Utah Money Moms
  • HOME
  • RESOURCES
  • About
  • Contact
  • Online Course

A Penny Saved is a Penny Earned

7/12/2021

0 Comments

 
Guest Blogger Kari Ure, M.S.
USU Extension Assistant Professor
Picture
Save money. Build an emergency fund. Prepare for a rainy day. Get out of debt. These are great goals, but i t can be challenging to know how to manage financial resources to make financial progress. Small, consistent changes in money spending can have big results. 
Here are a few money saving tips. Start with just one and add more over time:
  • Evaluate spending emotions and habits. Recognizing tendencies in spending related to feelings and habits can improve future financial decisions. Identifying patterns of purchases made when hungry, lonely, frustrated, happy, on payday, with family or friends, etc. can improve future spending decisions.
  • Practice the Step-Down Principle. Is there a lower cost alternative that will still meet the need or want? Examples include skipping the drinks with a meal out, renting a movie rather than the theatre, renting or buying used instead of buying new.
  • Evaluate recurring expenses. These expenses include phone, internet, cable, memberships, subscriptions, bank fees, etc. Decreasing recurring expenses even just a few dollars adds up over time.
  • Make it a game. Individuals, families, or friends can be creative with saving by trying no spend Mondays, sack lunch Tuesdays, finding free entertainment options for a week or a month, or any other challenge that will save money. Keep the game simple and fun. If there is too much constriction during the game, it can lead to overspending later.
Financial knowledge is  important i n making changes, but the application of that knowledge is the key to seeing results. Financial lifestyle changes require effort and are a gradual process.

For more financial resources visit: https://extension.usu.edu/finance/
References: 
  • Collins, J. M., & Holden, K. C. (2014). Measuring the impacts of financial literacy: Challenges for community-based financial education. New Directions for Adult & Continuing Education, 141, 79–88. doi: 10.1002/ace.20087
  • Shelton, V. M., Smith, T. E., & Panisch, L. S. (2019). Financial therapy with groups: A case of the five-step model. Journal of Financial Counseling and Planning, 30( 1), 18–26. doi: 10.1891/1052-3073.30.1.18
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    TAKE A FREE CLASS!

    Sign Up

    Host a Class

    Click Here!

    Picture

    amanda

    Sharing real-life money smarts to help you stay on track with financial goals while still enjoying life!
    Blog editor,  Accredited Financial Counselor &
    Extension Professor
    Utah State University 


    Follow the fun on Instagram


    AS SEEN ON

    Picture

    awards

    Picture
    Best of State 2022: Personal Finance Education
    Picture
    1st Place National Award in Social Media Education from the National Extension Association of Family and Consumer Sciences
    Picture
    Gold Award in Blog Site category at the 7th a​nnual Education Digital Marketing Awards.
    Picture
    Platinum Award in Digital Media, Web Design category at the International Marketing and Communication Awards.

      stay updated!

    Subscribe

    Picture

    Categories

    All
    2020 Census
    Allowance
    America Saves Week
    Book Review
    Budgeting
    Car Insurance
    Charity Fraud
    College
    Consumer Protection
    Couples And Money
    COVID 19
    COVID-19
    Credit
    Credit Cards
    Data Breach
    Debt
    Earth Day
    Education Expense Planning
    Emergency Savings
    Entrepreneurship
    Estate Planning
    Events
    Financial Binder
    Financial Education
    Financial Emergency Prep
    Financial Freedom
    Financial Goals
    Financial Health
    Financial Literacy Month
    Financial Paperwork
    Financial Peer Pressure
    Financial Security
    Financial Vision Board
    Flexible Spending Account
    Food Budget
    Gift Giving
    Holiday
    Holiday Budgeting
    Home Maintenance
    Homeownership
    Identity Theft
    Inexpensive Fun
    Inflation
    Insurance
    Investing
    Kids And Money
    Money Mindfulness
    Money Monday
    Money Personality
    Money Tip
    Mortgage
    Mutual Funds
    My529
    Net Worth
    Panic Buying
    Personal Allowance
    Personal Property Inventory
    PowerPay
    Renting
    Retirement
    Review
    Revolving Savings
    Roth IRA
    Saving
    Scams
    Singles And Money
    Spending
    Student Loans
    Taxes
    Tax Freedom Day
    Teens And Money
    Tracking Spending
    Travel
    Unemployment
    Utah Saves Week
    Vacation
    Women And Money

OTHER RESOURCES

finance.usu.edu
livewellutah.org
extension.usu.edu
powerpay.org

    STAY UPDATED!

Subscribe

FOLLOW US

  • HOME
  • RESOURCES
  • About
  • Contact
  • Online Course