Extension Communications
3614 Administrative Services Building
Ames, Iowa 50011-3614
(515) 294-9915
1/12/99
Contacts:
Elizabeth Kiss, Extension to Families, (515) 294-2731
Mark Jost, Extension Communication Systems, (515)
294-1365
Make a New Year's Resolution That Pays
Tired of making New Year's resolutions you don't keep? Instead try pledging to save $2,000 by the end of the year 2000--or reduce your debt by that much. Financial fitness may be easier than you think, especially with money saving tips from extension's Money 2000(tm) initiative.
"It's like a weight management program for your money," said Elizabeth Kiss, Money 2000(tm) coordinator and Iowa State University Extension family resource management specialist. "Participants set personal financial goals and periodically 'weigh-in' by reporting their financial progress."
Money 2000(tm) was created to help families who are living paycheck-to-paycheck and struggling with low savings or high household debt. But any individual or family that is working toward a financial goal can benefit from Money 2000(tm).
"Since it was launched in 1996, Money 2000(tm) has helped more than 7,000 people in more than 30 states increase their net worth by more than $3 million," Kiss said. "The initiative is coordinated by the USDA's Cooperative State Research, Education, and Extension Service (CSREES) and its affiliated Cooperative Extension offices in every state."
Here are a few more money-saving New Year's resolutions from Money 2000(tm):
Pay Yourself First--Ask your employer to deposit money directly from your paycheck into a savings account or a tax-deferred retirement plan such as a 401(k). It's always easier to save money before it goes in your pocket.
Reduce Your Spending--Skipping that donut and coffee on the way to work can add up to hundreds of dollars. Maybe you can lose weight after all, while fattening your wallet!
Save Spare Change--Every night, put a dollar bill and the loose change in your pocket into a can or jar. In a year, you might save more than $500.
Deal with Debt--Find a low-interest credit card and transfer your current balances. You could save more than $200, which you can use to pay down your debt. Easier still, call the company whose card you're using now and ask for a lower rate. You'll be surprised how often they say "yes."
Plan to Save--Research shows that people who set savings goals, on average, save twice as much money as those without a financial plan.
For more information or to sign-up for Money 2000(tm), contact your county ISU Extension office. ISU Extension programs are open to all regardless of race, sex, disability, color, national origin, or age.
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Extension programs are available to all without regard to race, color, national origin, religion, sex, age, or disability.