Alicia Nelson-Bell, Empowering Financial Wellness Program Coordinator
Do you want a simple financial action step that thousands of people have taken that has brought them success? Who doesn’t? We’ve got one for you.
If you’re like many Americans, saving money and reaching your savings goals while managing debt can be hard. Research from the American Psychological Association shows that only about 40% of the American population can cover a $400 expense without going into debt. Even worse, about one third of the population has $0 in savings. What can be done to help individuals be more successful at reaching their savings goals? Open multiple, named savings accounts. Experts say this simple strategy has brought many people greater success in reaching their financial goals. Let’s break down the benefits that multiple savings accounts can have:
Andrea Schmutz, USU Extension Assistant Professor
April is simply a glorious month; one that truly offers something for everyone. For those who love the warm sun on their skin, April kindly ushers in sunny days as the cold winter days move on their way. For those who love the beautiful colors and fresh scent of blooming flowers, April encourages new growth and vibrant hues to break through the tail end of winter. And how about those who are looking for ways to improve their personal finances? April brings us Financial Literacy Month with encouragement to engage in various activities that will direct us on our path to financial wellness. April is truly a powerhouse month!
If you’ve been following the 2022 Finance Calendar (free download) you will notice that one of the challenges for April is “celebrate by finding a book, class, podcast, etc. to further your personal finance knowledge.” While that sounds simple enough, sometimes it’s still hard to know where to begin. To help alleviate unnecessary stress, here are a few suggestions for books that cover a myriad of personal finance lessons.
Andrea Schmutz, USU Extension Faculty
Last year, in a post titled “Dr. Seuss and his Delightful Discourses,” I encouraged readers to use Dr. Seuss books as thought provoking motivators or reminders in their efforts to apply financial best practices throughout 2021. To celebrate Dr. Seuss’s birthday this month, I’ve expounded on a few more of my favorite whimsical, entertaining stories and their relationships to our personal paths to financial wellness.
Dr. Seuss had a gift: he reimagined everyday experiences - like reading, going to sleep, and doing chores - to make them extraordinary. In honor of the good doctor’s birthday, let’s use his writings to help reimagine the everyday world of finance and infuse a much avoided topic with fun reminders and clever connections.
Melanie Dabb, Extension Assistant Professor
The principles of financial management are simple, but simple doesn’t necessarily mean that it’s easy. One of the biggest challenges to reaching goals and developing financial habits is discouragement. It takes time and effort to stick to goals and often we lose interest when we feel we have put in a lot of work and only made a little progress. The key is to keep going.
These four tips can help you stay motivated and on track with your financial goals and budget:
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Amanda H. Christensen, AFC, Extension Associate Professor
Utah Money Moms Editor
Is it really worth the hassle to sit down with your teen and fill out a 1040 Form in addition to worrying about your own taxes this time of year? Y.E.S. Today I'm sharing three reasons why the benefits of teenagers filing a tax return for their seasonal income working summer or holiday jobs is well worth the minimal hassle. Here's some need-to-know personal finance knowledge if you're the parent of a teen.
When do Teens Have to File a Return? Americans are legally required to file a federal return when they make at least the standard deduction for the 2021 tax year which is $12,550. Earn less than that, as many teenagers do, and you don’t have to file.
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