News from Center for Financial and Consumer Outreach

An Outreach Center of the Sam and Irene Black School of Business at Penn State Behrend

January 2011

Welcome to the Center for Financial and Consumer Outreach's e-newsletter! The CFCO is an applied outreach unit of Penn State Erie, The Behrend College's Sam and Irene Black School of Business. Our mission is to conduct outreach to educate the public, from kids to adults, on financial literacy issues. The Center's outreach programs focus on financial management and literacy, as well as college preparation and workforce development.

Got Debt? Eliminate It!

'Tis the season for resolutions. Most likely you will be bombarded with advertisements encouraging you to lose a few pounds or take steps to maintain your health. However, wouldn't it be nice to lose some of the debt you've acquired over the year and become more secure in your financial well-being?

Be resourceful when paying off your debt. The getting out of debt section featured on our CashCourse website provides an online debt recovery worksheet and tips to help you pay off these bills. But be sensible, too, and avoid pawnshops and payday advance lending outlets, as they usually charge fees and high interest rates.

It's best to eliminate debt by reducing higher-interest debts first. Put as much money as you can toward the highest-interest loan or credit card bill that you have and only pay the minimum on all other sources of debt. When you've paid off your most overwhelming bill, don't decrease your payments. Pay whatever amount you were putting towards your first bill and apply it to the one with the next highest rate, once again only paying the minimum amount on other sources of debt. If you continue this cycle with discipline, you'll see your debt dwindle.

Maybe your debt doesn't involve credit cards as much as student loans. Visit the paying for college section of our CashCourse site to learn about consolidating loans, paying student loans off early, and eliminating debt.

Mindful Money

Starting this month, the CFCO will host an e-newsletter featuring a different financial topic each month. The advice will come from the Center for Financial and Consumer Outreach's financial expert and Penn State Graduate, Kathryn Nusbaum. Kathryn Nusbaum, CFP®, CPA is the Chief Executive Officer and co-founder of Middle America Planning, Inc. She is passionate about moving her clients towards a confident and secure financial state of mind. In addition to working with clients one on one, Kathryn speaks regularly to students and adults across the country on effective money skills and aligning conscious, financial decisions with personal goals.

Ms. Nusbaum's first article will be titled "Starting the Year With a Commitment to Financial Well-Being", and you won't want to miss reading it! She will also be available via e-mail to answer any personal financial questions that you may have for her.

Save the Dates

National Consumer Protection Week Fair and Symposium (hosted by the CFCO in conjunction with other partners)

March 8th: Fair at the Millcreek Mall
March 10th: Symposium at Penn State Behrend
Look for more information on this event in the next e-newsletter

High School Symposium
(hosted by the CFCO and National Financial Educators Council)

May 18th and 25th at Penn State Behrend
Over 500 under-served/first generation high school sophomores and juniors throughout Western PA, NY and OH will have the opportunity to attend this free event being held on the Penn State Behrend Campus May 18th and 25th, 2011. Activities for the day include a Real Life Simulation that will deliver practical financial literacy and life skill lessons that engage students through live interaction with highly trained volunteers, a tour of the college campus, speakers (faculty and students), and lunch. Students visit 14 different stations and make life decisions that will impact them when they move away from home. Upon entering the event, they choose a career and make education choices that affect their life. They decide on clothing and transportation options that fit their career while also fitting it into their budget. Participants quickly become aware of the ongoing expense of each decision as they learn about insurance, dry cleaning and utility costs.
Students Learning Experience features many topics, including:

Risk Management and Insurance
Financial Responsibility and Decision Making
Income and Careers
Planning and Money Management
Credit and Debt
Risk Management and Insurance
Savings and Investing
Financial Aid Processes and options to pay for college
Interactive CashCourse 101 booth with a chance to win a great prize!

The event will also host an educator training workshop presented by the 2008 Jump$tart Educator of the Year, where participants will enhance their financial literacy knowledge and be provided techniques to effectively deliver financial literacy in their classrooms and/or after school and nonprofits.
More information on this great event is coming soon, so make sure to mark your calendar!