Get a G.R.A.S.P On Your Budget and Your Cash! by Michael Kastler

Next week, February 20 - 27th, 2011 is America Saves Week - we all know that you can't save if you don't know what you have! This is where Mike Kastler comes in with sound budgeting and money management advice! 

Mike is the Author of 'Get a GRASP on Your Budget and Your Cash' - a 5 Step Budgeting Program that helps take the pain out of budgeting! I asked Mike to share with us his motivation for writing the book and what readers can expect 

My passion was to create an inexpensive budgeting workbook and program that virtually anyone could afford!  I wanted to share my own personal finance journey and successes with anyone that wanted to achieve goals and create wealth from normal means of income.   My goal was to teach the Motivation, Knowledge and Discipline required to make budgeting a fun and personally rewarding experience.

The book's central theme is the 5-Step budgeting process - GRASP - which stands for:

G ather/organize your records

R ecord your data

A nalyze

S et-up accounts  

P ay-off debt 

It's a very logical, cookbook-style approach that walks the reader through each step.  Motivation techniques are taught to help the reader write out their goals which then become the 'motivation' for performing the GRASP budgeting process.  There's also a Discipline section which gives the reader some techniques and examples of how to stay on track month after month.  Emphasis is placed on teamwork within a marriage or accountability partner and starting children early with a Kid's Reward Program. There is something for everyone in this book!   

 

For 32 years Michael T. Kastler was employed in the automotive and IT industries working with clients on business, finance, procurement and IT strategies where he was recognized by senior level executives and received several awards. While climbing the corporate ladder, Kastler developed a love for finance and developed his own budgeting program leading to successful college savings for his children and his own retirement.

Educated with a Mathematics and Computer Science degree from Lawrence Tech University and Executive Education from Harvard Business School, Kastler branched out into the world of personal finance in 2009 by authoring the budgeting workbook entitled "Get a GRASP on Your Budget and Your Cash!" along with the companion MS Excel spreadsheet. Focusing on a simple cookbook-style approach and designed for the 90% of the population that isn't wealthy, he made his mark by incorporating Motivation and Discipline into the budgeting process.

Kastler has appeared on Fox2 News in Detroit and guest-hosted a radio show on WMUZ. He also launched his Budgeting Money Tips blog and website. You can purchase the book and learn more at http://www.budgetingmoneytips.com or email mkastler@budgetingmoneytips.com

 

Getting College Cash!

This week on #MoneyChat, my co-host @benitatyler and I (@dorethiaconner),  interviewed Ms. Ashley Hill (@prepforcollege). 

Ashley is an expert in assisting future college students and their families with the college process, getting scholarships, etc. She is the CEO and Founder of CollegePrep Ready, which provides educational consulting and tutoring services for students. 

Please visit http://collegeprepready.com/ to learn more, but in the meantime check out our convo below:

Q1. How much does a college education cost?

The basic costs of college are tuition, fees, and other expenses. Tuition can range from a few thousand dollars for your local community college to more than $30,000 per year for a private university.  Fees are charges (usually small) that cover costs generally not associated with the student's course load, such as costs of some athletic activities, student activities, clubs, and special events. Besides tuition and fees, students at many colleges and universities pay for room, board, books, supplies, transportation, and other miscellaneous costs.

Q2. How can I afford to attend college?

Ideally, the first option should be to save money. Parents should work with their students to set aside funds for college as early as possible. Additionally, students can help cover some of the costs of college by working during the school year or summer breaks. Lastly, financial aid including loans may be available to parents or their students.

Q3. What is the difference between merit-based and need-based financial aid?

Merit-based assistance, usually in the form of scholarships or grants, is given to students who meet requirements not related to financial needs. For example, a merit scholarship may be given to a student who has attained a high GPA or one who is a talented athlete. Most merit-based aid is awarded on the basis of academic performance or potential.

Need-based means that the amount of aid a student can receive depends on the cost of the college and on his or her family's ability to pay these costs. Most financial aid is need-based and is available to qualified students.

Q4. What other alternatives exist besides taking a loan out for college?

Alternatives include work study, scholarships/grants, employment, or internships. Many students work during their summer breaks or part-time during the semester to pay for college. Many colleges also offer work-study programs to their students which is often part of a student's financial aid package. The jobs are usually on campus and the money earned is used to pay for tuition or other related costs. Grants and scholarships provide aid that does not have to be repaid. However, some require that recipients maintain certain grade levels or take certain courses. Lastly, many students seek paid internships to cover some of their tuition or other fees.

Q5. Should I obtain or co-sign for a loan for my college student?

Many parents will obtain a loan for their college student to cover any remaining costs not covered by the financial aid package. The parent and student must keep in mind that an education loan must eventually be repaid. Often, payments do not begin until the student finishes school, and the interest rate on education loans is usually lower than other types of loans.  Parents and students should discuss other alternatives such as scholarships, summer work, etc. before taking out loans. Many people have attended college debt-free using scholarships - and there are many available regardless of academic standing.

Q6. How do I keep the costs of college down?

Students can keep the costs of college down by saving early as possible. For example, high school freshmen students can set aside half of the earnings from their summer positions into a savings account for college. Alternatively, seek financial assistance early. Do not wait until the senior year of high school to start considering options to pay for college. Research local organizations who may provide scholarships. Make a goal to fill out scholarship applications on a daily or weekly basis. 

Another way is to research affordable schools, go to in-state schools or community college as opposed to private or out of state universities if you can't afford them.

Q7. What should I do if my financial aid package didn’t cover all of the costs of my tuition?

First, consider the colleges to which you have applied for financial aid. Are you attending this college because it is a “party school” or are you attending this college because of its reputable degree programs? You may find that you may want to start at a local community college which may be more affordable depending on your financial situation. Secondly, seek scholarships from other sources. Lastly, call the financial aid department at the college and discuss your situation with the administrators. Do not be afraid to share your desire to attend the college but difficulty with paying the tuition. The financial aid staff may be able to work with you. 

Find out how much your teen will need for college-->  College Costs Calculator  

Q8. Where do we find scholarships?

Parents and students can find scholarships at Fastweb.com or Scholarships.com. There are also many foundations, civic groups, local churches, etc. that may have scholarships available. Also, a #MoneyChat participant mentioned that for certain professions, such as doctors, nurses, teachers, etc., there are loan forgiveness programs. 

Q9. What systematic approach can we use when applying for scholarships?

Oftentimes, parents end up doing most of the work and have to push students to do the work, write the essay, complete the application, etc. Have a conversation with your son or daughter, that looking for scholarships will be like having a part-time job for them. 

• Complete 1 per week; bi-weekly if there's research necessary or an extensive list of answers required. At lease complete 2 per month.  
• Parents can help find the scholarships each week if they want.... but...
• Student writes the essays - NOT THE PARENTS! This is where students often miss the boat, weak writing skills. It is smart to add an essay class or other writing class during 8-10th grades. 
• Students often get caught up in not wanting to do essays they aren't interested in or wanting to write in their voice. Focus on getting the scholarship and do whatever you have to to accomplish this goal.
• Don't just look for the big money scholarships $500 x 10 scholarships = $5,000 - got it? 
• You should do MANY scholarships - don't do 10 and pat yourself on the back. Keep on until you get as much money for college as you can - your goal should be covering ALL college costs.

Q10. What other resources are available?

There are a wealth of resources to help you pay for college. First, talk to your guidance counselors to discuss your options for covering the costs of college. Also, you can call the financial aid departments of potential colleges of your interest to get perspective on college costs and options to pay for college.

I also recommend that you visit www.college.gov for much more information.

Check out more articles by Ashley Hill ->   http://ezinearticles.com/?expert=Ashley_L_Hill  

Need some inspiration from the #moneychat fam? 

@shaylaprice - went to undergrad and law school winning over $100,000 in scholarship money!

@judithstephens & @prepforcollege - also went to college and/or graduate school on scholarships/fellowships

There are countless more, including the money lady (ME), who applied for and received quite a bit of money in scholarships for college! YOU CAN DO IT!

-Dorethia

www.connercoaching.com

#MoneyChat - Grants De-Mystified for YOUR Non-Profit/For Profit Business!

Every Monday as @DorethiaConner & with my co-host, @BenitaTyler, we interview experts during our weekly Twitter Online convo, #MoneyChat,  held from 8pm-9pm est.  This post pulls the highlights from our #MoneyChat topic on "GRANTS: Getting Money for your Nonprofit or For Profit Business!" We invited grant consultant @AvaRWilliams to shed some light on the subject and boy did she!  Ava is the owner of  Prembel Grant Writing and Consultants and Author of 'GRANTS DEMYSTIFIED: The Secret To Grant Writing Success in 3 Easy Steps!' 

Q1. What is the biggest myth about grants? 

They range from the belief that there is no funding available, or that receiving a grant will allow the funder to control  the grant recipients activities or to the belief that only nonprofits are eligible to receive  grants.  Each myth is harmful and prevents individuals, groups, businesses and organizations from receiving the funding and resources necessary to ensure the success of their endeavors.

Q2. What types of grants are available?

There are many types of grants. They include: emergency grants; general operating grants;  capital endowment grants; restricted grants; start-up grants; challenge grants; matching grants; re-grant programs;  and special project grants. For the sake of simplicity I group them into two main categories:  Capacity Building and Project Development Grants.  Capacity Building Grants cover everything from salaries to the staples that an organization needs to fulfill its duty.  Project/ Program Development grants cover expenses related to specific projects, programs, events, etc that an organization offers. 

Q3. What do grants fund?

Almost everything.  For example,  Travelocity offers a $5000 grant to do volunteer work in Alaska, Brazil, Ghana, etc.  The Pay It Forward grant offered by Lisa Richey is a mini grant that can used for anything but flipping real-estate.  Blue Cross Blue Shield of MI provides grants to nonprofits to pay for grant writers.

Q4. Are there really grants available for businesses, start-ups, etc?

Yes there are.  Of course, non profits have an advantage when it comes to applying for grants.  So too do Educators.  Business, start ups and individuals will have a lot more success with project/program development grants.  For-profits should also look into federal grants. Collaboration is also a way for start-up, businesses and For-profits to  increase funding eligibility. There are many options.

Q5. Where and how do people find these grants?

The three major sources of grant funding are:  philanthropic entities, corporate foundations and the federal government.  Grants.gov  is the website for federal grants. The foundation center offers a list of  Philanthropic Entities  currently accepting proposals.  The internet is also a great resource.

Q6. What are your tips for searching for grants online?

To avoid over 8 million results in 0.15 secs it is important to be as specific as possible. Identify key words specific to your interests or the services you provide. Then identify corporations and foundations that are associated with your target audience ( i.e  aging = AARP). A  link to my article  that offers additional tips will be provided.

Q7. Is the grant writing process complicated?

Grant writing is not an inherited genetic trait.  You do not need a PhD.  The process is generally pretty straight forward. Different funders have different  requirements.  For example, the application process for the grants mentioned above is pretty simple but less traditional. Most grants require a more traditional proposal- which is not difficult but can be time consuming. Strategy is key.

Q8. How can grant seekers maximize their success?

Every proposal, traditional and non traditional, should be compelling, thorough and emphasize that your proposed activities are aligned with your potential grantors funding objectives.

Q9. Do grants have to be repaid?

No. Your proposal is your word. Grants are not loans. They do not have to be repaid.  They are given to fulfill, promote or raise awareness about a specific mission,  cause or set of objectives that your funder considers important.  Using grant money improperly or failing to provide follow-up documentation will significantly impair your ability to apply for future funding opportunities.  You will lose credibility in the eyes of potential donors.

Q10. Do you have any additional resources for grant seekers?

My article on grant writing that was published in Natural Awakening Magazine expands upon and offers additional tips and strategies.  Also, check out our  upcoming Grant Writing Workshops for February 2011 (Online and Offline)

Want more? Visit  Prembel to join the email list for the most recent grant info!

-Dorethia 
www.connercoaching.com | Personal Finance & Small Business Coaching