We all need a vacation  every now and then, but paying for it can be a challenge. Here are some tips that can help you save up and get the best vacation for your hard-earned money.  

Save 

Put aside as much of your income as you can and designate it to a vacation fund, so when the time to pay for that vacation comes, you won't have to break your budget. Plan ahead and save wisely!

Budget

It is essential to plan your vacation budget. Don't plan on bringing too much money with you, because the likelihood of bringing that money home with you is low. This being said, don't aim too low either. If you don't plan wisely for your vacation, it could lead you to rack up credit card debt that could be troublesome in the future. 

Credit Cards

When planning a vacation, try hard not to rely solely on using your credit card. It is a good idea to bring your credit card with you on vacation in case of emergency, but only use it in an emergency situation.

Promotions

Check with your travel agent, online, or in travel guides for coupons or promotions for your vacation destination. There are many great deals out there, and negotiating with a travel agent can help you save money on your flight, accommodations, as well as entertainment.

Saving money can be difficult, but rewarding. Click here to visit our website and use our Saving for a Goal calculator. Simply plug your numbers into the website and it will compute how long it will take you to meet your savings goal.

Financial Cent$ for High School Students

On April 15, 2011 the CFCO, in partnership with the Erie School District, hosted an event called Financial Cent$ for High School Students. This event, which reached over 700 students, was a great success. Many thanks to the 20+ volunteers who donated their time to help us educate students on financial matters. As a token of appreciation, all volunteers were entered for a drawing. Del Birch, of the United Way of Erie County, was the recipient of our $50 Millcreek Mall Gift Certificate.  Again, many thanks to the teachers and volunteers for all your help with this event. We couldn't have done it without you! 

We Need Your Help!

We are in need of testimonials from volunteers, teachers, administrators or students that we have worked with over the last year. We are putting together our annual report and would like to include quotes from those with whom we have worked. If you, or your students, would like to send us a quick note about what you thought of our programs or events, please do! Send any testimonials or pictures of CFCO events to cfco@psu.edu. Our annual report is scheduled for release in early August. Thank you!

Online Program

Good Financial Decisions

"Good Financial Decisions" is an interactive money management program for people interested in improving their money management skills. Each of the four modules provides you with information and a worksheet that will help you make good financial decisions that are appropriate for your individual situation. After you complete each module, please provide feedback about what you learned as well as changes you plan to make. Three months following your completion of this program, we will email you a follow-up evaluation to hear about your progress. The four modules are:

Borrower Be Aware: Learn what credit is, how to get it, use it wisely, and ways to avoid excess indebtedness. Identity theft prevention strategies are also explained.

Digging Out of Debt: There is a difference between good debt and bad debt. Learn successful strategies to help pay down debt and increase your savings.

Understanding Employee Benefits: In addition to your wages, most employers provide numerous other benefits that employees fail to take advantage of because they don't know about them.

Where to Stash Your Cash: Once you've worked hard for your cash, you want it to work equally hard for you. Learn about various financial products and how they can help you achieve your financial goals.

For more information or to register for the program, please click here.

High School Symposium

On Wednesday, May 18 and 25, the CFCO and the National Financial Educators Council co-hosted Real Money Experience programs for more than 300 high school sophomores and juniors from western Pennsylvania.

Students chose a career and made decisions at each of 10 stations based on their career choice. Throughout the experience they determined the education and skills needed to pursue that career.

They selected housing, transportation and clothing options that fit within their budgets. Students also had to factor in the extra expenses associated with those choices, from the cost of insurance premiums and utilities to weekly dry cleaning bills. Credit, investing and health care were also discussed.

"Today's students often lack basic money management skills. It's imperative that we continue to teach financial literacy to reduce the cycle of debt and financial hardship that many face," Erica Jackson, CFCO director, said. "Hands-on programs such as these simulate real-world choices and students quickly become aware of the ongoing expenses associated with their decisions."

Thank you to the many volunteers and sponsors that participated in the May 18th and May 25th events.  For more information on the High School Symposium Click Here.

Mindful Money

Check your inbox later in the month for the final edition of Mindful Money for the 2010-2011 year. It is 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. 

 

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