Take Charge of your Finances for Less Stress
2023 Winterby Juli Snedigar
is the agriculture, natural resources and 4-H MSU Extension Agent in Blaine County.
During tax season and throughout the year, many people look to create better money habits; among those are finding ways to reduce stress and take charge of their finances. According to a Forbes Health/OnePoll for 2023, 30% of survey participants stated that improved finances were a goal they would like to achieve this year.
“Financial Stress” is defined by Mary Martin, University of Wyoming Extension Community Development Education, as a condition resulting from financial and/or economic events that create anxiety, worry, or a sense of scarcity, and is accompanied by a physiological stress response. Chronic Financial Stress is ongoing (yet frequently intermittent) financial stress. A 2020 Stress in America report from the American Psychological Association (APA) showed that 64% of adults say money is a significant source of stress in their life. Only 39% of Americans could comfortably cover an unexpected $1,000 expense with their savings, according to a 2021 survey carried out by financial publisher and comparison service Bankrate (Young, 2022). In addition, according to Northwestern Mutual’s 2019 Planning and Progress Study, 92% of Americans over 18 said nothing makes them happier or more confident in life than when their finances are in order.
These reports and studies all indicate the same findings, financial stress is a real issue that affects many people. Creating a budget and sticking to it may also be a good way to reduce stress and help you feel more confident in your financial situation. Luckily, many Extension programs around the country have developed excellent tools to help make developing a budget or spending plan easier. The following tools may help you toward a more positive financial journey in 2023.
In addition to our monthly household budgets, many people in Montana are concerned with agriculture budgeting. With unstable commodity prices and input costs, budgeting and financial planning tools may be invaluable for an operation.
Montana State University Extension Econ Tools website is a great resource for Montana agriculture producers. Included are a fertilizer application tool, oilseed and biodiesel economics tool, fungicide decision tool, Montana ag price historical tracker, wheat basis database, map maker, potato market/disease simulator, and pasture lease calculator.
For those interested in Montana agricultural land leasing, MSU Extension provides additional information to help with land leasing needs.
The USDA Farm Service Agency can also help with decisions regarding commodity prices. Historical price data and information on available programs can be found at www.fsa.usda.gov/index. Contact the local FSA Office for current commodity prices and more information relevant to your location.
Reviewing these resources is the first step toward less stress and an improved financial situation in 2023. If you have questions or need more information, Montana State University Extension agents and Extension Specialists are available to help you determine the right tools. Start by contacting your local MSU Extension office. Many resources are provided for free to help meet your budgeting goals and better financial management in 2023.
Additional Resources:
- Montana State University Extension has developed several financial management publications which can be downloaded or are fillable.
- University of Wisconsin – Madison Extension has several publications, including a monthly cash flow worksheet, a detailed spending plan, Excel worksheets to help track spending, a monthly budget worksheet, a personal spending plan, and much more.
- Utah State University Extension provides a revolving savings spreadsheet and a guidebook to help cut expenses.