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Upcoming Events
Upcoming Classes
Click on name of class for more information
Northern Utah:
For more upcoming classes
Click Here
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Don't know where to begin?
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Send In Your Saving's Tip
America Saves is looking for your frugal tips and are willing to pay for them! Send in your savings tip to:
America Saver, c/o Consumer Federation of America
1620 Eye St., NW, Suite 200
Washington, D.C. 20006
If America Saves selects your tip for publication, they will send you a check for $25 (the initial purchase price of a $50 EE Savings Bond) and an application for the $50 EE Savings Bond. America Saves recommend purchasing a savings bond at a local bank or credit union. Please include your name, address, and phone number so they can contact you.
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Questions or Comments?
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Utah Saves Week is Here!
A recent study, commissioned by Consumer Credit Counseling Service, revealed that overall consumer debt has increased by 38% for households at all income levels over the last year. Here in Utah, revolving debt has quadrupled as savings rates have steadily declined. The households in our community are taking on more debt and saving less than ever before.
To combat these startling statistics Utah Saves is organizing our fifth annual event - Utah Saves Week, February 21 -28, 2010. This effort is a local offshoot of the America Saves campaign, and is being organized by United Way of Salt Lake, Utah State University Extension, AAA Fair Credit Foundation, Community Action Agencies of Utah, and various other community organizations across the state.
Join us for free or low cost financial education classes, free local events, and drawings during the week of February 21 - 28, 2010.
Let's make this a success! If you would like to involve your business, organization, or family, visit www.utahsaves.org for ways to be involved.
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Saving Plan for the Entire Year
By Stephanie Young
Have you noticed that when you set a budget (a negative connotation) it becomes a chore and never ends up working out. This year, let's set a savings plan (positive connotation.) When your working positively towards a goal it becomes more fun and attractive to follow through with the initial thought. By setting a savings plan, one can assess and reassess a goal to find the best strategies towards completing the said goal.
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Find out what you're working with. Gather all payroll stubs and other income forms to understand the exact amount you expect to make monthly.
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How much do you need? Most people are not sure how much money they need to cover basic expenses. Collect your bank statements from the last three months and track the most frequent purchases and bills. Knowing your basic expenses will help you know what is left over to use for your goals.
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Have an emergency fund...and other savings. Although your income is more than what you spend, that does not mean you need to spend everything! Set some aside. Its best to have savings for the near and far future.
- Rework the plan. Reassessing the savings plan will help with making sure everything is on track for accomplishing your goal.
Nancy Register, the national director for Consumer Federation of America's America Saves Campaign, mentions ways to set up a savings plan in the monthly E-letter for E-Wealth Coach. Read what she has to say.
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Beware of the Freebie.
Think quick: You're offered a choice between a free $10 gift certificate and a $20 gift certificate for $7. Which would you take? When behavioral economist Dan Ariely tested shoppers at a Boston mall, they overwhelmingly opted for the free gift certificate, even though that meant losing out on a $3 profit. It's easy to fall for FREE! but a price tag of zero can be costlier than it appears.
- Real Simple Magazine
Whats on sale this month?
This month look for specials on houses and condos, humidifiers, indoor furniture, small electronics, and treadmills.
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New Credit Card Practices
The Federal Reserve Board released new rules to protect consumers who use credit cards from a number of costly practices. Credit card issuers must comply with most aspects of the rules beginning on February 22.
It explains key changes consumers can expect from their credit card companies as a result of the new rules. We hope to have a pdf of this posted soon, but in the meantime you can print the html from your browser.
Visit the Federal Reserve Board page for more information about the new rules, including the official press release and the full technical requirements. For pamphlet style information, click here.
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- Start gathering your information: Round up receipts, canceled checks, and other documents that may be used as proof for income and credits.
- Be on the look out: W-2's and 1099 need to be sent out by the end of January. If you do not have your papers by February call your employer to see where they are.
- Try e-file. Calculations are done for you and if direct deposited a return can be completed in half the time than a paper file.
- Check out free file. If you earn less than $57,000 then your tax returns may be done for free. Visit utahtaxhelp.org.
- Consider other filing options
- Consider Direct Deposit: Bringing a routing and checking account number to your tax preparer may allow a check to come in up to ten to fourteen business days earlier than a check.
- Visit IRS.gov again and again...
- Remember this number: 17. Check out Publication 17 for highlights on comprehensive tax information.
- Review! Review! Review!
- Don't Panic: If you encounter a problem contact the IRS.
*Read more on this topic at irs.gov.
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"Take $200" campaign emphasizes the importance of saving for an emergency. By placing at least $200 from this years tax refund into a savings account, individuals will save money by not placing unexpected, necessary expenses on credit. This campaign, created by Utah Saves and promoted with Volunteer Income Tax Assistance (VITA), will promote tax form 8888 which can be used to directly deposit tax refunds in up to three financial institution accounts.
MetLife's 2009 "American Dream" survey indicates that 50 percent of Americans have less than one month's expenses saved for emergencies. The stigma that only low income individuals are on the brink of financial disaster is also found to be incorrect. Twenty-nine percent of individuals who earn more than $100,000 a year have less than one month's savings. The "Take $200" campaign is relevant to all individuals this tax season regardless of socio-economic class.
"We don't want to lessen the importance of getting out of debt in order to gain financial stability. We want to create awareness that setting aside money for future, unexpected expenses will help households to never have to go into debt in the first place," explains Stephanie Young, creator of the "Take $200" campaign.
Tax season is a perfect time to start this type of savings fund due to the generally large amounts of tax returns given back during the season. Use tax refunds to pay off debt, purchase some needed items, AND save for a rainy day. Saving at least $200 from your tax return will allow financial stability in uncertain times.
For more information on the "Take $200" campaign and other financial matters visit www.utahsaves.org or dial 2-1-1.
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Use Regular Shopping Trips as Opportunities to Teach Children the Value of Money.
Going to the grocery store is often a child's first spending experience. About a third of our take-home pay is spent on grocery and household items. Spending smarter at the grocery store (using coupons, shopping sales, comparing unit prices) can save more than $1,800 a year for a family of four.
To help young people understand this lesson, demonstrate how to plan economical meals, avoid waste, and use leftovers efficiently. When you take children to other kinds of stores, explain how to plan purchases in advance and make unit-price comparisons. Show them how to check for value, quality, repairability, warranty, and other consumer concerns. Spending money can be fun and very productive when spending is well-planned. Unplanned spending, as a rule, usually results in 20-30 percent of our money being wasted because we obtain poor value with our purchases.
-Family Education.com
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*Utah State University Extension is an
affirmative action/equal opportunity institution.
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