Did you know that you’re entitled to a free annual credit report with each of the three national consumer reporting companies? By checking your credit report regularly, you can ensure that no loans, credit cards, or other financial obligations have been fraudulently initiated in your name.
Instead of requesting your free annual credit report from Equifax, Experian, and TransUnion all at the same time, request them at different times of the year. That way, you’ll be able to check your credit three times throughout the year at no cost. Get yours at annualcreditreport.com, or by calling (877)322-8228. Beware of imposter sites with similar names.
Thursday, March 25, 2010
Friday, March 12, 2010
Budget Helpers
There are number of free programs available on the web for helping people manage their money. Here are four – each is different, so play around with them and find something that works for you.
PearBudget
A downloadable spreadsheet that runs in MS Excel – functional and easy to use. It advertises being able to set up a budget in 10 minutes and maintain it with two 10-minute sessions a month. Creator Charlie Park originally built it for his own use, saying he couldn’t afford a commercial program (like MS Money or Intuit’s Quicken). Download at pearbudget.com.
SimpleD Budget
A downloadable, Windows-based program, SimpleD Budget was created by programmer Soichi Hayashi for his wife. It has charts and visual aids to see where you’re at on expenses and income versus the amount you’ve budgeted. When setting up the program it offers templates for various stages of life (college student, parent, etc) that provide different categories for expenses. Download at http://sites.google.com/site/dsbudgethome/.
MySpendingPlan.com
A web-based budget tool, My Spending Plan can be managed by different people at different locations. Offered by the American Homeownership Association, it offers more than just budgeting; you can also set up reminders about bills. However, the site includes commercial promotions, and because it is online, it operates slower than the downloadable programs. Also, the tool is in the beta stage, so it’s a work in progress. Sign up at myspendingplan.com.
Microsoft Office Personal Budget Template
A downloadable spreadsheet that runs in MS Excel – a very basic budget, so it’s very easy to use. Microsoft offers several choices. The simplest is the ‘personal budget’ in which you can track expenses and income for a year on one page, but there is also a personal monthly budget (which provides detail for one month only, not a year), a family monthly budget, and a number of other budgets for things such as job expenses, events, a garden, a wedding, and marketing. There’s also a personal financial statement (which is a good idea to have so you can track your net worth). Download at office.microsoft.com/. Search for ‘personal budget.’
It’s worthwhile to take a look at them all – it may be helpful to build a budget using the categories of one system, then use, for example, SimpleD to track the spending.
Of course, there are other, less technology-heavy systems. A spiral notebook and a pen and calculator are one. The envelope method is another. The envelope method goes like this: get a separate envelope for different household expenses such as housing, food, travel, etc., allocate expenses to the different categories according to your income, put the allocated money in its respective envelope, and then use the money from a particular envelope to pay the corresponding bills. The envelope system was designed for cash – actual money would go in the envelope. But you could modify the system so that you just write the amount of money assigned to each category (envelope) on the outside, then subtract that money from the balance. Then when you get to zero, you’d have to quit spending in that category or 'move' money from another envelope.
Bugeting is a basic financial management tool -- if you've signed up for Wyoming Saves and dedicated yourself to saving money each pay period, then make sure you follow up and track your savings.
Friday, February 26, 2010
Home Heating Help Program Deadline Extended to March 31
CHEYENNE – The deadline for applying for a home heating help program has been extended for this season only, according to the Wyoming Department of Family Services.
LIEAP, pronounced lee-ap, helps income-eligible households cover the costs of heating their home. State residents now have until March 31 to apply for LIEAP.
“We’ve extended the deadline this year to March 31 to encourage more people to apply,” says LIEAP manager Brenda Ilg. “The program helps thousands of households, and we know many are struggling this winter with the economic downturn.”
To get a LIEAP application, visit dfs.wy.gov and print one, go to your local DFS field office or senior center or call 800-246-4221 and ask that an application be mailed to you.
Applications must be postmarked on or before March 31.
“We want to encourage people to apply, especially those folks on fixed and low incomes, such as retirees, people with disabilities and families with young children,” Ilg says. “It’s cold out there, and we want to help keep more Wyoming families safe and warm this winter.”
LIEAP, pronounced lee-ap, helps income-eligible households cover the costs of heating their home. State residents now have until March 31 to apply for LIEAP.
“We’ve extended the deadline this year to March 31 to encourage more people to apply,” says LIEAP manager Brenda Ilg. “The program helps thousands of households, and we know many are struggling this winter with the economic downturn.”
To get a LIEAP application, visit dfs.wy.gov and print one, go to your local DFS field office or senior center or call 800-246-4221 and ask that an application be mailed to you.
Applications must be postmarked on or before March 31.
“We want to encourage people to apply, especially those folks on fixed and low incomes, such as retirees, people with disabilities and families with young children,” Ilg says. “It’s cold out there, and we want to help keep more Wyoming families safe and warm this winter.”
Money Management in Tough Times
The gloomy forecast for the economy has many people asking questions about what actions they might take to help improve their personal or family situations. Money Management in Tough Times is a new focus for eXtension which can help. At www.extension.org/Financial_Crisis you will find resources are organized into five categories: business, families, farms & ranches, individuals, and youth. The articles and reports found in these categories are the "best of the best" resources available on finances today.
Another great resource is the Wyoming Saves program. Accept the challenge to increase your savings and/or decrease your debt by REGISTERING for Wyoming Saves now. You can also follow Wyoming Saves on facebook at http://www.facebook.com/WyomingSaves.
Wyoming Saves is a program of the University of Wyoming Cooperative Extension Service.
Another great resource is the Wyoming Saves program. Accept the challenge to increase your savings and/or decrease your debt by REGISTERING for Wyoming Saves now. You can also follow Wyoming Saves on facebook at http://www.facebook.com/WyomingSaves.
Wyoming Saves is a program of the University of Wyoming Cooperative Extension Service.
Wednesday, February 17, 2010
Turn Your Dreams into Reality!
Do you dream of vacationing in the Caribbean? Or retiring in a warm location and spending your days golfing? What about dreams of sending your kids to college or driving the sweet ride you’ve seen advertised recently? By turning your dreams into SMART Goals you can turn your dreams into reality.
The SMART in “SMART Goals” is an acronym for Specific, Measurable, Attainable, Relevant, and Time-bound. People who make their goals SMART are more likely to achieve them.
A specific goal is one that is clear and easy to describe. “I want a nice house” is not very specific; however, “I want a house with three bedrooms, 2 baths, and a 2 car garage” is specific.
A measurable goal can be quantified. Being able to quantify your goal ensures that you can track your progress and will know when you have achieved it. A common way of making your goal measurable is to specify a dollar amount, such as “saving $5,000 toward a car down payment.”
An attainable goal is one that you can achieve. It may not be an easy goal to reach but it should be doable. For most of us “riding the space shuttle” would not be very attainable, however, “spending a week in Mexico” is probably doable with a bit of work and planning.
A relevant goal is one that has meaning for you and your life. It reflects who you are and what you value. A goal to remodel the kitchen would not be very relevant for someone who neither cooks nor entertains but it would be relevant for someone who values these activities.
A time-based goal is one that has a specific end date. Without a specific end date, it can be too easy to delay making progress toward achieving your goal. By setting a definite end date you can determine if you are on track to achieve your goal. If not you can make the appropriate changes to your actions or even to the goal itself.
Having turned your dream into a SMART Goal, you can now determine what steps are needed to accomplish your goal. If your goal involves having a set amount of money you will need to divide the amount of money you will need by the number of months until you will need the money to determine how much you will need to save each month. For example, if you will need $2,400 in 2 years for your goal, you will need to save $100 a month.
To help you achieve your goals, be sure and sign up for Wyoming Saves. Wyoming Saves is an educational program that is open to anyone interested in building wealth and reducing debt. The program runs from March 1st to May 31st. Register here for Wyoming Saves.
The SMART in “SMART Goals” is an acronym for Specific, Measurable, Attainable, Relevant, and Time-bound. People who make their goals SMART are more likely to achieve them.
A specific goal is one that is clear and easy to describe. “I want a nice house” is not very specific; however, “I want a house with three bedrooms, 2 baths, and a 2 car garage” is specific.
A measurable goal can be quantified. Being able to quantify your goal ensures that you can track your progress and will know when you have achieved it. A common way of making your goal measurable is to specify a dollar amount, such as “saving $5,000 toward a car down payment.”
An attainable goal is one that you can achieve. It may not be an easy goal to reach but it should be doable. For most of us “riding the space shuttle” would not be very attainable, however, “spending a week in Mexico” is probably doable with a bit of work and planning.
A relevant goal is one that has meaning for you and your life. It reflects who you are and what you value. A goal to remodel the kitchen would not be very relevant for someone who neither cooks nor entertains but it would be relevant for someone who values these activities.
A time-based goal is one that has a specific end date. Without a specific end date, it can be too easy to delay making progress toward achieving your goal. By setting a definite end date you can determine if you are on track to achieve your goal. If not you can make the appropriate changes to your actions or even to the goal itself.
Having turned your dream into a SMART Goal, you can now determine what steps are needed to accomplish your goal. If your goal involves having a set amount of money you will need to divide the amount of money you will need by the number of months until you will need the money to determine how much you will need to save each month. For example, if you will need $2,400 in 2 years for your goal, you will need to save $100 a month.
To help you achieve your goals, be sure and sign up for Wyoming Saves. Wyoming Saves is an educational program that is open to anyone interested in building wealth and reducing debt. The program runs from March 1st to May 31st. Register here for Wyoming Saves.
Thursday, February 11, 2010
Registration open for Wyoming Saves
Register now for Wyoming Saves. Educational articles will begin arriving on March 1st. Be sure to fan the Wyoming Saves facebook page to get all the latest updates and participate in the online discussions.
Wednesday, January 27, 2010
The Recessions' "Silver Lining"
Our nation’s current economic state has been like a dark cloud over both consumers and businesses for well over a year. While words like ‘foreclosure’, ‘bankruptcy’, and ‘bailout’ have been added to our day-to-day vocabulary, it is hard to imagine a silver lining to this dark cloud of recession.
However, behavioral economists – the people that study the way human beings make money decisions – are noticing a positive and promising trend in one way Americans have responded to the recession. In the last year, when unemployment rates skyrocketed, along with rising foreclosures, bankruptcies, and bank failures, a surprising thing occurred – Americans, on average, saved more money.
The savings rate of Americans grew in 2009 for the first time in decades. Recent data released by the US Department of Commerce’s Bureau of Economic Analysis shows the savings rate rose to nearly 7% in the last quarter of 2009. This is the highest rate since the early 1990s and is predicted to grow to nearly 10% in the next one to two years.
So, what is behind this seemingly counter-intuitive phenomenon? Conventional wisdom would tell us that during these dire times of job loss and loan defaults, our rates of personal savings would decline as we struggle to make ends meet. While nearly all households have felt some type of fiscal crunch, stashing cash in savings still became a priority.
When we feel financially secure and the economic climate seems healthy, we tend to put our money into ‘better’ uses like home renovations or family vacations. But, when the economic turmoil began to make news and the unemployment rate started to leap, so did our savings rates.
Suddenly-insecure Americans decided saving money in emergency reserves is a better use of our hard-earned and increasingly scarce funds, since the future seemed a bit more uncertain.
Unfortunately, for the many individuals and families that scrambled to build emergency savings accounts over the past several months, saving money may be an all-too-easily-forgotten practice once the fear of the recession subsides.
We will all be much better off if this crash-course lesson in saving money isn’t abandoned at the next sign of economic recovery. The silver lining of this economic cloud will shine brightly if some of these belt-tightening techniques become long-term behaviors.
We’ve learned now that we can trim our budgets and delay some purchases when our future is uncertain and increased security is needed. Let’s continue the trend of making personal savings a priority, so the next time a dark economic cloud appears on the horizon, we’re prepared.
However, behavioral economists – the people that study the way human beings make money decisions – are noticing a positive and promising trend in one way Americans have responded to the recession. In the last year, when unemployment rates skyrocketed, along with rising foreclosures, bankruptcies, and bank failures, a surprising thing occurred – Americans, on average, saved more money.
The savings rate of Americans grew in 2009 for the first time in decades. Recent data released by the US Department of Commerce’s Bureau of Economic Analysis shows the savings rate rose to nearly 7% in the last quarter of 2009. This is the highest rate since the early 1990s and is predicted to grow to nearly 10% in the next one to two years.
So, what is behind this seemingly counter-intuitive phenomenon? Conventional wisdom would tell us that during these dire times of job loss and loan defaults, our rates of personal savings would decline as we struggle to make ends meet. While nearly all households have felt some type of fiscal crunch, stashing cash in savings still became a priority.
When we feel financially secure and the economic climate seems healthy, we tend to put our money into ‘better’ uses like home renovations or family vacations. But, when the economic turmoil began to make news and the unemployment rate started to leap, so did our savings rates.
Suddenly-insecure Americans decided saving money in emergency reserves is a better use of our hard-earned and increasingly scarce funds, since the future seemed a bit more uncertain.
Unfortunately, for the many individuals and families that scrambled to build emergency savings accounts over the past several months, saving money may be an all-too-easily-forgotten practice once the fear of the recession subsides.
We will all be much better off if this crash-course lesson in saving money isn’t abandoned at the next sign of economic recovery. The silver lining of this economic cloud will shine brightly if some of these belt-tightening techniques become long-term behaviors.
We’ve learned now that we can trim our budgets and delay some purchases when our future is uncertain and increased security is needed. Let’s continue the trend of making personal savings a priority, so the next time a dark economic cloud appears on the horizon, we’re prepared.
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