How are you doing with your 2015 financial goals?
Nora Rhoades, Family & Youth Development Agent
What is your financial goal for 2015? Are you planning to purchase a car or house, build an emergency fund, save up for retirement, or pursue higher education?
To help you stay on track toward achieving your financial goals here are some helpful online tools and resources. If you are interested in accessing more research-based, practical resources to enhance your financial well-being please contact your local Post Rock Extension District Office.
Start Small. Think Big. Tips to Help You Save Money
The last week in February is America Saves Week. America Saves is a campaign managed by the non-profit Consumer Federation of America. The campaign is focused on helping individuals and families reach financial goals through increasing savings, reducing debt, and building wealth over time.
Having a financial goal is a great place to start, yet those with a plan of action are twice as likely to save successfully! Check out these tips from America Saves (www.americasaves.org/) and develop a savings plan that works for your lifestyle.
· Save your loose change. Putting aside fifty cents a day over the course of a year will allow you to save nearly 40% of a $500 emergency fund.
· Never purchase expensive items on impulse. Think over each expensive purchase for at least 24 hours. Acting on this principle will mean you have far fewer regrets about impulse purchases, and far more money for emergency savings.
· Are you looking for an effective way to establish a budget? Beginning on the first day of a new month, get a receipt for everything you purchase. Stack and review receipts at the end of the month, and you will clearly be able to see where your money is going.
· Take advantage of discounts and/or incentive programs provided through your employer. For example, if the company you work for offers discounted rates for computers, fitness center memberships, etc., take advantage!
· One way to establish a savings discipline is to “save” an amount equal to whatever is spent on nonessential indulgences. Put a matching amount in a cookie jar for expenditures for alcohol, designer coffee, snacks, etc. If you can’t afford to save the matching amount, you can’t afford the $4 super almond low-fat latte.
· Take the amount the item costs and divide it into your hourly wage. If it’s a $50 pair of shoes and you make $10 an hour, ask yourself, are those shoes really worth five long hours of work? It helps keep things in perspective.
· Aim for short-term savings goals, such as setting aside $20 a week or month rather than long term savings goals, such as $200 over a year. People save more successfully when they keep the short-term goal in sight.
Rutgers Cooperative Extension has a free online self-assessment tool called the Personal Health and Finance Quiz. The quiz is free of charge and available to take online: http://njaes.rutgers.edu/money/health-finance-quiz/.
Individual performance of ten daily health behaviors and ten daily financial behaviors is measured by a person’s responses throughout the quiz. Upon completion, participants receive a score for each section of the quiz (i.e., a Health Score and a Finance Score), a Total Score, and links to additional online resources for improved health and financial management.
The Personal Health and Finance Quiz is part of Small Steps to Health and Wealth™ (SSHW, http://njaes.rutgers.edu/sshw/) a national extension program developed at Rutgers to motivate Americans to take action to simultaneously improve their health and personal finances. SSHW was built around a framework of 25 research-based behavior change strategies.
Tools to Reach Your Financial Goals
What is your financial goal for 2015? Are you planning to purchase a car or house, build an emergency fund, save up for retirement, or pursue higher education?
To help you stay on track toward achieving your financial goals here are some helpful online tools and resources. If you are interested in accessing more research-based, practical resources to enhance your financial well-being please contact your local Post Rock Extension District Office.
Start Small. Think Big. Tips to Help You Save MoneyThe last week in February is America Saves Week. America Saves is a campaign managed by the non-profit Consumer Federation of America. The campaign is focused on helping individuals and families reach financial goals through increasing savings, reducing debt, and building wealth over time.
Having a financial goal is a great place to start, yet those with a plan of action are twice as likely to save successfully! Check out these tips from America Saves (www.americasaves.org/) and develop a savings plan that works for your lifestyle.
· Save your loose change. Putting aside fifty cents a day over the course of a year will allow you to save nearly 40% of a $500 emergency fund.
· Never purchase expensive items on impulse. Think over each expensive purchase for at least 24 hours. Acting on this principle will mean you have far fewer regrets about impulse purchases, and far more money for emergency savings.
· Are you looking for an effective way to establish a budget? Beginning on the first day of a new month, get a receipt for everything you purchase. Stack and review receipts at the end of the month, and you will clearly be able to see where your money is going.
· Take advantage of discounts and/or incentive programs provided through your employer. For example, if the company you work for offers discounted rates for computers, fitness center memberships, etc., take advantage!
· One way to establish a savings discipline is to “save” an amount equal to whatever is spent on nonessential indulgences. Put a matching amount in a cookie jar for expenditures for alcohol, designer coffee, snacks, etc. If you can’t afford to save the matching amount, you can’t afford the $4 super almond low-fat latte.
· Take the amount the item costs and divide it into your hourly wage. If it’s a $50 pair of shoes and you make $10 an hour, ask yourself, are those shoes really worth five long hours of work? It helps keep things in perspective.
· Aim for short-term savings goals, such as setting aside $20 a week or month rather than long term savings goals, such as $200 over a year. People save more successfully when they keep the short-term goal in sight.
Personal Health and Finance Quiz Can Guide Goal-Setting
Rutgers Cooperative Extension has a free online self-assessment tool called the Personal Health and Finance Quiz. The quiz is free of charge and available to take online: http://njaes.rutgers.edu/money/health-finance-quiz/.
Individual performance of ten daily health behaviors and ten daily financial behaviors is measured by a person’s responses throughout the quiz. Upon completion, participants receive a score for each section of the quiz (i.e., a Health Score and a Finance Score), a Total Score, and links to additional online resources for improved health and financial management.
The Personal Health and Finance Quiz is part of Small Steps to Health and Wealth™ (SSHW, http://njaes.rutgers.edu/sshw/) a national extension program developed at Rutgers to motivate Americans to take action to simultaneously improve their health and personal finances. SSHW was built around a framework of 25 research-based behavior change strategies.
