You are quite fortunate if you have never been a victim of identity theft, but the fact that it hasn't happened yet doesn't mean that it can't happen to you. Here are some ways to protect your identity: 

• Never give out your Social Security number unless you initiated the contact with a familiar source.
   
• Destroy any and all documents that include account numbers or personal information, especially credit card offers.
   
• Be hesitant when mailing bills from your home mailbox. If possible, take them to a postal box to avoid unnecessary risk.
   
• Avoid unwanted, prescreened credit offers by calling 888-5OPTOUT or go to optoutprescreen.com.
   
• When making a purchase online, only enter your credit card information on a secure (https://) websites.
   
• Check credit card and bank statements, as well as your credit report (www.annualcreditreport.com) regularly for unauthorized use.

If your bills are not arriving on time, you have credit report errors, there has been unauthorized activity on your accounts, or you have been contacted about accounts that to the best of your knowledge do not exist, you may be a victim of identity theft.

Recently, there has been a rise in medical identity theft. This kind of ID theft can occur in a variety of situations, including medical staff committing fraud by submitting fake bills to insurance companies, or a thief using your information to get prescription drugs or even surgery. In addition to credit problems and medical bills, your health is at risk if you become a victim of medical identity theft due to improper treatment for a condition that you do not have. Be sure to check your medical bills, Explanation of Benefits statement, and medical records for unauthorized activity, and, as always, be sure to safeguard your personal information.

If fraud is suspected, check your credit reports and immediately cancel all credit cards that may have been compromised. Contact the Federal Trade Commission as soon as possible at www.ftc.gov/complaint, the U.S. Post Office at www.postalinspectors.uspis.gov, or the PA Attorney General at www.attorneygeneral.gov.

For more information on the CFCO, visit our website at http://cfco.psu.edu. 

Your Money Matters

The CFCO is partnering with the Penn State Cooperative Extension to promote a financial workshop series via internet seminars (webinars). The cost will be $25.00 and the webinars will be held on Wednesdays April 6, 13, & 20 from 7-8:00pm. If you have a scheduling conflict-- don't worry! All sessions will be recorded and available for later review. To learn more, or to sign up for the workshops, please visit http://guest.cvent.com/d/5dqgl2.

Money Smart Kids

No matter what your family's financial situation is, everyone can benefit from saving a little more money. Below are some ways to save money; make it a family goal to try them all!

• Stick to a budget
• Put money into a savings account regularly
• Set savings goals
• Do certain jobs yourself, rather than paying someone else. For example, mow your own lawn or change your own oil
• Give handmade gifts or cards
• Use coupons and compare prices
• Buy things secondhand or on consignment
• Take care of your belongings
• Use, and stick to, shopping lists

Teaching children positive savings habits while they are young will benefit them when they enter the workforce and start making money. If kids are taught to save money out of their allowance, they will be more likely to do so out of their part-time job paychecks, and when they are older, out of their salaries.

Challenge your kids (and even their friends) to a savings contest! If the childrens' allowances differ, figure out their savings in terms of percentages of total money received. Tell them at the end of the month, whoever has saved the most money will be able to have a special privilege. The prize can be whatever you'd like it to be, whether it's choosing what game to play on family fun night or where to go out to dinner.

High School Symposium

Penn State Erie, The Behrend College is partnering with the National Financial Educators Council to offer a High School Symposium on Financial Literacy and College Success. Over 500 underserved/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 on May 18th and 25th.

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 volunteers, a tour of the campus, speakers, educator workshops and lunch.

Students visit 14 different stations and make life decisions that will impact them when they graduate from high school.  Upon entering the event, they choose a career and make education choices that effect their income. Participants quickly become aware of the ongoing expense of each decision as they learn about insurance, dry cleaning and utility costs.

The hands-on booths will include:  

• Credit
• Career
• Banking
• Housing
• Insurance
• Transportation
• Education & skills
• Community service
• Savings & investments
• Day-to-day & luxury
• Health & nutrition
• Trusted advisor
• College admissions/financial aid
• Financial literacy/college preparation

Click here for additional information on the event!

Mindful Money

Check your inbox later in the month for the newest edition of Mindful Money, an e-newsletter hosted by the CFCO which features 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. She will also be available via e-mail to answer any personal financial questions that you may have for her. 

 

 http://s3.bd.psu.edu