Did you know that 32% of U.S. households do not have enough money saved to cover a $400 emergency expense? Maybe the needs in your household are constantly changing, you and your partner don't always agree on how to spend your money, or you aren't sure how to start a savings plan; there can be many barriers that get in the way of saving.
In this episode, Extension Educator Camaya Wallace Bechard and Kathy Sweedler discuss barriers associated with short-term and long-term savings goals, share...
When it comes to creating saving goals, we often think of big-ticket items such as saving for a down payment on a house, education, car, retirement, and emergencies. Saving for fun goals such as a vacation/travel or a concert may not always be front and center.
In this episode of Family Financial Feuds, Camaya Wallace Bechard and Kathy Sweedler discuss what travel means to them and look back on some of their own memorable travel experiences. Camaya and Kathy also explore top motivations and...
In a world where teens face so many challenges and opportunities, how can we help make sure they learn effective money management skills? To begin answering this question, it is essential to consider what socialization factors could influence teens’ financial knowledge.
In this episode of Family Financial Feuds, Camaya Wallace Bechard and Kathy Sweedler explore some of the purposeful and unintentional socialization processes that might be affecting our teens. Camaya and Kathy also discuss teen...
Did you know that approximately 20 million workers left their jobs between May and September 2021? Employment changes are one of the many examples of life transitions that affect people’s finances.
In this episode of Family Financial Feuds, Sasha Grabenstetter led a timely...
In this Family Financial Feuds episode, I had a mind-opening conversation with Karla Belzer about the role mindfulness plays in reducing stress about money. Karla is a Family Life Educator with University of Illinois Extension. She is also now the acting County Director for one of the IL Extension units. Karla has worked for 20 plus years in the health and services field. She has been studying, researching, and writing about mindfulness for many years, and she brings some new perspectives to...
According to data from the U.S. Bureau of Labor Statistics (2019), food costs represent about 13% of the average household’s annual expenditures. Food spending continues to increase during the pandemic, and the data shows some distinct patterns among different generations during this period.
We love talking about food and how we can help you save money on food costs. In this episode of Family Financial Feuds, Kathy Sweedler led us into a great conversation about food expenditure in the U.S. ...
Sasha Grabenstetter led the team into a lively and relevant discussion on whether it was possible to save for your children’s education and simultaneously save for retirement. We discussed our past college experiences, covered research on 529 plans, and explored savings goals. Find us on Sound Cloud to hear the full conversation.
There is growing interest in the personal finance community on mindfulness's effects on our money attitudes and behaviors. The research on mindfulness is continuously evolving. The focus on the relationship between money behaviors and mindfulness is intriguing to many financial professionals who work with different clientele or community members to help support their economic well-being.
In this Family and Financial Feuds episode, I explore some mindful money practices with my colleagues Kathy...
I grew up in Jamaica, where one of the seasons is fondly referred to as the “rainy season,” which seemed like most of the year. Hurricanes, flash floods, earthquakes, and tropical storms are prevalent in the Caribbean. As a young child, I remember the adjustments my dad would make to our house. He would buy construction materials to batten down the windows and protect his workshop. I also can picture my mum securing essential documents such as our birth certificates, bank account information,...
What do you consider a major purchase? When do you think it is the right time to buy a big-ticket item? Responses to these questions may vary based on our interpretations. However, in difficult financial times, our approach may be different. While we are still making money decisions during this economic downturn, we also may be cautious and conscious about how we spend our dollars. A central goal of our podcast is to find ways to address feuds that arise. In our most recent episode of Family...
Tomorrow is the last day of our social media campaign, Financial Wellness Checkup! Over the past five weeks, we have covered several of your favorite personal finance topics, credit management, estate planning, back-to-school planning, and financial exploitation. We are closing out with a focus on ways to grow your savings. We understand that this is a hard topic during an economic downturn, and encourage you to consider some small ways you can still build or rebuild your savings.
...
Anyone can become a victim of fraud. Losing money or property through scams and frauds can have a lasting and devastating effect on your financial well-being (CFPB). This week’s theme is financial exploitation, and throughout the week, we will be exploring multiple topics that focus on protecting personally identifiable information.
Protect your financial information online from identity thieves
Do you shop, pay bills, buy tickets, or transfer money online? Effective...
Over the past few months, the economic climate has shifted dramatically with high unemployment rates and other levels of financial instability. The consumer economics team launches a new 5-week social media campaign, Financial Wellness Checkup. The goal of this social media campaign is to promote positive financial behaviors. It also aims to provide practical tips and resources for consumers as they work to manage their finances and improve their overall wellbeing.
The campaign will be Live...
In this podcast episode, Camaya Wallace Bechard, Kathy Sweedler, and Sasha Grabenstetter discuss ways to identify financial stress. They also provided research on coping strategies and resources and shared information on to access federal, state, and community resources. To learn more, listen on Soundcloud.
My family had been waiting to see the movie, Onward since we saw the first trailer in 2019. One of the local theaters is about a mile from our house, and we love to walk (when the weather permits) or take a short drive to see some of our favorite new movies. Since we couldn’t go to the theater when it was released, we were happy it was available to stream. Each year, we go through the motions of subscribing to or canceling streaming services based on changes to the service or the time...
The beginning of the year is typically a time for reflection and goal setting, and I started thinking more about what the concept of financial independence means to us. This is one of my favorite topics because of what it means for financial well-being (the ability to meet all financial needs, today and over time; feel secure in the financial future; absorb a financial shock; and have the...
