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Name Your Savings Accounts to Reach Your Goals

4/26/2022

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Alicia Nelson-Bell, Empowering Financial Wellness Program Coordinator
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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: 

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Grocery Ads: A Powerful Savings Tool

4/15/2022

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Alicia Nelson-Bell, Empowering Financial Wellness Program Coordinator
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I’m sure that over the course of the last year we have all seen that our grocery money doesn’t buy us as much as it used to. Because of this, it is even more important to be strategic in how we use our funds at the grocery store so we can meet our family’s needs without breaking the budget. Grocery budgets are a variable expense and with prices going up and up on many items at the store, let me share a simple tip that thousands of other people have found successful to save money on the food you buy.   

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Tips for Sticking to Your Financial Goals & Budget

3/7/2022

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Melanie Dabb, Extension Assistant Professor
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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:
  1. Root your actions in positive thinking
  2. Ensure action is self-motivated
  3. S.M.A.R.T. goals
  4. Identify triggers and barriers

Click HERE to read the full article.
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The Camel’s Nose: A Sneaky Reminder to Avoid Spending Woes

10/15/2021

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Andrea Schmutz, USU Extension Assistant Professor
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Has anyone ever told you to “beware of the camel’s nose”? Just the other day, as I was telling my teenage son about a situation and how I was planning to handle it, he looked at me and said very seriously, “Be careful mom, you’re letting the camel’s nose in the tent. Are you sure you want to do that?” His comment caught me off guard but his wisdom caused me to rethink my plan. He was referencing one of my favorite fables with a universal message that can be applied to almost any situation. As I pondered his response, I suddenly realized that the camel provides a great analogy for budgeting and spending habits, especially as we enter the winter holiday season. 
In case you are not familiar with the story about the camel in the tent, or if it’s been a while since you’ve heard it, let me share it with you.  As with any fable, there are many versions, but this one is my favorite:


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The Life-Changing Magic of a Revolving Savings Account

9/17/2021

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KristiLyn Wilkinson, M.S., AFC Candidate
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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. ​


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    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 


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