Tip of the Month: Better Credit Means Lower Insurance Rates!

 Upcoming Financial Education: 

April has been a busy month. We taught Parts 1 & 2 of our Financial Household Stability classes, but Parts 3 &4 are coming up this weekend, and there are still spots left (see info below)! 

We learned a lot at the Saving, Investing and Risk Management on budgeting, saving, the benefits of insurance and rules of thumb for investing and preparing for a sound financial future. Thanks Chris Kiichle! 

We will be holding our next seminar on June 7th from 5-6pm on New Banking Regulations and How They Impact You! Stay tuned for more information on this exciting upcoming seminar. 

Our spring financial education schedule is as follows:

Financial Household Stability Workshops: 

*This seminar is part of our ongoing monthly seminar series covering special topics of interest to our clients. If you would like to suggest or teach a future seminar or find out more information about our education programs, contact Talia (information below).  

Our classes and seminar will be held at our new location:  

3^rd Floor of the Lloyd Center Mall (near Nordstroms), 2011 Lloyd Center, Portland

Innovative Advice with Savvy Saver

* Every month we answer a question or give advice based on a scenario that someone sends us. If you would like financial advice on something you're facing in your life, email Talia at talia@innovativechanges.org or call her at 503.943.5620. All situations and questions will be kept anonymous.*

Dear Savvy Saver,

I am finally at a point where I have some extra money left over from month to month. I want to use this money to make myself feel more secure in the future, but am not sure what the best step to take would be.  I am thinking of setting up a savings account, but then again the only insurance I have at the moment is car insurance. I am a single parent living in a rented house with my two kids. Would it be smarter to purchase other types of insurance instead of setting it aside for savings?

Set-to-save

Dear Set-to-Save,

This is a hard decision. A couple weeks ago, Chris Kiichle of Pacific Capital Resource Group Inc, came and did a presentation at Innovative Changes on this very topic, so I feel prepared to pass on some of what I learned recently.

Savings is great because every little bit that you can put aside from month to month will make a difference, and, you can use this savings for any unexpected expense that arises. However, by shifting some of your risk to a third party, insurance could save you a lot of money in the long run if any big unexpected expense comes up in the future. If possible it's good to have a little of both: emergency reserves for short term expenses that don't fit into your budget and then some forms of insurance that can protect and preserve your life style if anything happens to you or your children.

There are many types of insurance beside the auto insurance that you already have such as medical, homeowners, life, disability income, renters, umbrella, long-term care. You should weigh the price of insurance protection against the potential benefits to you. For example, if you work from home and have a lot of valuable possession in your home, renters insurance may be worth it. If you don't have medical insurance, this could be key to keeping  your family healthy and avoiding large hospital bills in the long run.

Once you have established some savings and means of risk management (ie insurance), then it is time to think about longer-term savings and asset building (buying a house). So, you are definitely thinking on the right track-- it's up to you to prioritize how to distribute your extra monthly income!

For more information about looking for insurance and the pros and cons of different types of insurance, visit the 360 degrees of Financial Literacy website. Good luck!

Savvy Saver

April is National Financial Literacy Month!

Last year in the beginning of April, President Obama declared the month to be Financial Literacy Month. In a press release he stated:

"While our Government has a critical role to play in protecting consumers and promoting financial literacy, we are each responsible for understanding basic concepts:  how to balance a checkbook, save for a child's education, steer clear of deceptive financial products and practices, plan for retirement, and avoid accumulating excessive debts...During National Financial Literacy Month, we recommit to teaching ourselves and our children about the basics of financial education."

IC$ is pleased to participate in Financial Literacy Month by continuing to offer seminars, classes and workshops that prepare families to manage their finances in an informed and strategic way. If you would like to get involved in our education program by suggesting or teaching, a seminar topic, please contact talia@innovativechanges.org.

In addition to the IC$ classes mentioned above, here are some great financial literacy opportunities with Multnomah Library, Neighborhood House and Richard B. Schneider Law Offices.

The Legal Side of Aging: Are Your Documents in Place?

Tuesday, April 19, 2011, 1:00 PM - 2:30 PM at Neighborhood House, 7688 SW Capitol Hwy., Portland, OR 97219, 503.244.5204

Rules and regulations seem to dominate our existence and this applies to Estate Planning as well.  How valid are your documents, how often should they be updated, and what is now required to protect you and family members?  A comprehensive review of essential state and federal documents will be discussed during this free class to help you gain control.

Wills, Trusts & Estate Planning
Wednesday, May 04, 2011, 6:30 PM - 08:00PM, at Capitol Hill Library, 10723 SW Capitol Hwy., Portland, OR 97219, 503.988.5385

Learn the basics of wills, living trusts, powers of attorney and health care directives with attorney and author Richard Schneider. Have your questions answered! Visit www.multcolib.org for directions and additional information. No registration is required.

For  more information about upcoming seminars on estate planning and wills visit: http://www.rbsllc.com/local/estate-planning-seminars.aspx

Are You Receiving Your Payment Reminders?

If you chose to receive your payment reminders by email, make sure that they are coming to your inbox and not your junk mail. If you would like to change the way that you receive reminders (by mail, by email, or by phone call) let us know! Call Talia at  or Carmina at 503.249-5205.

How to Make Your Loan Payment

• You can mail your payment by check or money order to: Innovative Changes, 4610 N. Trenton St., Portland, OR 97203

• You can drop off your payment (check, money order or cash) at the New Columbia Opportunity Center Front Desk- Mon- Fri, 8am-5pm 

• Please note the building is closed to the public during the lunch hour (12pm-1pm) and is occasionally closed on Fridays for State furlough days.   
• The front desk person has envelopes and is authorized to collect payments on our behalf if we are not in. If you are paying in cash and need change, you must contact Sarah, Carmina or Talia in advance to arrange a meeting time.    

• You can drop off your payment (check, money order or cash) at the Lloyd Center, 3rd Floor, Suite 2011 (2011 Lloyd Center Mall, Portland, OR 97232) Mon-Fri, 9am-6pm and Saturdays by appointment (call Carmina).             

We Are Here to Help!