Evaluating your finances?

GUEST BLOGGER: KATHY RIGGS, USU EXTENSION PROFESSOR

​When was the last time you evaluated your finances? Are you making ends meet? Are you able to make your housing and utility payments each month and on time? Are you adding to a savings account regularly?
 
Hopefully you are able to answer “yes” to each of those questions. However, many of us are able to pay off regular debts yet struggle to save for that “rainy day” or even retirement. Here are three suggestions for giving your savings account a bit of a push from America Saves.

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1. Add a savings line to your budget. Rent, utilities, internet. Every important piece of your financial picture gets a designated spot in your budget each month, so why not your savings? We don’t always consider our savings goals a priority in our short term savings and spending plan, but it ought to be. Prioritize your goals by adding a “savings” line with an affordable amount to your budget; pay yourself with each paycheck. Auto withdrawals from your paycheck to savings make it painless and insures you stick with your goal. 
2. Stow away the windfall. Did you receive a raise or plan on receiving one this year? Maybe you have a bonus coming your way for a job well done. Whatever the bounty may be, allocate any unexpected funds to your savings goals. You won’t miss the percentage raise you receive, so divert it into your savings account. You weren’t expecting that bonus, so tuck it away for a rainy day. 
3. Split and save your refund. It’s a universal truth: saving at tax time can be a big step toward meeting your savings goals. This tax season, opt to split a portion of your tax refund into your savings account. For many of us the tax refund is the largest check we will receive all year, which provides the perfect opportunity to start or grow your savings goal. 

​Source: www.americasaves.org

Kathy Riggs is an Extension Professor with expertise in Home Food Preservation/Storage and 4-H Afterschool programming. In my time outside of work, I participate in regular therapy sessions puttering in my yard and garden. I also love to hang out with family and spend time in the kitchen.