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Showing posts with label planning. Show all posts
Showing posts with label planning. Show all posts
Tuesday, September 20, 2016
How Solid Are Your Finances?
Monday, October 19, 2015
Solid Finances
When I was growing up, my mom used to say, “It’s just as
easy to love a rich man as a poor one.”
I don’t really know whether or not that is true. While it may be just as easy to love a rich
man, in the dating years of my life it wasn’t just as easy to find one. My husband was told growing up that you can “Marry
more money in twenty minutes than you can make in a lifetime.” Apparently there
wasn’t a line of wealthy women waiting to date him. Rest assured, we both
married for love.
I suppose those oft repeated quotes are well-meaning. Parents advising their children often equate
wealth with security. As well, money is
one of the top reasons for discord in a marriage. Any time a resource is limited, it can be a
source of conflict. Rather than marrying
money, it might be better if we advised young people how to equip themselves
with the skills to earn and manage their own money.
I’ve read that if you want to improve your skills in any
area, you have to study or practice daily.
A financial advisor coached that you should read, learn or do something
about money each day. I’ve heard it said, “Where your attention goes, your
energy flows.” If you are interested in
improving your skills in the area of finances, MSU Extension and Extension
partners in South Dakota and Idaho have devised a way for you to learn about
finances from the comfort of your computer.
The Solid Finances series, taught by webinar, starts October
7. The series covers Managing Your Money
with topics on plugging spending leaks, emergency savings, home buying and
organizing records; Retirement Planning with the top ten need-to-know items,
getting started late, and a retirement question and answer session; Investor Protection and Student Loans with
topics from predatory lenders, identity theft, applying for federal student aid
and student loan consolidation; and Montana-specific classes including estate
planning and your rights over your remains.
You can listen and interact with
these sessions live or listen to recorded sessions.
The Solid Finances webinar information can be found at www.msuextension.org/solidfinances. The website contains information on how to
register for the free classes. Be sure
to check out past recordings and resources from previous years of Solid
Finances classes as another free resource to become educated about money.
There could be better advice given than to marry for
money. We could start using this adage
instead, “Make your own money and manage it well.” Besides, I’ve heard that people who marry for
money earn every penny!
Tuesday, February 25, 2014
No Regrets?
I
don’t know where I first heard the saying, “The greatest regret in life comes
from trading what you want most for what you want at the moment,” but I’ve
carried it around in my mind ever since.
I’ve also carried it on a little card clipped to my checkbook
register. Sometimes our “live in the
moment” culture temps me to lose sight of long-term goals. The card on my wallet helps me keep focused
as I pay bills, make purchases and work toward my savings goals. It reminds me that the expensive pair of
jeans I want to buy now can diminish my ability to reach my more important,
although less immediate, goals.
Speaking
of goals, what goals do you have? Have
you written them out? If you are not in
the routine of writing down your financial goals, you can start small. Perhaps you could write down one or two goals
for larger purchases you want to make this year, or an amount you want to put
into savings each month. As you get more
accustomed to writing out your financial goals, you might want to break them
into categories: short-term, medium-term
and long-term. You can use a chart and
estimate the dollar amount needed to pay for some of these goals. Try not to get overwhelmed, or discouraged,
when you see the totals. Be sure to keep
the written goals in a place where you can refer to them occasionally. About five years ago, my husband and I
started taking time around New Years to write down our financial goals and
review the accomplishments from the previous year. The process helps both of us
stay on track and work together toward a mutually determined outcome. It is
surprising to me how many of the goals we’ve actually been able to reach. On a day-to-day basis it may not seem like we
are making that much progress, and I can tend to dwell on the set-backs (such
as the added cost of repairing the house after hail and wind storms). But at the end of the year, we have often
made more progress than we realized, and even a little success is enough to
keep a person dedicated to his or her goals.
You
can always visit the AmericaSaves or MontanaSaves websites to learn more about
setting financial goals. There are many
other good resources on their sites.
There are even tips on how to save on a tight budget. Take a little time to explore and check out
other resources available on money management. Research suggests that the more time we spend
studying about finances, the better we do at managing our money. So take a little time in this moment to focus
on your financial goals. It may help you
get what you want most in your future.
Resources:
Thanks
to Susan S. Shockey Ph.D., CFCS, CPFFE, USDA/NIFA Family &
Consumer Economics, National Program Leader, Division of Family and Consumer
Sciences, for sharing the resources below:
America
Saves Week is February 24 – March 1.
Check
out resources at http://americasaves.org/
and “54 Ways to Save” at http://americasaves.org/for-savers/make-a-plan-how-to-save-money/54-ways-to-save-money
America
Saves Opportunities provided nationwide by USDA/NIFA’s Cooperative Extension
System.
- The 2014 America Saves on-line Financial
Challenge begins America Saves Week on February 23rd. It is a
free five-week program that runs through Saturday, March 29, 2014. To enroll, visit the Rutgers
Cooperative Extension Small Steps to Health and Wealth™ Challenge Web
site at http://rutgers.ancc.net/. Enroll in the Challenge
titled “2014 America Saves Challenge”. Registration: http://goo.gl/Lsqb7A; For more information: http://goo.gl/dDooq6
- Join
“America Saves Twitter Chats” offered by the eXtension.org
“Financial Security for All” Community of Practice and are hosted by Dr.
Barbara O’Neill. The last one is Monday – February 24th.
Follow the Twitter Chats with #eXASchat
The four “Saving Money” themes for
this year are:
-
February 3
“Guidelines, Obstacles, and Motivators”
-
February 10 “Strategies,
Cash Flow, and Role Models”
-
February 17 “Reasons,
Resources, and Success Stories”
-
February 24 “Goals, Automation,
and Becoming an Investor”
Outcomes
for the first two Twitter chats that have already been held, as reported by
TweetReach, indicated the following outreach metrics: over 30
participants and over 6,000 Twitter accounts reached with over 50,000 impressions.
- Six
animated videos are available via YouTube for use in financial education
programs and social media messages. The video titles are: 1)
Saving Money with America Saves, 2) Saving Money on a Tight Budget, 3) Set
a Goal, 4) Make a Plan, and 5) Save Automatically, and 6) The America
Saves Challenge
-
These videos can be viewed on “Money
Smart Week Website” available here: http://www.moneysmartweekpartners.org/usda
- Webinars will be held throughout Saves Week. The
University of Florida will host two FREE
WEBINARS!! Participate from your office, home or web-enabled device.
- February
24 How to Save
$500—quick, easy steps! http://bit.ly/Save500dollars
- February
26 Women &
Money: Unique Issues http://bit.ly/WomenMoney
- February
27 Saving
Money: Research Insights is https://learn.extension.org/events/1442
- Archived Savings webinar “Saving Strategies for
Non-savers” 148 people attended. https://learn.extension.org/events/1426
Background:
The
United States Department of Agriculture/NIFA (National Institute of Food and
Agriculture) Cooperative Extension System is a consortium of U.S. Land-grant
Colleges and Universities that offers educational programs in all states and
territories, reaching individuals and families in over 3,000
counties. Throughout the nation, Cooperative Extension educators
are delivering programs to actively engage Americans to heed the America
Saves Week theme: “Set a Goal. Make a Plan. Save
Automatically.”
2013
Impacts:
In
2013 Cooperative Extension America Saves programs reached 358,160 people
with 6,033 people setting a savings goal, pledging to save $367,956 dollars.
More resources:
Here
is a list of books you might want to read on money management:
·
Downsize
Your Debt
·
The
Automatic Millionaire
·
The
Millionaire Next Door
·
The
Tipping Point
·
Who
Moved My Cheese
·
Changing
for Good
Wait, there’s
more …
Thanks
to Marsha Goetting and Joel Shumacher, MSU Extension Specialists, for providing
this list of websites:
66 Ways to Save
Money (USDA-Extension):
Wealth Care
Kit:
A Guide for Financial Wellness (NEFE): www.smartaboutmoney.org/Portals/0/ResourceCenter/WealthCareKit- Insurance.pdf
Savings Fitness: A Guide to Your Money
and
Your Financial Future (U.S. Department of
Labor): www.dol.gov/ebsa/pdf/savingsfitness.pdf
Get the Facts: The
SEC’s Roadmap to Saving and
Investing (U.S. Securities & Exchange Commission): www.sec.gov/investor/pubs/roadmap.htm
American Savings Education Council Calculators:
360 Degrees
of Financial Literacy (American Institute of Public Accountants):
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