K-State Research and Extension

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Tag: Finances

Caring for Elders

Posted on by djbechard

Ten percent of Americans over the age of 60 have experienced some form of elder abuse in the last year. This number is expected to rise with the growth of the aging population. For the first time in human history, the population of older adults will outnumber children in the U.S.

Because of this shift in balance, there will be fewer caregivers to look after the older generation, which creates a risk factor for elder abuse.

Caregivers, including family members, account for 90% of elder abuse. Abuse that comes from loved ones can make older adults hesitant to report it, so oftentimes it is someone outside the family who will see the warning signs.

The six common categories of abuse are:

  • Physical
  • Emotional/Psychological
  • Sexual
  • Neglect
  • Abandonment
  • Financial/Exploitation

 

Older adults are an amazing value to a community with their wealth of knowledge and experience.  Enjoy time with them, foster connections and look for warning signs of abuse.

By: Brenda Langdon

Financial Tips

Posted on by djbechard

Rebuilding your life after a disaster may be a challenge.  Having access to personal, financial, insurance, medical and other records is crucial for starting the recovery process and easing the stress.

  • Gather financial, personal, household and medical information. Store these and other important documents either in a safety deposit box, a fireproof box at home, an external drive, or on a cloud to make it easy to access during a disaster.
  • Keep a small amount of cash at home in a safe place. It is important to have small bills on hand because ATMs and credit cards may not work during a disaster when you need to purchase necessary supplies, fuel or food.
  • Obtain homeowners or renters insurance, health, and life insurance if you do not have them. Not all insurance policies are the same. Review your policy to make sure the amount and type of coverage you have meets the requirements for all possible hazards. Homeowners insurance does not typically cover flooding, so you may need to purchase flood insurance separately.

Be cautious about sharing personal information such as bank account, social security, or credit card numbers, and be aware of scammers who might try to take advantage of you during stressful times.

By: Brenda Langdon

Financial Success

Posted on by djbechard

The U.S. Governments Financial Education and Literacy Commission promotes five principals for Americans to keep in mind as they make day-to-day decision about money and plan their financial goals.

Earn – Make the most of what you earn by understanding your pay and benefits.  If you aren’t using vacation pay or personal days off, that’s a benefit that you are leaving on the table, and you’re not getting the rest and leisure that you’re eligible for.

Save and Invest – It’s never to early to start saving for future goals. If you have a retirement account, you should routinely review those accounts and make sure they are on track to meet your goals.

Protect – Make sure you have an emergency savings, and that insurance plans provide adequate coverage for home, car and other property.

Spend – Get good value for your purchases.  Shop around and compare, especially on big purchases.

Borrow – Most of us have to borrow money to buy a house or other large purchase at some point. Borrowing money and paying back loans helps to build credit.  However, remember that borrowing money comes at a price – paying interest. When you borrow you repay the debt and pay interest.

Everybody will manage their money differently, and these are principles, not hard and fast rules. We can’t always stick to these principles depending on our circumstances.

By: Brenda Langdon

Financial Tips

Posted on by djbechard

Create a vacation savings account.  Rename a savings account to the location of your vacation destination. Set up a recurring deposit into that account either from your paycheck or checking account.

Take advantage of your retirement contribution match. Don’t leave free money on the table. Some employers will deposit into your 401(k)-retirement account based on the amount you put in yourself. This is a great way to increase your retirement savings. Find out your employer’s match and start maximizing your earnings.  If you are self-employed and need to find your own retirement plan, reach out to your financial institution and ask about their individual retirement account (IRA) options.

Take $5 to treat yourself when your taxes are filed. One aspect of positive money management is to bring joy and celebrate. Reward yourself for financial discipline!

File your taxes early – Three benefits from filing early:

  1. Receive your return faster.
  2. Allow more time to make your refund work for you.
  3. If you owe money in taxes, you’ll have more time to plan and prepare your payment.

For more information on how to get ready to file taxes, visit the Get Ready page of IRS.gov at https://www.irs.gov/individuals/steps-to-take-now-to-get-a-jump-on-next-years-taxes

By: Brenda Langdon

Holiday Financial Tips

Posted on by djbechard

  • Involve your family in holiday planning. Discuss ways to have fun spending less during the holidays.

 

  • Make a holiday bucket list that includes free activities and opportunities to serve others. Trimming the holiday expenses can also help to simplify the season.

 

  • Carve out time to plan financially for the year ahead. Create a financial vision board to articulate how you’re working toward financial freedom during the coming year.

 

  • Challenge yourself to take fewer trips to the grocery store. One of the best ways to avoid overspending on your food budget is to only visit the grocery store once per week. Try it out this month especially since we tend to spend more on food in November and December.

By: Brenda Langdon

Extending Financial Resources

Posted on by djbechard

When paying the monthly bills, it may feel like the paycheck just doesn’t go as far as it once did, and this is especially true in a time of price increases.  With some of the recent price increases, it can feel as if your income is dropping even though your paycheck remains the same.

It is important for people to realize that this is happening for reasons that are out of their control.  To combat that, it is important to take stock of the family’s resources. This is a time to look at our values and set some priorities for our spending.

Consider substituting goods and services. Buying things when they are on special or using coupons are ways to help reduce costs.

Transportation is a large expense and one that should be considered when budgeting.  It is also encouraged to keep up on car maintenance to avoid costly repairs.

Along with car maintenance, it’s important for people to winterize their homes. This can save on heating expenses.

Another small adjustment people can make to extend their financial resources is to minimize food waste.  If you don’t like leftovers and end up throwing them out, that is like putting money in the trash. Try cooking in smaller portions or freeze the excess food for a future meal.

By: Brenda Langdon

Financial Calendar

Posted on by djbechard

Fall is a good time to look back at the year and evaluate your financial planning and then use that knowledge to plan for next year.  One way to assess your progress since January is to compare how much debt you owed at the beginning of the year to now. Do you owe more or less overall? Another is to compare your net worth (assets minus liabilities).  Are you worth more now than you were at the first of the year?

Set up alerts for your bank and credit card accounts. Many institutions offer free alerts when suspicious spending occurs, but you may still need to opt-in to those services.

Invest some time to learn more about smart money management. Read a book, attend a class, or listen to a podcast.

By: Brenda Langdon