With the new year, we often think about things to change or update for the current year. One of those things might include your budget. With the changes in prices recently, it might be time to take a look at updating your budget. Also, with recent price increases, it may feel like your paycheck is not going as far as it used to or that your income is dropping. K-State Research and Extension has valuable financial tools to help you navigate your family finances.
Recently, K-State Specialist, Elizabeth Kiss made some suggestions to help families cope with higher prices. She suggested ways in which families can make priorities and decide with intentionality where families want to spend their money. It is eye opening to sit down and make a list of where the money is going. Sometimes we don’t realize how those quick trips for coffee or the convenience store add up. Or maybe it is online subscriptions or shopping that sabotages your budget? The first step in coming up with a realistic budget is to determine where the money is going.
The next step is making decisions about what to keep and what can be cut. Here is where Kiss suggests you get creative. Some suggestions might be to buy things when they are on special or using coupons. There are many apps that can help you save money by utilizing digital coupons as well. Is there anyway to be more efficient with transportation costs such as carpooling, walking, planning errands to be more efficient with time and gas? Kiss also emphasized keeping up with car maintenance to avoid costly repairs later.
Besides looking at expenses, one can also look at a budget to see if there is anyway to increase income. However, you have to make sure that you will actually be bringing in that income and there are no extra expenses with a second job. Kiss, explained that if people must hire childcare, for example, while they work the second job, it may not be a financially sound decision.
K-State has several fact sheets and online resources. If you are interested, please contact Monique at the office.
Monique Koerner is the Family and Community Wellness Agent with K-State Research and Extension – Cottonwood District. You may reach her at: 785-628-9430 or [email protected]. K-State Research & Extension is an equal opportunity provider and employer.