I remember as a kid growing up in a conservative Kansas farm family we always paid for our purchases with cash or a check. My first experience with establishing credit was to make three equal payments to the company I bought my new Singer sewing machine from. No interest was added; it was just a way to show my responsibility to pay a bill in full. I still like to wait until I have the money in hand before making a sizable purchase. It just feels right.
For many families, credit is a tool used to accomplish their short and long term goals. When managed successfully, a home mortgage, car or student loan, and credit card account can bring many benefits, such as home ownership, a college education, or landing the job of your dreams. Poor management of credit can result in higher costs, lost opportunities, and added stress.
If you listen to radio talk shows like Dave Ramsey, you have probably memorized his words of advice to live within your means. If you don’t have the money to make a large purchase, then take baby steps to save up the money before signing on the dotted line. Getting spending under control is a matter of understanding the difference between needs and wants, setting financial goals, and following a spending plan or budget.
Since it is early in the year, I consider it the perfect time to get a handle on your finances. Mark your calendar for Wednesday, Feb.15th, at noon, and join me at the Great Bend Activity Center located at 2715 18th Street. I will share the educational program “Does Your Money Have Wings?” This free program will address some of the challenges of saving money and give you tools to use. I will also share some information about the Kansas Saves program with participants. I hope to see you there!
Donna Krug is the Family & Consumer Science Agent with K-State Research and Extension – Barton County. You may reach her at: (620)793-1910 or dkrug@ksu.edu.