This comprehensive site is an online clearinghouse for personal finance educational tools for parents, teachers and students of all ages. Visa's PracticalMoneySkills.com site provides consumers free access to tools including online personal finance courses, curriculum for high schools and colleges, online games and calculators, brochures, CD-ROMs, pamphlets and magazines. The site also includes money management for youth with an emphasis on preparing schools/teachers to include the required financial literacy component beginning July 2010.

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Free Financial-Planning Conference Series Presented By Josh Mandel, State Treasurer of Ohio

You are invited to attend the Ohio Treasury’s 2011 Smart Money Choices conference series.  Smart Money Choices is a free financial-planning conference for all Ohioans presented by the State Treasurer’s office and supported by a variety of statewide and regional partners.  The conferences are part of the State Treasurer’s office commitment to provide Ohioans with the knowledge they need to make more informed personal finance decisions.  Smart Money Choices is the expanded version of Women & Money, designed to reach a broader number of Ohioans.

Smart Money Choices is a full-day seminar 8:00 am to 4:00 pm (Registration opens at 7:30 am). The event includes an opening session, panel discussion, four breakout sessions taught by financial planning experts and a closing session.

Courses offered include Budgeting, Credit & Debt Management, Consumer Fraud, Estate Planning, Insurance, Investments, Kids & Money, Programs to Help Ohioans, Retirement Planning and Social Security. 

To register please call 1-800-228-1102, option #1 or visit www.ohiotreasurer.gov. Please share this information with your family, friends and co-workers so more Ohioans are aware of this free

financial education opportunity.

Area	Date	Location	Registration Opens
Cincinnati	June 24, 2011	UC Raymond Walters College	May 16, 2011
Cleveland	July 8, 2011	Holiday Inn Cleveland South Independence	May 31, 2011
Dayton	July 22, 2011	Hope Hotel and Conference Center WPAFB	June 13, 2011
Columbus	July 29, 2011	Columbus State Community College Center for Workforce Development	June 20, 2011
Toledo	August 12, 2011	Owens Community College Toledo Campus	July 5, 2011
Youngstown	August 26, 2011	Holiday Inn Conference Center Boardman	July 18, 2011

 

Family Fundamentals: Website helps people plan for retirement

Most people could do a better job in planning for retirement. Luckily, there’s an updated website from the National Endowment for Financial Education (NEFE) that offers a great set of guidelines for middle-income Americans, especially those who are unlikely to pay a financial planner for retirement advice.

“My Retirement Paycheck” http://myretirementpaycheck.org/

offers guidance in eight areas:

Work. This section helps you determine how long you should plan to work and whether working part-time makes sense. In addition, it contains information about buy-outs -- how do you decide whether a buy-out is right for you?

Social Security. This section helps you understand the pros and cons of claiming Social Security before your full retirement age and explains how benefits are calculated.

Home and Mortgage. If at all possible, it’s best to pay off the mortgage before retirement. This section helps you decide whether it makes sense to downsize, and explains the pros and cons when considering reverse mortgages or home equity loans.

Insurance. This section explains the ins and outs of Medicare and Medigap policies, long-term care insurance, life insurance, and longevity insurance.

Pensions. This section explains how to decide payment options under defined benefit plans, and what to consider if taking a lump-sum payment.

Retirement plans. This extensive section offers general guidelines on managing savings and other assets during retirement, as well as details about defined contribution plans; immediate annuities, which offer income for life or for a set period of time; IRA and rollover accounts; required minimum distributions from retirement accounts; allocating assets in different types of investment accounts, such as certificates of deposit, money market mutual funds, bonds or bond mutual funds, and other investment vehicles; determining when to liquidate assets; making decisions during economic downturns; investment strategies during retirement years; ideas for diversifying your investments; how to decide how much to withdraw from accounts to help meet living expenses; understanding the tax implications of your decisions; and considerations on converting a traditional IRA to a Roth IRA.

Debt. This section covers debt-control strategies during retirement and handling a credit crisis.

Fraud. This section reviews some common schemes to be on the lookout for, and offers guidance on protecting your personal information from identity theft.

Managing Your Money in Good and Times and Bad

 

The Federal Deposit Insurance Corporation released a publication featuring suggestions for spending less, saving more, protecting against fraud, and borrowing wisely.  Access the information at: http://fdic.gov/consumers/consumer/news/cnwin0809/

This consists of a wide variety of resources about the basics of financial management, including: budgeting, saving, paying for college, buying a car, getting a first job, protecting identity and critically evaluating different loans. There are also comprehensive materials available to assist college professors and administrators in teaching students about these vital financial life skills. http://whatsmyscore.org/

Social Security Administration Retirement
The Social Security Administration recently updated their webpage to allow an on-line retirement application.  More details and the link are available at www.socialsecurity.gov

Looking for more ideas to stretch your dollar?
Check out this fact sheet, How to Reduce Living Expenses:  http://ohioline.osu.edu/ss-fact/pdf/0205.pdf  It includes tips for saving money on electricity and gas, telephone, water, car insurance, food, clothing, transportation, household supplies, health, entertainment, gifts, home furnishings, and pets.

Master Money Mentor Training
A national award winning training for social workers, Human Resource managers, nonprofit organizations, faith based volunteers or staff and others working with individuals and families needing financial education. OSU Extension has long been a source of money management information.  One way OSU Extension has reached more people is by training agency / organization / business staff and volunteers as Master Money Mentors who use this information to reach their audiences.

Training is conducted one day per year from 9:00am-3:00pm. Training provides participants with tools to assist and support clients/customers/employees and improve personal skills in the area of money management.  5.5 CEUs have been approved from the State of Ohio Counselor and Social Work Board.
 
The fee for the training is $65. Training will be held in the OSU Extension office on the Montgomery County fairgrounds and will be conducted by Chris Olinsky, Family & Consumer Sciences Educator in Montgomery County. The fee includes the training notebook and resource materials, light a.m. refreshments, and a box lunch. 
 
The next training date has not yet been determined. If you would like to be notified of the date or have additional questions, contact Chris Olinsky at 224-9654 (olinsky.1@osu.edu).

New Start for Financial Success
A U.S. Department of Justice approved program for bankruptcy filers; fulfills filers requirements for pre-discharge financial education; http://newstart.osu.edu/   

For locations offering the required pre-discharge financial management education, go to:
www.usdoj.gov/ust/eo/bapcpa/ccde/de_approved.htm  

When Your Income Drops 
Losing a job or otherwise experiencing a loss of income is a challenge in the best of times. In the current economy, it is essential to map out a plan to get back on your feet again.  The University of Georgia recently updated a series of fact sheets (and developed a companion PowerPoint presentation) called When Your Income Drops to help with this process. The PowerPoint presentation, fact sheets, and activities are designed to help you develop a plan to move you forward.  The information is for people who have recently lost their jobs or otherwise experienced a reduction in income but will be helpful to others as well.  Check out the site at:   http://fcs.uga.edu/ext/econ/wyid.php  

1 (800) FED-INFO: FAST ANSWERS TO YOUR IMPORTANT QUESTIONS

So you've got a problem: You need housing assistance. Or a small business loan. Or a copy of your birth certificate. You know you need to call someone �in the government,� but who? Which government office or website is the right one to help you with your problem?

Cut out the guesswork by calling 1 (800) FED-INFO, the U.S. government�s free, official hotline for information on government benefits and services. Give 1 (800) FED-INFO a call if you need help:
             Applying for Social Security or Medicare / Medicaid benefits 
              Learning how to purchase surplus government property 
             Obtaining or renewing a passport 
             Getting assistance with utility bills 
              Filing your income taxes, or for almost anything else.

The information specialists at 1 (800) FED-INFO are available Monday through Friday from 8 a.m. to 8 p.m. Eastern Time to answer questions in English and Spanish. You can also find the same helpful information online�visit http://answers.usa.gov to get answers to more than 2,000 of the most popular questions the government receives. Or you can chat with a specialist online and get your English-language questions answered live�click on the �Live Help � Web Chat� tab anytime between 8 a.m. and 8 p.m. Eastern Time.   So when you need something from the government but you�re not sure where to get it, get your information fast and right the first time by calling 1 (800) FED-INFO.

New Rules for Gift Cards
New Federal Reserve rules provide important protections when you purchase or use gift cards.  For more information visit:  http://www.federalreserve.gov/consumerinfo/wyntk_giftcards.htm

State of Ohio Treasury Offers SaveNOW Program to Residents
SaveNOW encourages Ohioans to save a portion of their income, and rewards them for doing it. More important, the program increases financial literacy by giving Ohioans access to relevant guidance and education.  Operating in 76 of Ohio’s 88 counties, SaveNOW is a higher interest savings account, which rewards savers with a 3.25% interest rate bonus.  The Ohio Treasury partners with qualifying banks to offer Ohioans interest-earning savings accounts. Each applicant who opens an account receives a welcome letter from the Treasury and three financial education newsletters during a 12-month period.  Ten months after opening an account, the participant will receive a financial literacy assessment survey. The survey must be completed in order to receive the bonus. The saver will receive a 3.25% interest rate bonus on the account’s average daily balance, approximately in the 13th month from opening an account.

 For more information or to enroll, visit http://www.tos.ohio.gov/ForYou/Default.aspx?Section=SaveNow

Prepare. Plan. Stay Informed. Be Prepared!
Are you prepared in case of a natural disaster? The recent high wind storm may have caused you to consider how prepared you are for an emergency.  While you should prepare an emergency kit in case you need to protect yourself or leave your home quickly, it's also important to remember that natural disasters don’t just affect us physically and emotionally, they also affect us financially. We never think that something like a fire or tornado will destroy our property, but it’s better to be prepared than surprised. Remember, insurance will cover the loss of your property, but it will not bring back precious memories or heirlooms. The following are a couple of ways to make sure you are prepared financially should disaster strike.

1. Get a lock box at your bank or buy a safe. These are made to be indestructible, therefore they should protect the things you need and cherish. Prices for lock boxes usually range from $20-$200 a year with several sizes available. Lock boxes take a key; however if you should lose your key, you can have the box drilled, for a price, and still be able to retrieve your possessions. You can also purchase a home safe at many local stores. This may require you to remember a code or keep a key. Safes should be bolted to the floor (if someone breaks into your house, you don’t want them to be able to take it with them) and should be stored out of sight. Things that should go in a lock box or safe include financial information (accounts, investments), tax information, passports, family heirlooms (jewelry or pictures), insurance information and information about property in your home.

2. Back everything up. It’s 2010 and we keep everything on our computers. However, if something happens to your computer, you may lose everything. Back up important information like taxes, bank account information, email and physical addresses and other sensitive or important information. You can do this by putting information on a CD, memory card, or external hard drive. These are items that are easy to obtain and some are fairly inexpensive. It is a good idea to keep a copy of what you have backed up in a lock box or safe, but to also send a copy to a trusted friend or family member in case you may need the information quickly.

3. Make copies of everything. It is crucial that you know everything you have. If you just bought that big screen TV that has taken a year to save for, you want to make sure it can be replaced. Take pictures of your possessions, include receipts if possible.  Store that information in safe/lock box and give a copy to a friend or family member. If your property is destroyed, you will have proof of what you own, how much it cost and what it looked like, which makes dealing with the insurance company much easier. You will also want a copy of your driver’s license, Social Security card and other identification in case you have to prove your identity.

4. Make lists and lots of them. Make sure you have a list of emergency contacts, including your bank / credit union, doctor, pharmacy, insurance company and other people you contact on a regular basis or from whom you require help. Have their name, several phone numbers, email address, physical address and relationship on this list.  Make sure people you trust and can get in contact with quickly have a copy of this list too. It is also a good idea to keep a contact list on you in case you are injured. If you or a family member is on medication, it is essential that you keep a list of that medication with you. Let others know what medications you take regularly (especially if it is something like medication for diabetes or heart problems).

To get you started, Ready.gov has a great list of items that can help you build your emergency kit. These things include water, food and first aid items, along with a variety of other important personal items. You can find more information about making an emergency kit and a plan of action at www.ready.gov.

Source:  Iowa State University Financial Counseling Clinic weekly financial tip, July 23, 2010