The Salina Journal from Salina, Kansas on January 28, 1996 · Page 65
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The Salina Journal from Salina, Kansas · Page 65

Salina, Kansas
Issue Date:
Sunday, January 28, 1996
Page 65
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SUNDAY. JANUARY! Us n T IN THE HOME Make saving money a habit Newlyweds often have quite different backgrounds when it comes to dealing with money. Two important aspects of starting a successful marriage are: * • Agreeing on financial goals. • Setting aside enough money for savings and investments to accomplish those goals. A savings account provides funds for emergencies and for specific purchases in the relatively near future or in a few MARY LOU ODLE KSU-Saline County Extension Agent- Family and Consumer Sciences ==-4 years down the road, such as a down payment on a home. The primary goal to short-term saving is to safely store funds that earn interest. The goal of investing is generally to increase net worth and work toward long-term goals. Investing involves risk. For example, earnings are not guaranteed and you could lose some of ypur original investment. So before you invest, consider getting your general financial situation under control. This includes having an emergency fund, some savings for short-term goals, adequate insurance, and control over credit use. Whether you're saving or investing, it's important to make a habit of putting some money aside. A small amount saved and then invested on a regular basis when you're in your 20s can result in a sizable amount by the time you reach retirement age. Here are some ideas for setting aside funds. Some involve small amounts of money, yet in combination with other techniques, the total can be substantial. • Pay "yourself first. Make savings and investments a regular, fixed expense just like your rent or mortgage payment. • Make savings and investments automatically happen. Use payroll deductions and automatic contributions to an investment plan. Have distributed capital gains from total funds, dividends and interest automatically reinvested. • Save windfall income. Put bonuses, cash gifts, tax refunds and overtime pay into savings •and investments. • Pay installments to yourself. Once you have paid off a loan, continue to budget for the payment but put the money into savings and investments. • Be frugal. Substitute the local library, public parks and other free or low-cost services for high-cost services. Cut back or cut out something such as dining out. Often, it's easier to cut back in increments, reducing your spending by 5 percent rather than all at once. • Don't spend your next raise. Save or invest at least 50 percent of it. The remainder can be used to offset high costs of living. • Break a habit. For example, cut back on snack food and save the amount you would have spent. • Check your wallet. At the end of each day, empty your wallet or pocket of loose coins for your savings account: The Kansas Extension Service has a six-part educational program that introduces common savings and investment alternatives. The "Investment Basic Series," prepared by Joyce Jones, a specialist in family and financial management, is available at no charge through any county extension office. In Saline County, the office is located in Room 111 of the City-County Building, 300 W. Ash. Titles of the bulletins are: 1. "Getting Started Saving and Investing" 2. "Financial Institutions Deposits and U.S. Government Securities" 3. "Stocks" 4. "Bonds" 5. "Mutual Funds" 6. "Choosing an Investment Advisor" Individual, Family Therapy Mtatrs-lad • SUJagSalt fir EDDIPPEL,MSMFT (913)823-1121 Salina Exclusively Kansas-Made Products Foods and Crafts GIFT BASKETS & COOKBOOKS 10% off atf muffin, bread and soup mixes until 2-23-96 KANSAS KEEPSAKES • Unique Seasonal Gifts « Ceramic'Kitchen Ware Collections •Florals •Wood Crafts •Dolls Hon.-Sat. 10:30 am-5:30 pm Across from Civic Center Make Your Day Extra Special Leave The Details To Us! Pb-H f , ft BaBp|fsp$rfoy 300 H ^ ^Bonibay lounge & supper clifib i ? t Sauna •Heated indoor/outdoor pool ; •Jacuzzi • Public restaurant T-" PGIFT REGISTRY ( Wedding Traditions and Planning Books, Serving Accessories and ' Candles, Kitchenware and Furnishings, Beautiful Dinnerware and Glassware, Tablecloths, Mats, and Napkins, Newlywed Books on Cooking and Managing, Pottery, Rugs, Baskets The Kitchen Shop 113 N. Main Street Lindsborg, KS 67456 913-227-3990 // Best Western Mid America Inn or Heart of America Inn MID AMERICA INN Heart Of America 1846 N. 9th 632 Westport Blvd. Salina, Kanumjg Salina, Kansas 827-0356 827-9315 f»^^riitMM{M!t» &ibi$Meti$M Lee Nave, Photographer 1204 Meyer Dr. Salina, KS

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