“The number one reason marriages fail each year is due to financial problems that occur within the home. Taking control of one’s financial life creates a sense of independence and accomplishment. There are key ways to financially plan for your future, no matter if you are a student or an adult with a family and other responsibilities.
The Alabama Cooperative Extension System offers tips on how to successfully manage one’s finances.
Metara Austin, an urban regional Extension agent in Consumer Science and Personal Financial Management, and a Human Nutrition, Diet and Health advisor, talked about the best ways to stay afloat regarding personal finances.
“See it. Set it. Do it,” said Austin. These are words to live by when planning finances. She explained that you should envision your financial future first, then set financial goals that reflect your vision. Lastly, come up with an action plan to accomplish said goals. Creating a spending and saving plan can usually bypass serious financial problems.
When asked about the best way to avoid debt, Austin said “It is best to be proactive and avoid getting into debt.”
Alabama Extension programs aim to improve the economic well-being of Alabamians by equipping them with the knowledge, skills and abilities to be better stewards of their money. They also rarely charge for their services.
The importance of having a savings account is often disregarded. “Having a savings account is important because it ensures that you have an emergency fund for unexpected expenses, extra income for traveling, special occasions or purchases you want to make and financial security for the future,” Austin added.
Life does not revolve around money in the big scheme of things, but money has become a huge importance in day-to-day living. The concept of budgeting is the same for all people. The level of importance is the same across the board for college students or families. “Your budget or spending plan is influenced by your values and your priorities,” said Austin. Budgets differ because people have different hobbies and urgencies in their lives.
Budgeting is a hard concept for most people and, in turn, debt can rapidly occur. Adopting successful financial habits for a more promising future is vital.
For more information on financial budgeting and successful plans for the future contact Metara Austin at firstname.lastname@example.org and check out the Extension Daily website for more articles http://news.aces.edu/.
Photos by Shutterstock.com