May 2023 Financial Check In
“Nobody made a greater mistake than he who did nothing because he could only do a little.”
Download your Credit Report
Follow the steps to download your credit report for free at annualcreditreport.com. Downloading your report does not hurt your credit score and should be done annually from each of the three credit reporting bureaus. Head over to Credit Reports (k-state.edu) to learn more and register for the Check Your Credit e-mail campaign to receive reminders to check your credit throughout the year.
Automate your Emergency Savings
Set up an automatic transfer or paycheck deposit into a named savings account specifically for emergencies. If you have already done this, increase the amount you are saving each month by either $10 or 1% of your take home pay. Watch Utah State University Extension How to Create a 1% Fund - YouTube
Learn about 529 College Savings Plans
529 plans are education savings plans grow tax-deferred, and withdrawals are tax free if they are used for qualified education expenses. Anyone can make contributions to 529 college savings plans on behalf of the beneficiary, including parents, grandparents, uncles, aunts, and even employers! Beginning January 2024, SECURE 2.0 expands the ability to transfer funds tax free to a Roth IRA for the same beneficiary. Unused education funds will have the potential to kickstart a beneficiary’s Roth IRA savings with certain criteria.
To learn more, visit Kansas State Treasurer: 529 Savings Program (ks.gov).
Don’t Bust your Budget.
Remember these expenses so you don’t go overboard this summer.
Johnson County K-State Research and Extension Classes and Events | Johnson County (k-state.edu).