Maine Extension Homemakers

Here are two good savings tips. Continue Paying A Loan – If you’re about to pay off a loan, continue making the same monthly payment – to yourself!  Bank A Windfall – Whenever you receive unexpected money – an inheritance, bingo winnings, tax refunds, retroactive pay, etc. – put at least part of it into […]

Ever hear about the Latte Factor™? Every time you don’t have a latte at a coffee shop and a donut at coffee break or don’t spend money in a soda machine, save the money you didn’t spend.  Sometimes we spend small amounts daily without even thinking.  Small things really do add up. Now that you’re […]

At the end of every week (or more often), empty out your pockets and wallet and put the change in a jar.  Every other week or once a month, deposit the change in your savings account.  Studies show that over three-quarters of Americans have a stash of loose change and over half of Americans add […]

Save the amount of money you don’t spend by using coupons at a supermarket or drug store.  If you save $8 a week using coupons, put the “savings” in a bank or credit union savings account. That’s over $400 a year in “found money”! Now that you’re psyched to save, join America Saves (it’s free […]

If you’re paid bi-weekly, in two months of each year you will receive three paychecks.  Employees who are paid weekly will receive an “extra” check in four months of each year.  The months vary with each year’s calendar and the day of the week on which you are paid.  Save at least part of this […]

To calculate how much you need to save to achieve a financial goal, divide the amount you need to save by the time (e.g., number of months) you have left to save.  If, for example, you want to save $5,000 by next year, you’ll need to put aside $416.67 ($5,000 divided by 12) a month, […]

Why not celebrate spring by starting a new savings account or increasing your current level of savings?  For further information and resources to implement a personal savings plan, visit the following Web sites: www.choosetosave.org, and http://bit.ly/fHbGQy. For more information or to comment on this blog, contact: deborah.killam@maine.edu

Take advantage of retirement benefits that your employer offers.  Contributions come right out of your paycheck, making it easy to save.  Some employers also match workers’ contributions twenty-five cents, fifty cents, or even a dollar for every dollar saved.  This is “free money” that should not be missed. For more information, see: http://bit.ly/fWpOBu. For more […]

Goals provide the motivation needed to reduce spending today to save for a secure tomorrow.  Be specific with a date and dollar cost.  An example is “save $8,000 for a used car in 4 years.”  Knowing your timeline can help you choose appropriate places for your money (e.g., CDs for short-term goals and stocks for […]

How do folks find the money to save…and ultimately invest? Try eliminating things that you can live without and changing spending habits.  An example is brown bagging a lunch to work one or two days a week instead of eating out.  Another is buying 12-packs of soda or bottled water on sale instead of using […]