By Crystal Wylie
Register News Writer
RICHMOND —
“Money, it’s a gas. Grab that cash with both hands and make a stash,” Pink Floyd sang in “Money,” released in 1973.
In 2012, most Americans are still finding it difficult to “make a stash,” according to America Saves, a national campaign dedicated to helping individuals save money, reduce debt and build wealth.
As part of a national effort, Feb. 20 through 24 will be observed as Kentucky’s Saves Week.
Local banks have partnered with the Madison County Cooperative Extension Services to offer a series of free workshops leading up to the week “to help stuff your wallet and build your savings,” said Gina Noe, county extension agent for family and consumer sciences.
Those interested in attending the workshops may chose which ones would be relevant to their financial situation, Noe said.
The workshops are scheduled to begin next Tuesday with “Couponing 101 — Surviving the Economic Crunch.” The workshop will cover topics such as finding coupons, getting organized and coupon lingo and etiquette.
“The average American family spends 14 percent of their budget on food,” Noe said. “Coupons are a way to significantly lower grocery bills.”
The Feb. 7 workshop is “10 Tips for Better Credit.” Presenter Kelly May of the Kentucky Department of Financial Institutions will provide information on how to build and keep a good credit score as well as finding the right credit to fit an individuals’ needs.
“Credit impacts so many different areas of your life,” May said. “People pull your credit score when you’re renting an apartment or getting insurance — it is not just used when applying for loans anymore. One way to save is to manage your credit wisely and pay off debt you already have.”
May also will explain the difference between the scores that come from the three credit reporting agencies and how to clean up your credit if you have had problems in the past.
The “Saving Money and Successful Budgeting” workshop will be conducted on Feb. 16. Harvey R. Little Jr., a certified financial planner, will talk about personal financial goals, determining what to spend and save and the pros and cons of investing options.
“The majority of people do not budget, although more than 70 percent of consumers live paycheck to paycheck,” Little said. It is estimated that only 39 percent of adults have enough money in cash or savings to cover three months of living expenses, he said.
“Budgeting is not just about saving money, it is also about juggling our needs and our wants,” Little said.
The last workshop covers home buying, borrowing and refinancing. Topics include: the do’s and don’ts of buying your first home, what to expect from lenders and realtors and special loan and down payment options. The course will be presented by Kurt Simpson of Fifth Third Bank.
Banks have partnered with the government to help people get into homes and stay in their homes, Simpson said.
“It’s a buyer’s market, interest rates are historically low. If you want to buy a home or refinance, there is no better time than now,” he said.
Although there is a lack of consumer confidence in the housing market and mortgage lenders, Simpson hopes to eliminate the myths and concerns around refinancing and purchasing a home for the first time.
A realtor and a mortgage loan professional will be at the workshop to answer questions as well.
All workshops will be conducted at the Madison County Extension Center, located at 230 Duncannon Lane in Richmond.
Those interested in attending a workshop should pre-register by calling 623-4072 at least one week prior to the workshop.
Crystal Wylie can be reached at cwylie@richmondregister.com or 623-1669, Ext. 6696.
