Monthly Archives: April 2018

Apr 28 2018

Questions to Ask Yourself as You Plan for Retirement

Deciding when to start receiving your retirement benefits from Social Security is a decision that only you can make, and you should make that decision with as much information as possible.  There are a lot of important questions to answer.  Should you claim benefits earlier and get a smaller monthly payment for more years?  Or should you wait and get bigger monthly amount over a shorter period?

There are no right or wrong answers, but consider these four important questions as you plan for your financial secure retirement:

  1. How much money will I need to live comfortably in retirement?
  2. What will my monthly Social Security retirement benefit be?
  3. Will I have other income to supplement my Social Security benefits?
  4. How long do I expect my retirement to last?

For more information, click here.

Teaching Suggestions

  1. Ask students to survey retired individuals or people close to retirement to obtain information on the main sources of retirement income.
  2. Ask students to survey local businesses to determine the types of retirement plans available to employees.

Discussion Questions

  1. What types of retirement income should be the main emphasis of a retirement program?
  2. What actions might be appropriate by government and individuals to guarantee the continuing financial stability of the Social Security program?
Apr 21 2018

Romance Scams

What are some signs that a romance scam could be taking place?

  • a new love living far away requests money or use of your credit card number
  • being asked to sign a document giving a new romantic interest control of your finances
  • a new sweetheart wants you to open a joint bank account with them

While romance scammers usually focus on single, older people, anyone seeking a new relationship is a possible target. These scams can happen in person, but more often through social media, dating websites, smartphone apps. These scams happen when a new love pretends to be interested in you as a way to get your money. In fact, they may not even be who they say they are.

Beware of Cupid’s arrow striking your wallet instead of your heart!  To protect you, friends, and family from romance and other scams, consider these actions:

  • Avoid giving a new friend access to credit cards, bank accounts, or other financial assets.
  • Report crimes or financial exploitation to local law enforcement agencies or to Adult Protective Services (APS); information available at gov.
  • Contact your state attorney general and the Federal Trade Commission to report cases of financial abuse.

For additional information on romance scams, click here.

Teaching Suggestions

  • Have students create and present possible scam situations to create awareness among various potential victims.
  • Have students create a visual presentation (using computer software or a poster) to communicate actions to avoid scams.

Discussion Questions 

  1. What are common warning signs that may indicate that a possible scam is taking place?
  2. Describe actions that might be taken to avoid various scams and frauds.
Apr 14 2018

Becoming Financially Disciplined

Whether you start at the beginning of the year or you start today, some actions to keep your financial plans on track include:

  • Set a money objective. Simplify your approach for financial goals by selecting a word or short phrase to give your direction. This theme might be “future needs” (for retirement planning), “spend mindfully” (for controlling spending), or “kid’s college.”
  • Use automation. Using automatic transfers will allow you to save for a house down payment, an emergency fund, a vacation, or retirement.
  • Challenge yourself. Cut unnecessary expenses to allow you to have money left over each month for financial goals.
  • Change your environment. Modifying your financial habits can occur with visible reminders, such as photos, sticky notes, or note cards placed on your credit card, desk, bathroom mirror, refrigerator, car dashboard, or computer screen. Also consider keeping a financial diary or journal.
  • Obtain needed support. Instead of going it alone, work with a friend, roommate, spouse, or group to achieve your money objective and stay accountable.

 For additional information on becoming financially disciplined, click on the following links:

Financially disciplined #1

Financially disciplined #2

Teaching Suggestions

  • Have students talk to others to obtain ideas for achieving financial goals.
  • Have students create visuals that might be used to remind them about financial goals and actions.

 Discussion Questions 

  1. What are the main reasons people who not achieve financial goals?
  2. Describe methods that might be used to help you and others achieve financial goals.
Apr 7 2018

8 Simple Ways to Save Money

“Sometimes the hardest thing about saving money is just getting started.”

This Bank of America article provides a step-by-step guide for simple ways to save money–money that can then be used to pursue your financial goals.  To learn more, check out the 8 steps below.

  1. Record your expenses. Ideally, you can account for every penny you spend for the big items like mortgages, credit cards, and even small items like a coffee and snacks.
  2. Make a budget. Once you know how you spend, you can compare your income to your expenses and make changes, if necessary.
  3. Plan on saving money. Your budget should contain a savings category.  Ideally, savings should account for 10 to 15 percent of your income.
  4. Choose something to save for. One of the best ways to save money is to set a goal.  Possible goals include saving for a vacation, the down payment for a house, retirement, or anything important to you.
  5. Decide on your priorities.  Prioritizing goals can give you a clear idea of what is most important and helps to remind you why you are saving money.
  6. Pick the right tools. There are many saving options and the choice often depends on the amount of time before you need the money.  Often, money for short-term goals is placed in savings accounts.  Money for long-term goals may involve stocks, bonds, or mutual funds.
  7. Make saving automatic. Banks offer automated transfers between checking and savings accounts.  Automated transfers are great because you don’t have to make a decision to save or invest; it just happens.
  8. Watch your savings grow. Checking your progress every month helps you stick to your personal savings plan.

For more information, click here.

Teaching Suggestions

You may want to use the information in this blog post and the original article to

  • Discuss the relationship between income, expenses, and establishing a systematic savings program.
  • Help students understand how saving small amounts over time can help obtain goals that can change their lives.

Discussion Questions

  1. At the end of the month, many people wonder where their money went!  Why is it important to determine how you spend your money?
  2. How can a budget help you find the money needed to establish a savings program built on the goals you want to achieve?