Melanie Dabb, Extension Assistant Professor 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:
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Amanda H. Christensen, AFC, Extension Associate Professor What does financial health look like at each age? Timing will vary from person to person, but below are suggested financial milestones to achieve at each decade of life. This is not an all-inclusive list, but provides a foundation of things to consider. Milestones achieved at earlier ages, such as a good credit score and an adequate emergency fund, should continue into the following years.
Read my published article HERE 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. Alicia Nelson-Bell, personal finance intern When you think of budgeting, what thoughts, feelings or experiences come to your mind? Have you had positive, successful experiences with budgeting or have you had negative and restricting experiences with budgeting? Do you think of budgeting as something that can be fun or as something that takes a lot of time, effort and restricts you from being able to do the things you want in your life? Have you had any experiences in your life where you felt that better money management and planning would have helped you avoid that unfavorable situation? Do you believe that budgeting can be fun? Melanie Jewkes, Extension Associate Professor Are you saving for retirement? Do you want to be saving for retirement? Are you looking for strategies to invest more money? Put it off no longer -- the best time to start saving for retirement is NOW. But I get it! LIFE gets in the way sometimes. It doesn’t help that picking a way to invest in retirement can be is complicated. But time is of the essence, and you are literally losing money, and money on that money (compound interest), the longer you put off figuring out how to save for retirement. It is never too late to start saving for retirement. NOW is always better than tomorrow. Here are some strategies to get you on your way to investing in you beginning today. |
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