Tag Archives: Financial Assistance

Tuesday Tip: Cut Spending Painlessly

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Saving money can often be challenging and finding ways to cut spending is difficult when money is tight. Check out these 3 tips to cut spending painlessly:

•    Keep a careful record of ALL you expenses for a month. You might be surprised at how much you are spending on small things such as a daily latte or snack.
•    Comparison shop for necessary purchases (food, transportation, insurance).
•    Limit spending for birthdays and holidays. A few well-chosen gifts are likely to be more appreciated than a more costly pile of thoughtless gifts.

Today’s savings tips are brought to you by America Saves!

Tuesday Tip: Teach Your Children About Money

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TIP: It’s always the right time to teach your children about money. Begin by including them in your daily financial transactions.

Today, the American Bankers Association celebrates Teach Children to Save Day!

Teach Children to Save is a national campaign that raises awareness about the important role that banks and bankers play in helping young people develop lifelong savings habits. The program has reached 4 million young people with the help of some 97,000 banker volunteers through its annual awareness day and the Teach Children to Save website.

Here are some tips that can help parents teach money at home.
1. Talk openly about money with your kids. Communicate your values and experiences with money. Encourage them to ask you questions, and be prepared to answer them – even the tough ones!

2. Explain the difference between needs and wants, the value in saving and budgeting and the consequences of not doing so.

3. Set up a chore chart and give your children an allowance for completing their tasks.  Require them to save at least a small portion each week.

4. Open a savings account at your local bank for your children and take them with you to make deposits for hands-on learning.

5. Be an example of a responsible money manager by paying bills on time, being a conscious spender and an active saver. Children tend to emulate their parents’ personal finance habits.

For more information about teaching kids about money, check out the Kids & Money section of the Believe website!

Believe In Your Future Campaign Launch

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By: Lynn Rilling
Income Director

The Believe in Your Future campaign launched yesterday. It began on the Senate floor with Senator Pat Jones discussing financial issues in Utah – high foreclosure and bankruptcy rates (some of the highest in the country) – and talking about the fact that many Utahns lack adequate savings. Sen. Jones introduced Believe in Your Future campaign mascot – his name is Bill and he is, well… a dollar bill!

Then, in a media event in the Copper Room of the Senate Building, Sen. Jones announced the Utah Saves Challenges winners. Over 660 people participated in the week of challenges! Congrats to all those who made an effort to take better control of their personal finances!!

Following Sen. Jones, State Treasurer, Richard Ellis talked about the great work that went into making the Believe in Your Future campaign possible and offered special thanks to all the members of the Utah Council on Financial and Economic Education. United Way of Salt Lake would also like to extend appreciation of the members of this amazing council!

Next to speak was Tom Love, President of Love Communications. Tom made inspiring remarks about keeping up savings and budgeting efforts. He also introduced the Believe in Your Future mascot, Bill.

Deborah Bayle, CEO of United Way of Salt Lake, commended the work of the Utah Council on Financial and Economic Education. She also awarded eight $500 Utah Educational Savings Plan accounts to students who recently entered a drawing competition.

This was an exciting day! All who attended (kids and adults, alike) enjoyed having their photo taken with mascot Bill! You can get a good idea of what the mascot looks like by logging on to www.BelieveInYourFuture.org.

Also, and more importantly, on BelieveInYourFuture.org, you can learn about a wide variety of financial matters. The website is a terrific resource where people can find trusted information about getting out of debt, saving to buy a car or house, how to budget, or how to teach children about money.
Special thanks to all who participated in Utah Saves Week – and an extra special thanks to all of the members of the Utah Council on Financial and Economic Education.

Tuesday Tip

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TIP:  After creating your budget and doing your best to stick to it, take a look back and make adjustments to areas that need attention.

It’s almost always necessary to keep readjusting your budget. You thought you were off the hook, didn’t you? The bulk of the work is done but small investments of your time and effort will keep your budget in working order and your finances flowing smoothly. Did you over-spend on groceries? Did you underestimate your utility expenses? If so, go back to your budget and make adjustments so that things are more accurate next month. While you continue to work on your budget, check out these tips to help you save money and work when it comes to paying bills.

You can save money by making automated payments from your checking account!

Bill Payer
Does your bank offer online bill payer? You should definitely take advantage of this free service! You save paper, stamps, and a trip to the post office by letting your bank to all the work for you. Using bill payer helps you maintain complete control over when payments are sent and received.

Automatic Debit
Insurance companies, creditors, and other utility services might also offer automatic withdrawal from your checking account. You set up the withdrawal date and never have to worry about sending in payment manually. No more late fees! As long as you have money in your account, you’re all set!

Automating payments makes managing your money a bit easier and is most successful when you stay on top of it!

Don’t forget to check out all the available money management resources on the Believe in Your Future website!!