Managing Money eNewsletter Archives

• February 2012 - Extra Money for Low/Moderate-Income People Who Work
• January 2012 - Interactive Spending/Savings Plan
• December 2011 - Small Steps to Health and Wealth™
• November 2011 - Taking Control of Your Holiday Budget
• October 2011 - Packing Lunches for Work or School
• September 2011 - Prepared Before Disaster Strkies
• August 2011 - Back-to-School Spending
• July 2011 - Financial Fitness
• June 2011 - Money for Emergencies
• May 2011 - Talking about Parent's Finances
• April 2011 - Children Observing What You Want Them to See
• March 2011 - Take a Loan to Pay for Retirement?
• February 2011 - Tax-time Papers... Where are they?

 

February 2012 Issue of UNH Cooperative Extension Managing Money eNewsletter

Extra Money for Low/Moderate-Income People Who Work Do you struggle to get by from paycheck to paycheck?  Then you should know about EITC (Earned Income Tax Credit), a special tax benefit for people who work full-time or part-time.  Millions of low wage taxpayers qualify.   Even if you didn’t earn enough to pay an income tax, you may qualify for EITC.   See this publication for details/benefits/requirements of the EITC credit.  There’s also information on how to find your closest free tax preparation site in New Hampshire.  For other available tax credits and deductions:  http://www.extension.org/pages/62192/take-advantage-of-available-tax-credits-and-deductions Please take 5 seconds to answer our survey. Thank you. Learn more To receive the "Managing Money" eNewsletter via email every month, provide your name, email address, and your county to Jamie Sherwood. **************************************

 

January 2012 Issue of UNH Cooperative Extension Managing Money eNewsletter

Interactive Spending/Savings Plan

Is one of your NewYear’s resolutions to get your finances in shape? A spending/savings plan (“budget”) helps you manage your money better. A realistic plan specific to your life circumstances can give more control over how money is spent and saved. Here’s an interactive electronic tool that can help tailor your plan. With this interactive publication, a person can record their goals, income and expenses and all of the dollar amounts will be totaled. So if there are more expenses than income, adjustments can easily be made on the interactive publication. In addition, there is a one page interactive monthly expenses chart.

http://extension.unh.edu/resources/files/Resource001956_Rep2888.pdf

other links

http://extension.unh.edu/Money/MMEndsM.htm

http://www.extension.org/pages/15275/financial-security:-managing-money-in-tough-times

http://www.extension.org/personal_finance

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December 2011 Issue of UNH Cooperative Extension Managing Money eNewsletter

Small Steps to Health and Wealth™ Online Challenge Begins January 15

Just in time for New Year’s resolutions to improve health and personal finances, the Cooperative Extension system is launching an online Small Steps to Health and Wealth™ (SSHW) Challenge called Winter 2012 SSHW Challenge. This free six-week program, open to anyone who enrolls online, will be held from Sunday, January 15, through Saturday, February 25, 2012. Prizes will be awarded for participants who report the highest point totals.

To sign up for the SSHW Challenge, follow the SSHW Online Challenge link on the Small Steps to Health and Wealth™ Web site at http://njaes.rutgers.edu/sshw/. Set up a user name and password and download a simple one-page user guide for challenge participants with instructions about how to proceed. Enroll in the Challenge titled Winter 2012 SSHW Challenge.

The SSHW Challenge is based on the performance of ten recommended practices on a daily basis: five that involve health and nutrition and five that involve financial management. “The Challenge is a great way to convert ambitious New Year’s resolutions, like losing weight and saving money, into daily action steps.” notes Dr. Barbara O’Neill, Extension Specialist in Financial Resource Management for Rutgers Cooperative Extension.

The five daily health and nutrition practices are: eat at least 4 cups of fruits and vegetables; get at least 30 minutes of physical activity; drink water or unsweetened beverages instead of sugar-sweetened beverages; eat at least two servings of whole grain foods; and learn something new about health and nutrition.

The five daily financial management practices included in the SSHW Challenge are: save a $1 bill (or more) and/or pocket change; invest $5 or more per day (including automated retirement savings plan deposits); track money spent throughout the day; eat lunch prepared at home; and learn something new about personal finance. The latter activity, for both health and personal finances, can be accomplished by visiting Web sites, attending seminars, or by reading, listening to, or viewing media reports.

Winter 2012 SSHW Challenge participants will have an opportunity to replace one daily health activity and one daily personal finance activity with unique daily personal challenges of their own. Providing some adaptation of the traditional SSHW Challenge format will make the Challenge more personal for participants and give them an opportunity to practice new behaviors if they are already doing all of the 10 pre-selected activities, explained Dr. O’Neill.

As participants enter their personal data, they will see their point totals for each day of the week and for each of the ten activities described above. They’ll also see a bar graph that compares their personal progress to the average scores of everyone else participating in the Challenge. Daily motivational messages will also be provided to participants. Paper tracking forms can be downloaded to keep track of daily activities until they are entered online.

Doing even one of the ten recommended daily practices is a great way to get started on the path to better health and improved financial security. To sign up for Winter 2012 SSHW Challenge visit the Rutgers SSHW Web site at http://njaes.rutgers.edu/sshw/

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November 2011 Issue of UNH Cooperative Extension Managing Money eNewsletter

Taking Control of Your Holiday Budget

The holidays are approaching, and it's easy to let your budget get out of hand. Check out this WMUR video clip with Marilyn Sullivan of the University of New Hampshire Cooperative Extension for some tips on how to keep an eye on the bottom line while still enjoying the holidays.

Click Here to see WMUR video:
http://www.wmur.com/r-video/25759907/detail.html

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October 2011 Issue of UNH Cooperative Extension Managing Money eNewsletter

Packing Lunches for Work or School

Every day millions of people across the country pack a lunch to take to work or school for three primary reasons:  economics; nutrition and weight management.  If you eat out for lunch twice a week with an average cost of $8 for your meal and beverage, then you can save $16 per week or up to $800 a year, minus the cost of your homemade lunch.  The more home-prepared meals that you make every week, the greater will be the savings.

A Clemson Cooperative Extension publication (see “Learn more” below) recommends these practices to keep lunch costs low:

• Eat “planned over’s” from last night’s dinner (e.g. chili, soup, pizza, pasta casserole, spaghetti, and leftover meats for sandwiches).
• Make enough lunches at one time for a whole week.
• Cook large batches of soups and stews and freeze in portion-size containers.
• Buy only the amount of food that can be used in a reasonable amount of time. Although buying large quantities may cost less, you won’t save money if the food goes to waste before it is eaten.
• Check the unit price of lunch items to make sure a store “special” is really a bargain.
• Buy items in bulk (e.g. fruits, vegetables, cheese, crackers, trail mix and baked chips) and package them yourself in snack-sized self-sealing bags. Pack enough for the entire week and store. Commercially-packaged single servings of these items can be expensive.

Remember that you need to make wise choices. Otherwise, you could spend just as much on lunches made at home as you would to eat out.

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http://www.clemson.edu/extension/hgic/food/nutrition/food_shop_prep/food_prep/hgic4246.html

http://extension.unh.edu/resources/files/Resource000311_Rep333.pdf

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September 2011 Issue of UNH Cooperative Extension Managing Money eNewsletter

Are you prepared BEFORE disaster strikes?

Were you ready for Tropical Storm Irene?  Can your finances weather the storm if disaster strikes?  There are steps everyone can and should take to protect their home and finances.   These steps include things like getting the right insurance, inventorying your household possessions, protecting important financial documents, keeping emergency fund cash, and safeguarding your home and property.  Learn more about these steps at the link below.

When a natural disaster involves evacuation, a “grab and go” box with important papers is invaluable in helping rebuild if your house gets destroyed or you don’t have access to it for a long period of time.  Use a durable, sealed waterproof box or backpack. Put in copies of everything that is in your emergency file, and add other important papers:

• Medical prescriptions, including eyeglasses
• Copies of children’s immunization records
• Copies of all insurance cards and policies
• Copies of the back and front of your credit cards
• Cash or traveler’s checks for several days of living expenses (credit cards may not work)
• Rolls of quarters (banks might not be open for several days)
• List of bills and when they are due
• Copies of the tax form 1040 for the last three tax years
• Copies of your home inventory list, which should include everything you own with serial numbers and purchase prices as well as photographs and/or video of these items
• Copies of any wills, durable powers of attorney, deeds, marriage certificates, military discharge papers, divorce papers and birth certificates

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Money Management in Times of Disaster: Preparation

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August 2011 Issue of UNH Cooperative Extension Managing Money eNewsletter

Is back-to-school spending a real "budget-buster" for your family?

Although it seems as if summer just got here, Fall and the return to school is just around the corner.  Back-to-school is one of the major spending promotion times for retailers.  If you have children in school, this can also be a real “budget-buster” time.   It’s easy to overspend if you don’t have a realistic total budgeted amount for supplies and clothing for each child.  Don’t forget to include the other associated “fees” such as band instrument rental or athletic fees. 

Begin with a plan and prioritize your shopping list after a “needs”/ ”wants” discussion with your children.  This is a great teachable moment.  A budget based on needs combined with conscious consumer skills will often have some money left for the wants.  Learning to make decisions based on math skills, judgment and personal taste is a valuable life skill.  Setting limits on spending doesn’t mean a lack of choices, but it does make kids have to think.  If teens are using money they earned, remind them of how many hours they need to work to pay for the items they want to buy.  How many hours of work does it take to buy that pair of jeans?

After you have a plan, then take inventory of school supplies and clothing from last year that can still be used this year.  Make a list and then check for sales before you begin shopping.  Don’t forget about second-hand shops, consignment shops and garage sales.  Can some of the items be purchased later?  Resist impulse buying and stick to your list!

Pay for items with cash if possible.  If you use credit, be sure not to spend more than can be paid off in one month or billing cycle.  Bring a calculator along on the shopping trip to keep on track.  Even if you need to reduce back-to-school spending this year, use the experience as a learning opportunity.  Involving children in spending decisions can help your kids become wise consumers.  And it’s not too early to begin thinking about next year and working these expenses into your family budget.  Ideally, divide the total by 12 to determine a savings goal for these August expenses.

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Managing Money links to many helpful financial-management resources.

Back (Packed) And Ready For School

A Dozen Ways to Stretch Your Back-to-School Budget

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July 2011 Issue of UNH Cooperative Extension Managing Money eNewsletter

Are you financially fit?

 

During the summer, many people concentrate on being physically fit. But have you taken the time to see if you're financially fit? Take a few minutes now to see if you’re financially fit.  Check off the items that you have achieved or do regularly.

• I have enough money to pay my bills each month.
• I take advantage of tax credits, community programs and public assistance (if eligible).
• I have a good idea of how much money I spend each month.
• I have a spending plan and I stick to it.
• I plan for periodic expenses and have enough money for them when I need to buy them.
• I have an emergency savings account to cover up to 6 months of living expenses.
• I know about how much money I owe.
• I spend no more than 20% of my monthly income on debt except for my mortgage.
• I have received my credit report every year.
• I use credit only to pay for things that last longer than the payments.
• I know the interest rate and finance charges for my credit accounts.
• My credit score is higher than 620.
• I pay more than the minimum payment on my credit card bills each month.
• I shop around to compare costs of major purchases.
• I know the approximate value of the things I own.
• I calculate my net worth every year.
• I have adequate insurance for car, home, life, health and disability.
• I monitor my investments for diversification and balance for reaching my financial goals.
• I keep my financial records well organized.
• I pay my bills on time every month.
• I balance my checking account each month.
• I have written financial goals for the short term, intermediate term and long term.
• I have a will.
• If I bought a vehicle with a loan, the vehicle is worth more than I owe on the loan.
• I save money on a regular basis for my financial goals.

How many do you still need to work on? Take the time to learn more. In the future strive to check off all items on this list so that you will be financially fit.

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Managing Money links to many helpful financial-management resources.

To receive the "Managing Money" eNewsletter via email every month, provide your name, email address, and your county to Jamie Sherwood.

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June 2011 Issue of UNH Cooperative Extension Managing Money eNewsletter

  Are you needing to stretch your money to pay for an emergency?

We never know when an emergency will occur and the impact the emergency will have on our income.  But what we do know is that if we have an emergency fund, we experience less stress. 

Just think of what may happen – your hours are decreased, you lose your job, you or a family member become ill and you’ve used all of your sick days at work, your refrigerator stops working or your car needs extensive repair. Setting aside money to meet unexpected expenses provides a financial safety net.

Most experts recommend an emergency fund that is equal to 3 to 6 months of living expenses but the amount of your emergency fund depends on your age, health, job and personal financial situation. 

You may say I’m having a hard time saving money much less have an emergency fund.  This UNH Cooperative Extension publication titled “Are You Prepared for Financial Emergencies” will help you find money so that you can start or add to an emergency fund.

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Managing Money links to many helpful financial-management resources.

Stretching Your Food Dollars

Cutting Family Transportation, Recreation, Health Care and Other Expenses

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May 2011 Issue of UNH Cooperative Extension Managing Money eNewsletter

Have you talked with your parents about their finances?

During May and June, we think of Mother's and Father's Day.  How are your parents doing with their finances? Do they need help?

It may be a difficult topic of bring up, but waiting until a crisis occurs can cause additional stress and create problems. As the adult child(ren) who might need to step in and help in the future, it's best to know as much as possible about your parents' financial affairs, including their assets, debts, income, and expenses. Do they have a will? Where it is kept? Do they have a durable power of attorney so someone can handle their financial affairs if needed? Do they have advance directives that include a living will and a power of medical attorney that names someone who can make health-care decisions in case they are unable to make those decisions for themselves? 

UNH Cooperative Extension's fact sheet, Your Valuable Papers will guide the discussion as to what information is needed. Respecting your parents' rights and wishes is the most important consideration if you or someone else needs to take over your parents' finances. Giving them as much control as possible is key.

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Managing Money links to many helpful financial-management resources.

To receive the "Managing Money" eNewsletter via email every month, provide your name, email address, and your county to Jamie Sherwood.

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April 2011 Issue of UNH Cooperative Extension Managing Money eNewsletter

Are your children observing what you want them to see?

Whether we realize it or not, children are watching adults manage money.  Are you modeling positive financial management skills?  Are you paying your bills on time? Do you have an emergency savings account? Have you developed a spending/savings plan? 

Children learn about money by example and experience, beginning at a very young age. Parents are an important influence on what and how children learn about money. It is never too early to start teaching sound money management skills

In you’d like to do model more effective behavior, what changes can you make?  Keep track of your spending for 30 days. On page 5 you will find a form that will be helpful.  After 30 days, determine if you like the way you spent your money or if you were tempted by too many wants during the month.

April is National Financial Literacy month.  Let’s learn and model positive financial management so the children will have the skills to manage their money effectively.

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Managing Money links to many helpful financial-management resources.

To receive the "Managing Money" eNewsletter via email every month, provide your name, email address, and your county to Jamie Sherwood.

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March 2011 Issue of UNH Cooperative Extension Managing Money eNewsletter


Can you take out a loan to pay for retirement?

Retirement seems so far away, but is it?  When you think back of when you were in high school and calculate the years, did the time go quickly?  Fast forward and think when you may be retired and you will find that time will go quickly as well. 

Are you prepared?  The 2010 Retirement Confidence Survey found that the percentage of workers saving for retirement decreased from 2009. One could say that's a result of the poor economy, and for some that may be true. But for others, immediate wants and needs have gained a greater priority than long-term needs such as retirement.

One thing that is true: you can't get a loan for retirement. You can get a loan for college education, vehicles, houses, furniture, etc. but no one will give you a loan to fund your retirement years.  What will you do when you reach retirement age and you don't have savings? Take the first step today and sign up for your employer retirement plan, contribute to an IRA, complete a Ballpark E$timate to see how much you need to save and take this online course, titled Take the Road to Financial Security.

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Reach Your Goals by Saving Small Amount brochure

Take the Road to Financial Security in Later Life brochure

Managing Money links to many helpful financial-management resources.

To receive the "Managing Money" eNewsletter via email every month, provide your name, email address, and your county to Jamie Sherwood.

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February 2011 Issue of UNH Cooperative Extension Managing Money eNewsletter

It’s tax time. Do you know where your financial papers are?

It’s tax time when lots of people begin rummaging frantically through drawers and envelopes and jacket pockets to find what they need for tax preparation. This is a good time of year to set up an organized household recordkeeping system for all your important documents

You can use a filing cabinet, desk drawer or labeled boxes, but the point is to have a system. It may take time to set up, but it saves time when you need documentation for an insurance claim, warranty, tax deduction, or some other purpose. 

When you’ve gathered what you need to prepare your taxes, consider preparing your own taxes and efiling to save money. If your adjusted gross income is less than $58,000, you can efile for free. You can even get free tax-preparation help if your adjusted gross income is less than $58,000, through one of the free tax preparation sites scattered throughout New Hampshire or call 2-1-1.

If your income is above $58,000, several websites let you prepare and efile a federal return for free. Examples include TaxAct, FreeTaxUSA, and TurboTax.

If you choose a paid preparer, IRS is providing Points to Keep in Mind When Choosing a Tax Preparer.

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Your Valuable Papers will help you to plan ahead and save time and money if emergencies or deaths occur.

Managing Money links to many helpful financial-management resources.

To receive the "Managing Money" eNewsletter via email every month, provide your name, email address and your county to Jamie Sherwood.

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