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Smartphones bring great convenience into people's lives, but they also bring
another opportunity for identity thieves to access personal data and use it to
their advantage. A recent study found that smartphone users are approximately
33% more likely to become a victim of identity theft than non-users.
Maintaining an emergency savings
account may be the most important difference between those who manage to stay
afloat and those who sink in debt. An emergency savings fund consists of a
small amount of money, usually in a savings or share account, that you do not
have easy access to. Keeping$500 to $1,000 of savings for emergencies
can allow you to easily meet unexpected financial challenges such as:
•repairing the brakes
on your car;
•paying for a visit to
the doctor when your child has the flu;
•covering the dental
expense of filling a cavity;
•paying for a parking
•flying to visit a sick
5 Ways to Save $500 to $1,000 for Emergencies
1.Save Automatically. Have
part of your paycheck automatically deposited into a savings or share account or set up regular transfers from your
checking to your savings account.
2.Save your loose change.
Putting aside fifty cents a day over the course of a year will allow you to
save nearly 40% of a $500 emergency fund.
3.Make your monthly credit card payment on time. The $30-35 you save by not being charged a late fee each
month on one card would save you most of the money you need for $500 in
4.Save a portion of your tax refund. Use tax form
8888 to split your return.
5.Bring lunch to work. If
buying lunch at work costs $5, but making lunch at home costs only $2.50, then
in a year, you could afford to create a $500 emergency fund and still have
money left over.
Where to Keep Emergency Savings
It’s usually best to keep
emergency savings in a savings or share account. These types of accounts allow
you to access to your money when you need it. Keeping your money in a
savings account makes it much less likely that you will use these savings to
pay for everyday, non-emergency expenses.
Are you ready to set your goal?
a non-profit that encourages individuals and families to save money and build
personal wealth, can help you develop your goals and take action. When
you join as a saver, you’ll receive the
·Free subscription to the quarterly American
·Free monthly e-mail newsletters with savings
advice from national experts.
·Free access to the members-only Savers Tracking
Tool to help you reach your goals.