February 15, 2015;
Workshop helps folks manage money, creative ways to save $$$
Upcoming class by SKED for those interested in starting their own business…
By Catrina Vargo
Louisa, KY — The Lawrence County Extension Office is holding a workshop entitled ‘Make Your Money Work.’ The three class program is being held each Tuesday, with the last class being conducted at Food City of Louisa, Tuesday, February 17 from
12:00-5:00.
In last week’s class the group continued to discussed money management, everyday spending, and finding ways to cut expenses and save money.
Stephanie Derefield, with the extension office, is teaching the class and explained that managing money is a balancing act. “You can’t spend what you don’t have, but you don’t want to be so tight that you don’t enjoy life” she said.
Using a workbook, the group separated their needs; basic living expense bills such as housing, food, clothing, electric, water, and transportation, etc. “These are expenses that serve a purpose” said Derefield. Our wants she explained is an enhancement of our needs, such as fancier car or house, designer clothing and such. Desires which go beyond those wants and needs are our dreams, which doesn’t serve the purpose of a basic need or want, other than personal satisfaction.
There is nothing wrong with having dreams said Derefield, but said “The difference between a dream and a goal is a plan.”
The group also discussed occasional and unexpected expenses such as car repair, holidays, eating out, home maintenance, health related expenses, and others.
Ways to save money included cutting out eating in restaurants to only once a week, buying less expensive clothing, carpooling, committing to putting a few dollars back every payday.
A tool used in the workshop included a the Paycheck Power Booster Calculator, a slide card showing how much money you can save by spending $1.00 and up less each day. For instance, a lot of people eat breakfast out each morning on their commute to work which may average $3-$5. By not spending $3.00 a day in a five day work week, you can save $15 a week,$60 per month. If you spend $3.00 less a day in an entire seven day week, you will save $90 a month, $1,095 per year.
The workshop encourages tracking your daily spending. “You will be surprised how much you spend without even thinking about it” Derefield said. These are little ways that several dollars can be saved, adding up after a period of time.
Another topic was credit cards. “You have to be very disciplined and very careful when using credit cards” Derefield said. “You can get yourself into a lot of trouble.”
She also brought up the point that the biggest problem for couples is money. It is good to have credit, but you have to use it wisely and be very cautious.
The last class in this workshop that will be held at Food City, is an exercise which teaches spending principles at the grocery store and how to save money there.
If you were not able to attend this workshop, you may still get information at the extension office.
Another workshop coming up is ‘Rural Eating and Healthy Cooking’ (REACH), and will be held the third Thursday of each month in 2015 from 11:00-1:00 or 5:00-7:00, beginning February 19. You must sign up by then to attend. Plan to attend 15 minutes early on the 19th. In this workshop you will learn how to cook healthier, and receive food preparation tools, gas gift cards, food to take home and prepare, and a quick and easy cookbook.
Also coming up is a four class training session, Entrepreneurial Smarts–Simple Methods and Reality Based Training for Success, sponsored by Southeast Kentucky Economic Development, that will be held at the Lawrence County Extension Office each Thursday beginning March 12 from $5:30-8:30 pm, through April 2. The class is for anyone interested in starting their own business or has an existing business. Registration for this class is $25. For more information, contact Amanda Kelly at 606-416-2008. This training session is strongly encouraged for local residents to start up small businesses and specialty stores in the area.
For information on these or any other events at the Lawrence County Extension Office, call 606-673-9495. The office is located at 249 Industrial Park Road in Louisa.
