The Hutchinson News
Sunday, January 17, 2016 C3
BUSINESS
These budgeting tips can help you spend sanely THE BETTER BUSINESS BUREAU
If you’re like many Americans, you may have resolved to get a handle on your finances this year. Take heart because there is plenty of reason for optimism: You don’t have to reinvent the wheel. There are some triedand-true methods that have worked for many, and they can for you as well. The Better Business Bureau has the following advice for anyone attempting to rein in household budgets during the new year: Do this first It’s vital to get an accurate picture of your current situation. Many are in denial about their spending, waiting until a crisis arises to deal with it. By that point, it can be much too late for effective action. Being proactive makes the most sense. Because our perceptions regarding our spending habits can be off base, a key step in getting things under control is keeping an exact
record of our spending. There are phone apps, computer software programs and even old-fashioned notebooks available to help you do this. Seeing where you are actually spending your money rather than relying on your memory of it, can be an eye-opening and even jolting experience. Categorize Break down your spending into separate categories. The two common main divisions are “necessities” and “luxuries.” “Necessities” include housing, utilities, food and
transportation. Household furnishings, operations like lawn care and housekeeping supplies also fall within this category. A subcategory of “necessities” would be “debt reduction.” This involves credit-card balances, student loans, car payments and any other amounts owed to debtors. “Luxuries” include entertainment, dining out and travel expenses. As the name implies, this category is for anything that isn’t vital. Set up a budget Once you have all of the above information readily available, over a short course of time you will begin to see your spending patterns. You can start identifying fluctuations that require your attention. Questions will arise about why some costs rise, others decrease and which remain stable. These numbers provide the vital information needed as you set up a budget and predict future spending.
Free online tools are available to help you with this part of your process. Just be cautious about sharing personal information with anyone online who may not be trustworthy. Goals Paying down debt and saving for the future are common goals for those working on their budgets. There are two predominant methods for paying down debt. You may either decide to make your goal paying off the smallest balances first (giving you a quicker sense of accomplishment) or you may want to work methodically toward paying off the debt with the biggest interest rate. The latter may take longer but have greater financial advantages for you. What’s important is that you set the goal and stick to it. Online bill pay is a great tool to help you. You don’t have to write checks, buy stamps and mail the payment. Scheduling automatic
Hatch •From Page C1 said. “We’re also getting ceramics in, which are big. A lot of people like to paint ceramics.” Generally, Matthews said, a group will rent the studio for a session, with all supplies provided. For the wine and paint sessions, participants bring their own wine. If it’s arranged as a private party, people under 18 can attend a wine and paint session if they do not drink, although ones sponsored by Matthews are limited to those ages 21 and older. “I’ve always done crafts and projects, and I love it,” said Matthews, 30, explaining how she took over the business. “I had a mutual friend of the previous owner who knew I have a feel for creativity, but also am more stable business-wise. The previous owner was very artistic, but not into getting the word out about the business.” Prior to opening the studio, Matthews, a graduate of Nickerson High School who studied architectural drafting in college, worked for a granite company in Florida. She returned here to raise her children and she worked in daycare. “I’m good at working with kids,” she said. “It’s fun for families to
MLB •From Page C1 Tuesday, but the case seems likely to settle. In November, Judge Shira Scheindlin urged both sides to work toward a settlement after MLB lawyer Beth A. Wilkinson said the league had decided to implement the same terms that were reached by the NHL even without a settlement in place. “We’re at a bit of a loss of why we can’t come to a resolution,” Wilkinson said then. Scheindlin ruled in 2013 that baseball could not use its antitrust exemption to defend against the lawsuit. The lawsuits had claimed
Travis Morisse/The Hutchinson News
Hatch Studios, 416 N. Main St., is now primarily a place for people to create works of art.
bring their kids into the studio and do what they want.” Besides painting, she enjoys creating home décor items “out of old things,” Matthews said. Bookings determine
studio hours. The building is available weekdays, although weekends are more active. “I will schedule classes during the week,” Matthews said. “Private parties can book themselves online and pick what they want to paint. A private party requires a minimum of eight people. If they want to do different size canvases, or other things to paint, the price will range on how much they cost.” Birthday parties, she said, generally involve a $50 rental fee, and then $10 per
that the leagues’ clubs and some television broadcast entities collude to eliminate competition in the airing of games on the Internet and on television. Baseball had defended a system of issuing television contracts developed decades ago that was designed to protect each baseball team’s region from competitors. More recently, baseball has multiplied options for fans so that they can get games on various electronic devices. “Make no mistake, this mission is not altruistic,” baseball’s lawyers said in court papers written last month. “Baseball faces fierce competition, including from other sports offerings and an increasing slate of non-sports entertainment and leisure
options.” Last month, plaintiffs’ lawyer Edward Diver wrote in court papers that baseball had created a monopoly that cheats fans because out-ofmarket games can only be obtained through the league at prices the league chooses. He said the current system resulted after MLB agreed in the early 1980s to divide the country into geographic territories so only one or a few teams could distribute game in any area. “Here again, the very purpose of the agreement is to create this monopoly power: to insulate teams from competition and increase their ability to market their product without any fear of being outcompeted by other baseball teams,” Diver wrote.
IF YOU GO Hatch Studios Inc. 416 N. Main St. (620) 474-2062 or 960-4307 www.hatchstudios hutchinson.com.
child for supplies. “There’s space available to do the birthday cake and presents and all that,” she said. “I’m still trying to get organized to reach out to schools and organizations, to get more going during the day.”
payments also helps you avoid late fees and penalties. You can avoid devastating new debts by saving up for those things that most often cause them – holiday spending, vacation spending and emergencies like home repairs, large appliance breakdowns, getting the car fixed, medical expenses and job loss. Start small and gradually
increase savings amounts. For success, it is vital that you develop the savings habit and do not veer from it. With perseverance and planning, your household budget can be the best tool in your toolbox for remodeling your financial future. If you have questions about developing your family budget, call the BBB at (800) 856-2417 or visit its website, bbbinc.org.