Posts Tagged With: wise money management

Personal Finance Hacks

Posted on April 13, 2019 by Melissa Hart

Hacks – skills and shortcuts – are used in many life settings.  For personal finance, here are some tips that can help stop money leakages:

  • Only use credit cards with financial advantages, such as cashback; always pay off credit card balances on time.
  • Making weekly payments, instead of monthly, helps to save interest and reduces the amount owed faster.
  • Pay off loans/debts with the highest interest rates first.
  • You might consider paying off a debt with another loan if the new loan has a much lower interest rate.
  • When shopping online, leave the item in the cart for several days or weeks; the price may be lower or you may decide you don’t really need the item.
  • Consider bulk purchases with friends to qualify for free shipping.
  • Take advantage of seasonal sales.
  • Unsubscribe from email offers.
  • Avoid household clutter to save time and money.
  • Cook your own meals; online videos and recipes offer fast, easy meals.
  • Talk to others for investment advice.

For additional information on personal finance hacks, click here.

Teaching Suggestions

  • Have students tell their personal experience with tech, travel, or personal finance hacks.
  • Have students create a video to dramatize various personal finance hacks.

Discussion Questions 

  1. How would you decide if a personal hack will be of value to you?
  2. Describe actions that might be used to communicate personal finance hacks to others.
Categories: Chapter 1, Chapter 3, Chapter 6, Chapter 7, Chapter 8, Financial Planning, Wise Shopping | Tags: , | Leave a comment

U.S. Financial Health Pulse

Posted on December 29, 2018 by Melissa Hart

Despite a strong economy, millions of Americans face financial struggles. These difficulties include lower household net worth, increased loan defaults, and high levels of credit card debt. These are the findings in the recent report, U.S. Financial Health Pulse, published by the Center for Financial Services Innovation (CFSI), in partnership with Omidyar Network, the Metlife Foundation, and AARP. 

The report assesses various financial health indicators that include income, bill payment, spending, saving, debt load, insurance, retirement planning and credit scores. When combined, these factors provide a composite view of the spending, saving, borrowing, and financial planning activities of Americans.

Some of the findings of the 2018 baseline report include:

  • 17 percent of American are viewed as financially vulnerable, 55 percent financially coping, and 28 percent financially healthy.
  • 47 percent of respondents reported spending that equals or exceeds their income.
  • 36 percent are unable to pay all of their bills on time.
  • 30 percent say they have more debt than is manageable.

U.S. Financial Health Pulse is intended to guide financial institutions, government agencies, and community organization in developing educational programs and financial products to better serve the needs of Americans. This study will be conducted each year to determine changes in America’s financial health.

For additional information on U.S. Financial Health Pulse and to view the report, click here.

Teaching Suggestions

  • Have students talk to friends to determine which of the financial health indicators they believe to be most important.
  • Have students create a survey instrument to measure various financial health indicators.

 Discussion Questions 

  1. What are the benefits of measuring financial health in our society?
  2. Describe actions that might be taken by business, government, and community organizations to address the financial difficulties faced by people.
Categories: Chapter 1, Chapter 2, Financial Planning | Tags: , | Leave a comment

Holiday Spending Spreadsheet

Posted on November 24, 2018 by Melissa Hart

The joy of the holiday season can be overpowered with shopping stress and financial difficulties. To avoid this situation, consider this approach:

  1. In mid-to-late November, create a spreadsheet to manage your holiday spending. Categories might include gifts for family and friends, donations to charity, holiday meals along with other items such as shipping, wrapping paper, decorations, parties, and travel.
  2. Enter realistic amounts that you are able to spend for the various people on your gift list and for the other categories.
  3. Monitor your actual spending, attempting to stay within your budget.
  4. Based on this year’s experiences, adjust categories and amounts for the 2019 holiday season.

The spreadsheet might include columns for name/item, budgeted amount, actual amount, difference, and notes for future reference.  Starting earlier in the year, consider   setting aside holiday money to avoid taking away funds from your normal budget. You might also consider using credit card and other reward points for gifts.

For additional information on a holiday spending spreadsheet, click here.

Teaching Suggestions

  • Have students create a spreadsheet that might be used to monitor holiday spending.
  • Have students talk to others to obtain ideas for not overspending during the holiday season.

Discussion Questions 

  1. How would you make use of a spreadsheet for holiday spending?
  2. Describe actions that might be taken to monitor and control holiday spending.
Categories: Budget, Chapter 2, Chapter 6, Wise Shopping | Tags: , , | Leave a comment

Financial Fears

Posted on November 19, 2016 by Melissa Hart

According to the Northwestern Mutual Planning and Progress Study on financial well-being, Americans have several worries.  Based on interviews with 2,646 adults, 85 percent of respondents reported financial anxiety in some form.  Approximately two-thirds of those surveyed indicated that financial anxiety negatively affected their health.  In addition, 36 percent of those responding had increasing levels of financial anxiety over the past three years.

In the study, the greatest financial fears were:

  1. Having an unplanned emergency
  2. Having unplanned medical expenses
  3. Having insufficient savings for retirement
  4. Outliving retirement savings
  5. Becoming a financial burden
  6. Not able to afford healthcare
  7. Loss of a job
  8. Identity theft
  9. Extended unemployment
  10. Death/loss of primary wage earner
  11. Having poor credit
  12. Having to file bankruptcy
  13. Being a victim of a financial scam

To address these concerns, the study recommends the following actions:

  • build an emergency fund for unplanned expenses
  • invest properly for retirement and long-term financial security
  • review your finances regularly to revise goals and savings activities

These actions can help to reduce the financial anxiety reported by a large portion of Americans.

For additional information on financial anxiety, go to:

Link #1

Link #2

Categories: Chapter 1, Chapter 2, Financial Planning | Tags: , | Leave a comment

Pokémon Go Can Cost You

Posted on August 20, 2016 by Melissa Hart

Pokémon Go has resulted in a loss of money and other concerns.  In this popular game, users interact virtually with Pokémon characters placed in real world settings. The app is free to download, however there are in-app purchasing opportunities. Players are encouraged to pay for hints and tips for a competitive advantage.

In addition to financial losses, the Pokémon Go app has been used to lure robbery victims.  Other players have been robbed of their phones.  Police departments caution players to be aware of their surroundings.

Be warned that “free isn’t the same as no cost.”  Users may pay in the form of data use, legal confrontations, injuries, and reduced work productivity.  Higher insurance costs can also occur when playing the game while driving, which might result in an auto accident. Social concerns include disturbing church services and other occasions with players capturing creatures during the events.

For additional information on the cost of Pokémon Go, click here.

Teaching Suggestions

  • Have students suggest ways that an app game might be used for improved learning or assisting others in need.
  • Have students describe safety precautions when playing Pokémon Go.

Discussion Questions 

  1. Why are people attracted to the game, often with a personal or financial cost?
  2. What actions might be taken to avoid the financial and personal dangers of the game?
Categories: Chapter 2, Chapter 6, Financial Planning, Wise Shopping | Tags: , | Leave a comment

Tips and tricks for Impulse purchases

Posted on April 9, 2016 by Melissa Hart

You are in line at your local grocery store and all the snacks, candy, and cheap gadgets are beckoning to be picked up and added to your shopping bag.  You are shopping on-line and you only need to spend $8 more to get free shipping.  How do you avoid falling prey to impulse buying?  How are marketers reducing friction to get you to buy more stuff?  As a consumer, factoring in additional transaction costs will help you avoid making impulse purchases.

The following article provides way to help you avoid adding impulse purchases, such as:

  1. Carrying cash.
  2. Making it a struggle to get out your credit card.
  3. No more one-click purchasing.
  4. No more e-tailer memberships.
  5. Having an accountability buddy.

Teaching Suggestions

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

  • Stress the importance of carefully watching your spending.
  • Have the students record all purchases for one week and see how much money is spent by the class in total on impulse purchases.
  • Stress the importance of having a budget and sticking to it.

Discussion Questions

  1.  Ask students to recall a time when they were able to resist the urge to make impulse purchases. What were some techniques that they used?
  2. Poll students about e-tailer memberships, such as Amazon. Why did they choose to acquire the membership?  Free shipping? On-demand viewing options.
Categories: Budget, Chapter 6, Financial Planning, Wise Shopping | Tags: , | Leave a comment

Want to save money on gas?

Posted on April 2, 2016 by Melissa Hart

Gas prices have been low for a few years but, it is always good to save a few more dollars!

What if you are in a new city?  Gas prices can vary by 10-15 cents per gallon in a matter of a few blocks.  How would you know where to find the cheapest gas?  Good news!  The GasBuddy app can help you find the best prices on the go.

Use this article to help you save gas money near home or away.

Did you know that you can?

  1. Use apps to find the best prices no matter where you are.
  2. Get cheaper gas by buying at certain times of day.
  3. Improve your driving and save gas money.
  4. Maintain your vehicle and save gas money.
  5. Get more rewards with your gas prices.

Teaching Suggestions

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

  • Stress the importance of saving small and large amounts of money.
  • Calculate the miles a sample of students have driven in the past year and multiply by varying amounts saved (5-15 cents per gallon) to demonstrate the dollar savings potential.
Categories: Budget, Chapter 6, Financial Planning, Wise Shopping | Tags: , | Leave a comment

Newcomer Money Guides

Posted on February 27, 2016 by Melissa Hart

While beneficiary, collateral, and fair market value are familiar to many, these terms can be especially confusing to those with limited English-language skills. In an attempt to assist various people, the Consumer Financial Protection Bureau has created the Newcomer’s Guides to Managing Money to provide recent immigrants with information about basic money decisions.  These guides offer brief suggestions to those who are new to the U.S. banking system.  The guides also include guidance for submitting and resolving problems with a financial product or service.

The Newcomer Guides include these topics:

  • Ways to receive your money, comparing cash, check, direct deposit, and debit cards.
  • Checklist for opening an account, to assist with starting a bank or credit union account.
  • Ways to pay your bills, providing guidance on whether to pay by check, debit card, credit card, or online.
  • Selecting financial products and services, providing assistance on deciding which financial services are right for various household situations.

Print copies of the guides can be ordered or downloaded. These publications are available to English and Spanish with additional languages to be offered in the future.

For additional information on money guides for newcomers:

Article #1
Article #2
Article #3

Teaching Suggestions

  • Have students ask people to create a list of financial planning terms that people find confusing.
  • Have students suggest methods to have people learn about confusing financial planning terms.

Discussion Questions 

  1. What financial problems might be encountered by people with limited English-language skills?
  2. What actions might be taken to assist various groups to better understand banking services and money management activities?
Categories: Bank Fees, Budget, Chapter 2, Chapter 4, Credit Cards, Debit Cards, Debt, Financial Services, Savings | Tags: , , | Leave a comment

Successful Financial Goals

Posted on February 20, 2016 by Melissa Hart

Financial goals are communicated in many formats, and are good to have. However, too often, a goal is lacking the “why.”  While various financial planning actions are beneficial, quite often, little thought is given to the motivation behind a certain goal. Without this “why,” minimal internal motivation is likely to be present to see a goal to completion. The “why” of a financial goal will help you persevere when encountering challenges that could derail your achievement of a goal.

Not being able to answer the “why” may indicate that the goal is not worth your efforts. The “why” will also assure that a goal provides a higher level of satisfaction when it is achieved.  The process may require a series of “why” questions as you respond to the initial “why.”

Instead of being an afterthought, the “why” of your financial goals should be a driving force in creating and achieving these personal economic objectives. Be able to decide if a goal is a result of advertising, societal influences, or reflective thought about your personal financial situation. This action should result in meaningful goals rather than just efforts to accumulate more money or more stuff.

For additional information on financial goals, click here.

Teaching Suggestions

  • Have students talk to people to create examples of financial goals.
  • Have students ask a series of “why” questions to help other people to better focus their personal financial goals.

Discussion Questions 

  1. What are common motivations that influence personal financial goals?
  2. How might a person better understand the motivation behind personal financial goals?
Categories: Chapter 1, Chapter 2, Financial Planning | Tags: , | Leave a comment

Financial Fragility of American Households

Posted on October 28, 2015 by Melissa Hart

A recent study from the Federal Reserve reports that almost half of consumers are not able to come up with $400 to cover an emergency expense.  In contrast, the study of 5,800 Americans reported that almost one-third of Americans believed their income would increase in the upcoming year.  However, many appear to be living one big expense away from financial disaster.

Other findings of the study include:

  • Forty-seven percent didn’t have the cash to pay for a $400 emergency expense.
  • One in five participants in the study reported spending amounts greater than their income.
  • “Underemployment” is a major concern for workers since part-time work often means a lack of benefits, especially health care coverage.
  • Nearly one in five Americans has nothing set aside for retirement; 39 percent of report that they have either given no thought or only a little to planning for retirement.

Despite these difficulties, Americans have seen a “mild” improvement in how they view their economic well-being since the recession ended. About 40 percent reported they were either “somewhat” or “much better” off than they were in 2009.

The report reflected that the recovery is only benefiting some.  About half of college-educated respondents said they are better off than in 2009; only 37 percent of those without a bachelor degree reported an improved economic situation.

For additional information on the financial fragility of Americans, click here.

Teaching Suggestions

  • Have students talk to various people about their economic situation compared with five years ago.
  • Have students create survey questions that might be used to measure the financial condition of a household.

Discussion Questions 

  1. What are common measurements of personal economic well-being?
  2. How might a person take action to improve personal economic well-being?
Categories: Chapter 1, Chapter 2, Financial Planning | Tags: , | Leave a comment

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