Live Healthy Live Well

America Saves Week, February 25 to March 2, is a chance to remind all of us to start saving a little more – be it for an unexpected crisis, retirement, for a family vacation or home, or just saving an unexpected bonus or gift. Savers with a plan are twice as likely to save successfully for things like retirement or educational advancement. By taking the America Saves Pledge this week you can win up to $750. Sign up for the Pledge at http://go.osu.edu/ohiosave. On the site you can discover saving tools, set goals, sign up for text tips, and share your own saving stories for a chance to win even more money. Let’s look a little closer at these resources –

• Check out the section with Goal Savings Tips – Includes tips to help you save for emergencies, retirement, a new car, education, or a home. The automobile section for instance has sections to help you decide how much you need to save for the down payment, if you should buy new or used, and tips about car loans.
• The Money Saving Plans Section – Includes tips to find ways to save money, like reminding yourself to always order water when eating out. Just a couple of drinks will add $10 on to your bill.
• The Debt and Credit Section – Includes hints to help raise your credit score and ideas for ways to reduce debt and accumulate wealth.
• The Savor Story Section – Provides stories from other American’s who took the Pledge and just like all of us, are working to get a handle on their spending and save more. Hopefully they will inspire you to save too.
• Tools and Resources Section – Links to a number of financial resources from trusted sources includes: a Saver Checklist, Personal Wealth Estimator, Retirement Resources, and resources for Youth.

This is the perfect time of year to save if you are getting an Income Tax Refund this year. Think of that refund as a “Windfall” and consider saving half your refund. There is an additional Save Your Refund Pledge found at http://saveyourrefund.com, up to 100 people who take this pledge will win money. Budget out how you plan to use your refund this year, rather than paying one bill and then blowing the rest away without a plan.

If you think, I don’t make enough to save, you are wrong. Just saving $10 a month will get you moving in the right direction. Then the next time you have a windfall – like a win at the fundraiser 50/50 you can add to it and begin to build your nest egg. This savings will provide you with peace of mind for the next unexpected expense.

Writer: Lisa Barlage, Ohio State University Extension, Family and Consumer Sciences Educator, Ross County, barlage.7@osu.edu.

Reviewer:  Pat Brinkman, Ohio State University Extension, Family and Consumer Sciences Educator, Fayette County, brinkman.93@osu.edu

Sources:

America Saves, https://americasaves.org/

Save Your Refund, https://saveyourrefund.com/home/

University of Illinois Extension, More for Your Money: Using Your Money Wisely, https://extension.illinois.edu/money/spendingplan.cfm.