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Extension Money Matters Start small, think big for America Saves Week
Tuesday, January 24, 2012
Many of you may be like me and are "trying something new" with your finances and personal budget in the new year. America and Kansas Saves have some useful resources and incentives in February to keep us going.
Kansas Saves is a national social marketing campaign to "save and reduce debt" and encourage the average person that "You can build wealth if you start small and think big."
Feb. 19-26 is America Saves Week -- a great time to take a hard look at your finances. Make 2012 your year for financial action. Even with a sluggish economy, you can make changes to improve your financial future. This week, start small but think big.
Three golden rules
of saving
* Spend less than you earn and save the difference.
* Have a plan.
* Make it automatic --have a set amount automatically taken out of your paycheck.
Finding money to save
Save 50 cents a day in loose change -- monthly savings $15, annual savings $180.
Bring lunch to work --average monthly savings $60, annual savings $720.
Buy generic rather than name-brand items -- average monthly savings $100, annual savings $1,200.
Who is a Kansas saver?
You can be. All you have to do is pledge to take financial action. Savers pledge to save regularly (as little as $10 a month) toward their own savings goal (i.e. emergency fund, debt repayment, homeownership, retirement, anything).
Why should I save?
To provide funds for emergency expenditures.
To afford a home, education, investments or other products or goals that will help improve your lifetime standard of living.
To gain peace of mind.
What are the benefits of Kansas Saves?
* Monthly emails from financial experts.
* Quarterly emailed news-letter.
* Access to online member-only savings tools and calculators.
* Savings strategies and tips to help you achieve your goals.
Cost?
Free! Your only requirement is to set a specific savings goal, select a type of account, make a deposit in this account each month (or make a debt payment) and let us know that you are working toward your savings goal.
How to sign Up
Complete an enrollment form online at www.americasaves.org or by calling a Southwind Extension office.