Start Fresh With Savings At The Turn Of The Year

Submitted by Ruth Vonderohe, UNL Extension Educator in Knox County

New Year’s provides a good opportunity for long-term saving. This gives everyone a fresh start on long-range planning for those more expensive things in life.

Everyone should have long-term financial goals. For a younger couple, that financial goal could be paying for a down payment on a house. For someone older, it could be saving to send children to college or saving for retirement. Assess last year’s spending. It is the best way to find areas to target unnecessary spending. Some families are better able to save than other ones. Find alternate cheaper solutions where possible. Instead of taking a family to a movie, try renting one from the store or even subscribe to a monthly service that sends movies for a fixed price. Consider entertaining a family by playing board games or card games instead of going out and spending money on entertainment.

The difference will be made in day to day spending. Giving up those expensive lattes or the extra cheeseburger could go a long way for saving up for that new home, child’s education or the day retirement comes.

SOURCE: Kathy Prochaska-Cue, Ph. D., family economist