Can't tell you HOW EXCITED I am to launch the 2023 Finance Calendar. So much thought and effort went into making this resource. We took your responses and input and created what I think is the best calendar yet! Get your copy downloaded and get ready to follow along with us on social media next year as we break down each task each month. I hope the 2023 Finance Calendar is a tool you'll add to your financial health journey in 2023!

Amanda H. Christensen, AFC

Update as of November 14, 2022

A federal judge in Texas ruled President Biden’s proposed student loan debt forgiveness plan illegal. This means borrowers no longer have access to the application and the forgiveness program is on hold indefinitely. While the Biden administration will appeal this decision, this process will extend the timeline and does not guarantee the decision will be overturned.

​What does this mean for someone who was planning to receive student loan forgiveness? Here are some important considerations while you wait for this process to play out.

Sharing everything you need to know about student loan forgiveness on KSL's Studio 5 with Brooke Walker. Watch the segment for all the details!

Resources mentioned:
www.powerpay.org
www.finance.usu.edu/efw

Alicia Nelson-Bell, HCHC

While experiencing times of high inflation and after spending the last couple of years in a pandemic, it is more important now than ever before to make sure that you have money in your emergency fund. Notice I didn’t say if emergencies happen, but when. According to a recent survey, 36% of Americans reported withdrawing from their savings accounts in the first half of this year to help keep up with the rising costs of the goods and services in the midst of high inflation. As you could imagine, during that same time period, the personal savings rate has fallen by almost 3% from what it was in December of 2021 to only 5%. Take this as your personal reminder to keep/begin contributing to your emergency fund, so you don’t find yourself stressed out and taking on new debt when bumps come up in the road of life, no matter how hard it may seem. 

Vincenza Vicari-Bentley, AFC

What happens to spending during periods of high inflation? There is a rise in the prices of goods and services reducing our purchasing power. It feels like you’re spending more but getting less. So how can we identify and eliminate wasteful spending to get back some of that purchasing power?

My number one strategy is to track your spending.  How do you know where you can cut back if you don’t know where your money is going? If you don't yet have a monthly budget, create one this month. Another reason it’s important to track your spending is to become more aware of your spending habits. If you don’t know where your money is going, you won’t be able to recognize negative spending behaviors that you can easily change to make your money work for you.

For example, you might learn from tracking your expenses that you are paying monthly for a service you don't use (like a subscription), in which case you could eliminate it or switch to a cheaper one. Or, you might realize that your habit of dining out is costing you a lot more than you thought. 

How to track expenses? You can be low-tech and use a notebook or you can use a budgeting app or software - and there are a lot of free ones out there! It may seem like a lot of work to keep tabs on your expenses. If you’re not used to doing this start slow and just track your food spending for a week.

Understanding why and how to track spending with just a little effort can help you successfully establish a new habit. This new habit can lead to increased spending awareness and eliminate wasteful spending habits. Everyone could benefit from scrutinizing a bit more where our hard earned money goes!