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.
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.
KristiLyn Wilkinson, M.S.
Empowering Financial Wellness Program Manager
I think this is one of the most debated topics among financial experts when it comes to teaching children about money, and there are some pretty strong opinions on both sides. The debate stems from two main schools of thought:
1- Allowance should be tied to chores because in the real world you have to work for money and,
2- Allowance should not be tied to chores because children won’t learn to be self-motivated, contributing members of the family if they expect to get paid for everything they do.
If you’ve been here long, you’ve heard us say about 50,000 times that personal finance is PERSONAL. There are often best practices and tricks of the trade to help you be successful, but there is not a one-size fits all that works for everyone- or for every child for that matter. I’m not going to tell you which of these theories is right, because SPOILER ALERT, you can raise money responsible children using either method or by doing a combination of both! What I want to do instead is give you a few things to consider when deciding which approach will work best for your family.
Jerevie Canlas, Ph.D, CFLE
Empowering Financial Wellness Program Coordinator
As a certified family life educator, I’ve been asked one too many times about how to best parent children. And here’s my answer – there is no one answer to that question. Parenting is like cooking a dish using a recipe. The recipe guides you through the steps of cooking a specific dish. If a recipe tells you to braise the meat, you don’t stir it – you leave it alone in the pot. Sure, you can choose to keep peeking and stir. That’s ok – but you might not get the dish the recipe described. The same is true with parenting styles. You can parent however you see fit, and each parenting style will have a variety of behavioral outcomes.
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