Spring brings motivation to make financial plans
- Melinda Hill, OSU Extension Wayne County
- March 17, 2025
- 364
I love the scents and colors that brighten the landscapes as spring comes alive, and that seems to motivate me to get started on the spring tasks that are on my list.
What are you looking forward to this spring or summer? Thinking about what we want to accomplish and putting them on paper is a great way to get started. Setting goals and accomplishing them is a great mood enhancer and motivator to get things accomplished that you have on your to-do list. What do you want to accomplish in 2025? What do you want your money to do for you in 2025 and beyond?
I’m guessing many of you already have your taxes completed, especially if you were getting a refund. I’ve been working this spring with individuals who are making short- and long-term plans with their money and how to make it work for them. Some are buying a home, others are paying off loans and credit cards, and others are planning for their future. Whatever your plans are, you are more apt to achieve them if you have a written spending plan.
A budget or spending plan is different than just a record of where the money is going. It’s the big picture that includes the projected payoffs, interest rates and particular bills picked out to pay off first because of either a small amount owed or a high interest rate. It also sets limits to what I will spend in certain areas like groceries, gas or hobbies. If there’s a fair amount of debt in your budget, there is a wonderful website at powerpay.org/, sponsored by the University of Utah, that helps individuals list their goals and set a spending plan based on what to focus on or pay off first. If paying off credit cards or outstanding loans are of interest to you, check out this site and see if it can provide some direction.
Learning to manage money is a life skill. If you received a tax refund, you might need to review how much taxes are taken from your paycheck and make changes to get more monthly.
If you have extra money from a bonus or extra pay in your check from working overtime, what’s your plan for it? Taking control of your money means you can invest it rather than sharing it with the government for a year or until you file next year.
Some people tell me it’s their way to “save” money. I might challenge you to put a set amount into your savings account as a direct deposit so you’ve got a reserve when you need it. If you don’t see it, then it’s not there to spend but accessible in cases of emergency.
Being able to save money rather than spend it is a decision each one of us has to make. Do I need this or that more than I need to save for my goals?
If you ask yourself that every time you go shopping or want to go out to eat, you might be surprised with the dollars you might save. What about the little extras like coffee on the way to work or the vending machines? Maybe it’s the shopping online or pizza every weekend that puts a hole in your budget.
Working together with your family to set goals like vacations or home remodeling can help everyone pitch in and help out. Sharing this process with children helps them learn money management is a skill they will need for life.
Start today with planning your financial future, and if you have questions, call me at 330-264-8722 or email hill.14@osu.edu.
Melinda Hill is an OSU Extension family and consumer sciences educator and may be reached at 330-264-8722 or hill.14@osu.edu.