Credit Professional 2018 Spring_2018_magazine | Page 6

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New homes often create new
needs and wants, such as
movers, utility deposits
and furnishings.
Do you need better
transportation?
Trade-in your current vehicle
and put that money together
with your refund to make a
purchase without going
into debt.
Are you making steady
payments on your home or car?
Are you saving for your child’s
college fund or your retirement?
Perhaps you could benefit by
paying down your principle
balance or adding extra to your
savings and investments. Make
home improvements that will
save you money. For instance,
you can lower your heating and
cooling bills by installing double
pane replacement windows and
adding insulation to your attic.
Consider making an extra
mortgage payment to reduce
your principal. An extra
payment each year on a 30-year
loan can shave four years off
your mortgage. If you have
not been putting aside for
retirement as you should, you
could also consider adding a
portion of your refund to your
401(k) or other retirement
savings account.
If your financial picture is
looking good, consider some
ways to invest in yourself and
make the future brighter for your
family or others.
Consider investing in
yourself. Take a class or go
back to school to improve your
job skills and boost your
income. Invest in your
health—join a health club and
start working out. Purchase
something you have always
wanted. Buy a computer and
use it to track your budget
and savings goals. Take a
vacation. Donate some
to charity.
These principles also apply
if you receive a raise or
unexpected overtime hours.
Even with smaller amounts
of money, you can make a
difference in debt repayment
and savings. The most
important step is making a
plan and getting started.
About the authors:
Dr. Ann Berry is a Professor/
Consumer Economics Specialist
with the University of
Tennessee. She has nearly
30 years of Extension education
experience with UT and
Louisiana State University.
Her current responsibilities with
UT Extension include working
with county Extension educators
and agency partners to develop
and deliver programs in
consumer economics and
financial management to youth
and adults across the state.
She serves as Tennessee's
state contact for the multi-state
research project, Rural Families
Speak About Health. She has
served as the President of the
Tennessee Jump$tart Coalition
for Personal Financial Literacy,
If you don't already have one,
Secretary for JCEP (Joint Council
create a will. If there are people of Extension Professionals) and
dependent on your income—
the President of National Epsilon
whether children or a spouse,
Sigma Phi. She received her PhD
buy a term life insurance policy. in Human Resource Education
Spring 2018
5
and Workforce Development
from LSU, MS and BS from LSU,
and MBA from Northeast
Louisiana State University.
Dr. Amy Elizer works for the
University of Tennessee
Extension in Madison County as
Extension Agent and County
Director. In addition to her
administrative responsibilities
with Extension, she has served
the people of Madison County
for more than 20 years.
She holds degrees from the
University of Tennessee Martin,
University of Tennessee
Knoxville, as well as her EdD
in Higher Education Leadership
from Union University. She helps
people improve their lives by
teaching healthful choices, food
preservation, personal financial
management, and human
development. She is certified as
a Real Colors facilitator; VITA
income tax preparer; and THDA
homebuyer educator.
The Credit Professional