Take time for a financial tune up
Periodically, it’s a good idea to look at your financial situation.
For many people, tax time is a perfect time to review your budget and adjust as needed. When you look at your finances, follow these steps to ensure you’re making smart decisions that will help you meet your goals.
Review or Create a Monthly Budget. Start by determining how much income you have by listing salaries, interest, pensions, and any other sources.
Be sure to list your net pay, not your gross pay. Then estimate your expenses. The best way to do this is to track them for a month or two.
Write down every penny you spend to give you a clear picture of where your money is going. Finally, subtract the expenses from the total income.
Hopefully this will be a positive number. If not, you will need to see where you need to cut back on spending. It may be cutting out a noontime lunch and taking your lunch to work instead.
Build an Emergency Fund. Do you have funds set aside in case of a major unplanned expense?
If not, consider building an emergency fund that covers three to six months of living expenses. While this may sound unattainable, setting aside just a few dollars each month will add up. If possible, invest in an account that will build over time.
Manage Debt
Load. Whether you’re working to pay off credit cards, student loans, or a mortgage, take time to evaluate how to pay down your loans most effectively.
Managing your debt load will help you get a better handle on your financial health. Reducing these payments is an important step toward improving your financial wellbeing.
The Saline County Cooperative Extension Service has several great fact sheets to help you take control of your finances. Call the office at 501-303-5672 or visit our office located in Benton at 1605 Edison Avenue Suite 15. You can also check out the website www.uaex.edu/ health-living/personalfinance/ for information on basic money management, credit and investing.
The Cooperative Extension Service provides researched based information to help people improve their economic well-being and quality of life. Recipe of the Week If you are looking for a great after school snack, try this one. This recipe is “kid approved” and it is always a favorite. So easy to prepare! Apple Dip
1 can sweetened condensed milk
1 cup butterscotch chips
2 Tablespoons vinegar 1/2 teaspoon cinnamon
Apples
Microwave condensed milk and butterscotch chips for 2 minutes or until melted. Add 2 Tablespoons vinegar and ½ teaspoon cinnamon and mix. Serve with apple slices.