Category Archives: Tools

The 80/20 Approach to Stress (and Spend!) Less this Holiday Season, Part 3

Stacy Livingstone-Hoyte, AFC®, is an experienced Financial Counselor who has worked extensively with U.S. Armed Forces members and families. She is a long-time volunteer blogger for Navynavstress.com and previously served at the Fleet and Family Support Center, Millington, Tenn. as a financial counselor. As a military spouse, Ms. Livingstone-Hoyte knows firsthand of the financial challenges and opportunities that face military families across the globe. To that end, she embraces a steadfast belief that financial success can be simple, just not easy, and offers budget-friendly tips to help us “Keep an Even Keel” this holiday season. –NavyNavStress.com note

Now that we have determined what is most important to us this season in part121221-N-IN807-471 one of this series, and have adapted a budget-friendly means to gift giving in part two, it’s time to focus on how to celebrate the holidays without breaking the bank. Family gatherings are often the most anticipated events of the holiday season and expenses can quickly add up for both the travelling and host families. Late planning and missed holiday promotion opportunities can easily turn into very costly last-minute trips amidst swarming holiday shoppers. To keep spending and stress levels down, try these tips using the 80/20 rule:

  • In addition to searching for the best travel fares and booking in advance, keep in mind that you may not be able to visit everyone on your list. Decide what is in your budget, and which trip will be the most meaningful. Overspending to please everyone may result in detectable tension, fatigue, and financial strain.
  • If you are hosting a gathering, ask others to help out by contributing to the event. This can be in the form of a dish, drinks, cash, etc. Holiday meal planning costs can be kept reasonable by utilizing wholesale membership buying programs and using coupons. When everyone contributes to the process, there is a greater sense of community, which is what the holiday season is all about.
  • Choose inexpensive and free events that visiting family can enjoy. Base holiday concerts and activities and city/town lighting events are just a few ways to engage in cheap or free holiday fun. When your loved ones look back on these moments, the important thing will be the meaningful time spent together, not the amount of money it took to make it happen.

If you decide to opt-out of this year’s family reunion, perhaps your family can use this time to volunteer to serve others. Look for local events and activities where your family can contribute (local feeding events for the less fortunate, sponsor a service member for a holiday meal, etc.). Bringing joy to others is a gift that both the giver and recipient will relish.

Whether you’ll be spending the holidays in the company of family and friends, or through long distance communications during deployment, remember, you get the most value from nurturing your relationships with those important to you—not from stretching your financial limits. By considering what’s most meaningful, you’ll stay in control of your budget and “keep an even keel” this holiday season.

The 80/20 Approach to Stress (and Spend!) Less this Holiday Season, Part 2

Stacy Livingstone-Hoyte, AFC®, is an experienced Financial Counselor who has worked extensively with U.S. Armed Forces members and families. She is a long-time volunteer blogger for Navynavstress.com and previously served at the Fleet and Family Support Center, Millington, Tenn. as a financial counselor. As a military spouse, Ms. Livingstone-Hoyte knows firsthand of the financial challenges and opportunities that face military families across the globe. To that end, she embraces a steadfast belief that financial success can be simple, just not easy, and offers budget-friendly tips to help us “Keep an Even Keel” this holiday season. –NavyNavStress.com note

In the first part of our series, we talked about gauging where our focus is this 141002-N-VY375-046holiday season, with a goal of 80% on personal relationships, and 20% on material spending. Now, we can tackle gift-giving without breaking the bank.

How do you shift your holiday gifting goals and priorities to a mostly non-material state? The answer is to reserve some time to explore simple and inexpensive creative ideas. Here are just a few:

  •  Homemade greeting cards: Use cardstock, markers and design a pattern as simple or elaborate as you desire. Add mementos or a family photo for more personalization and meaning.
  • Thoughtful keepsakes: Ornaments are a meaningful token of the holidays that can help us feel connected with loved ones even when we’re unable to be with them. Try framing your children’s artwork and sending a personalized copy to your Sailor or family, so that they have a piece of home for the holidays.
  • Family-wide gift exchange: Instead of attempting to send individual gifts to a number of family members, which can quickly add up, get your family to agree to write everyone’s name on a separate piece of paper, place all of them in a box, then have each individual draw one piece of paper from the box to indicate who they will purchase a gift for. To keep the meaning of the season in perspective, include a favorite charity in the name drawing.
  • Think locally and globally: Perhaps you realize that your family has all it needs this holiday season and wants to contribute to the local community. Think about participating in a gift-giving program for families, such as the Marine Corps’ Toys for Tots, or a shoebox gift-giving concept like Operation Christmas Child.

Your biggest tool to help you maintain the 80/20 rule is to set limits. Find joy in giving any gift, big or small, from the meaning behind it. It’s also imperative to the success of any holiday budget (and to maintain your own peace of mind) that you stick to the amounts designated for gifts in your financial plan. Doing this upfront and discussing with those involved will help manage and curb expectations.

It is not always possible to give or participate financially, so other intangible gifts like time and service are worthy substitutes. They instill a sense of gratitude and are true reflections of the 80/20 idea. As the old adage goes, “don’t hang your hat where your hand can’t reach.” In other words, be aware of your financial limitations and do not overreach in areas you simply cannot afford just to please others.

Stay tuned for part three of our series, “The 80/20 Approach to Stress (and Spend!) Less this Holiday Season.”

Holiday Shopping Tips and Strategies

Stacy Livingstone-Hoyte, AFC®, is an experienced Financial Counselor who has worked extensively with U.S. Armed Forces members and families. She is a long-time volunteer blogger for Navynavstress.com and previously served at the Fleet and Family Support Center, Millington, Tenn. as a financial counselor. As a military spouse, Ms. Livingstone-Hoyte knows firsthand of the financial challenges and opportunities that face military families across the globe. To that end, she embraces a steadfast belief that financial success can be simple, just not easy, and offers budget-friendly tips to help us “Keep an Even Keel” this holiday season. –NavyNavStress.com note

Black Friday and Cyber Monday are an exciting – and equally tempting – time of year to indulge in our purchasing desires. The retail world promotes extravagant discounts in big, bright, bold print, and for some, it really can be the best opportunity to secure favorable prices on sought-after items. But, buyer beware! Whether your buying experience is exclusively online or you’re a store-to-store shopper, here are some words of advice that can help minimize regret from your year-end shopping spree.

Start with the Truth
Groundwork is the basis for any major event. When it comes to earning, saving and especially Black Friday spending, a realistic budget will always be the place to start, even before you dream of your desired items! Determine precisely how much money is available to spend after you have accounted for savings, investing, and debt payments. Next, if you decide to use credit for any of your purchases, identify upfront where the repayment funds will come from. A good rule of thumb is to have it already set aside so that you are using credit as a convenience or to accumulate certain user rewards without incurring interest fees or other penalties.

Research before Buying
Now that you have committed to a budget, research your intended purchases. Glitzy packaging, celebrity endorsements, and clever advertisements can often present a false image of product capability. Check customer reviews, read any meaningful complaints, check out the manufacturer’s warranty and use research-based organizations, like Consumer Reports, to help support your decision.

The Hunt for Deals
Retailers are proud to display their deals and respective disclaimers in store and online, but the real deal is in the fine print. Don’t skip over the ultra-low price display only to be later surprised that a deal is only available to a select group of shoppers, locations, hours, or even online only. Be sure to ask upfront whether or not you can combine other coupons to complete the sale, too, as many products being offered at Black Friday prices disallow additional discounts. You can also make a list of the deals you find, naming stores where your product is available, prices, location, store hours, etc. Some websites and mobile apps, such as RetailMeNot.com and BlackFriday.com, can be useful in narrowing down your options by setting price alerts, thus giving you a sense of control during the holiday mayhem.

Pricing
Let’s face it, “We will match any competitor price” or “Lowest Price Guarantee” are music to most shopper’s ears! To take advantage of these offers, you will need to be sure that the advertised products are identical (be aware of stripped down versions), and know if there is a price matching limit (e.g. up to $100 per item). Holiday advertisements are key in knowing what’s available where, for how much and if there is an opportunity to pay a well-deserving price. Again, read the fine print.

Layaway
Using a layaway plan (online or traditional) can be an ideal option if you decide against using credit and paying upfront in full for your purchases. In this arrangement, you simply find your items and request that the store hold them until your payment is rendered in full. Be mindful that to do this, most assess a non-refundable fee and each retailer will have a written policy governing this practice (which you should read in full to avoid any surprises). Minimum purchases, cost to initiate a layaway plan, cancellation fees, pick up dates, and return and refund policies are some key items to know beforehand.

Couponing
Couponing is now a national craze and a favorite pastime for many, but rule number one is to read the fine print! In that small text, you can determine any brand exclusions; whether the coupon can be used over an entire day, multiple days or is void after one transaction; or if you are limited in quantity purchased. Also, be aware of the expiration of the coupon, as some retailers will have coupons specific to early bird sales and others dedicated to an entire day or series of days. Next, and equally important, know the store’s coupon policy. Coupon doubling, combining, price matching, register rewards programs and overages are some ways to save more money using coupons. Print out (or bookmark on your electronic devices) the coupon policies for the stores in which you plan to shop. This will come to your aid if you are challenged by your use of coupons to secure deeper discounts. It is not uncommon for store employees, especially those retained only for the holiday season, to be unaware of some details in their company policies. Legitimate manufacturer coupons can be found through mail delivery (e.g. SmartSource, Redplum), or on sites like www.coupons.com. Store-specific coupons can usually be found on the store website or in its sale circular.

All the best on your Black Friday and Cyber Monday shopping adventures!

Navy Exchange Coupon Policy: http://www.mynavyexchange.com/nex/customer-service/store-policies Commissary Coupon Policies: https://www.commissaries.com/documents/contact_deca/faqs/coupon_use.cfm Fraudulent Coupon Search: http://www.couponinformationcenter.com/psa-list.php

The 80/20 Approach to Stress (and Spend!) Less this Holiday Season, Part 1

Stacy Livingstone-Hoyte, AFC®, is an experienced Financial Counselor who has worked extensively with U.S. Armed Forces members and families. She is a long-time volunteer blogger for Navynavstress.com and previously served at the Fleet and Family Support Center, Millington, Tenn. as a financial counselor. As a military spouse, Ms. Livingstone-Hoyte knows firsthand of the financial challenges and opportunities that face military families across the globe. To that end, she embraces a steadfast belief that financial success can be simple, just not easy, and offers budget-friendly tips to help us “Keep an Even Keel” this holiday season. –NavyNavStress.com note

The most wonderful time of the year is almost here. But for some, the holiday season seems to appear as a thief would in the night – suddenly and 131231-N-QL471-200unwelcomed. There are any number of reasons why we have these feelings, some vague and others deeply rooted in our experiences. Nonetheless, when said and done, the holiday season can leave us with cold realities to face: lingering debts piled on from two seasons ago, the thought of budgeting for holiday parties, gift exchanges, family visits, travel, and elaborate meal planning—not to mention the great expectations of loved ones. It can leave any soul feeling a bit materially bankrupt this time of year. Before you give into accepting that it’s ok or unavoidable to accumulate another dollar of unplanned expenses, apply the Principles of Resilience to think strategically and act decisively. Meaningful goals can be your offensive tactics to battle any holiday excess and keep an even keel throughout the stress and excitement.

Thinking Strategically
Strategic thinking involves assessing your views and making purposeful decisions that will lead to success. Let’s consider an 80/20 approach. Think of this as a general principle directing us to put more effort, action and concentration into one critical attribute over another. Using this approach, our holiday focus should be personal relationships (80%) and spending (20%). Although the success we hope to achieve here is financial, we can also achieve peace of mind. The starting point of our holiday budget planning should be a conscious process where we identify what is truly important in the scheme of things. Usually, personal relationships and reflection/meaning are answers at the heart of this search.

This 80/20 idea is simply another way for us to understand and accept what most of us already know and believe –the focus of the holidays is family and togetherness, not extravagant spending.

Acting Decisively
A good plan requires gathering information and acting on it in a sensible manner. In addition to having the mental framework to plan for the holidays, a written analysis of your true financial picture must first be completed. Prepare a budget that clearly identifies your spending limits, debt and savings goals. Be sure to account for any extra holiday income, create a buffer for any unplanned activities, and estimate the cost of materials and postage for cards and gifts. Set realistic goals to exercise controllability, like avoiding additional credit card debt (layaway is a good option here). Step back and evaluate your budget based on the 80/20 approach to help you achieve balance and adjust as necessary.

After the budget is prepared, it should be placed in a highly visible place so that you can closely refer to it during those tempting holiday sales and promotions. Conscious holiday spending can also create an opportunity to save cash and put it toward existing debt or savings– whichever will put you in the most advantageous position. Consult your Command Financial Specialist (CFS), FFSC financial counselor or Military OneSource advisor for help creating a spending plan.

Finally, stay focused on what’s important this season, and take care of yourself! In addition to creating your holiday budget, now is a good time to review and update your Stress Navigation Plan.

Stay tuned for parts two and three of our series, “The 80/20 Approach to Stress (and Spend!) Less this Holiday Season.”

Building Resilience in the Face of Injury or Illness

140928-N-OT964-While the day-to-day life in the Navy can be stressful, navigating those stressors combined with the challenges of wounds, illness or injury can make even the most resilient Sailor or family member feel overwhelmed. Adapting to a new normal takes patience and determination, and it can also be an opportunity to perhaps inspire other wounded, ill and injured shipmates to thrive in the face of adversity.

One tool to help Wounded Warriors and their families build and maintain resilience is to create a Stress Navigation Plan. This plan is intended to be private, and it outlines your personal list of positive strategies and support resources. Go to www.navynavstress.com to download a template, then once completed, keep it in a safe place so you can reference it when you are feeling down.

A second way to support your resilience is to enroll in Navy Wounded Warrior – Safe Harbor. This program provides non-medical resources and support to guide active duty and retired Sailors and their families through recovery, rehabilitation and reintegration. One such program, adaptive athletic reconditioning, trained and guided 39 wounded, ill and injured Sailors to compete in the fifth annual Warrior Games in Colorado and the inaugural Invictus Games in London.

Above all, remember that asking for help, whether for physical or emotional issues, is a sign of strength. We don’t always have control over what life throws at us, but we can learn how to identify stress reactions and take measures to deal with them. There are multiple resources supporting wounded, ill and injured service members and families, including: