Holiday spending can sneak up on us—gifts, travel, meals, and more. If you followed Barb Wollan’s recent 4-step plan to map out your holiday budget, you are already ahead. Now, take it a step further by using resources from Iowa State University Extension and Outreach, and Utah State Extension, to stay mindful and in control of your personal finances this holiday season and beyond!
Use PowerPay to track your expenses.
PowerPay is a free online tool from Utah State University Extension, originally designed to help you create a personalized debt reduction plan. It can also be used to track spending and understand how financial choices today will affect your future.
The built-in spending plan tool includes common expense categories, so you can use Barb’s method to calculate how much you can afford to spend this season and then enter that amount into PowerPay. The tool will automatically calculate your net cash flow and provide tips on how much money to hold in an emergency savings based on the expenses you entered.
Try to avoid unplanned debt. But if you cannot…
The PowerPay debt reduction tool shows how borrowing—even small amounts—can add up over time. A few extra charges on your credit card could mean months of payments and added interest. Use PowerPay to explore your options before pulling out a credit card, or you can compare different repayment strategies if avoiding debt is not an option.
Plan ahead for next year.
After the holidays, use PowerPay to set savings goals for next year. You can also rely on Iowa State University Extension and Outreach for your planning needs by attending one of our Money Smart classes, utilizing the Volunteer Income Tax Assistance (VITA) program, or by meeting with one of our financial educators for a 1:1 consultation. These resources can help you make informed decisions and stick to your plan—so you can enjoy the holidays without financial regret.
This article was written by Ryan A. Stuart, M.S., CFLE, AFC®
Ryan is a Health and Human Sciences Educator with Iowa State University Extension and Outreach. Before moving to Iowa, Ryan served in the Navy and became involved in the Navy’s General Military Training Program, which ultimately led him to become an educator. His professional experience also includes serving as a Personal Financial Counselor with the Iowa Army National Guard, and as a Retirement and Employee Benefit Specialist in various capacities for Iowa State University.
