Penn State expert offers tips for economizing when income drops

If balancing your household budget is getting harder, you should consider ways to economize, reduce your costs and cut wasteful consumption, said a financial literacy expert in Penn State’s College of Agricultural Sciences.

“Economizing means managing your family resources — including money — to get what you need and want,” said Marilyn Furry, associate professor of agricultural and extension education. “Learning to substitute, to conserve, to cooperate and to find free goods and services will help your family balance income and outgo. There’s a Depression-era saying that can be a concise and to-the-point definition of economizing: ‘Use it up, wear it out, make it do, do without.’”
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Furry has worked with Natalie Ferry, retired coordinator of special program initiatives for Penn State Cooperative Extension, and Cathy Bowen, associate professor of agricultural and extension education, to create a series of 11 fact sheets titled, “Bouncing Back When Your Incomes Drops.”

“The series was created to help families that have to make adjustments in meeting basic needs when there is a job loss or some other event that causes an unexpected loss of income,” Furry said. “Also, people who are entering the workforce for the first time — welfare-to-work program participants, for instance — could use some of the publications in the series.”

The “Bouncing Back When Your Income Drops” fact sheets are available at http://consumerissues.cas.psu.edu/pubs.html online.

Source: Penn State Live

Hat tip: PW

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