by Judy Corbus | Feb 27, 2018
Photo Source: University of Florida
It’s tax time, and many of us will be seeing refund checks soon—time to celebrate!
Now, what are you going to do with all that extra cash?
Maybe you have some bills to take care of, and it’s certainly a good idea to get those off your plate. But after that, let’s say you have some money left over. What then?
Think about putting those extra dollars in a savings account. Or, if you don’t have a savings account, open one. Even if it’s just $100, that first deposit could be the start of a lifelong savings habit.
Which brings us to another question: Why is it important to save?
Let me answer that question with another question: If you had to cover a $1,000 unexpected expense today, could you do it?
These little emergencies come up all the time. Your car needs repairs. You get sick and miss work. You have to travel out of state unexpectedly. These challenges are just part of life, but you can be prepared to meet them.
That $100 you tuck away is not much now, but consider this: If you saved $100 each month for a year, you’d have $1,200 in your bank account. That’s a good financial cushion that can keep you afloat when the unexpected happens.
Need a little encouragement to stick to the savings habit? The Florida Saves Pledge (floridasaves.org) is a great tool for setting financial goals. With this pledge, you’re making a commitment to work toward some type of savings objective, such as an emergency fund, a down payment on a house, or even retirement.
As a Family and Consumer Sciences Agent in Washington and Holmes Counties, part of my job is to help our community members learn to take charge of their money. In fact, there are people like me all over the state helping their neighbors with everything from horticulture to nutrition and youth development. We’re a network of experts who make up the University of Florida’s Institute of Food and Agricultural Sciences Extension. And we’re here to help, today.
For more information, contact your local Extension Office.
by Judy Corbus | Feb 3, 2018
Set your thermostat to 68 degrees or lower in the winter to reduce heating costs. Photo credit: Judy Corbus
We have recently gotten a taste of what our neighbors to the north typically experience this time of year – frigid temperatures! As the mercury plummets, utility bills move in the opposite direction. Winter is not over yet so follow these easy steps to save money on your electric bill during the next cold snap:
- Set your thermostat to 68 degrees F or lower in the winter. Dress in layers for added warmth.
- Grab a throw or blanket to stay warm while reading or watching television.
- Check air filters monthly and clean or change when they become dirty. This will help your unit to operate more efficiently and last longer. A clogged filter can cause your heating system to shut down to prevent the compressor from overheating – this requires a service call to reset it.
- Use a ceiling fan, moving in a clockwise direction on low speed, to move heated air down from the ceiling into the living space. Turn fans off when leaving the room.
- Open curtains and blinds on south-facing windows to let the sun naturally warm your house. Close them at night to reduce heat loss.
- Caulk or weather-strip around windows and exterior doors to seal air leaks.
- Insulate water heater supply pipes with foam pipe wrap to reduce heat loss.
For more energy-saving tips, visit My Florida Home Energy.
by Kendra Hughson | Jan 26, 2018
Family picking blueberries at a u-pick farm. Credit: UF/IFAS Tyler Jones
The question of what happens to the family farm is often riddled with many emotional opinions. So much so that families may not communicate effectively about their wishes or plans. Many life events can change the dynamics of a family farm. Whether marriage, children, divorce, illness, retirement or death, significant events can require a plan or a change in the transition plan. Planning in advance of a crisis or significant life event increases the chances that the family farm will successfully transition to someone who is ready to carry on the family business. Having a plan also can lead to clear communication that reduces the likelihood of family conflict and stress. Yet, four out of five Florida farmers do not have written estate plans.
You can take steps to protect your family and your family farm by attending the University of Florida IFAS Extension workshop, “Ag Saves: Preparing for Later Life Farming.” This workshop will help you ensure that your wishes are honored when the time comes.
You and your partners are invited to learn together how to:
- Discuss the future of the farm
- Assess your future financial needs
- Talk with local experts in financial planning, estate planning, and taxes
Join us for this complimentary program on Wednesday, February 21, 2018. Lunch and materials will be provided. Program sponsors include UF/IFAS Extension, U.S. Trust, Pacific Life, and Merrill Lynch.
Registration will begin at 8:30 a.m. Central Time/9:30 a.m. Eastern Time.
Program will begin at 9:00 a.m. Central/10:00 a.m. Eastern and conclude at 1:00 p.m. Central/ 2:00 pm. Eastern.
Register Online: http://bit.ly/2AOv0JC
Registration deadline: February 14, 2018. Choose from 3 Locations in Northwest Florida:
Okaloosa County Extension Office (host site)
3098 Airport Road
Crestview, FL
850-689-5850
Jennifer Bearden: bearden@ufl.edu
Jefferson County Extension Office (satellite site)
2729 W Washington Hwy.
Monticello, FL
850-342-0187
Julianne Shoup: juliannes@ufl.edu
Gadsden County Extension Office (satellite site)
2140 West Jefferson Street
Quincy, FL
850-875-7255
Laurie Osgood: osgoodlb@ufl.edu
Register online or contact Kendra Zamojski at hughson@ufl.edu for more info.
by Heidi Copeland | Jan 26, 2018
The Internal Revenue Service (IRS) announced recently the nation’s tax season begins Monday, January 29, 2018. The IRS also reminds taxpayers claiming certain tax credits to expect a longer wait for refunds.
Nevertheless, many software companies and tax professionals accept tax returns before January 29, 2017. Be aware! These prepared returns cannot be submitted until the IRS system opens. Any money received prior to the opening of the Income Tax season may cost you! Early refunds are often charged processing fees as well as interest.
In 2017, under the change required by Congress in the Protecting Americans from Tax Hikes (PATH) Act, the IRS is to hold refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC). The IRS expects the earliest EITC/ACTC-related refunds to be available in taxpayer bank accounts or on debit cards starting February 27, 2018, if these taxpayers choose direct deposit and there are no other issues with their tax return.
For taxpayers not claiming the EITC/ACTC-related refunds, three weeks is the normal time it takes for a tax return to be processed, factoring in weekends and holidays. In fact, calling the IRS will not expedite your return/refund; typically, an IRS representative can only research the status of your refund 21 days after you file electronically and 6 weeks after you mail your paper return.
Nevertheless, it is your inherent right to both pay taxes and communicate with the IRS about the status of your taxes. You can start checking on your refund status electronically 24 hours after filing your taxes electronically or three weeks after mailing a paper return.
Note: The filing deadline to submit 2017 tax returns is Tuesday, April 17, 2018, rather than the traditional April 15 due date. This year, April 15 falls on a Sunday, and this usually would move the filing deadline to the following Monday – April 16. However, Emancipation Day – a legal holiday in the District of Columbia (DC) – will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, April 17. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the nation.
Choosing to both e-file and provide a means for directly depositing refunds remains the fastest and safest way to file an accurate income tax return and receive a refund.
Adapted from the IRS Website.
by Kendra Hughson | Jan 19, 2018
Create a shopping list using a weekly meal plan and what you already have on hand. Photo credit: Kendra Zamojski
Grocery shopping is probably one of my least favorite weekly chores. I have a family of picky eaters and it’s difficult to find healthy meals that please everyone. I can think of a million ways I’d rather spend my time than navigating the aisles of a crowded grocery store and standing in a long check-out line surrounded by countless “closed” registers. Why aren’t there ever enough open check-out lines?
I must not be alone. I hear more and more friends choosing stores with curbside pick-up service or online grocery shopping services. Many of the major grocery store chains are testing curbside pick-up service; you’ll need to check with your local store to see if this option is available in your area. Online delivery services like Shipt and Instacart may be available if curbside service isn’t an option at your local grocery store.
If you choose to do your grocery shopping online, be sure to shop around and pay attention to and compare item prices, delivery or pick up fees, membership fees, shopper or delivery tips, and other convenience fees. Regardless of your selected service, there is an extra cost for this convenience.
No matter how you choose to buy your groceries, all of the old rules apply:
Plan your weekly meals. Write some weekly meal plans with your schedule in mind. Choose some meals using recipes that are quick and easy to prepare for busy days. Use the USDA Game Plan to help you.
Find easy to prepare, healthy recipes. Use the USDA What’s Cooking website to find healthy recipes.
Know your food budget. Planning and cooking meals at home saves money over eating out. Meals prepared at home often are healthier, especially if you are preparing recipes low in fat and sodium. Track your food dollars to see how much you are spending and saving.
Plan to use leftovers. Make double batches of soups and stews, setting aside some to freeze for later use. Freeze leftovers in single portions to use for lunch or your own ready-to-eat freezer meals throughout the week.
Pack your meals with fruits and vegetables. Plan ahead to make half of your plate fruits and vegetables. Buy fresh fruits and vegetables in season. Buying canned and frozen fruits and vegetables can save money but watch for added fat, sugar, or sodium. Bananas, carrots, greens, potatoes, and apples are low-cost options year ’round.
Create your shopping list – and stick to it! Use your meal plan to create a shopping list. Remember to check what you already have on hand. Avoid impulse items and convenience items, which can add to your food costs. A list helps you organize the items you need to buy and helps you avoid impulse buys or unneeded items that can add to your food costs.
For more information on creating healthy meals, contact your local Extension office. UF/IFAS Extension also has this great publication on Healthy Meal Plans.
by Heidi Copeland | Dec 2, 2017
Recently, in what I thought would be a quick Saturday errand, I got stuck in traffic. It took me a moment to realize that the holidays are upon us.
According to the National Retail Federation (NRF®), from Thanksgiving Day through Cyber Monday, more than 174 million Americans shopped in stores and online during the five-day holiday weekend, beating the 164 million estimated shoppers from an earlier survey. In fact, shoppers spent $1 million a minute on Black Friday and about $6.6 billion in total on Cyber Monday. The NRF® also found that consumers, both young and old, were spending more than last year, with both groups using the internet to browse for the best deals.
While it appears many consumers can spend unrestrained during the holidays, a lot of consumers find the holiday season stressful. Holidays require a lot of planning, and of course time and money.
A sensible way to approach the holiday season is to decide up-front what best fits the path you want to take. Come up with a plan, make a list (check it twice), and then stick to it. You will be amazed at how this simple list trick can relax you and make your holidays more enjoyable and less stressful.
The American Financial Services Association Education Foundation has some useful ideas for using a holiday spending plan. First, create a holiday budget that is feasible for you, and be sure to include all the incidentals from decorations to wrapping materials. Next, prepare your list(s), then do your homework. There is a lot of competition for the consumer’s money, and searching the web not only for information but also for the best deals can help you stick to your budget and save some money (Example: some stores honor other store’s pricing).
Other ideas to help stay within your budget this holiday include:
- Draw names with set limits on gift giving (Example: Aunt Marge – $15.00)
- Make a gift (Example: Cranberry muffins)
- Provide a service (Example: tackle a chore for a friend, neighbor, or loved one)
- Switch to giving gifts of experience (Example: tickets to an event) The gift of experience can be both practical and educational, and moreover, memories are worth more than stuff!
Try not to get bogged down by holiday spending this holiday season. I encourage you to create a plan, write up a list (check it twice) and stick to it. You will be glad you did!
The University of Florida Extension/IFAS – Leon County is an Equal Employment Opportunity Affirmative Action Institution.
