During times of uncertainty it can be difficult to know what financial steps to take. How can we make financial plans if we don't have all the information we need? Well, sometimes we just have to move forward with what we do know. First, evaluate your savings. Do you have enough money set-aside for emergencies or unexpected expenses? While we don't know what will happen in the economy in the near future, having the flexibility to respond to needs without borrowing money is a good financial...
Ah, wedding season. The time of the year when we celebrate the love of two people to be bound legally together. Whether you're in the bridal party, parent, grandparent or friend... weddings these days can be costly! According to The Knot's 2016 Real Wedding Study, the average wedding costs $35,329 dollars (and that doesn't even include the honeymoon!) Even attending a wedding as a guest can get expensive, especially if you have to fly to the destination, get a hotel and a rental car, not...
Do you want to get the most bang for your buck? Of course you do! We all know there are only so many dollars in our paycheck and an endless number of opportunities to spend those dollars. Being creative and very conscious of your spending goes a long way to stretching your dollars. Check Your Bills Carefully When was the last time you looked carefully at each line of your bills like your utility, TV, internet or phone bill? Do you know what the individual charges are that add...
A few months ago, I was shopping for groceries at my local grocery store when I kept hearing this noise. The noise it turns out was a personal shopper scanning grocery items for a grocery pick up. When I asked the store associate about it, she said that more and more people were trying it. As a financial educator, I was intrigued and went ahead and signed up. So what did I find? - There is usually a fee involved. You can either have the store shop for your...
With Thanksgiving this week, holiday shopping will be in full swing come Black Friday, Small Business Saturday, Cyber Monday and Giving Tuesday! So, here are some last minute holiday shopping tips to keep your spending plan in check! USE YOUR CASH Use cash instead of credit to make purchases – research shows us that we spend up to 30% more when we use a credit card over cash. That means, that an $80 item can easily become $104, a $24 dollar difference. Have you ever seen...
Just how well do you understand health insurance policies? It's a challenging topic! Kaiser Family Foundation surveyed people about health insurance terms and concepts; only 4% answered all of the 10 questions correctly. However, that quiz is from 2014. With the Health Insurance Marketplace (sometimes referred to as Obamacare) enrollment period now open, this seems like a good time for a new quiz. Let's see how you do with this five-statement, true-false quiz. People can enroll for...
To celebrate the upcoming America Saves Week (Feb. 27-March 4, 2017), America Saves is launching the #ImSavingFor contest. It's easy to enter. Just share a short video of your savings story, or a picture of you and what you are saving for and enter to win $1,000 at americasavesweek.org/imsavingfor. How to enter: Create a short video featuring your savings story by...
Does your agency work with low to moderate income clients on debt management, budgeting, or understanding financial products like payday loans and prepaid debit card? University of Illinois Extension's All My Money: Change for the Better curriculumwas created for you! All My Money: Change for the Better is designed so that social workers, counselors, instructors and others can teach financial literacy topics even if they do...
Every year we dread doing the one thing we must get done, and that is filing our taxes. This year, I want to help make taxes more fun and enjoyable! Have you heard about IRS Tax Form 8888? If not, it's going to be your new best friend this tax season! IRS Tax Form 8888 let's you do some pretty cool things, especially if you're looking to SAVE money. Let's say (by chance) you're getting back a decent refund. Did you know...
Have you heard that phrase – "being saving"? If not, you might have thought there was a typo or that I've forgotten the rules of grammar. But actually, it's a phase I grew up with. it might be a "regionalism" – a word or phrase whose use is limited to one part of the country – or an antiquated phrase. When I searched online, I found two books from the early 1900s that used it. One even had an entire chapter on it! To help you get your head around this, think of how we talk today about "going...
Student Loans. As a financial educator and millennial, I am one of the hundreds of thousands of individuals who have student loan debt. Most of the debt was my choice, but the ramifications of my choice never fully hit me until I had to start paying them back. Over the next few months, I'm going to take a peek behind the curtain of student loans. I'm going to interview friends who were able to pay their loans off early, those who pay monthly and even those who are struggling. I'm also going to...
On a good day, I wonder if my family hears what I say or if all they hear is "blah, blah, blah!" However, when I talk about what I want to happen if I'm in an accident, hospitalized or die, I'm SURE some of my family completely blocks my words. That's why I think it's so important that I write down how I want my health and my property handled if I can't talk for myself. Luckily, we have legal documents that we can use to communicate our wishes. Writing down what's important to us helps:...
Would you like to be a part of the team that writes this blog? University of Illinois Extension is looking for a dynamic person who would like to teach personal finance and consumer issues! Is this you or someone you know? The position closes September 29th so act now.Extension Educator, Family and Consumer Science (Consumer Economics) – Unit 12 The University of Illinois Extension is seeking an individual to provide educational leadership for program...
Do you have a credit history? If you're not planning to borrow money, perhaps you think it's not important. Well, your credit history can affect your finances even when you're not borrowing money! Insurance companies, perspective employers (for some types of jobs), and utility companies may be looking at your credit report or credit score to determine what to charge you or whether to offer you a job. When credit reports and scores were first developed, mostly lenders used them. However today,...
Clearly college is expensive. However, most of the cost is not tuition! According to the National Center for Education Statistics, public 4-year, in-state costs in 2015-16 for students totaled $19,189 and tuition and fees was only 46% of total costs; room and board was the remaining cost. Add in other costs, such as fun, clothing, and toiletries and tuition and fees is an even smaller...
The Student Loan Chronicles: What is the average amount people owe? Back in May, I started the Student Loan Chronicles blog series. Last month I covered
The last few summers I have spent time compiling and creating educational money-related activities for young children. In other words, I get to read creative, insightful picture books and experiment with fun hands-on materials! Then, during the school year, University of Illinois Extension staff and volunteers present these lessons to youth. I am very impressed with how curious children 4-11 years old are about money and how much information they absorb from our short lessons. Children see us...
In the last few years, we've had data breaches at the IRS, grocery stores, retail stores and now a major credit bureau. After much thought, I've come to accept that my Social Security number is no longer private, and won't be for the rest of my life. In addition, because I care more about someone using my identity for financial gain than anyone else, it's up to me to monitor my financial accounts. While I can't stop identity theft, I can take steps to minimize damage. Many strategies...
With the hint of spring in our gardens, I feel like we're moving out of the slow-moving pace of winter into the season of festivals, events and outdoor activities. On top of all these activities, April is National Financial Literacy Month, taxes are due, and Money Smart Week returns to our communities during the last week! As you can imagine, my calendar is filling up – maybe you'd like to add these events to your calendar too. What would you like to learn about during Financial Literacy Month...
