Family and Consumer Sciences

Live Smart Ohio

Ohio State University Extension

finances

What’s Out of Your Wallet?

In this column, I encourage you to develop a budget. I acknowledge the challenges of doing so, particularly setting aside money for any expense, before you take money out of your “wallet” to pay for that expense. Hopefully, the following information will help nudge you develop a budget. N.B: if you get inspired to start a […]

WRITTEN BY: Joseph Maiorano, PHD, Family and Consumer Sciences, Harrison County Ohio, maiorano.2@osu.edu

REVIEWED BY: Misty Harmon, Extension Educator, Family and Consumer Sciences, Perry County, harmon.416@osu.edu

PHOTO CREDITS:

  • https://pixabay.com/en/wallet-money-credit-card-online-2125548/

SOURCES:

  • https://en.wikipedia.org/wiki/Larry_Burkett
  • https://personalfinance.duke.edu/topics/budgeting

REFERENCES:

  • Stehulak, N.; Carter, S., Dematteo, B.; and Hill, M. (2015). The home account book. Bulletin 723. Downloaded on January 9, 2018 from, https://fcs.osu.edu/sites/fcs/files/imce/PDFs/Home%20Account_2015.pdf

Got Money?….for College

With one son in college, one in his senior year of high school and a daughter in 8th grade, the topics of college and money come up a lot in my house. From a young age, we have always been very open about finances with the kids. We have discussed various financial issues and concepts […]

WRITTEN BY: Misty Harmon, Extension Educator, Family and Consumer Sciences, Ohio State University Extension, Perry County

REVIEWED BY: Shannon Carter, Extension Educator, Family and Consumer Sciences, Ohio State University Extension, Fairfield County

PHOTO CREDITS:

  • Pixabay. Found at: https://pixabay.com/en/puzzle-money-business-finance-2500328/

SOURCES:

  • Flay, B. (2017). How to Pay for Your Children's Education. Debt.org. Found at: https://www.debt.org/students/parents-pay/
  • Ramsey, Dave. College Funding and Your Retirement. Found at: https://www.daveramsey.com/blog/college-funding-and-your-retirement
  • Federal Student Aid, The U. S. Department of Education. Found at: https://fafsa.ed.gov/
  • Johnson, Mia. 2017, October 2. 12 Myths about the FAFSA Form and Applying for Financial Aid. Home Room, The Official Blog of the U.S. Department of Education. Found at: https://blog.ed.gov/2017/10/12-myths-fafsa-form-applying-financial-aid/?utm_content=&utm_medium=email&utm_name=&utm_source=govdelivery&utm_term
  • Press Office. The U.S. Department of Education. 2017, October 3. 2018-19 Free Application for Federal Student Aid (FAFSA) Opened Oct. 1st. Found at: https://www.ed.gov/news/press-releases/2018-19-free-application-federal-student-aid-fafsa%C2%AE-opened-oct-1
  • National Center for Education Statistics. College Navigator. Found at: https://nces.ed.gov/collegenavigator/
  • Wang, M. 2012, October 4. No Income? No Problem! How the Gov't is Saddling Parents with College Loans They Can't Afford. ProPublica. Found at: https://www.propublica.org/article/how-the-govt-is-saddling-parents-with-college-loans-they-cant-afford
  • Flay, B. (2017). Students and Debt. Debt.org. Found at: https://www.debt.org/students/
  • Open Education Database. Found at: http://oedb.org/advice/hacking-financial-aid-33-ways-to-get-money-for-college/
  • Federal Student Aid, The U. S. Department of Education. Found at: https://studentaid.ed.gov/sa/prepare-for-college/choosing-schools/consider/costs
  • Next Gen Personal Finance and McKinney. Found at: https://www.timeforpayback.com/
  • Martin, A. & Lehren, A. W. 2012, May 12. Degrees of Debt: A Generation Hobbled by the Soaring Cost of College. The New York Times. Retrieved from: http://www.nytimes.com/2012/05/13/business/student-loans-weighing-down-a-generation-with-heavy-debt.html?pagewanted=all
  • Edvisors Financial Aid Newsletter. Found at: https://www.edvisors.com/plan-for-college/advice-for-parents/mistakes-that-affect-aid-eligibility/

REFERENCES:

  • Flay, B. (2017). How to Pay for Your Children's Education. Debt.org. Found at: https://www.debt.org/students/parents-pay/
  • Ramsey, Dave. College Funding and Your Retirement. Found at: https://www.daveramsey.com/blog/college-funding-and-your-retirement

Parents, Models in Finance

Parents play a critical role in shaping a child’s attitude, knowledge and behaviors regarding finances. At a very young age, many children tag alongside parents during activities that include a financial component, like shopping and going to the bank. As early as ages 3 and 4, they may even have awareness that money changes hands […]

WRITTEN BY: Joanna Fifner, Extension Educator, Ohio State University Extension, fifner.2@osu.edu

REVIEWED BY: Amanda Woods, M.Ed. Healthy Finances Program Specialist, Family and Consumer Sciences, Ohio State University Extension

SOURCES:

  • http://psychcentral.com/news/2010/05/27/modeling-behavior-for-children-has-long-lasting-effects/14139.html
  • https://www.extension.purdue.edu/providerparent/PDF%20Links/Modeling%20Behavior.pdf

REFERENCES:

  • http://www.consumerfinance.gov/money-as-you-grow/
  • http://livesmartohio.osu.edu/?s=kids+and+money
  • http://livesmartohio.osu.edu/?s=unit+pricing

Financial Wellness for People With Disabilities and Their Families

Guest post by Michael R. Roush, Director, Real Economic Impact Network, National Disability Institute Often individuals with disabilities may not be familiar with the savings options available to them, or they may be afraid to save money in fear of jeopardizing their public benefits. However, individuals with disabilities can potentially access a wide variety of saving […]

WRITTEN BY: Michael R. Roush, Director, Real Economic Impact Network, National Disability Institute

REVIEWED BY: Amanda Woods, M.Ed. Healthy Finances Program Specialist, Family and Consumer Sciences, Ohio State University Extension

Your Financial Life – Credit Account Closures

Q: I have an old credit card that is paid off. I never use it. I’ve kept it open because I thought closing it could negatively impact my credit score. My creditor has informed me that they will be closing my account due to inactivity. Would it be better for my credit if I closed […]

WRITTEN BY: Joanna Fifner, Extension Educator, Ohio State University Extension, Medina County, fifner.2@osu.edu

REVIEWED BY: Candace J. Heer, Extension Educator, Ohio State University Extension, Morrow County, heer.7@osu.edu

SOURCES:

  • http://blog.equifax.com/credit/credit-tips-what-to-do-when-an-issuer-closes-your-credit-card/
  • http://www.consumerfinance.gov/askcfpb/83/i-received-a-notice-from-my-card-issuer-telling-me-that-they-were-closing-my-account-and-that-i-cannot-use-my-credit-card-any-more-can-they-do-that.html

REFERENCES:

  • https://www.consumer.ftc.gov/articles/0153-choosing-credit-counselor
  • http://livesmartohio.osu.edu/money/rini-41osu-edu/your-financial-life-credit-reports/
  • http://livesmartohio.osu.edu/money/heer-7osu-edu/your-financial-life-credit-scores/
  • http://livesmartohio.osu.edu/?s=Your+financial+life

Financial Literacy and Why it Matters!

Why it matters. Throughout life we face many events and situations that require us to make decisions about our financial lives.  Being financially literate, or understanding how finances work in our everyday lives, can not only better prepare us to make these decisions, but will also improve outcomes in our financial lives.  In fact, our financial literacy […]

WRITTEN BY: Amanda Woods, M.Ed. Healthy Finances Program Specialist, Family and Consumer Sciences, Ohio State University Extension

REVIEWED BY: Lauren Jones, PhD Assistant Professor Department of Human Sciences

PHOTO CREDITS:

  • Pixabay.com
  • http://www.usfinancialcapability.org

SOURCES:

  • Allgood & Walstad, 2005, Journal of Economic Inquiry http://onlinelibrary.wiley.com/doi/10.1111/ecin.12255/abstract
  • FINRA Foundation, Financial Capability in the United States 2016, http://www.usfinancialcapability.org
  • MyMoney.gov

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