Tip: Investigate before you invest

TIP: Investigate before you invest.

I recently paid a visit to the Utah Money Watchers Conference in Salt Lake City. I love meeting people and especially getting my picture taken. The conference was all about education and prevention of investment fraud. Today’s tip is all about keeping your investments safe, or making sure you invest wisely with trusted people.

The average fraud victim might not be who you think. Check out this list of characteristics:

• Male
• Married
• 55-65 years old
• Financially literate
• Educated
• Self-reliant
• Optimistic

Whether you fit this description or not, it’s important to remember that ANYONE can be a victim. Before you invest, visit saveandinvest.org to learn the tactics fraudsters use and the questions that will prevent you from being a target.

While you’re at it, check out the Identity Theft & Scams section of the Believe website for more information about how you can protect yourself from being a victim.

Coming attractions

Don’t miss these upcoming events and classes to round out the month of March!

Saturday, March 26 – Utah Money Watchers Conference – 8:00 a.m. to 4:00 p.m.

Saturday, March 26 – Home Buying Seminar – 9:00 a.m. to 10:00 a.m.

Saturday, March 26 – Home Buying Seminar – 10:30 a.m. to 11:30 a.m.

Saturday, March 26 – Saving My Home Seminar – 10:30 a.m. to 12:00 p.m.

Tuesday, March 29 – Webinar: Business Taxes for the Self-employed – 12:00 p.m. to 1:00 p.m.

Tip: Tax refund? Think before you spend

TIP: Before you spend a significant sum of money, take a few days to think it over. Clear your head, let the excitement die down, and evaluate the purchase.

Got a tax refund that you’re dying to spend? Got iPads on the brain? Utah’s local news source, KSL.com recently published a story on just this thing! As the story notes, retailers have us all convinced that if we don’t spend our money on special deals, we’ll lose the chance. Don’t be fooled! Instead, consider paying down some debt or saving for upcoming expenses. Will Vandertoolen of AAA Fair Credit Foundation offers some sound advice, “If you’re maintaining the debt-load well (and if) you have some expenses that you know will be coming up, it might be a good idea to hang on to that cash.”

Check out these great spending resources from the Believe website to help you prevent overspending.

Tip: Saving is the key

TIP: Saving regularly is the key to financial success.

Whether you’re accumulating an emergency fund or saving for a vacation, a car, or retirement, you’ll be amazed how fast your savings will grow with regular deposits.

• Treat your savings deposits like a monthly bill payment. If you want to save $50 a month, include that amount with the rest of your bill payments. It’s a thinking shift that will help you accumulate savings at the beginning of the month rather than planning to save what you have left at the end of the month and finding nothing left to save.
• Automate your savings deposits. Just like, automating bill paymentshelps make budgeting easier and saves you money on late fees, automating your savings deposits is less work for you. Better yet, use payroll deduction at work and deposit 10% of your paycheck to a savings account. You won’t even know it’s missing!

There are lots of ways to save! Check out these great saving resources on the Believe website and choose a strategy the works best for you.

Tip: Christmas in March

TIP:  It’s March! Time to get ready for Christmas, right? Start saving for Christmas gifts now so you don’t blow your December budget.

The holiday season is still several months away but planning now for gift giving can help alleviate the post-holiday money blues. A simple solution is to look over your bank records or make a simple estimation of how much you spent on gifts last Christmas. Then, divide that number by the number of months you have left to save. Since it’s already March, we only have 10 months to prepare! Open a separate savings account and each month, transfer a portion of your holiday expense to that account. Here’s an example:

Paula spent approximately $500 on Christmas gifts last year.
$500 / 10 months = $50
Paula should save $50 per month in order to have $500 in time for Christmas!

The Believe website offers some helpful resources about preparing for the holidays. Don’t wait, now is the time to prepare!