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Posts Tagged ‘America Saves’

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.

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Could you use a little more money? Perhaps, you spent too much over the holidays or your spouse has been impacted by the government shutdown..? Did your teen just wreck the family car? For a variety of reasons, many of us find budgets tight this time of year and we need to find ways to cut expenses.  Here are a few saving tips:

  • Save windfalls – don’t spend them on bonus things. Deposit them in the bank or put them towards a bill. (Did you get cash from a family member for your birthday? Get a bonus or work overtime? Win the 50/50 at the school ball game? Don’t spend it with nothing to show for it.)
  • Cut food-shopping costs – be sure to use regular or online coupons, purchase store-brands, get rain checks, and watch the prices at the checkout. (Also, try to shop alone since each additional person adds things to the cart.)
  • Save your loose change – put all change in a jar and save it towards vacation or deposit it every few weeks.
  • Use the 24 hour rule – think about a purchase for 24 hours (or over-night) before hitting submit on the shopping cart (for online) or buying unnecessary items. Of course, this doesn’t mean you should wait to buy medication, but do you need that cute top or those boots that were marked down?
  • Unsubscribe to marketing emails – just hit unsubscribe at the bottom of the email and cut out temptation. You can always add yourself back when your budget is stronger.
  • Take credit cards out of your wallet – put them in the freezer or your desk, so it is inconvenient and you have to plan to use them.
  • Make a big deal out of a stay home family or friend night – cook at home (taco bar, homemade pizza, breakfast for supper), play games, eat popcorn, or watch a family/comedy together instead of everyone running off to their own rooms.
  • Sell things you don’t need – clothes you don’t wear anymore, sports equipment, tools, collectibles, toys, or baseball cards. Make sure the items you sell are your own of course. Resale shops or social media buy/sell sections both are options.
  • Drink water or iced tea – stop buying disposable water in bottles, use refillable ones and make your own iced tea or coffee. You can save hundreds each year.
  • Don’t buy snacks from machines – measure your own pretzels, nuts, or fruit in a small container rather than paying vending markup. Bonus: you control what’s in your snack.
  • Take leftovers for lunch – even doing this a couple times could save $15 or $20 a week.
  • Cut utility costs – make sure you are using a low-flow showerhead, turn off appliances and lights, unplug charged devices, and lower your water heater to 120 degrees.
  • Eliminate plastic – don’t use disposable plates, plastic forks/spoons, or plastic storage bags. While you may have to do a few more dishes, you help the environment and cut an expense.

Almost everyone has a way that they have found to save money or something they can sell to add a little extra income – feel free to share your favorite in the comments. For additional information go the Personal Finance section of eXtension.

Writer: Lisa Barlage, Extension Educator, Family and Consumer Sciences, Ohio State University Extension, Ross County.

Reviewer: Misty Harmon, Extension Educator, Family and Consumer Sciences, Ohio State University Extension, Perry County.

Sources:

America Saves: https://americasaves.org/for-savers/make-a-plan-how-to-save-money/54-ways-to-save-money

North Carolina State Extension, Take Control of Your Future, https://content.ces.ncsu.edu/ideas-to-help-you-save-money-at-home.

eXtension: https://articles.extension.org/pages/16136/stretching-your-food-dollar

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Did you decide to start out this year with the goal of building your savings? Or maybe a summer vacation to the beach, an amusement park, or camping are in your family’s future? Would you like your first or a new home, or maybe just a new (for you) car? Studies show that 54% of Ohio residents have less than $1,000 saved. While financial experts recommend a savings of up to six months’ salary (to cover the loss of salary for a job or medical crisis), but just having $2,000 to cover a small crisis would be a great goal. So what can you do to build your savings? putting money in bank

  • One of the best savings methods is to save automatically. With each pay check, or at least once a month, have money moved to a savings account. Another way to do this is signing up for a Christmas or Vacation Account at your lending institution.
  • To protect against “Impulse Buys” move to a 24 hour waiting period before purchasing anything except food and gas. If you have to think before buying the latest video game, clothing, shoes, purse, or home decorating item – you will likely decide you don’t really need it a large percentage of the time. Ask yourself “Do I want it or do I need it?” If you just want it, consider if you want the family vacation to Florida more.
  • Always think before you swipe your credit card. You may want to consider wrapping your card in a piece of paper that says “Think before using” or “Do I need this?”
  • Limit store trips, every additional time you shop you spend on impulse items. This is true of online shopping too, so try to avoid websites that you are tempted to purchase from frequently.
  • Collect loose change, but safely store it. An easily visible jar may be a temptation for some.
  • Unsubscribe from marketing emails for businesses that you don’t use any more or that may be very tempting. Think about the stores that sell items you like not items you need, and unsubscribe!
  • Have a “Do nothing week” or “cutting back week” where you avoid eating out, and going to movies or other entertainment that isn’t free. Look for free things that you can do at a local community center, your parks, or finally play the new games the kids got for Christmas or their last birthday. Put the money you would have spent eating out or at the movies in your savings account instead.
  • Teach your children to save by setting up a savings account at the bank. Strongly encourage them to deposit half of their allowance, gift money from family members, or the money they make from selling items at the family yard sale. You may choose to let them save for a larger item over several months or enforce that this savings is for the future – an education fund or for a car of their own.
  • Try one of those savings plans where you save $1 more each week, or even $10 or $20 per week. Every little bit helps.
  • Every time you get a lump sum payment like a bonus, tax refund, overtime at work, or even birthday money from your parents – save some of it. At least 50% would be great, but even saving $50 – $100 would help build your savings. Check out the “Save Your Refund” site to enter a contest to win one of 100 prizes for those who commit to save at least $50 of their 2018 tax refund (in 2018 this program starts on January 22 and ends April 17, 2018). Words - split and save

Let us know the tricks you have used to build your savings? By leaving a comment below this message.

Writer: Lisa Barlage, Extension Educator, Family and Consumer Sciences, Ohio State University Extension, Ross County.

Reviewer: Tammy Jones, Extension Educator, Family and Consumer Sciences, Ohio State University Extension, Pike County

Sources:

America Saves, Save Your Refund, saveyourrefund.com/.

University of Illinois Extension, More for Your Money, web.extension.illinois.edu/money/saving_easy.cfm.

Louisiana State University and Agricultural and Mechanical College, Impulse Buying on the Internet, digitalcommons.lsu.edu/cgi/viewcontent.cgi?referer=https://www.google.com/&httpsredir=1&article=5168&context=gradschool_theses.

 

 

 

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