Wise Shopping

The Supreme Court, Health Care, and You

Posted on July 25, 2015 by Melissa Hart

On June 26, 2015, the Supreme Court made an important decision about the Health Insurance Marketplace keeping           quality, affordable coverage for millions of Americans.  The Supreme Court’s decision confirmed that if you qualify, you can receive financial assistance, including premium tax benefit to make coverage more affordable no matter where you live.

On average, consumers enrolled in the Marketplace are receiving $3,260 per year in tax credit, or $272 each month.

About 8 in 10 consumers could find coverage for $100 or less with tax credit through the Marketplace.

If you don’t have health insurance, see if you can get health coverage for 2015.  You may qualify for a Special Enrollment Period due to life change, such as marriage, having a baby, or losing other coverage.  Open enrollment for 2016 starts on November 1, 2015.

For more information, click here.

Teaching Suggestions

  • Ask students if anyone in their family is affected by the Supreme Court ruling, and if so, how?
  • Ask students to prepare a summary of the major provisions of the Affordable Care Act.

Discussion Questions

  1. Why is it important to inform the Marketplace about any changes to your household, income, and insurance status?
  2. If you have health insurance through your employer or purchased it on the individual market, does the Supreme Court ruling impact you?
Categories: Chapter 9, Health Insurance, insurance, Wise Shopping | Tags: , , | Leave a comment

Bitcoins or a Credit Card?

Posted on July 18, 2015 by Melissa Hart

Do you shop online?  Have you seen websites that allow you to pay with bitcoins?

Beware of the Bitcoin (virtual currency) risks!!

  • Values go up and down based on demand.
  • Payments made with virtual currencies aren’t reversible.
  • You do not have the same legal protections as more traditional payment methods.

For more information, click here.

Teaching Suggestions

  • Ask students if they have purchased products or services with bitcoins and what has been their experience.
  • Ask students if they check out the seller’s reputation before a purchase with bitcoins.

Discussion Questions

  1. Should the payment with bitcoins go directly to the seller or a payment processor?
  2. Does a payment through a payment processor offer any protections?
  3. If you receive damaged merchandise, will you get a refund in virtual currency, U.S. dollars, or store credit?
  4. If you have a problem with bitcoin-related product or service, where should you file a complaint?
Categories: Chapter 4, Chapter 5, Wise Shopping | Tags: , , | Leave a comment

Reduced Money Worries

Posted on June 24, 2015 by Melissa Hart

To minimize money worries and achieve greater financial freedom, five steps are recommended:

1.  Budget – create a simple money plan to track income, expenses, and savings. Closely monitor small daily expenses, which can quickly add up to large amounts.

2. Reduce – avoid buying unnecessary and unfulfilling items that pile up and collect dust. Make a conscious choice to reduce your consumption and unneeded spending.

3. Recognize – avoid debt to purchase things that you believe will impress others.

4. Educate – learn as much as you can about wise money management and personal financial planning.

5.  Get started – take action today to spend less, save, and learn more about wise money choices. Your habits will not change overnight, but a small step toward financial security can occur immediately. Consistent action will make a difference.

For additional information on reducing money worries, click here.

Teaching Suggestions

  • Have students create a list of common causes of money worries.
  • Have students prepare a drama with suggested actions for reduced money worries.

Discussion Questions 

  1. What are common actions that can help reduce money worries?
  2. Why do people consistently behave in a manner that creates money worries?
Categories: Chapter 1, Chapter 2, Financial Planning, Wise Shopping | Tags: , | Leave a comment

Financial Literacy Month

Posted on May 20, 2015 by Melissa Hart

April was Financial Literacy Month; however, every month should involve efforts to better understand personal financial planning principles and practices. The website 360 Degrees of Financial Literacy offers a wide range of tools and information to help people develop money management skills at every stage of life.

Other resources to provide financial planning assistance include the:

Teaching Suggestions

  • Have students talk ask people to describe their definition of “financial literacy.”
  • Have students obtain financial literacy suggestions using online research.

Discussion Questions 

  1. What are the common elements of financial literacy?
  2. How might a person improve their financial literacy?
Categories: Chapter 1, Chapter 2, Financial Planning, Wise Shopping | Tags: , | Leave a comment

THINGS NOT TO BUY

Posted on April 1, 2015 by Melissa Hart

To avoid wasting money, financial experts suggest cutting back on items that might not best serve your needs, such as:

  • cable television, since there are less expensive alternatives such as online streaming, which save a person over $800 a year.
  • name-brand razor blades costs can be reduced by using a membership program or by shopping at a discount retailer.
  • bottled water costs can reduced by using a home purification system.
  • USB drive costs can be reduced with the use of cloud storage.

For additional information on wise buying, click here:

Teaching Suggestions

  • Have students talk to others and create a list of items on which money is often wasted.
  • Have students suggest lower-cost alternatives for various items that are purchased regularly.

Discussion Questions 

  1. What actions can be taken to find low-cost alternatives for items that are purchased frequently?
  2. Explain short-term and long-term financial benefits of saving money on items that are purchased frequently.
Categories: Chapter 2, Chapter 6, Wise Shopping | Tags: , | Leave a comment

Affordable School Tips

Posted on March 28, 2015 by Melissa Hart

To help students and their families reduce the costs associated with college, AffordableSchoolsOnline.com provides information and links on various topics.  Features of this website, which was previously known as FrugalDad.com, include coverage college selection, financial aid, saving for college, and career trends for selecting a major.

For additional information on money-saving tips for school, click here:

Teaching Suggestions

  • Have students conduct online research to determine actions that might be taken to reduce education costs.
  • Have students interview various people to determine actions to take to reduce education costs.

Discussion Questions 

  1. What actions have you taken to reduce education costs?
  2. Describe attitudes and beliefs that may minimize a person’s desire to reduce their education costs.
Categories: Career, Chapter 2, Financial Planning, Wise Shopping | Tags: , | Leave a comment

Financial advice for singles

Posted on March 25, 2015 by Melissa Hart

Since they usually have fewer financial responsibilities, singles have a greater opportunity to save for a future family, advanced career training, or long-term financial security (retirement). Singles are also able to share their time (volunteering), talents (teaching others skills/knowledge they possess), and treasures (financial donations) to address local and global concerns related to education, hunger, safe water, health care, job training, and other social issues. Single people, as well as others, may take advantage of free community events, doing volunteer work, and using barter/exchange platforms to share recreational facilities, events, and experiences.

For additional information on financial advice for single, click here:

Teaching Suggestions

  • Have students talk with others who are involved in addressing various social concerns through volunteering and other community service activities.
  • Have students survey several people to determine various actions that might be considered for achieving financial goals.

Discussion Questions 

  1. How does your life situation affect your financial responsibilities and spending?
  2. What short-term and long-term financial goals are you planning for at this point in your life?
Categories: Chapter 2, Chapter 6, Financial Planning, Wise Shopping | Tags: , , | Leave a comment

Wedding Costs and Marriage Success

Posted on February 7, 2015 by Melissa Hart

The average cost of a wedding is nearly $30,000 and the average engagement ring cost is about $5,500.  However, a high-cost wedding does not ensure a long-term marriage.  A study by two economists at Emory University concluded that “marriage duration is inversely associated with spending on the engagement ring and wedding ceremony“.

Other findings of the research included:

  • spending between $2,000 and $4,000 on an engagement ring was associated with a 1.3 times greater chance of divorce compared to spending between $500 and $2,000.
  • spending between $2,000 and $4,000 on the engagement ring was associated with two to three times the probability of reporting being stressed about wedding-related debt relative to spending between $500 and $2,000.
  • spending less than $1,000 on the wedding is associated with an 82 to 93 percent decrease in the chance of reporting being stressed about wedding-related debt relative to spending between $5,000 and $10,000. 

While money is important in marriage and life, being materialistic can result in relational difficulties.

For additional information on the wedding costs and marriage success, click here:

For the research paper, click here:

Teaching Suggestions

  • Have students research actions that may be taken to reduce wedding costs.
  • Have students interview people about their experiences related to planning a wedding. 

Discussion Questions 

  1. What financial difficulties might result from overspending for a wedding?
  2. How might a couple reduce weddings costs?
  3. Describe actions that might be taken to as alternatives for an expensive wedding.
Categories: Chapter 1, Chapter 2, Chapter 6, Debt, Financial Planning, Wise Shopping | Tags: , , | Leave a comment

Plunging Crude Prices Hammer Energy Companies

Posted on December 17, 2014 by Melissa Hart

“A decision by OPEC this week to maintain current levels of oil production is hammering major energy companies in the U.S. and abroad.”

This article explores the winners and losers of lower energy prices.  For consumers, lower energy and gas prices means increased discretionary funds for purchasing consumer goods including food, clothes, electronics, and presents for friends and relatives during the holiday season.  Also, both large and small retailers benefit because consumers have more money to spend.  And airlines, package delivery services, cruise lines, and other companies are spending less on fuel.

The disadvantages of lower energy and gasoline prices are already causing the stock prices of big oil companies including Chevron, ConocoPhillips, Exxon Mobil, Marathon Oil, and British Petroleum to decline.

For more information go to http://finance.yahoo.com/news/plunging-crude-prices-hammer-energy-companies-123639239–finance.html

Teaching Suggestions

You may want to use the information in this blog post and the original article to

  • Discuss the impact of the cost of energy and gasoline on a consumer’s budget.
  • Describe alternatives uses for the savings that result from lower energy and gasoline prices.

Discussion Questions

  1. What is the current price for a gallon of gasoline? How does this compare with the cost 6 months ago?  What impact does this have on your spending patterns and your personal budget?
  2. While you are saving money at the pump, the big question may be how you plan to use the savings. Are there alternatives to spending the money on clothes, entertainment, or holiday gifts?
  3. Now that the value of energy company stocks has declined, would you invest in a company like Exxon Mobil or Chevron? Explain your answer.
Categories: Chapter 2, Chapter 6, Chapter_12, Investments, Wise Shopping | Tags: , , , | Leave a comment

Trick yourself into saving

Posted on November 26, 2014 by Melissa Hart

Saving money can be automatic with some simple actions that would reduce your monthly spending.  Some actions, which can include lowering your monthly cash outflows by as much as $400, include:

 

  • Using a programmable thermostat which can be used to automatically raise and lower the temperature in your home, resulting in energy savings.
  • Increasing insurance deductibles for your home and auto insurance which will likely result in an annual savings of several hundred dollars.
  • Practicing less aggressive driving; using a constant speed can save money on fuel costs.
  • Seeking out ways to reduce your communication bills, such as using basic cable along with streaming video on your computer. Also, using a free texting app on your phone.
  • Using a refillable water bottle can save hundreds of dollars by not buying bottled water.

 

To ensure that you actually save this money, each month, have funds automatically moved into a savings account or investment program.
For additional information on saving, go to:

http://www.bankrate.com/finance/video/saving-money/trick-yourself-into-saving.aspx#ixzz3IKDG71pN

 Teaching Suggestions

  • Have students conduct online research to determine various actions to reduce spending and increase savings.
  • Have students interview several people to determine various actions that might be considered for reducing spending.

Discussion Questions 

  1. What actions have you taken to reduce spending and increase savings?
  2. Explain short-term and long-term benefits of reduced spending.
Categories: Car Insurance, Chapter 2, Chapter 6, Financial Planning, Health Insurance, insurance, Purchasing Strategies, Savings, Wise Shopping | Tags: , | Leave a comment

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