Money $ Tips

Celebrate 529 Day
Every year May 29th (5/29) is celebrated as “529 Day.” It is a day to learn about the benefits of saving early for higher education for children, because a little savings can go a long way to building future dreams. Why “529 Day”? Because 529 College Savings Plans are named for Section 529 of the federal tax code.

Money and Relationships
Most couples have different opinions about spending and financial priorities from time to time. That’s to be expected. The challenge is learning how to talk about differences. When couples don’t talk about money, whether large amounts or small, misunderstandings can occur.

Coping with Inflation
Protecting Ourselves from Inflation and Economic Uncertainty 

FAQs About Cash
Cash in your wallet: Which bill do you think gets worn out the quickest?

Coping with Rising Prices
With gas prices passing $4.00/gallon in Wisconsin many of us are feeling the pinch at the pump. While many families are still recovering from losing income during the pandemic, the current spikes in prices for gas and food can feel particularly hard to manage right now.

Wills, Trusts, and Debt. Oh, My!
This newsletter is shared on behalf of Leslie Boden, Money Management Counselors (Door and Kewaunee County)

Jumpstart Your Retirement Journey

6 Steps to Jumpstart Your Retirement Journey!

Retirement is one of those endeavors that fall into the “someday” category. But as we all know – life comes at you fast. A 2020 survey by Charles Schwab of currently employed 401(k) plan participants found that saving enough for retirement continues to be a leading source of significant financial stress for all generations.

Wills, Trusts, and Debt. Oh, My!
This newsletter is shared on behalf of Leslie Boden, Money Management Counselors (Door and Kewaunee County)

30-40-30 Plan
Whether you’re getting a tax refund, a bonus, or just an unexpected check in the mail — it’s exciting to have money coming your way. If you’re like me, you probably even dream of how you’d like to spend it before you get it! While there’s nothing inherently wrong with that, we want you to pause just a moment and consider a strategy that will allow you to be in a better financial situation.

Automatic Savings
The easiest and most effective way to save is automatically. Think about it, this saving automatically is the exact same way that millions of employees save through 401(k) and other retirement programs at work. So, taking that same concept— that you can “set it and forget it” and adjust to money going directly into savings would work for ANY savings goal you have— including saving for an emergency fund, homeownership, education, or even a vacation.

Avoid the “Family Bank”
Did you know that six in 10 people who are age 50+ provide financial support to family members? Do you ever feel that you’ve become the “family bank”?

Check Your Free Credit Report
Checking your free credit report is a great way to prevent identity theft

Student Loan Debt Relief
If you had a student loan at any point since 2007 – you could save money and might get refunded for repayments of over 10 years! Read the information in the link below to see whether you might qualify.

New Year’s Resolutions
Did you set New Year’s resolutions? Did you include “Getting in Shape” in order to be more financially fit? These planning tools may help you “shape up” your spending. And, if you have school-age children or grandchildren, there’s a “money map” below.

COLA Not Just a Drink
As we get ready for the Holidays, we tend to think of COLA as a cold beverage over ice. The image of Santa holding a cold frosty glass or maybe it’s Polar bears gulping down festive bottles. Yet, for those living on Social Security alone, COLA (Cost of Living Adjustment) can tip the scales for affording one’s housing, paying for prescriptions, or putting food on the table.

Donating Safely on Giving Tuesday
Giving Tuesday is a great time to show your gratitude by donating to help others. But you don’t want to give money to a fake charity or scammer (any day of the week).

Safe Online Holiday Shopping
Online shopping will continue to drive much of the spending this holiday. Using smartphones, smartwatches, tablets and laptop computers, we can tackle an entire shopping list from anywhere we can get an internet connection. But with this convenience comes the need to protect your personal and financial information when shopping online.

Veterans and Finances
With Veterans Day just behind us, University Extension is happy to announce a Money Matters landing page specifically for Veterans. This “Veterans and Finances” module is a bit different than the other Money Matters Modules. This special module covers money management basics, along with additional resources that are specific to Veterans. 

What is Your Money Color?
What is your Money Color? Your “Money Color” will help you understand what you value when it comes to money. It will also help you understand why you use or fail to use money a certain way. Read each statement below and respond according to what comes to mind first. Do not try to read too much into each statement. Add up your total at the end to find your color.

Take a Survey of Your Financial Strengths
Even if you’d like to improve some financial habits, you already have skills that help you manage your money. It’s also likely that some of your ideas could help others improve their money habits too. In this module you’ll learn about your own skills. Then you’ll have a chance to share a tip with others. Start with this brief survey. It should take about 10 minutes.

Mobile Banking
A smartphone in your pocket, a tablet, laptop, or desktop computer? Whatever device you use, most of us are using the internet for both work and play. Managing your money using online applications is one way to stay organized & save time.

Retirement Planning Basics
It is important to have a retirement plan, even if you are a long way away from retiring from work. About one out of every three 65-year-olds today will live until at least age 90. You can enjoy a more financially secure retirement by taking a few steps to manage your spending, reduce your debt, and make sure you have a way to get income as you get older.

Social Security Advanced Designation
When planning your financial future, it’s important to think about the unexpected. That includes preparing for a time when you’re not able to manage your own money.

To help, the Social Security Administration (SSA) offers Social Security Advance Designation. Advance Designation gives you peace of mind by allowing you to recommend someone you trust to manage your Social Security benefits if you become unable to do so yourself.

Resources for those struggling financially
With the end of extra federal unemployment insurance benefits and the end of the eviction moratorium, you may be seeing an increase in community members who are struggling to make ends meet. I wanted to share a few resources that may help.

Federal Student Loan repayment extension
On Friday, August 6, 2021, the U.S. Department of Education announced a final extension of the pause on federal student loan repayment, interest, and collections until January 31, 2022. The Department will begin notifying borrowers about this final extension in the coming days, and it will release resources and information about how to plan for payment restart as the end of the pause approaches.

Advance Child Tax Credit (ACTC): Answers to Common Questions
Many American families are receiving Advance Child Tax Credit payments starting July 15. Here’s what you need to know about the changes to the child tax credit, choices you can make, and planning for 2021 taxes.

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