you:

  • Make vital networking contacts
  • Develop new skills
  • Enhance your resume
  • Gain work experience
  • Build self-esteem and self-confidence, a feeling of being needed and valued
  • Improve your health
  • Meet new people
  • Show others that you care about your community

 

So now that the case has been made for the both the internal and external benefits of volunteering, how do you find or create the ideal volunteer opportunity?

Here are a few tips:

  • Identify partner organizations in your community
  • Talk to friends, colleagues and family
  • Check out your local volunteer centers
  • Search online
  • Start your own volunteer project

No matter which avenue you choose to locate volunteering opportunities, you ultimately must get to know the organization and determine if it and its cause is a good fit for you.

Once you’ve done all your homework, the only thing left for you to do is to SIGN UP and GET INVOLVED!

It’s truly a win, win!

Saving For a Rainy Day

Life seldom goes as planned. So, it’s a good idea to always be prepared for the unexpected by having a solid cushion – an emeRainy Day Fundrgency fund. Having an emergency fund will help ward off financial disaster, such as bankruptcy.

To avoid letting the unexpected lead you to financial ruin, begin building your emergency fund by following these tips:

>Figure out how much you need – Begin with a specific goal in mind. While each person’s saving goal will be different, depending on their income and expenses, a good rule of thumb is to save four to seven month’s worth of expenses. Most financial experts recommend starting small…realistic…such as saving $1,000, and then work up from there. Remember, your emergency fund is exactly that. It’s not a stockpile of savings to fund vacations or other luxuries.

>Find a safe haven for your money – Your rainy day fund should be easily accessible, but not so easy that you’ll be tempted to make unnecessary, non-emergency withdrawals. Choose a traditional savings account or possibly a money market or even a short-term certificate of deposit. This way you’ve created a psychological barrier between your spending habits and your emergency fund as well as providing you the added benefit of earning interest and requirement of continued reinvestment.

>Treat it like a recurring bill – Once you’ve established a monthly savings goal (begin with $100 per month) make it part of your regular monthly budget. The easiest way to accomplish this is by setting up an automatic monthly transfer. Just as you would with your other recurring bills (electric bill, cable bill, etc.) ensure that your emergency money is saved each month. A good practice is to pay yourself first. Have the automatic transfer set up at the beginning of the month instead of waiting to see if you have money left over at the end of the month.

>Use your emergency fund only for emergencies – Although this seems like common sense, many people forget, especially when it comes to those one-time expenses each year. Planning is the key. When determining your monthly emergency fund savings goal, keep one-time expenses such as insurance or routine car expenses in mind. Remember, if you can foresee an expense, it’s not an emergency. One way to avoid this temptation is by making access to this money somewhat difficult. Don’t ask for a debit card and if you’re issued a checkbook, hide it.

>Slow and steady wins the race – Rome wasn’t built in a day and neither is an emergency fund. Even if you can only start out with a small amount each month, any action you take towards establishing an emergency fund is a good one. But, the key is discipline. The goal is to increase your monthly deposit whenever possible and to reach $1,000 as quickly as you can. There are many ways to help you accomplish your goal in a shorter time frame. Add your tax refund or a commission check into your account, have a yard sale, sell items you don’t need on eBay or the oldie but goodie – put your change into a savings jar each evening.

The key is to save rather than blow excess or unexpected money, planning and discipline, cutting back on the “wants” or luxuries. By doing this little by little, you’ll see your emergency savings soar!