Author: Amanda Hardy
Planning Unit: Breckinridge County CES
Major Program: Financial Education - General
Plan of Work: Building Strong Financial Behaviors
Outcome: Intermediate Outcome
Americans spent more than $1 trillion dollars during the holidays in 2018. That number rose another 4.5% in 2019. While holiday spending at an all-time high pre-pandemic, many families across Kentucky may have less to spend during the 2020 holiday season. COVID-19 financial challenges might cause people to adjust their holiday budgets. When tighter budgets are coupled with pandemic-related supply shortages, it is important to learn smarter ways to stretch consumer dollars and resources. To raise awareness and help consumers meet this need, the University of Kentucky Cooperative Extension Service challenged families to join the Use Less, Spend Wi$e Challenge during mid-November. Participants completed activities designed to help them use less, spend wisely, and discover low-cost ways to connect with others.
Challenge participants received a list of activities from their county Kentucky Cooperative Extension office. The challenges were divided by three categories: USE LESS, SPEND WI$ELY, and PRICELESS. Participants were to complete six or more activities, then submit the survey at the official challenge link by 11:59 p.m. EST on Thursday, Nov. 19, 2020 — Use Less Stuff Day.
The Henderson County Extension Office participated in the Use Less, Spend Wi$e Challenge. During mid-November, five consumers filled out the survey, indicating that a total of 17 household members participated.
Participants were asked to complete an online evaluation survey following the challenge. Of the five survey respondents, 18 activities were completed from the “use less” category, such as tap the thermostat; 22 activities were completed from the “spend wisely” category, such as pack a lunch and shop your pantry; and 20 activities were completed from the “priceless” category, such as read a book and gift your time.
Of the respondents, three reported keeping a daily spending diary for a week. Asked what about their spending habits surprised them, they answered about needs/wants, grocery purchases, and savings from packing lunch. Also, three reported using the Basic Budget Builder worksheet during the challenge. Of the respondents, three identified personal spending leaks during the challenge, including impulse buying, crafts/hobbies, soda/coffee, and chips.
Respondents participated for a range of reasons, including teaching kids about savings, pre-planning more, improving the household, and managing spending. Participants learned new ways to save time and money, to be mindful, and how writing down financials can help identify extra money for the month. One noted, “How a little bit of saving and organization can turn into a lot of savings.” Another said, “This has been a great challenge and I plan to share it with my family.”
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