02-23-17 CSU Ext News: Learn more about America Saves Week February 27th thru March 4th…

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America Saves Week – February 27 – March 4, 2017

americasaves-mediumrectangle-300x250Monday, February 27th make it easier to put aside money by saving automatically. Put money into an employer’s 401(K), other retirement programs, or into a savings account every pay period. Amounts as little as $25 deducted from your paycheck per month can add up quickly and you don’t even miss it! Talk to your local bank or credit union to set this up. If $25 is too much, “Start Small and Think Big,” by saving your pocket change each week. In a year, you could have over $100 earned.

Tuesday, February 28th is Family Saving Day. Money habits and skills are formed by parents and care givers. Help children develop financially by sharing the 3 building blocks of financial development:

  1. Develop executive function for 3 to 5 year olds through pretend play, sorting money and conversing about money.
  2. Build money habits and values how children 6 to 12 by discussing with them how you earn, spend and save. Talk to them about your strengths with money and your weaknesses. Share how you plan and set goals.
  3. Practice money skills and decision-making with 13 to 21 year olds by allowing them to make money choices, experience financial consequences and reflect on their decisions.

Wednesday, March 1st is Save for Retirement day. Each year review your retirement savings plan. Be sure to participate in a work-related Individual Retirement Account or IRA, or open a free and easy myRA account. Use your tax refund to start a myRA account. Go to myra.gov to see how to start an account. If you are already saving for retirement increase the amount you save by 1%.

Thursday, March 2nd Save at Tax Time by splitting part of your tax return into an account or other financial institution, such as a mutual fund, brokerage firm, or credit union. IRS form 8888 is how you can allocate your refund and/or buy up to $5,000 in paper series savings bonds. Go to irs.gov to find out how to take advantage of this savings opportunity. Reward yourself for splitting your refund by entering the SaveYourRefund 2017 campaign with $35,000 in prizes and 101 chances to win by going to saveyourrefund.com

Friday, March 3rd Is focused on helping people get out of debt. A 2012 survey showed that 45% of families with annual incomes under $50,000 rely on credit cards to pay for basic needs such as rent, utilities, insurance and food. There is hope- planning, discipline, patience and some guidance can help you to reduce debt and accumulate wealth. If you answer “yes” to any of these questions, you probably need some help getting your debt under control:

  1. Can you only afford to make minimum payments on your credit cards?
  2. Do you worry about finding money to make monthly car payments?
  3. Do you borrow money to pay off old debts?
  4. Have you used a home equity loan to refinance credit card debts, then run up new revolving balances on your cards?
  5. How do you get out of debt? Stop borrowing, make a budget, make a plan, and don’t overspend.
  6. Get help with Consumer Credit Counseling Services at 1800-388-2227 or talk to your local cooperative extension offices for resources.

Saturday, March 4th save for emergencies with at least $500 in a savings account that you do not have easy access to. Start by putting aside small amounts over time. This small fund will help with the unexpected financial challenges such as repairing the brakes on your car or getting the clothes dryer fixed. This will help you keep out of debt by not adding up credit card or loan debt. Remember to save automatically- it is the easiest way to put away money because it is out of sight and out of mind.

Colorado State University Extension – Northeast Colorado Counties Contact: Family and Consumer Sciences Agents in Local County Extension Offices

  • Logan: Tara Friend 970-522-3200
  • Morgan: Jennifer Cooney 970-542-3544
  • Phillips: Tracy Trumper 970-854-3616
  • Washington: Gisele Jefferson 970-345-2287
  • Yuma: Joy Akey 970-332-4151

America Saves Week – February 27 – March 4, 2017 Colorado State University Extension – Northeast Colorado Counties Contact: Family and Consumer Sciences Agents in Local County Extension Offices Logan: Tara Friend 970-522-3200 Morgan: Jennifer Cooney 970-542-3544 Phillips: Tracy Trumper 970-854-3616 Washington: Gisele Jefferson 970-345-2287 Yuma: Joy Akey 970-332-4151 It is time for the America Saves Week Daily Saving Focus, brought to you by CSU Extension. Go to americasaves.org and look in the tool kit for these tips and more.

America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. For more information go to www.americasaves.org and www.choosetosave.org, or http://www.extension.org/personal_finance.

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