Maine Extension Homemakers

Where do most people get the money to invest for future goals?  Some receive lump sums, such as pension distributions, settlements, and inheritances.  A few lucky people win the lottery or some other big prize.  Most people, however, get money to invest the old-fashioned way: they earn it and then they save it. Become an […]

Want to save 10% of your income? Spend 10% less on variable expenses such as clothing, gifts, entertainment, and food. Also determine if there are ways to reduce large expenses such as housing (e.g., refinancing), income taxes (e.g., tax-deferred investments), and insurance (e.g., policy discounts).  Also become an American Saver (it’s free and motivational) at […]

It is important to have a reason to save; i.e., one or more specific financial goals (e.g., a new car costing $X in three years).  Having something in mind for the eventual use of your money will increase your motivation to save. For additional ideas, check out the America Saves e-wealth coach Web site at […]

One household expense where significant savings can often be found is the family food bill. The next time you go food shopping, take a good look at what is in the cart before checking out.  Also, be sure to compare the cost of store and manufacturer’s brands and take advantage of coupons and special promotions. […]

The best way to “pay yourself first” and save money as you earn it is to use some type of automatic deposit plan such as a 401(k) or 403(b) plan, mutual fund automatic investment plan, or checking to savings transfer.  That way, the money is placed into savings before you even miss it. For additional […]

Ask a financial planner how people can increase their savings and you are likely to hear the phrase “pay yourself first.”  This means setting aside money from each paycheck as soon as you earn it, rather than waiting to see what, if anything, is left at the end of the month.  In other words, savings […]

For money-saving ideas on how to manage your money during tough financial times, visit http://www.extension.org/pages/Controlling_Spending. Learn tips that anyone can use for reducing everyday costs, including food, transportation, medical, leisure, personal, and miscellaneous expenses. Enroll in America Saves and build a reserve fund: http://bit.ly/gliVkL. For more information or to comment on this blog, contact: deborah.killam@maine.edu