Alicia Nelson-Bell, HCHC

Alicia Nelson-Bell, Empowering Financial Wellness Program Coordinator

It’s Christmas in July! Yep. You heard me right! You may be thinking to yourself,  “How can I be thinking about the holidays right now when my budget is already being squeezed so tight"?  But really, it's a good reason to start thinking about a plan for holiday spending sooner than later this year. Creating a plan and being a bit more prepared financially will pay off big time.

Why the friendly reminder?
In the 3rd quarter of 2021, AKA when most people did their holiday shopping, Americans added over $74 billion to credit card balances. Over 80% of those who put holiday expenses on their credit card carry a balance for an average of 3 months after the holidays and are paying an average of 18% interest. This makes those “good deals” you scored not so great when you pay 18% or more interest on them for multiple months! 

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.

Alicia Nelson-Bell, EFW Program Coordinator

You asked for it in response to one of our Utah Money Moms’ Instagram story conversations a few weeks ago, and here it is! Three tips for a successful financial vision board. Vision boards aren’t just a collage of pretty pictures. You can bring your financial goals to life by properly using a vision board through the power of visualization. Many experts have talked about the power that envisioning success can have and a financial vision board is an extremely effective tool. Here are three of our favorite tips to help you succeed: