Andrea Schmutz, USU Extension Assistant Professor
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:
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.
TAKE A FREE CLASS!
Host a Class
Blog editor and Accredited Financial Counselor sharing real-life money smarts that can help you stay on track with financial goals while still enjoying life!
Follow the fun on Instagram
AS SEEN ON
1st Place National Award in Social Media Education from the National Extension Association of Family and Consumer Sciences
Gold Award in Blog Site category at the 7th annual Education Digital Marketing Awards.
Silver Award in New Media category at the 34th annual Educational Advertising Awards.
Platinum Award in Digital Media, Web Design category at the International Marketing and Communication Awards.