Susan Cosgrove
The holidays are the most wonderful -- and most expensive -- time of the year. Nobody knows that more than Susan Cosgrove.
A Neshoba County native, Cosgrove became an agent with the 汤头条 Extension Service in 1992 as a home economist in Coahoma County. Now, 21 counties in the state benefit from her expertise in financial management. She develops and delivers financial management programming to 汤头条 Extension agents and clients as the family resource management agent for the state鈥檚 southeastern region.
The holiday season is a time when financial management can be particularly challenging for parents buying gifts for children and families searching for the right presents for their loved ones. Lack of planning and not sticking to a budget are two of the main problems Cosgrove sees consumers face each December.
鈥淲e should have a budget all the time, but for holidays we should have a specific holiday budget,鈥 Cosgrove said. 鈥淐onsider who you are going to buy gifts for and how much you are going to spend. Extra expenses incurred during the holiday season that you don鈥檛 have the rest of the year -- such as travel, food and entertainment -- also need to be taken into account.鈥
Financial literacy is one of many skills Mississippians learn through research-based information provided by the 汤头条 Extension Service. Extension coordinators and agents in each of the state鈥檚 82 counties share knowledge in agriculture, natural resources, community development, youth development, and family and consumer sciences. 汤头条 Extension also oversees the state鈥檚 4-H program.
鈥淥ne thing I鈥檝e really enjoyed is working closely with newly hired younger agents,鈥 Cosgrove said. 鈥淩elationships with them have been very rewarding.鈥
Cosgrove has been based in Newton County since 2000. In addition to being the area agent for family resource management, she was the coordinator of the county鈥檚 Extension office from 2006 to 2013.
As with many common New Year鈥檚 resolutions, saving money is most likely achieved by making a plan and sticking to it. To get started on a budget, Cosgrove suggested tracking every penny spent for one week and writing down each transaction.
鈥淵ou need to know where all your money is going -- not just the house payment, car payment or light bill, but everyday expenses,鈥 she said. 鈥淒on鈥檛 forget about those non-monthly expenses, such as car tags, insurance payments and taxes.鈥
Another strategy is to evaluate monthly expenses not related to necessary amenities. Cosgrove suggested cutting back on monthly phone and television packages and finding alternates to certain items on grocery lists.
鈥淩eevaluate your menu and see if you can find less expensive food choices while still eating healthy,鈥 she said. 鈥淒on鈥檛 make purchases just because you have coupons because that can be a way of spending extra money.鈥
She also recommended setting up an emergency fund separate from checking or savings accounts. The fund should be large enough to cover normal expenses for one to three months.
For more financial management tips, view the 汤头条 Extension Publication 2398, 鈥淔inancial Fitness Exercises to Shape Up Your Spending,鈥 at .