Recently in Financial Management Category

Saving money is easy and you can do so in the comfort of your own home! Here are 30 simple and easy ways to start:

• Wash dishes by hand or wait until the dishwasher is full
• Use cold water rather than hot to wash your laundry, etc.
• Only do your laundry when the washing machine is full
• Take showers instead of baths and limit showering time
• Make sure to fix leaky faucets and turn them off tightly
• Turn down the pre-set temperature on your water heater
• Turn down room thermostats and wear a warm sweater
• Consider installing a few new programmable thermostats
• Replace all of your light bulbs with energy efficient ones
• Turn off the TV, lights, and/or fan whenever you exit a room
• Turn off the computer monitor when you're not using it
• Weatherstrip all windows and doors with foam or sealer
• Cover drafty windows with window film and lined curtains
• Add door bottom sweeps or rolled up towels to block drafts
• Caulk exterior cracks in windows, doors, pipes, and vents
• Insulate attic, basement, crawl space, and heating ducks
• Hire a professional home inspector to forecast costly repairs
• Request a free energy inspection from your utility provider
• Update your home with more energy-efficient appliances
• Be sure to claim tax credits for home energy improvements
• If you have a home warranty, make sure get the most of it
• Plant your own vegetable garden and grow your own herbs
• Instead of going out, invite friends over for potluck parties
• Try to bake multiple dishes in the oven at the same time
• Microwave left overs (uses less energy than your stove)
• Know what you want before you open the refrigerator
• Borrow books, music, DVDs, etc. from the library for free
• Consider feeding your pet less expensive food for a while
• Don't be afraid to ask your landlord for a break on the rent
• Consider cancelling cable TV, magazine subscriptions, etc.

Source: Nations Heritage Federal Credit Union

For information about financial management classes contact Wenhsing Cheng at wcheng@ag.tamu.edu or 214-904-3050.

Last week I mentioned that having a budget or personal spending plan helps you take control of your financial situation. Following a budget will also help you reduce money-related anxiety and build assets to improve your quality of life.

Saving money is also an important part of building your financial future. Having a savings plan will help your money grow and meet your financial goals. The Federal Deposit Insurance Corporation (FDIC) offers tips to help you save money.

1. Consider needs versus wants. Think about the items you purchase on a regular basis. These add up. Where can you save?

• Do you eat out at restaurants a lot?
• Can you cut back on daily expenses, such as coffee, candy, soda, or cigarettes?
• Do you have services you do not really need, such as cable television or a cell phone?

2. Direct deposit or automatic transfer to savings.

• When you get paid, put a portion in savings through direct deposit or automatic transfer.
• If you have a checking account, you may sign up to have money moved into your savings account every month. What you do not see you do not miss!
• You may purchase U.S. Savings Bonds through payroll deduction.

3. Pay your bills on time. This saves the added expense of:

• Late fees.
• Extra finance charges.
• Disconnection fees for utilities such as phone or electricity.
• Fees to reestablish connection if your service is disconnected.
• The cost of eviction.
• Repossession.
• Bill collectors.

A good way to start taking control of your financial situation is to develop a budget or personal spending plan. While working on your budget each month, remember, decreasing spending increases the amount of money you have left each month. This is also referred to as "increasing your cash flow."

The Federal Deposit Insurance Corporation (FDIC) offers tips to help you increase your cash flow:

• Carry only small amounts of cash in your wallet so you will not spend it.
• Use direct deposit for your paycheck or federal benefits, such as Social Security.
• Control your use of credit cards.
• Do not go shopping just for fun.
• Write down your savings goals and take them with you as a reminder.
• Buy only what you need - do not buy things just becuase they are on sale.
• Use coupons to save money.
• Use a grocery-shopping list to prevent impulse buying.
• Take your lunch to work instead of eating out.
• Shop around to get the best deal on big-ticket items like cars and appliances.
• Pay your bills on time to avoid late fees, extra finance charges, utilities being turned off, eviction, repossessions, and the costs of a bad credit rating.

For information about financial management classes contact Wenhsing Cheng at wcheng@ag.tamu.edu or 214-904-3050. 

Gen X and Y women (adults between the ages of 20 to 40 years) are computer savvy and appreciate the convenience of technology. They value independence in life, work, and personal finances.  

With the intention of guiding Gen X and Y women towards financial security, Texas AgriLife Extension Service and the U.S. Department of Labor Women's Bureau partnered together and developed a free online curricumlum -- Wi$eUp. Its goals are to promote financial security through online education and to encourage responsible saving habits for future retirement.

The Wi$eUp curriculum includes eight lessons: Money for Life, Money Math, Money Basics, Credit in a Money World, Savings Basics, Insurance & Rish Management, Becoming an Investor, and Achieving Financial Security.

Bimonthly Wi$eUp teleconferences or webinars are held to address topics covered in the curriculum. Expert Q&A is also available on the Wi$eUp website.

To register for the free online course and access resources listed above, go to website http://wiseupwomen.tamu.edu/index.php.

Do you feel overwhelmed and frustrated that the economic downtime has taken a toll on your finances? Do you have the feeling that money controls you instead of the other way around? Are you thinking about taking a money management class? We can help you!

Extension programming in family economics and resource management assists families and individuals to:

• maintain economic stability and security,
• manage human and material resources, and
• increase consumer proficiency.

For more information about financial management, visit our website at http://fcs.tamu.edu/money/index.php or contact Wenhsing at wcheng@ag.tamu.edu.