Giving her two cents’ worth

January 13, 2017

Dean and Instructor of Business and Management Amy Anderson provided some money saving tips on Daytime Tri-Cities finance segment “Money Matters”, on January 10.

The live broadcast provided Anderson the opportunity to share money saving tips and some of her own personal tricks.

Anderson first addressed the importance of budgeting.

“Of course, budgeting is very hard, but it is very important,” she said. “Sometimes we need to look over everything we have and realize we need to stop spending more than we make.”

In addition to doing a “check” as Anderson named it, one trick to better financial consciousness is reviewing subscriptions or monthly automated expenses.

“I don’t know about everyone else, but we have to deal with Netflix, Hulu, iTunes and Spotify and we don’t realize that those things become routine…we forget about them.”

That is money that can add up to big savings in the long-run.

Anderson said it is a good idea to go through your subscriptions, complete an inventory and see what you really need.

Another element of healthy money management, Anderson said, is to have a substantial savings account in case of emergencies.

During the interview, Anderson said that about 69 percent of all Americans have less than $1,000 in their savings account.

“And that’s kind of troubling and scary,” Anderson said. “Because trends say that we need at least six months of our living expenses to be in savings in case of emergency, and emergencies happen all the time.”

Lastly, Anderson touched on the topic of 401ks– retirement saving plans sponsored by an employer.

In order to prepare for the future, you have to invest in yourself, Anderson said. She added that it is especially important to contribute to your 401k if your employer “matches” or contributes to your 401k.

“That’s free money,” she said. “Take advantage of that free money and really beef-up that 401k so you do have a good retirement plan.”

Watch on the WJHL website or below.

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