KristiLyn Wilkinson, M.S., AFC Candidate
You might be familiar with this phrase if you have read Marie Kondo’s The Life-Changing Magic of Tidying Up. I’m here to tell you that revolving savings accounts are pretty life-changing as well! A revolving savings account is the magic that keeps irregular expenses from derailing your budget.
One of the main obstacles to budgeting that I hear from people is that they have expenses that don’t happen every month, that are larger in nature, and throw off their planning. For most people, we tend to live our financial lives month-to-month. Your rent or mortgage is due once a month, your car payment is due once a month, you pay for Netflix and piano lessons once a month, etc. You get the picture. But every month it seems like there are some expenses like a birthday, Christmas, annual insurance bill, college tuition, etc. that come creeping in.
Jerevie Canlas, Ph.D., CFLE
Whenever we teach a budgeting class, we always emphasize that there are five pieces to every budget. Every budget should have the following elements: Income, Expenses, Expense Limits, Tracking/Monitoring, and Review and Evaluate. When people budget, the first four elements are relatively straight forward. The last element, however, might be what makes or breaks your budgeting strategy.
Vincenza Vicari-Bentley, AFC
Did you get a big refund this year or did you owe taxes that you didn’t expect? Do you know how much your employer is withholding for taxes from your paycheck? A mid-year paycheck checkup for your 2021 taxes is important for staying ahead of the game and to make sure you are having the right amount of taxes taken out of your pay. No one likes surprises come tax time and this will hopefully eliminate that chance. It only takes a few minutes to do a paycheck check-up now.
Guest Blogger Kari Ure, M.S.
USU Extension Assistant Professor
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.
Alicia Nelson Bell, Finance Intern
2021 USU Graduate
A 2020 report from Thriving Wallet states that around 90% of Americans reported experiencing money related stress in 2019 and 2020, which makes it the top contributor to stress in America. It may seem like a no brainer, but this money related stress that so many Americans are experiencing is having an impact on pretty much every aspect of our lives. This includes mental, emotional, and physical health as well as our relationships with our friends and family. It boils down to this: the more stressed we are about finances, the less likely we are to make smart money choices.
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