Managing debt effectively involves setting clear, achievable goals and creating a structured plan. A good approach is using the SMART framework—ensuring that your debt repayment strategy is Specific, Measurable, Achievable, Relevant, and Time-bound. Here’s how you can apply SMART strategies:
Be Specific! Define the exact amount of debt you want to pay off. Instead of a vague goal like “reduce debt,” specify “pay off $5,000 in credit card debt.” List Your debts! Break down which debts need to be paid first, whether they are credit cards, loans, or other liabilities.
Make it Measurable! Identify a way to track your progress. Regularly check how much debt you’ve repaid. For example, you could track your debt in monthly statements or use budgeting apps. Also, set milestones. Break your larger goal into smaller, measurable targets – for example, paying off $1,000 of a $5,000 debt each month.
Is itAchievable? Set a realistic repayment plan. Consider your current financial situation—how much you can afford to pay each month. Make sure your goal is within reach given your income and expenses. Consider interest rates and prioritize high-interest debts first, such as credit cards, to reduce the overall amount paid in interest over time.
How Relevant is this? The debt repayment should tie into your broader financial goals, whether it’s improving your credit score, saving for a down payment, or achieving financial independence. Understand why paying off your debt is important to you. Whether it’s peace of mind, improving your financial health, or reducing stress, make sure your goal is personally meaningful.
It’s got to beTime-bound! Assign a target date for paying off your debt. For example, “Pay off $5,000 by the end of 2025.” Check in monthly or quarterly to ensure you’re on track and adjust as needed. This will help you stay focused on meeting your deadline.
By following these SMART principles, you’ll have a clearer, actionable plan that can help you stay on track with your debt management.
Using IFAS-generated budgeting tools, young people can learn to manage their money and begin saving and investing in the future. (UF/IFAS Photo: Tyler Jones. IFAS Extension calendar 2009)
Once you have taken the steps to build your SMART debt management plan, consider using the debt snowball or debt avalanche methods to aid in reaching your goal. These methods are popular strategies for debt repayment. Debt snowball involves paying off the smallest debt first, while Avalanche focuses on paying off the highest-interest debt first.
Find an accountability person that you can share your goal with and who will support you as you work to meet your goals. Planning regular check-ins with this person to monitor progress helps maintain positive energy and will lead to success.
It is a good idea to work on building a small emergency fund while paying off debt to avoid falling back into debt in case of unexpected expenses. Once you have eliminated your debt, grow your emergency fund even more.
It is important to celebrate your success of managing and erasing your debt. Just be sure the celebration doesn’t lead to finding yourself in debt again! A celebration might be a call to a friend or family member to share the great news or helping someone else use the SMART principles to set a goal they have.
For more information on managing your debt, contact your local UF IFAS County Extension Office.
You’ve heard the saying, “A penny saved is a penny earned,” but why, how, and where should you be saving?
Let’s begin with why you should be saving. While we hope that life goes smoothly and there are no unexpected emergencies, that’s just not realistic. It is important to begin saving so you will be prepared for emergencies that arise, things like when the dryer stops working or your car needs repairs or new tires. This can also be an account to help prepare for a planned vacation or a large, expected expense. Preparation is key!
Save regularly toward your goals – it will add up quickly! Photo source: UF/IFAS Extension
That leads us to the next pieces – how and where do you save? This all begins with taking the steps to open a savings account. These days, opening an account can be done from nearly anywhere. You might visit a financial institution’s local branch, make a phone call, or even go online. You will need to provide a few pieces of personal information for verification and often you are required to deposit a sum of money to activate the account. Once your account is open, you can decide how to add money into it. Perhaps you deposit a certain amount from a regular paycheck or funding source, maybe you would prefer to transfer funds from other accounts, or you can deposit cash or checks periodically.
One thing about a savings account is the money is typically not as accessible as money in a checking account. This is all by design – the funds you allot to your savings account should be left alone and not used frivolously. An advantage to a savings account is the interest earned on your money while you aren’t doing anything with it. It won’t be much in the beginning, but, over time, interest earned could be a bit of a boost to your savings, helping you reach your goals more quickly.
To reach goals, you need to plan them out – be SMART. SMART goals are Specific, Measurable, Attainable, Relevant, and Timed. Decide what you will be saving for and be specific. Will this account be for emergencies, vacation, or a vehicle? Your savings goal should also be measured in some way so you can track your progress. Ensure your savings goal will be attainable, set yourself up for success, and be realistic with the amount of money you are setting aside. Your savings goal also should be something you are excited to work towards to make it relevant to you. Lastly, give yourself a time frame for reaching your savings goal. Will this take a month, one year, five years? Whatever you decide, stick to your time frame. Being able to identify your goals will aid in your savings success.
What is a scam? A scam is a deceitful attempt to gain something of value from you, such as your personal information or funds. Scammers often pose as a genuine business or acquaintance in order to trick people into trusting them. Scam attempts are made over the phone, via text, in person, or through email. Scams target individuals of all ages, backgrounds, and income levels. Though seniors have traditionally been targets of scams, everyone is vulnerable.
It is important to protect yourself by recognizing the signs of scams. These signs can help keep you, your loved ones, and your money safe.
Scammers often pretend to be a person/place you recognize, to win your trust.
Scammers often tell you that there is a problem, or you have won a prize.
Scammers often pressure you to take action immediately (time limited).
Scammers often request you to pay in a specific way (store gift card or cash apps).
Tips to Protect Yourself from Scams and Identity Theft:
Don’t share passwords or account numbers – especially your Social Security number.
Change your passwords frequently. Make them complex. Store all passwords in a safe location.
Do not open suspicious texts or click on links or attachments in an email. DELETE THEM!
Don’t ever pay ahead of time for a guaranteed prize. If they request payment for taxes or other fees before you can receive a prize or prize money, it is most likely a scam.
Keep your personal information safe. Lock your mailbox and shred your bills and other important documents before throwing them in the trash.
Sound too good to be true? If you are skeptical, and/or something doesn’t feel right, it probably is a scam.
Be skeptical of deals that are “good for only today.” If you are pressured to act immediately (or else!), it probably is a scam.
Do You Think You’ve Been the Victim of a Scam? Now What?
Protect yourself from scams by following a few simple guidelines for protecting your personal information online and over the phone. (Photo source: Thomas Wright)
Report the Scam. Reporting scams can help protect others. Agencies can utilize the information gathered to record patterns of behaviors that can lead to criminal charges.
Contact Your Local Law Enforcement. Consumers can report scams to their local law enforcement office, particularly if their money or identity has been stolen.
Contact Florida’s Attorney General. Florida citizens who have been victims of a scam can contact the Florida Attorney General’s Office of Citizen Services at 1-866-966-7226 or file a report on their website.
Reach out to the FBI.The FBI site offers some personal safety resources regarding scams and fraud.
For more information about keeping you and your family safe from scams, identity theft, and fraud, please contact the UF/IFAS Extension office in your county.
Fall is in the air! In addition to the crisp, cool weather comes the season of two of the top consumer spending events: Halloween and the winter holidays.
Receipts add up quickly Photo Source: Heidi Copeland
In 2019, according to the National Retail Federation’s annual survey, U.S. consumers spent $2.6 billion on Halloween candy alone, about $25 per person. This does not even take into consideration all the other bits and pieces that can go into more elaborate Halloween celebrations: decorations, entertainment and activities, costumes (for kids, adults, and animals), cosmetics, food and drink, and even stationery such as cards and party invitations. Overall, Halloween retail spending was estimated at $8.8 billion in 2019.
Next in line are the winter holidays. These include Thanksgiving, Black Friday, Small Business Saturday, Cyber Monday, Super Saturday, and Christmas. Even with the Covid-19 quarantine, consumers are on track to start the 2020 seasonal spending spike. For many, Covid-19 has provided a state of anxiety, isolation and uncertainty. The upcoming seasonal events can be a big boost in providing a bit of nostalgia, normalcy and fun.
It is important, however, to heed the words of The Cat in the Hat: It’s fun to have fun, but you have to know how!
The truth is the US economy thrives on consumer spending! But, be honest, does derailing your budget for stuff you might have to pay for later really make you feel better? Seasonal spending is the type of spending that can lead families into the New Year with stress and anxiety. Be aware of spending temptations and triggers.
Wikipedia defines temptation as a desire to engage in short-term urges for enjoyment. Anything that promises pleasure can be tempting. Triggers are a stimulus that alerts your brain and body to an old, known experience, which makes it more likely that we will engage and buy something.
For example, a trigger could be a smell. You might think, “I smell cinnamon. Cinnamon reminds me of fall at grandma’s. Her house always smelled like cinnamon.” The temptation would then be: “Cinnamon brooms are at the check-out cashier. I think I will buy one.”
Recognize what sets you up – smells, prices, product placement, etc. There is a method behind the madness of marketing, all of which is geared to attract a consumer to make a purchase. This year especially, anything that offers nostalgia, normalcy, or fun will be a hot commodity.
Knowing your values and goals, and creating a plan for spending (budget), will help you organize your spending. Know, too, it is reasonable to spend money on fun stuff this season of spending. But also remember: happiness is a sense of well-being, joy, or contentment. It is very hard to buy that!
Many confuse the two words climate and weather. Weather is the day to day conditions of our atmosphere. Whereas, climate refers to the average of the weather over time. Weather depicts how we dress day to day and can change often. Climate refers more to the average weather over time. We generally must prepare for our climate by buying appropriate clothing and preparing our home for longer term weather conditions.
What causes the climate to change? There are three important greenhouse gases that have dramatically increased since industrialization: carbon dioxide, nitrous oxide and methane. The increases are primarily due to our changes in land use over time. These factors make our earth’s surface temperature warmer which affects our loss of sea ice and longer fire seasons, and can contribute to extreme weather events.
Adjust the temperature Photo Source: Julie McMillian
The question is, what can I do in my own world and community to help on an individual basis? There are several ways that we can reduce our energy use of electricity at home which will help us to contribute to the bigger picture. Some simple suggestions are when you are not using the television, computer, lights, heating and cooling, try to turn them off or down for a while. Purchasing shades or curtains for your windows can keep your house cooler in the summer and fans may be able to replace the air conditioner on some occasions. When running the air, heat or hot water heater check your thermostat for energy saving features. Try to only run the dishwasher or washing machine with full loads and be sure to clean out your lint trap in the dryer so it has good airflow. You will find you might even save a few dollars by being mindful of your energy consumption.
Next, let’s talk about reducing greenhouse gases in our yards. Composting food scraps is a great way to reduce waste from landfills and turns your waste into reusable soil. Planting trees and plants helps to reduce carbon dioxide in the atmosphere. Plants store carbon and help to regulate temperatures in the home. Another thing to consider is, where does your water run off go? If water can be routed to your garden it is a win-win.
How do we plan our food system in our home? Reducing food waste has many benefits. We can save money, help our community, conserve energy and resources just by rethinking the way we plan our meals. If we buy more unprocessed foods, there will be less packaging. If we are able to grow our own food or just eat at home more, it cuts down on trips to restaurants and stores.
These are just a few ways to get you thinking about climate change in Florida. As a citizen, we can take action by staying informed and showing our support. If we hold ourselves accountable by looking at our personal impact, we may be surprised what we are leaving behind with our footprint. For more information on healthy living or other extension related topics, contact your local UF IFAS county extension office.
Supporting information for this article can be found in the UF/IFAS Extension EDIS publications:
