Are you ready to take control of your financial future? Utah Saves is here to help you achieve your financial goals. One of the most important things you can learn in life is how to save money. Anyone can do it. You just have to put your mind to it. Once you start, it gets easier and easier and before you know it, you're on your way to making your dreams a reality. What are you waiting for? Spanish- https://americasaves.org/for-savers/hispanic-america-saves-en-espanol/haga-la-promesa-de-america-saves
Contact Utah Saves at 1-800-350-9899
Got a financial question? Need financial counseling? Contact AAA Fair Credit Foundation
AAA Fair Credit Foundation is located in Downtown Salt Lake City and provides consumers with quality financial counseling services and asset building programs. Their goal is to help individuals and families reduce or eliminate debt, use credit efficiently, and build a strong, secure financial foundation for the future. Utah Saves would recommend AAA Fair Credit to any of our savers in need of some personal financial counseling.
Give them a call at 1-800-351-4195 or visit their website www.faircredit.org
America Saves Week is coming February 26 - March 2, 2018
Why should we save? Check out this interesting article about the benefits of saving!!
The Earned Income Tax Credit: Late arrival Could Be a Financial Blessing.
Similar to last year, the Earned Income Tax Credit, the annual refund given to many low-income individuals and families, will be available later than usual.
People can expect to receive the refund on Feb. 27, 2018 – at the earliest – due to the added anti-fraud reviews Congress has enacted to ensure that those who need the extra dollars receive them.
But don’t let the later date prevent you from looking at your finances and deciding to make financial changes in the new year.
“Since there is the delay in receiving it until Feb. 27, there is no reason you can’t spend five minutes just figuring out what you’re going to spend it on,” said Mathew Marcelis, a financial counselor for client support in the debt management program for Fair Credit. “Whether it is paying down debt, or starting an emergency fund or paying down a credit card, it’s entirely up to you.”
Many Americans typically feel uncomfortable looking at their finances – usually because there is often not as much as they need or would like.
But changes in tax codes and refund arrivals have forced people to make new financial preparations and peek at their finances.
For example, if you are used to using your EITC tax refund to pay for an increased credit card debt because of holiday shopping in December, know that the late refund arrival means you’ll pay that debt on a March bill, not a February bill. You’ll have to plan early to keep on top of your bills.
Also, the growing desire for new “stuff”- phones, televisions, cars, clothes – may pressure you buy more than you need, but you can resist.
Use the refund to pay off the debt you have or to open a savings account. Or divide the refund into three: one amount for paying debt, another for the savings account and the last for paying household bills.
This planning can be done today without fear. You may even win extra money for opening that savings account.
The America Saves organization encourages everyone receiving a refund to save those dollars by offering weekly drawings for cash prizes with their SaveYourRefund program. They also have two $10,000 cash drawings for people enrolled in a savings program.
Thinking about spending a big chunk of money on one item? Ask yourself these questions first:
- Do you really want/need that big high-priced item? How many months are you willing to work and save for it? Will it truly improve your life, or do you just feel social pressure to keep up with your friends?
- What's the least you need? Do you want a McMansion or a townhouse? A 5,000-pound SUV or a hatchback? A blowout week at a luxury resort or a month of backpacking through the mountains?
- What's the cost of ownership? Do you want to be a homeowner who's responsible for maintenance and repairs? Do you want to pay property taxes and insurance? Or would you rather rent from a landlord so that you can move every few years where your career takes you? Do you want a brand-new heavy truck with low gas mileage and a bunch of expensive features, or do you want an older model with fewer accessories and higher fuel efficiency?
- Do you have to buy it new? You're happy to pay for quality, but "new" usually means full retail price. What features are truly essential for you? What are you willing to pay for? Can you find a house with a short sale or a foreclosure? Can you buy a car from a closeout sale? Can you use a buying service to negotiate the price or the realtor's fees? What about Craigslist or eBay? Maybe it's worth buying new for the manufacturer's warranty, but you could also buy a third-party warranty to cover any surprises over the next few years.
- And finally, do you need it right now? After you've researched your purchase and test-driven a few models, give yourself a time-out for a few days. Let your emotions cool off and think about the pros and cons. For travel or vacation, consider whether you could get a better price at another time of year, or find a bargain airfare. Do you want to party with the holiday crowds, or enjoy a quiet shoulder season? When you're considering a home or a vehicle, can you wait until it's on sale at a slow time of the year? Imagine getting up the next morning and taking care of it, or contemplate how you'd handle the maintenance expenses.
Comprehensive Financial Management Workshops
We offer free 4-8 hour courses at times that meet the needs of working people. Topics include: Budget development, Money management, Wise use of credit and Consumer Information.
Check out our upcoming events here and, RSVP today!
Credit Score Quiz
Want to brush up on your knowledge of credit scores and how they work? Take this quick, 12 question quiz!
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