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Posts Tagged ‘savings’

Spring Clean Your Finances!

Posted in Healthy Finances, tagged , , , , , , , on March 14, 2022| 3 Comments »

Spring is one of my favorite seasons. It represents a restart with fresh beginnings.  Spring cleaning may look different for each person and may include deep cleaning your house, preparing your garden, washing windows, and it can also mean spring cleaning your finances.

Spring cleaning your finances can provide a fresh look at your financial situation and help clean up some financial messes with your money. Here are four places to start:

dollar bills planted in fresh soil

Spring Clean Your Spending Plan: Now is a great time to adjust your spending plan. Is your current money flow where you want it to be? If you are not sure, begin by writing each and every expense on a calendar or journal for a week or a month. Observe where your money is being spent and how much is being spent. Then adjust your spending (one less coffee a week) or adjust your budget (add money to your eating out budget and reduce entertainment) to make it fit your goals.

Spring Clean Your Recurring Monthly or Subscription Payments: These are the payments that are set up to withdraw funds from an account or your credit card each month. A recurring monthly payment may be a cable bill, car payment, or student loan payment. Subscription payments are automatic and typically on an annual or monthly schedule. Subscriptions may be an annual fee for shopping discounts to a favorite store, a car wash pass, or a fitness club membership. Each fee continues until you cancel it.  First, consider if you are still using or needing the subscription. If you are paying $30 a month for a gym membership, yet in the past three months you’ve only found 2 opportunities to go, your cost per workout is $45. Or perhaps you no longer visit a store that one time was a favorite, but still pay the $25 annual fee for their store discount.

Spring Clean Your Credit: Take each loan and credit card you currently have and list the amount owed (not the monthly payment or minimum payment) and the interest rate being paid. If that list surprises you, it may be time to clean up the situation.  Work on paying down those balances with a debt snowball method or a debt avalanche method.  A debt snowball pays the smallest debt with every extra dollar possible until it is paid off, then proceeds to the next smallest debt with the additional available money. It snowballs into a larger and larger payment with fewer and fewer debts.  The debt avalanche method tackles repayment on debts starting with the highest interest rates. Once one is paid off the next highest interest rate loan can be paid with money previously allocated to the previous loan and the current loan.  The avalanche continues until debts are all repaid.

Spring Clean Your Wallet: Your wallet may represent your daily connection to money transactions. According to Experian, Americans carry an average of 3.84 credit cards which is down from 4 previous to the pandemic.  In your wallet, do you have credit cards you no longer use? Now is a good time to remove or discard them. Make sure you have your remaining cards inventoried with contact information of whom to contact if they are lost or stolen.  Also, while cleaning your wallet look for gift cards that may carry balances.  Over half of Americans carry unused gift cards and nationally have a balance of over $21 billion. Find your cards and be intentional about using, regifting, donating, or cashing in the balance.

Where will you start? Spring clean your finances one project at a time and enjoy the reward of money well spent and even better saved.

Written by: Melissa J. Rupp, Extension Educator Family and Consumer Sciences, Fulton County

Reviewed by: Emily Marrison, Extension Educator Family and Consumer Sciences, Coshocton County

Sources:

Adamczyk, Alicia. “Half of Americans have unused gift cards, and it’s costing them over $21 billion” 18 Feb 2020, CNBC Make It, https://www.cnbc.com/2020/02/14/americans-have-over-21-billion-in-unused-gift-cards-and-store-credits.html

Stolba, Stefan Lembo. “What Is the Average Number of Credit Cards per US Consumer?” 8 Apr 2021, Experian, https://www.experian.com/blogs/ask-experian/average-number-of-credit-cards-a-person-has/  

Tardi, Carla. “Debt Avalanche Definition.” 5 Aug 2020, Investopedia, https://www.investopedia.com/terms/d/debt-avalanche.asp

Picture Credit: https://pixabay.com/photos/money-grow-interest-save-invest-1604921/

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Well Begun…Start addressing your financial well-being today

Posted in Healthy Finances, tagged , , , , on September 16, 2021| Leave a Comment »

Conversations about money might be uncomfortable for some people. When speaking with individuals about money I often hear comments like, “I don’t have enough money to budget” Or “it’s so overwhelming I don’t know where to start”. According to a FINRA Investor Education Foundation survey, 60% of those surveyed feel anxious when thinking of their finances and 50% felt stressed discussing their finances. If you are like many, you just want to know how to get started. One of my favorite sayings from Aristotle (and Mary Poppins) is “well begun is half done”.

Person with face in her hands near a computer

So here are three basic steps to get started.

 1. Reduce debt

 2. Increase savings

3. Make a plan

Let’s break it down.

First, know your debt. Make a list of each item you owe, the length of time until paid off, and the percentage rate. This information allows you to plan for debt reduction with the most success. The interest rate directly impacts the amount of tomorrow’s money you’re using today. Consider the types of debt you may have: credit card or revolving debt, installment debt like car payments, and student loan debt. Using an online tool like Powerpay will help you form a plan to reduce debt with the most effectiveness.

Second, begin to save or increase your savings. Establishing an emergency fund can help you avoid future credit card use by having funds available when emergencies happen. In addition, establishing a savings account can help you plan for future goals. The emergency fund is for the unexpected while the savings are for the expected. There are many ways to begin saving, choose what works best for you, and then stick to it. It could be automatic deposit from a paycheck into a savings account, saving change in a jar and taking it to the bank when full, setting aside extra funds from bonuses, overtime, or tax returns, or utilizing a savings app on the phone. Whichever you choose, resolve to start today!

Lastly, it’s time to make a plan, a spending plan that is! If you have never formed a budget (also known as a spending plan) now is a great time to start. A spending plan is an intentional look at the money you need each month to meet your obligations. Start with fixed expenses like mortgage or rent payment, loan payments, and utilities. Then, consider flexible expenses like food, entertainment, gifts, and clothing.  To get started you may choose to use a calendar or notebook to record all of your expenses and income. This allows you to track when, how much, and what you are purchasing. Using a tool like Eight Easy Exercises can help you shape your budget.

Well begun is half done. What can you begin today to improve your financial well-being tomorrow?

Written by: Melissa J. Rupp, Extension Educator Family and Consumer Sciences, Ohio State University Extension, Fulton County.

Reviewed by: Patrice Powers-Barker, Extension Educator Family and Consumer Sciences, Ohio State University Extension, Lucas County.

References:

https://gflec.org/wp-content/uploads/2021/04/Anxiety-and-Stress-Report-GFLEC-FINRA-FINAL.pdf?x85507America Saves (September 14, 2021)

https://americasaves.org/resource-center/insights/54-ways-to-save-money/ (September 14, 2021)

https://www.fdic.gov/resources/consumers/consumer-news/2021-02.html (September 14, 2021)

Photo by Pixabay

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Just hear those sleigh bells jingling….

Posted in Healthy Finances, tagged , , on September 24, 2020| Leave a Comment »

Ready or not, the holiday season is right around the corner! Between black Friday, cyber Monday, and giving Tuesday, there is a lot of pressure to overspend around the holidays. Add in out-of-town visitors, shopping, travel, and overeating, and there you have the recipe for a stressful holiday season.

When we realize we have put off saving for the holidays…again, panic sets in. This panic can cause us to overspend and end up paying for the holidays, emotionally and financially, all the way through tax season.  With a little bit of pre-planning, this year can be…well… enjoyable.

September is the perfect time to decide your holiday spending goals and take some of the stress out of your holiday season. Here are 3 simple steps to help you.

  1. Determine how much you can afford to spend, without having to borrow funds.

The easiest way to determine your budget is to look at what you spent last year. Your budget should include what you will spend on gifts, wrapping, food, parties, special clothing, transportation, baking supplies and anything else you choose for a holly-jolly time. This number is a great start but remember, you can always make changes. Were you comfortable with what you spent last year? Do you want to spend a little more or less? Have your circumstances changed over the past year that impacts your cash flow? Just because it was done one way in the past does not dictate that is how it always has to be. For most of us, holidays are more about family, friends, and the joy of the season, than about who can have the biggest, brightest, most extravagant holiday.

2. Multiply your total by 25% and divide your total by three.

Cindy Clampet, Oklahoma State University Extension, recommends adding a buffer of 25% to the amount you spent last year. This can help offset any cost increases and any expenses you might have forgotten from last year. According to Gallup’s survey on the 2019 spending, the average person spent $942 on holiday gifts alone. Therefore, if all holds true, then for 2020 the budget would be $1,178. Divide this total by three and that comes to saving $393 per month. When looking at your monthly income and expenses, if this amount is too much, go back and look at last year’s expenses and determine which areas you can decrease.

3. Create a holiday budget breakdown.

Don’t be tempted to overspend within your holiday budget. This can be very easily done when you look at your account balance, you don’t always recognize how much was planned for travel, food, gifts, etc. The envelope system is a good way to keep it all organized. The idea is to divide cash in separate envelopes for different budget categories and then use cash to make your purchases. The envelopes help you to visually see how much money you have left in each area.  Some find that paying for everything with cash, rather than a card, helps control spending and keep them on budget.

If you have a budgeting or financial question, OSU Extension is here to help. Go to: go.osu.edu/AskOSUExtension and ask our experts your financial question.

References:

America Saves, (ND). How to use the envelope budget system. Retrieved on September 1, 2020 from https://americasaves.org/local-campaigns/kentucky-saves/blog/1350-how-to-use-the-envelope-budget-system

Barlage, L., (2018). Outside the Box Gift Ideas. Live Healthy Live Well Blog, Ohio State University Extension. Retrieved September 1, 2020 from   https://livehealthyosu.com/2018/12/06/outside-the-box-gift-ideas/

Barlage, L., (2019). Saving Money when Budgets are Tight. Live Healthy Live Well Blog, Ohio State University Extension. Retrieved September 1, 2020 from  https://livehealthyosu.com/2019/01/17/saving-money-when-budgets-are-tight/

Kennedy, S., (2018). De-stress your holidays with these smart spending tips. University of Florida. Retrieved on September 1, 2020 from http://blogs.ifas.ufl.edu/wakullaco/2018/11/27/de-stress-your-holidays-with-these-smart-spending-tips/

Ohio State Extension, (ND). Eight Easy Exercises for Financial Fitness. Retrieved on September 1, 2020 from https://fcs.osu.edu/sites/fcs/files/imce/PDFs/8_Easy_Financial_Fitness.pdf

Oklahoma State University, (2019). Planning now can ease financial strain of 2019 holiday season. Retrieved on September 1, 2020 from https://news.okstate.edu/articles/agricultural-sciences-natural-resources/2019/holiday_budgeting.html

Saad, L., (2019). Americans plan to spend generously this Christmas. Retrieved on September 1, 2020 from https://news.gallup.com/poll/267914/americans-plan-spend-generously-christmas.aspx#:~:text=Consumers%20anticipate%20spending%20an%20average,Gallup%20trending%20of%20this%20measure.

Written by: Dr. Roseanne Scammahorn, Extension Educator, Family and Consumer Sciences, Ohio State University Extension, Darke County, Scammahorn.5@osu.edu

Reviewed by: Kellie Lemly, Extension Educator, Family and Consumer Sciences, Ohio State University Extension, Champaign County, lemly.2@osu.edu

Photos by rawpixel.com, Robert Zunikoff on Unsplash, and Marissa Daeger on Unsplash

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Small Ways to Build Your Savings

Posted in Healthy Finances, tagged , , , , on January 16, 2018| 4 Comments »

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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Swinging In To School

Posted in Healthy Finances, Healthy People, Healthy Relationships, tagged , , , on July 31, 2017| Leave a Comment »

It’s hard to believe that summer is coming to an end.  The family day trips to the amusement park or zoo, and our time lazing around the pool will soon be over until next year. Do you find the transition from summer into the routines of the school year school-1549880_1920difficult? I find that I sometimes struggle with the back-to-school schedule more than my two children (who are now a freshman and a sophomore in high school). Because of my struggles, I want to share some tips from Kids.gov  and USA.gov. Both sites create and organize timely, needed government information and services that is accessible anytime, anywhere, via your channel of choice.

  • Ease into the School Routine
    • Start going to bed and waking up on a schedule similar to the school year. Remember that teens need 9-10 hours of sleep per night, school age children need 10 hours and preschoolers need 11-12 hours.
    • Make a family docking station in the living room or kitchen for mobile phones and electronics.  By not allowing these in the bedrooms, teens and pre-teens will get a better night’s sleep.  You can also set a house rule that phones may not be checked until the morning routine is complete. Purchase a cheap alarm clock if you hear,  “I need to have my phone/tablet/etc. in my room because it has my alarm on it.”
  • Teach Time Management
    • Routine is very important. Talk to your children and set a daily schedule together and follow it.  Don’t forget to include wake-up, showering, teeth brushing, homework, (outdoor) play time/physical activity, screen-time, reading together, family meals, and bed time. If something unscheduled comes up, see if other things can be adjusted to accommodate it.
    • Use pictures for your preschoolers and early readers and a checklist for the pre-teens and teens. Don’t forget to agree upon the outcomes if the schedule is followed (a special privilege) or if it is not (a consequence). Your weekend schedule will most likely be different so map that out too.
  • Pack a Nutritious Lunch
    • A well-balanced meal will help provide the nutrients to get through the long days.
    • It helps to allow your children choices when packing their lunch.  Allow them to pack their lunch (and even yours), so that together your family is making the choice to eat healthier.
  • Listen
    • Talk to your children about what’s coming up in the next few weeks.  Talk through the schedule and the changes that will be happening as school starts. Listen to their excitement and their fears. Make a plan together for having the best school year yet.
    • Don’t forget to check in with them each day and listen for what they say (and what they don’t say, especially with the pre-teens and teens).
  • Shop Smart
    • Pick up the school supply list now and take advantage of the many sales and coupons that are available.  Use your mobile device to download coupons and always ask if a store has any coupons available.  Check the closets before you head out shopping and only purchase what you need.  
    • Take advantage of  Ohio’s tax free weekend for more savings: August 4-6.

Good luck getting back into the swing of the school year. May your school year be blessed with many wonderful memories! Enjoy every teachable moment and find something fabulous in each day!

Written By: Jami Dellifield, Family and Consumer Sciences Educator, Ohio State University Extension, Hardin County

Reviewed By: Misty Harmon, Family and Consumer Sciences Educator, Ohio State University Extension, Perry County

Sources:

https://kids.usa.gov/parents/health-and-safety/back-to-school/index.shtml

https://www.usa.gov/features/get-ready-for-school-8-tips-for-parents-from-kid

s-gov

https://www.freetaxweekend.com/ohio-tax-free-weekend/

http://health.uncc.edu/news/electronic-devices-may-hamper-teens%E2%80%99-sleep

https://www.cps-k12.org/families-students/health-wellness/healthy-lunches/teens/lunches

Photo:

https://pixabay.com/en/school-holidays-recovery-leisure-1549880/

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Homemade Snacks vs. Store Bought

Posted in Healthy Finances, Healthy People, tagged , , , , , , , , , , , , , on February 26, 2015| Leave a Comment »

Does your family go through boxes and boxes of store-bought snacks faster than you can replenish them? Do you feel like you’re spending a majority of your grocery budget on sugar-filled, processed snacks that don’t seem to last more than a few days at your house? There is an answer to this madness. Make your own snacks!

You might be thinking, “I don’t have time for that!” and while that may be true, you’d be surprised how much time you’d actually be saving. Yes, making your own snacks involves some planning and prepping. However, this planning and prepping stage might not involve the lengthy process of taking a trip to the grocery store. You can make various snacks for you, your kids, and whoever else may be at your house from foods you likely already have on hand. For example, you could try the Homemade Peanut Butter Granola Bars shown below. In addition, recipes like these make large enough batches to provide snacks lasting up to two weeks if stored properly. Many store bought boxes of granola bars provide only 5 servings, so why not whip up homemade bars that yield about 24 servings per batch.

Find a recipe for snacks that fits your own personal schedule. On a time crunch this week? Throw together a big batch of trail mix using those nuts you bought in bulk that have been taking up space in your cupboard. Add in cereal, raisins, seeds, or chocolate chips and seal in an air-tight container. Scoop into sandwich-sized bags for an easy, balanced, and healthful snack for any time or place.

Buying ingredients in bulk at your favorite grocery store can help make an abundance of different snacks that add variety to your daily routine. Stock up on versatile foods like oats and nuts and you’d be surprised at your options for snacks and meals as well as how much more full your wallet feels. The recipe below, found on the What’s Cooking? USDA Mixing Bowl website provides a snack that costs $0.30 per serving. No, that’s not a typo; $0.30 per serving. These homemade granola bars yield 24 servings making the total cost of the recipe about $7.15 according to USDA. You could get about 2 boxes, or 10 servings, of your average granola bars for that price.

Health bonus: Snacks like these provide more than just dollars in your pocket and variety to your pantry. The nutrition in homemade snacks like these is worth more than all of the previous reasons combined. The carbohydrate and protein provided in healthful, homemade snacks will offer the energy you need along with satisfaction until your next meal. On the plus side, you know exactly what ingredients are going into your snacks without paying for processed sugars and ingredients you can’t pronounce.

 oatballsr

Homemade Peanut Butter Granola Bars

From “What’s Cooking? USDA Mixing Bowl

Makes: 24 servings

Total Cost: $7.15

Serving Cost: $0.30

Ingredients

  • 1 cup honey
  • 1 cup peanut butter
  • 3 1/2 cups rolled oats
  • 1/2 cup raisins
  • 1/2 cup carrot (grated)
  • 1/2 cup shredded coconut

Directions

  1. Preheat oven to 350 degrees.
  2. Peel and grate the carrots.
  3. Put the honey and peanut butter in a large saucepan. Cook on low heat until melted. Remove pan from the heat.
  4. Add oatmeal, raisins, carrots, and coconut to the saucepan. Stir well, and let it cool until you can safely touch it with your hands.
  5. Press the mix firmly into the bottom of the pan.
  6. Bake for 25 minutes.
  7. Cool and cut into 24 bars.

Authors: Susan Zies, Extension Educator, Family and Consumer Sciences, Wood County, and Allision Doriot , Dietetic Intern with Wood County Extension.

Reviewer: Cheryl Barber Spires, RD, LD, SNAP-Ed Program Specialist, West Region, Ohio State University Extension, spires.53@osu.edu

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Join “Ohio Saves” for a Healthy Savings Account

Posted in Healthy Finances, tagged , , , on August 29, 2013| Leave a Comment »

More than half of Americans don’t have an emergency fund. Only 37 percent have tried to figure out their retirement savings needs. More than 40 percent believe they have too much debt. While these findings from the 2012 National Financial Capability Study aren’t surprising, they are trends we would all like to see reversed. That’s why Ohio State University Extension is coordinating the Ohio Saves effort, a statewide campaign to encourage people to save money, pay down debt and build wealth. Jar of Money

Research shows that if you make your savings goal specific, if you give yourself a deadline, and if you write it down, then you’re much more likely to achieve it. So, just the fact that you’re signing up to be an Ohio Saver will help you achieve your goal. Every Ohioan can start saving, no matter how low their income nor how high their debt. Start wherever you are financially. Even putting your change in a jar is a start. It can add up fast. If you save just a handful of change each day, you’ll have a good start toward an emergency fund by the end of the year. Or try putting money that you would have used for a habit like a soda or coffee each day in a jar and deposit it once a month. Your body and your bank account will thank you.

It helps to make a savings deposit first, before paying bills. Put aside what you think you can save first. If you wait until the end of your pay period, it will definitely be spent. Even if you have to tap into your savings in between paychecks, if you deposit it first, you’re more likely to save more money no matter how much it is. Participants in the Ohio Saves program have access to free resources that will encourage them to save money and reduce debt. Savers receive a monthly email newsletter with savings strategies from national experts. They also have access to online tracker tools and all sorts of encouragement and motivation. An individual saver needs to make a savings goal of their own, and be encouraged and motivated to reach that goal.
Start now, and see how much money you can save by March 1, which is the end of the 2014 Ohio Saves and America Saves Week

The Ohio Saves program is free. Anyone can sign up by going to http://ohiosaves.org and clicking on “enroll in Ohio Saves today.” Ohio Saves is also on Facebook at http://www.facebook.com/ohiosaves and on Twitter at @MoneyMattersOH.

References:
Filipic, Martha (August 2013). Ohioans Urged to Join Saves Program, OSU Extension, College of Food, Agricultural and Environmental Sciences press release.

Submitted by: Polly Loy, Extension Educator, Family & Consumer Sciences, Belmont County, Buckeye Hills EERA.

Reviewed by: Lisa Barlage, Extension Educator, Family and Consumer Sciences, Ross County, Ohio Valley EERA.

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