The last week in February is designated as Kansas Saves week. This coincides with a national campaign America Saves. The slogan for this year is Start saving for your ‘someday’. The primary focus of Kansas Saves Week is to encourage financial action – commitments to save, reduce debt, invest and build wealth.
Whenever I teach a budgeting class I like to share the worksheet titled, “Does your money have wings?” It lists twenty or more things many families spend money on – like, snacks, eating out, cell phone charges, health club, late charges, etc. When participants in my class multiply the amount they spend on such items in a year it can be an eye opening experience. The goal of the worksheet is to help people see how much money is spent on non-essential extras and help them focus on cutting back on their spending.
Since this years’ theme is to start saving for your ‘someday’ perhaps it is time to consider saving automatically. It is proven to be the easiest and most effective way to save. There are several ways to make this work. One way is to have your bank or credit union transfer a fixed amount from your checking account to a savings or investment account. Or you can set it up with your employer to deduct a certain amount from your paycheck and transfer it to a savings account. Having clear goals for what you are saving for will help keep you motivated and you will be surprised at how quickly you can reach your goal.
Feel free to stop by my office or give me a call if you would like additional information about saving and budgeting.
Donna Krug is the District Director and Family and Consumer Science Agent with K-State Research and Extension – Cottonwood District. You may reach her at (620)793-1910 or email@example.com