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Living Well In Yalobusha County

What Kind Of Saver Are You?

By Pamela Redwine

The crochet group will meet on Thursday, June 6, from 10 a.m. until noon at the Extension Office. This is a fun, laid-back group that enjoys learning to crochet.  You can work on different projects at your own pace.  It is free–all you have to do is bring your own yarn and crochet needle.
    On Tuesday, June 11th, join us for 10 a.m. until noon for the Pocket T-shirt workshop. This is a plain T-shirt made with a fabric pocket that can be embroidered with an initial, name or graphic. You will need to bring your own T-shirt and fabric (a fat quarter 18 inches x 21 inches will be more than enough fabric).
    If time allows we will let participants make multiple t-shirts. Space is limited. Please call to register.
The Healthy You Exercise class meets on Monday, Wednesday, and Friday.  Wear cool clothes, comfortable shoes and bring some water to drink. You do not have to register for this class.  
The Older 4-H Club (for ages 10-18) will meet on Thursday, June 13 at 3 p.m.  This program is free and open to all youth ages, 10-18.  Please call 675-2730 to let us know your child will be attending.
Canning Classes will be offered at the Extension Office. A green bean canning class will be held at the Extension office on Tuesday, June 18, at 6 p.m. The class is free, but because this will be a hands on class, it is limited to the first five people to call and register.
Don’t forget to like us on Facebook at MSU- Yalo-busha County Extension Service to keep up with our upcoming events
What Kind of a Saver are You?
Many believe that low-and moderate-income families cannot afford to save and build wealth. Yet research shows that there are “savers” and “spenders” in all income classes. While those with modest incomes cannot save as much as the affluent, almost all have the ability to build wealth over time. Through contributions to a workplace retirement program, a home purchase, and other savings, during their working years most can accumulate six-figure assets.
How Can You Achieve Your Financial Goals and Peace of Mind?  Mary Linda Moore, MSU-ES Family Resource Manage-ment Area Agent shares with us, Four Easy Ways to Save and Build Wealth:
1) Pay off high-cost debt.  The best investment most borrowers can make is to pay off consumer debt with double-digit interest rates.  For example: if you have a $3,000 credit card balance at 19.8% interest, and you just pay the required minimum balance, it will take 39 years to pay off the loan. And you will pay more than $10,000 in interest charges.
2 Buy a home and pay off the mortgage before you retire. The largest asset of most middle-income families is their home equity.  Once families have made their final mortgage payment, they have far lower housing expenses. They also have an asset that can be borrowed on in emergencies or converted into cash through sale of the home.
3 Participate in a work-related retirement program.  Many employees turn down free money from their employer by not signing up for a work-related retirement such as a 40l(k) plan. If employees participate, with a dollar-for-dollar match they would likely receive an annual yield of greater than 100% on their investment.
4 Outside of work – save monthly through an automatic transfer from checking to savings. Savings such as these will provide funds for emergencies, home purchase, school tuition, or even retirement.  Almost all banking institutions will automatically transfer funds monthly from your checking account to a savings account, if you request it.  The old saying, “What you don’t see, you probably won’t miss.” is true.

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