| Welcome to the April issue of the Center for Financial and Consumer Outreach's (CFCO) e-newsletter! The CFCO is an applied outreach unit of Penn State Erie, the Behrend College 's Sam & Irene Black School of Business. Our mission is to conduct outreach to educate the public, from kids to adults, on financial literacy topics. The Center's outreach programs focus on financial management and literacy, as well as college preparation and workforce development. |
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Use Your Refund to Patch Holes in Your Financial Life
Article by: Smart About Money
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Will you receive a big tax refund from Uncle Sam? The answer depends on your withholding.
Withholding Strategically
On your Form W-4, you may make allowances for yourself, your spouse, and your dependents. For every allowance you take, less money gets withheld for federal taxes and more money gets added to your paycheck. For those of you who want-or need-the extra cushion each month, this is a smart move. However, if you're more likely to save or invest your tax refund than you are to save or invest a portion of your paycheck, receiving a tax refund may be a great strategy.
To ensure you withhold just the right amount, use the IRS Withholding Calculator and submit a new W-4 to your employer if needed.
6 Money-Smart Uses for Your Tax Refund
If you are expecting a refund this tax season, consider these six tips for using it wisely:
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Pay down credit card debt. First, atta ck the card with the highest interest rate. If you can pay off the card in full, that is even better.
- Build up an emergency fund. Tuck some of that tax refund into savings. Even a modest amount-as little as $500-can help soften the blow of the typical unexpected expenses. If you already have an emergency fund, give yourself an extra boost toward reaching that three-to-six-month-living-expenses recommendation. If you have yet to establish a plan, learn how to maximize your savings and save for multiple goals.
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Invest in a retirement plan. Enhance your future now by using your tax refund to invest in a tax-deferred retirement plan. If you have an Individual Retirement Account (IRA), make a one-time, sizable contribution, or save your refund for a series of smaller investments over several months. If you don't have a retirement account, learn more about them here.
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Prepay your mortgage or loans. For homeowners with hefty monthly mortgage payments, give yourself some breathing room by using your tax refund to pay ahead. For non-homeowners, contribute to your car loan or student loan, or prepay on your insurance premium.
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Be good to your car and your home. Use your tax refund to help fund costly, but necessary, repairs to your home or vehicle. Replace that leaky roof or buy new tires for your car.
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Treat yourself. If you've covered all of the above, then reward yourself-but do so responsibly. Use your tax refund to fund a well-deserved vacation or buy yourself that flat-screen TV or mp3 player you've been eying. Just be sure to maintain your fiscally savvy ways by finding the best deal, and click here for tips on making a major purchase.
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National Financial Literacy Month
April 2013
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April is National Financial Literacy Month. Each year, organizations across the country come together to highlight the importance of finan cial literacy in our communities. Throughout the month, these organizations make a concerted effort to spread financial literacy and teach Americans healthy financial habits.
This year, the Center for Financial and Consumer Outreach is once again taking part in Financial Literacy month with a variety of different events, including:
- Community presentations and workshops
- On-campus events with high school students at Penn State Behrend
- Presenting at conferences
- Facilitating Educator Training sessions
- Co-hosting national financial education events with partners, such as Marquette Savings Bank
- And much more!
For more information on how you or your students can learn more about financial literacy topics, click here to visit our website.
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Free Financial Webinar
Talking to Your Kids About Money | |
Most of us have made financial mistakes in our lifetimes - costly errors that we wish we'd had the knowledge to avoid. A lot of us learned money lessons from the school of hard knocks; we know firsthand the fear, stress, and worry that go hand-in-hand with money problems.
But what we can do is make life easier for our children. Parents have the power to teach their kids sound, proven financial techniques that will help them grow into worry-free, successful adults.
This webinar will offer tools for parents to help prepare children for the financial "real world."
Join Erica Jackson, Director for the Center for Financial & Consumer Outreach at Penn State Erie on April 30 at 6:00PM to learn simple, easy-to-understand tips to provide your kids - elementary school to high school age - with basic knowledge on how to:
- Save money
- Build credit
- Avoid crushing debt
- Invest young
- Achieve financial independence and security
Look for additional registration information to be released closer to the webinar date. |
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3rd Annual High School Symposium
May 15 & May 16
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The 3rd Annual High School Symposium on Financial Literacy and College Success is right around the corner. This year, the event will be held on both Wednesday, May 15 and Thursday, May 16 on the campus of Penn State Erie and is open to any high school student. Last year, over 300 students had the opportunity to participate in this unique learning experience, and this year we look forward to guiding more students to financial literacy and success.
While the students participate in the Real Money Experience simulation game, teachers, administrators, counselors, and staff members from non-profit organizations will have the opportunity to learn more about financial topics and issues, and use this information with their students, clients, or for their own personal use. Representatives from The Federal Reserve Bank of Cleveland, The Pennsylvania Department of Banking and Securities, and Penn State Erie, The Behrend College will be present to share their knowledge in various areas of consumer finance.
Registration for this event is now open, but space is limited. For more information on this event, click here.
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Interested in Volunteering?
3rd Annual High School Symposium | |
If you are looking for a volunteer opportunity that you know will have a lasting impact on those you work with, consider volunteering for the 3rd Annual High School Symposium on Financial Literacy and College Success. This year, the event will be held on both Wednesday, May 15 and Thursday, May 16 on the campus of Penn State Erie.
Volunteers play a vital role at these events and help to ensure its overall success. Throughout the course of the event, you will have the opportunity to aid students in creating a savings plan that matches their lifestyle goals, make a budget, and make simulated credit and investing decisions. Volunteers will also ensure that students get practical financial tips while they enjoy playing 'the game of life.'
If you are interested in learning more about volunteering for this event, visit the Volunteer page on our site, or click here.
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Annual Activities Report
2011-2012 | |
The Center for Financial and Consumer Outreach's annual activity report is now available! For a detailed overview of the financial outreach and initiatives that the CFCO carried out throughout the 2011-2012 year, click here. |
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Program Information & Samples
http://cfco.psu.edu/programs.html | |
If you are interested in learning more about the CFCO's financial literacy outreach programs, simply visit the link above, or click here. In addition, there are samples of each presentation available on our site so that you can gain an understanding of what each program includes. Some programs also have a short informational video.
Once you get to the site, simply click on the program that you would like to learn more about to view samples and additional information for that program.
If you are interested in requesting one, or more, of the programs, click here to access the Program Request Form. |
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Financial EduNation
An Online Resource Center for Everyone! | |
Financial EduNation is an online resource center offered by the CFCO in partnership with the National Financial Educators Council. This online tool is full of resources for students, parents, educators, and community leaders. Students can test their knowledge of financial literacy topics, while parents and educators can learn how to communicate more effectively with youth about financial literacy topics.
Qualified organizations receive complementary access to the comprehensive Financial EduNation resource center. This is provided on a first-come, first-serve basis. For more information about the Financial EduNation resource center, simply contact at our office at cfco@psu.edu. To visit Financial EduNation, click here. |
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Mark Your Calendars
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National Financial Literacy Month (April 2013)
Teach Kids to Save (Tuesday, April 23, 2013)
3rd Annual High School Symposium (May 15 & 16, 2013)
Money Matters Conference (Fall 2013)
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Mindful Money
Monthly Financial Feature
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April's Mindful Money feature will discuss National Financial Literacy Month.
Vince Shorb, the Chief Marketing Officer of The National Financial Educator's Council, will provide his knowledge and expertise on this topic.
For more information about Vince, or any of the Center for Financial and Consumer Outreach's financial experts, please visit the "Ask an Expert" page on our website, or click here.
To register for the CFCO's monthly Mindful Money column, click here.
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"Like" Us on Facebook
Stay Connected | |
If you have not already "liked" the Center for Financial and Consumer Outreach, you may want to in order to stay up to date on what the CFCO is doing. New outreach initiatives, CFCO events, and the latest in financial news are all posted regularly on our Facebook page in an effort to keep consumers informed.
To "like," search "The Center for Financial and Consumer Outreach," or click here. |
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Contact Us
Erica Jackson, Director
ekj2@psu.edu
(814)-898-6784
Chris Holmes, Graduate Assistant
cmh5282@psu.edu
(814)-898-6553
Amanda Shields, Intern
ars5458@psu.edu
Trevor Allburn, Intern
tja5130@psu.edu
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CFCO Homepage | |
Our new website is equipped with everything that you need to set out on the road to becoming financially savvy!
On our new site, you will find links to current financial news, a background on our center, a list of our current programs complete with a program request form, and our contact information. | |
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Join the Conversation!
April is National Financial Literacy Month. Learning about your finances is an ongoing process, so we want to know:
What area of personal finance would you like to learn more about, or get better at?
Vote Here
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Additional Resources
CFCO's Financial Calculators:
NEW! Tooth Fairy Calculator
Saving for a Goal
Back to School Budget
My Bonus After Taxes
Save A Million Dollars
Mortgage Payment
For more information and more financial calculators, visit the CFCO's website here.
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