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Tag: Saving

Financial Tips

Posted on by djbechard
  • Next time you go to the grocery store, take a thoughtfully planned list and stick to it. This will help decrease money spent on impulse buys and also help you remember everything you need so you can get it all in one trip!

 

  • Contact your banking institution and set up one or more named savings accounts specific to the financial goals you are currently working towards. Some examples could be Christmas fund, travel fund, emergency fund, new car fund, or down payment fund. Set up a direct deposit into each account every time you get paid or on a monthly basis.

 

  • What was your first major purchase you made entirely on your own? Write it down and share the insights with a child, spouse, family member or friend. When we reflect on past money experiences and lessons, we can use them to shape future financial decisions. Your money experiences can be a valuable lesson for others as well.

 

  • Create or update a power of attorney. A power of attorney gives a designated person power to manage your financial affairs. Make sure to choose a trusted individual who is aware of your wishes. It allows the individual to make bank transactions, collect Social Security payments, etc. if you are medically incapacitated.

By: Brenda Langdon

Enjoy Simple Holidays

Posted on by mjsaxton@ksu.edu

Retailers want us to be thinking about the holidays. They’re starting to stock holiday merchandise, so it’s a really good time to plan ahead and think how you would like to celebrate this year.

Saving money year-round to prepare for the end-of-year festivities is ideal, but whether that has been done this year or not, it’s not too late.

What you could do is decrease your other spending right now and substitute your holiday spending for that. Try to do this by keeping within the total monthly spending that you have been doing.

Then make a plan.  It’s okay to start by thinking or dreaming big, then, get real.

Take a look at the things you might like to do and then really take a good, hard look at what your resources are. How much money do you want to spend, and how much can you really afford to spend? How much can your budget handle?

Things can be more enjoyable if we keep them simple and focus on the real point of the holidays. Ask yourself: Why are we doing it? What brings us the most pleasure? Those things don’t always cost money.

 

By: Brenda Langdon

America Saves Week

Posted on by mjsaxton@ksu.edu

Since 2007 America Saves Week has been an annual celebration as well as a call to action for everyday Americans to commit to saving successfully.  It is a widely recognized national campaign to encourage communities to focus on their individual financial wellness.  America Saves Week 2021 is the week of February 22-26.  Each day has a daily theme. 

Save Automatically – The easiest way to save? Automatically!  It doesn’t matter how much or what your saving for, when you make the decision to have a portion of your income automatically deposited into a savings account you have increased your chance of success.

Save for the Unexpected – This past year has taught us that we have to be as prepared as possible for the unexpected. Having an emergency fund to support present unaccounted for needs, like a car breakdown, dental bill, or even a last minute fun treat should be a top priority.

Save to Retire – It’s never too soon to prepare for retirement. The earlier you start to prepare the easier it is to save.

Save by reducing debt – Actively reducing your debt means you’re saving on interest, avoiding late fees and maintaining or increasing your credit score.

Save as a family – It’s important to teach good money and savings habits at a young age.

By: Brenda Langdon