Altabanking episode 33 with Judd Austin

Oct. 23, 2020

Altabanking Interview KSL Radio Transcript: Saving vs Spending with Judd Austin

Segment title: Holiday Spending Tips with Judd Austin

GRANT: Welcome to Altabanking. Weekly business talk geared toward elevating your financial future. Judd Austin is Chief Banking Officer at Altabank. Hello, Judd. We are quickly approaching the holidays with shopping being top-of-mind, so what advice do you have for spending with the holidays approaching during a very unique financial period?

JUDD: It’s good to think about how to prepare for the extra spending you need to consider for the holidays early. The current economic circumstances have created unique situations for individuals and families. We see some trending data that suggests some people are going into the holiday season with more disposable income than in the past, while others may be in a more challenging financial position because of the COVID-19 impact on their employment. It’s a good rule of thumb to budget early based on your circumstances and stick to your budget so that you maintain your savings and don’t take on a lot of initial debt.

GRANT: What tips do you have for smart spending going into the next few months?

JUDD: It’s always a good idea to do your research and look at how you can get the most bang for your buck. We’re used to seeing great deals prior to the holidays, and given the pandemic restrictions, their promotions will be there, but the shopping will be different. Sometimes you can save extra by utilizing a store credit card or getting rewards for purchases on your credit card. Understand how using these payment methods can stretch your money further and pay them off with the cash you budgeted for the purchases.

GRANT: What recommendations do you have for those with savings accounts – how much should we be keeping in reserve?

JUDD: Saving money is a strategy that can provide piece of mind in unexpected circumstances. A good rule of thumb is to calculate your monthly expenses and then save six time that amount. For Instance, if your monthly household expenses are $4,000, then work towards saving $24,000. Outside of keeping a reserve, savings accounts are great for financial goals.

GRANT: Judd, thank you very much. This has been Altabanking. Brought you by Altabank. Member FDIC.