Mind Your Money

 

Welcome to the library's multi-author blog and associated resources for increased financial literacy. This program is made possible by a grant from the FINRA Investor Education Foundation through Smart investing@your library®, a partnership with the American Library Association

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For questions or comments about this program, please send email to mym [at] hmcpl [dot] org.

 

 

My Money Five

MyMoney.gov  is the U.S. government's website dedicated to teaching all Americans the basics about financial education. The website has several special features including My Money FiveMy Money Five discusses making the most of your money by starting with five building blocks for managing and growing your money. Use these five principles in mind as you make day-to-day decisions and plan your financial goals.

The Five Principles

EARN – Make the most of what you earn by understanding your pay and benefits. Read more...

SAVE & INVEST - It’s never too early to start saving for future goals such as a house or retirement, even by saving small amounts. Read more...

PROTECT – Taking precautions about your financial situation, accumulate emergency savings, and have the right insurance. Read more...

SPEND – Be sure you are getting a good value, especially with big purchases, by shopping around and comparing prices and products. Read more...

 BORROW – Borrowing money can enable some essential purchases and builds credit, but interest costs can be expenses. And, if you borrow too much, you will have a large debt to be repaid. Read more...

6 Tips for Women Who Want to Retire

For many women, retirement isn't the relaxing haven it's cracked up to be. Because women earn less over their lifetime than men, they tend to have less saved. Women also live longer than men, which means their savings needs to stretch longer. According to a 2012 Government Accountability Office report, 12 percent of women age 65 and older are living in poverty, compared with only 7 percent of men. For divorced and widowed women in the same age group, the poverty rate is higher, at 21 and 15 percent, respectively.

Even women with incomes over the poverty level often face financial stress. Nursing homes, which women have a greater chance of entering because they generally live longer, cost an average of $71,000 a year, and assisted-living facilities can cost $32,000 annually.

What can women do to protect their finances? A lot, it turns out. Read the U.S. News & World Report story. 

Americans need financial education, report says

From CNBC: Financial service companies spend billions of dollars a year marketing their products and services—credit cards, checking and savings accounts, car loans, mortgages and home equity products.

By comparison, very little is spent to provide American children with the tools they'll need to deal with the financial decisions they'll face in life.

A new study from the Consumer Financial Protection Bureau (CFPB) documented the huge disparity in this spending. The study found that the industry spends approximately $17 billion annually on consumer marketing. But only about $670 million is spent on financial education each year in this country.

Put another way: While $54 a person is spent on financial marketing to American consumers, only $2 per person is spent to educate them on money matters.

"When consumers receive the vast majority of their financial information from companies that are trying to promote an image or sell products, consumers have very little unbiased information," Richard Cordray, director of the CFPB, said in a statement.

Cordray said the report, "Navigating the Market," "further reinforces the dire need for more and better financial education in this country." Read more and see the interview on CNBC...

Thanks to Stephen Speciale, one of our Mind Your Money class instructors, for this timely article!

Lawmakers preparing to protect military families from financial predators

Federal and state officials responsible for regulating lenders want to provide greater protection for military families' finances, according to an article in Military Times yesterday.  Lenders are skirting the edges of the law -- or defying it outright -- and lawmakers want it to stop.  They're calling for better financial education for service members and better laws to protect our military families.

The Library's Smart Investing project is planning a series of financial workshops on Redstone Arsenal, for both adults and teens.  Working with Army Community Services and Redstone Arsenal MWR's HIRED program for teens, we'll help military families get started with investment basics, budgeting, saving money, and preparing for retirement -- and more.  Check us out starting January!

Tired of marketing phone calls and mail?

If you'd like to cut down on telemarketers at dinnertime and marketing offers in your mailbox, consider these resources recommended by FINRA.

To place yourself on the telemarketing "Do Not Call" list, go to  donotcall.gov or call toll-free (888) 382-1222.

To reduce direct mail and email offers, go to dmachoice.org.

To let credit card companies know that you're not interested in "pre-screened" offers, go to optoutprescreen.com or call toll-free (888) 567-8688.
***NOTE: it's not required to give information beyond your name and address, although it asks for your SSN, date of birth, and phone number.

TheMint.org: It Makes "Cents" for Kids!

 

A few words about themint.org

Launched in 1997, the site provides tools to help parents as well as educators teach children to manage money wisely and develop good financial habits: the building blocks for a secure future. Given the current rate of savings and debt in America, this is a lesson that desperately needs to be learned.

Sections on this site have been designed for families. Most pages are written in a kid-friendly style so families can work together – or older children can work independently in learning money lessons. However, some sections have been developed exclusively for teachers and parents.

  • Ideas for Teachers contains activities to illustrate sound money-management concepts.
  • The Parents section provides tips for mentoring and nurturing children, to help them grow in financial responsibility. Some of these tips lay very simple groundwork and can be used before children start grade school.

We invite you and your family to explore this site. It will give you a fun and interactive way to learn about all the things people do with money: earning, saving, spending, investing, donating safeguarding, and borrowing.

Themint.org is endorsed by the American Library Association as a Great Web Site for Kids. More than 400 Web sites were evaluated based on their authorship, sponsorship, content, purpose, design and stability by the Association for Library Services to Children Great Web Sites Committee. Themint.org is one of 34 sites that meets the criteria and is honored with the Great Web Sites Seal of Approval. More information and links to other Great Sites for Kids can be found at www.ala.org/greatsites.

mint.org logo in color
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