Getting by

The week of February 26-March 3, 2018 is America Saves Week. It is a national effort to promote good savings behavior and encourage individuals to assess their own saving status.

It can be hard to put aside money for savings when we can be overwhelmed with our expenses. Savings can help you be better positioned when emergencies or unexpected costs arise. Or, maybe you have been hoping to purchase a new piece of furniture, take a family vacation or are planning ahead for college or retirement. Why not start now. It does not need to be a large amount, start small to get started. Include all family members of all ages to save together. Whether the end savings goal is something you plan to share together or maybe they are individual savings goals, accountability and some friendly competition could help. Of course, there will need to be some boundaries given, as we know how “creative” we all can be, especially the kids.

Here are some additional tips for meeting your savings goal:

- Set up an automatic transfer of a specified amount of your monthly income into a savings account. Most employers who offer direct deposit can get this set up for you.

- If you do not have access to direct deposit, check with your financial institution to see if they have the ability to do automatic transfers to a savings account on a regularly scheduled basis.

- If you have an established 401(k) or other retirement program, you are already working towards your goal. If you have the option but have not started a retirement savings, this is the time to follow through with it.

- Saving for retirement can lower your taxes.

- A tax refund can provide an opportunity to improve your financial situation. Consider the 30-40-30 plan—30% towards catching up on outstanding bills or paying down debt, 40% for current use, and 30% to jump start an emergency fund or longer term savings.

To learn more, visit http://www.americasaves.org or contact Janell at the Chouteau County Extension Office at 622-3036 or janellb@montana.edu.

Montana State University, US Department of Agriculture and Montana Counties Cooperating. MSU Extension is an equal opportunity/affirmative action provider of educational outreach.