Perhaps one of your New Year’s resolutions was to get your finances back on track after the holidays. Maybe it is time to take another look.
“A good place to begin is to set some goals, including some related to saving,” said Janet LaFon, family financial education specialist, University of Missouri Extension.
February 22 – 27 was celebrated as nationwide America Saves Week, but March is a great month to get going. LaFon suggests starting by preparing for the unexpected.
JANET LAFON
What happens if you get sick or injured and can’t work for a few months? Or the refrigerator stops working and needs to be replaced?
“It is recommended that we have three to six months of living expenses in an emergency savings fund,” LaFon said. “Trying to reach that amount may seem overwhelming, and may be a major reason many people don’t have an emergency fund. However, it can be doable if you save a little every day or every week.”
For example, by setting aside just one dollar each day, a person will have $365 in a year. While that is not enough to meet the guidelines in one year, it is a great start.
Here are a few other ideas to consider. Are there some habits you could give up or reduce? Could you save at least a portion of your income tax refund? Are there ways you could bring in additional income, or reduce some expenses? Could you make your savings automatic by having money withheld from each paycheck?
For more ideas on saving, check out these websites: America Saves,http://www.americasaves.org or Missouri Saves, http://missourifamilies.org/mosaves.
For more information on issues related to home finances, contact either of the MU Extension family financial education specialists in southwest Missouri: Janet LaFon, Jasper County Extension Center, (417) 358-2158, lafonj@missouri.edu or Nellie Lamers, Taney County Extension Center, (417) 546-4431, lamersn@missouri.edu.
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