Extension Report

Baldwin County Extension Office

302A Byrne Street

Bay Minette, AL  36507

Rick Zapata

Regional Extension Agent

Consumer Science & Personal Financial Management

February 24, 2009

Why America Needs to Save?????

America Saves Week starts February 22nd and runs through March 1st, 2009. This is a nationwide program that encourages Americans to save.  The program is managed by the non-profit Consumer Federation of America. Local savings campaigns involve hundreds of consumer and community groups, churches, social service organizations, employers, unions, financial service providers and government agencies. The Alabama Cooperative Extension System cooperates with America Saves to encourage Alabamians to save all that they can.

We currently are in a prolonged recession. We have always had recessions and we always will, no matter which political party is in power. Recessions are just a part of a “Free Market Economy”. It is so important for all of us to understand this and to prepare for these economic slow- downs that are called recessions.

The best way to recession-proof your budget is to get debt free. If that is not possible right now, the next best thing to do is to save all that you can. You can develop a savings plan that is geared toward getting debt free. Just open up a savings account at your bank or credit union. Then get your employer to do a payroll deduction for that deposit each pay period. Make a list of your bills, starting with the smallest bill owed. When your savings account grows to the level of the amount owed on the smallest bill, take out that amount and pay off the smallest bill owed. Take the amount that you were paying monthly on the smallest bill and increase your savings by that amount. Take your next smallest bill and start saving until you have enough to pay off the second smallest bill. When you pay off that second smallest bill, increase your savings again by the monthly amount that you were paying on the second bill. Next, save for the third bill and so forth. Before you know it, you will be able to get debt free.

Most all of us have accumulated a lot of “stuff” in our lives. We store this stuff in our attics and storage buildings. How badly do we need this stuff if it is boxed up in storage? Why not have a yard sale and get rid of some of this stuff and put the money into saving. You might be surprised at how much money you could raise by selling those things that we really do not need. Get the whole family involved. Teaching children to save will prevent them from going into so much debt in the future. You may just raise enough money from yard sales to pay off a small debt.

Upcoming Programs

Small Business Workshop, February 26, Fairhope Public Library, 6:00-8:00 p.m.

Soybean Production Meeting, February 26, Alfa Building, Hwy 59, Summerdale, 6:00-8:00 p.m.

Alabama in Motion, March 1-April 25, Call the Baldwin County Extension Office at 937-7176 for registration

Precision Ag/Swath Control for Planters & Sprayers, March 3, Alfa Building, Hwy 59, Summerdale, 7:30-9:30 a.m.

Managing Feral Hog Damage, March 4, 5 Rivers Delta Center, 30945 Five Rivers Blvd, Spanish Fort, 8:00 a.m.-3:00 p.m.  Pre-registration is required. To register, contact Kelly Knowles by phone 334-844-1010 or email knowlkw@auburn.edu.

"What Does Time Mean To Children?", March 5, 6:00-8:00 p.m., Baldwin County Extension Office, 302A Byrne Street, Bay Minette.

Small Business Workshop, March 5, Fairhope Public Library, 6:00-8:00 p.m.

Trees & Construction: Getting to the Root of the Problem, Fairhope Public Library, 8:30 a.m.-4:30 p.m. Limited number of participants. Register online at https://ssl.acesag.auburn.edu/conference/ucftrees2009/.

Email address: rrz0001@aces.edu

Phone: 937-7176 or 943-5611, 928-0860, ext. 2222

The Alabama Cooperative Extension System (Alabama A&M and Auburn Universities) in cooperation with the U.S. Department of Agriculture is an equal opportunity educator and employer.

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