Chuckanut
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Nothing formal and no organization.The first thing that crossed my mind when I read that spending drops 40% was that doesn't apply to me.
Do you provide this help as part of a formal volunteer organization? Someone recently mentioned to me that they were trying to get to $100k in savings. I asked that person what interest rate they were getting on their savings and the response was something like 0.05%. I replied that you can get a little over 5% today in various T-bills and the interest is state tax free. They were surprised and said they would look into it. I was thinking I could volunteer if there was an organization in my area that provided money saving tips to those that wanted help.
I let them know they can earn about 5% these days on CDs in the 3 ,both to 12 month area if they use Schwab or Fidelity. I’ll walk them through setting up the account and their first transactions. Nothing formal. I show them what I do, and let them decide if they want to do similar. Their biggest issue is security so I show them where to find the FDIC letters in the CD info. No FDIC, NO DEAL.
One guy told me doing his tax return was a pleasure due to the big increase in interest income thanks to brokered CDs in a Cd ladder. He didn’t realize until then how much extra interest he had earned.
He had more than doubled his interest income at no increase in risk. These are people for whom an extra two or three thousand is a really big deal.