Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
    
   
   
   
   
   

Agricultural News


COVID-19 Shows Importance of Emergency Financial Plans

Tue, 07 Apr 2020 08:36:43 CDT

COVID-19 Shows Importance of Emergency Financial Plans The coronavirus pandemic has driven home the importance of financial management and emergency savings accounts, said Cindy Clampet, assistant family resource management specialist with the Oklahoma State University Extension.
It has been a difficult lesson to learn.

“It’s recommended consumers should have at least three to six months’ worth of living expenses in an emergency fund. However, a recent survey by the Federal Reserve found 46 percent of Americans don’t have the funds to pay for an unexpected $400 bill,” Clampet said. “Since most of those who paid income tax in 2018 or 2019 will be receiving stimulus money in the next few weeks, this is a great time to get a jump on starting or adding to an emergency fund.”

Clampet said the purpose of the emergency stimulus payment is to help residents pay bills and stay financially healthy in the economic downturn.

Individual taxpayers who earned up to $75,000 annually should receive $1,200, while married couples with a combined income up to $150,000 will receive $2,400. Individuals with annual incomes of $75,001 to $100,000, and married couples with an income between $150,001 and $198,000, will receive lower amounts. Single parents who filed as head of household and earned up to $112,500 will get the full $1,200. Also, Clampet said those who qualify for the stimulus payment and have children will get an additional $500 per child under the age of 17.

“These stimulus funds will be very helpful for the many people who currently are out of work,” she said. “However, this money is meant to help people pay for their basic needs. Make sure to pay essentials first, including food, shelter and transportation. Keeping insurance on health, homes, cars and personal belongings should come second at this time.”

Do not hesitate to take advantage of extra help that is available, including food assistance, loan forbearance or other help, she said. Try to eliminate as many nonessential costs as possible.

For those fortunate enough to not need stimulus payments for everyday bills, or for those who are expecting a tax refund soon, Clampet said this is still a good opportunity to plan ahead, establishing or adding to an emergency account.

“Open a money market or passbook savings account at the bank where you have your checking account. If you set up a mobile banking app this emergency account can be linked to your checking account and money can be transferred between accounts from your computer or your smart phone,” she said. “Consider this savings account as a new bill and transfer a set amount after each paycheck is deposited. Do this on a regular basis and you’ll quickly see the amount grow. Consumers can make the transfer themselves through the phone app, or have the bank do it automatically after each deposit.”

The emergency stimulus package can also help keep families from paying bills with a credit card, which typically would involve higher interest charges.

“Once your savings account is established and you use money from it, replace the funds as soon as possible. Continue to build the account by depositing any extra income,” she said. “For those who may get a raise at work, raise the amount of your regular savings deposit and watch the balance grow even quicker. This hard economic time we currently are going through can be the start of new healthy financial habits.”


   

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • New Interim Commissioner of Health, Lance Frye on Oklahoma's Covid-19 Response, and Rural Healthcare  Tue, 26 May 2020 16:51:02 CDT
  • Oklahoma Grain Elevator Cash Bids as of 2:00 p.m. Tuesday, May 26  Tue, 26 May 2020 16:35:40 CDT
  • Tyson Foods Impacts Oklahoma Communities with Protein Donations   Tue, 26 May 2020 16:34:47 CDT
  • Jacey Fye Named New Oklahoma FFA Foundation Executive Director  Tue, 26 May 2020 16:22:14 CDT
  • Tuesday, May 26, 2020 Market Wrap-Up with Justin Lewis  Tue, 26 May 2020 16:15:59 CDT
  • Major Corn States' Acres Nearing 90 Percent Planted As Combines Wait On Wheat To Mature.  Tue, 26 May 2020 16:12:47 CDT
  • President Duvall: Pandemic Part of Farm Economy "Perfect Storm"  Tue, 26 May 2020 10:07:36 CDT
  • This Weeks Ag in the Classroom Features Beef Cattle--A MOOOOving Lesson!   Tue, 26 May 2020 10:04:30 CDT

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Oklahoma City Farm Show KIS FUTURES, INC. Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit Ag Mediation Program P&K Equipment AFR Insurance Stillwater Milling Oklahoma Cattlemen's Association

    Our Road to Rural Prosperity sponsors!

    Banc First OPSRC ORWA TPAOO TPAOO

    Search OklahomaFarmReport.com


       
       
    © 2008-2020 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.