Financial Security for All - Personal Finance

A class of Floyd High School students was instructed on basic money management skills. Short term objectives of increasing their knowledge on budgeting, financial goal setting, credit scores and credit traps were obtained. As a result of this program their instructor is interested in using the High School Financial Planning workbooks for future classes.

Newsletter articles have been written this year to increase knowledge in the matters of financial security. This newsletter is sent monthly to 260 household of all ages and life stages.

An article about “Marrying Again” was written to discuss financial matters involved in marrying again, whether from death or divorce. This article increased the knowledge of financial issues information that needs to be gathered and discussed prior to remarriage. Questions about day to day money management, long range planning and financial problems or complications caused by marrying more than once. Information for this article came from the National Endowment for Financial Education.

A second article from this source about being “Suddenly Single” advised as to necessary first steps for widows, widowers, and newly separated or divorced, information on organizing and gathering financial records and taking control of their future.

A third in the series was written about receiving a “Financial Windfall”, any amount of “sudden money” such as inheritance, retirement payout, lottery winnings, personal injury settlements, divorce settlement, business earnings or cashing out stock options. Readers were made aware of dangers in impulsive decisions; decisions that must be made right away; looking for good financial advice and where to heed caution.

During an unusual disastrous spring, readers were given some important pointers on “Homeowner/Renter’s Insurance”. A list of tips about insuring adequate coverage and tips for saving money on homeowner’s insurance and important features to consider. This information came from the 2007 Consumer’s Action Handbook.

An awareness of “Service Contracts and Extended Warranties” that may add hundreds of dollars to purchase price and are rarely worth the cost and also duplicate warranty coverage you automatically receive from a manufacturer or dealer.

Many other consumer issues have been discussed in this newsletter to increase the knowledge and awareness of the readers of the newsletter and those they share the information with.

The agent offered 2 money management programs for a job skills program housed at the Dona Ana Community College. This program is a collaboration between DACC and New Mexico Works.

The agent also offered a money manement program for the Tres Manos Program. This is a micro-enterprise development program targeting low-income families needing to find opportunities for increasing family resources to improve their quality of life. The focus of the program is skill development in the textile arts including sewing and spinning. Job creation for program participants is the ultimate goal of the program.

“Basic Money Management” programs are offered to residents of a local shelter by the Home Economist. The PATH program, or “People Assisting the Homeless”, provides safety, warmth and a chance for new beginnings to its residents. The money management program enables individuals to be better equipped to budget and save their income once they are back on their feet. In eight sessions, one hundred eight PATH residents were trained on paying yourself first, how to set up a monthly budget and financial goal setting. 80% of the participants increased their knowledge of basic money management practices.

The Navajo Housing Authority annually enlists the assistance of the home economist to teach money management to low income families living on the Navajo Reservation. Over a series of four lessons at the Ojo Chapter House, forty-seven individuals learned the importance of paying bills on time, tracking their monthly expenses, avoiding unpleasant surprises, putting their money to work, getting more for less and the importance of saving. 70% of these participants now understand basic money management practices.

Provide the 5 Quay County Extension Clubs with a program on what to have ready for an evacuation type of emergency. Last year with the large grass fires, many were evacuated from surrounding communities. This program was adapted from a Louisiana Extension Program. Participants learned about valuable papers that they will need if they need if they are evacuated and need to get help from insurance companies or other sources. In addition to the papers, there were tips for how to store them to keep them safe and where to keep the box.

Six adults, whose children are in state custody, learned a simple budgeting system and at least one tip for reducing expenses. These adults completed an exercise to learn the differences between needs and wants and gained some ideas for saving towards a "want". Several days later, one participant reported that she had tried one of the tips for using less fuel.