MU Extension program to encourage savings goals for 2013
February 5th, 2013
COLUMBIA, Mo. — In an effort to promote smart financial decisions by Missourians throughout the state, University of Missouri Extension has declared February “Missouri Saves Month”. The “Missouri Saves” program aims to help individuals and families save and build wealth. This program assists those who wish to pay down debt, build an emergency fund, save for a home, save for an education or save for retirement. The goal of the campaign is to convince all Americans that they can build wealth and to assist them in doing so.
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Brenda Procter, state extension specialist in the MU College of Human Environmental Sciences, says that research shows that there are “savers” and “spenders” in all income classes. She believes that while those with modest incomes cannot save as much as the affluent, nearly everyone has the ability to build some amount of wealth over time. Procter says that through contributions to a workplace retirement program, home purchase and other savings, many can accumulate six-figure assets throughout their working years.
“During Missouri Saves month, we challenge everyone to either pay down debt or increase savings,” Procter said. “Some families realize they spent more than they intended during the holidays, and starting in February with regular automatic deductions can mean a happier holiday in 2013. MU Extension is proud to participate in this effort and provide education to help Missourians find ways to build personal assets.”
“Missouri Saves” is sponsored by MU Extension and is a part of a nationwide campaign in which a broad coalition of nonprofit, corporate and government groups to help individuals and families save and build wealth. One main goal for “Missouri Saves Month” is to encourage Missourians to declare a savings goal for 2013. Procter recommends that all Missourians keep save at least a little money in case of emergencies.
“Nearly everyone can save at least something and research shows as little as $500 can solve most financial emergencies,” Procter said. “Households that build up a cushion can avoid debt problems when the unexpected happens. Saving over and above that cushion can help meet other important family goals. Setting goals for saving is important because it is impossible to meet a goal that isn’t set in the first place.”
“Missouri Saves” is a part of the national “America Saves” campaign. For information, a list of MU Extension-sponsored activities around the state throughout the month of February, visit: http://missourifamilies.org/mosaves/