App Pick of the Week: "SecuraFone" by Courtlyn Adams* (Guest Contributor)

APP Pick: SecuraFone

REASON:

“Well maybe I can type out this sentence real quick” you say to yourself and then CRASH! The next thing you know, your car is wrecked all because of sending a text.

SecuraFone is a GPS tracking and distracted driving prevention program that you can download to your phone. This app service can disable distracting phone applications while driving like texts, emails and social media notifications. SecuraFone can also alert parents when you are driving over 5 mph and then automatically locks the screen until you are stationary.

According to the previous blog “High Cost of Car Insurance for Young Drivers,” in 2006 crashes involving 15- to 17-year-olds cost more than 34 billion nationwide in medical treatment, property damage and other costs. The number has likely gone up since then.

If you don’t want to slam on your breaks and hope for the best, then you should avoid texting. SecuraFone can help reduce the distractions of a cellphone while driving and can even save lives. SecuraFone seems like a smart choice to help you from getting into a wreck.

 TRY ME: Download the app; it's free! It is available for Android and iPhone

 *Courtlyn Adams is an undergraduate student with UK Department of Family Sciences

Reference

SecuraTrac. (2012). SecuraFone. (Version 1.0).[Mobile application software]. Retrieved from

http://www.securafone.com/home/.

Website Pick of the Week: BudgetSimple by Sarah Holbrook* (Guest Contributor)

Web Site: BudgetSimple

REASON:

Where is my money going? Am I spending most of it on food? Entertainment? These are all common questions we ask ourselves when we see our funds depleting. Budgeting is an easy way to plan and monitor where your money goes.

BudgetSimple is a free website designed to allow you to input your spending and saving habits month to month. It can help you locate where your money is going and where you can cut back. Along with the Excel like spreadsheet, it has a budget planner to keep a running ledger of expenses and can show graphically where you are spending most of your money. Also, there are helpful budgeting tips covering a variety of categories, such as how to teach kids about money and credit card pros and cons. With this website, you can keep track of your spending and income, as well as figure out how to be happier with your budget.

Budgeting online may not be your cup of tea, but it is an important aspect of your financial health. Whether it be with another website or a spreadsheet you create on your own, keep track of your finances starting now, so you can have some fun later and not worry about never having enough. Use your money wisely and don’t live outside your means.

TRY ME: Create your own free budget! With an email address and password you can start managing your finances today. Don’t worry, they do not ask for any other personal information. And you can avoid using your work or school email, just in case.

Figure out how to have a surplus sooner rather than later!

*Sarah Holbrook is an undergraduate student with UK Department of Family Sciences

References

BudgetSimple- An Easy, Free Online Budget. (n.d.). BudgetSimple –An Easy, Free Online Budget. Retrieved September 19, 2012 from http://www.budgetsimple.com/

Video Post: "Worst College Majors for Jobs and Pay" by Felicia Myers* (Guest Contributor)

VIDEO:  http://bcove.me/wr8dq95f

QUICK THOUGHT:  We are all well aware of the growing cost of a four year college degree. Most of us likely look at this as an investment--  I pay this much now, and later I have the ability to make much more.  In this video, Caitlin Dewey explains that this might not always be the case.

Studies have found that not all college majors were created equally.  Some lead us towards big paying jobs such as doctors and lawyers.  But, what we hear less about are those majors that lead to much less fulfilling pay checks.  Some of the worst majors in regards to future earnings include English, Drama and Theater Arts, Liberal Arts, Fine Arts, and Anthropology. 

Knowing this information before entering college or before deciding on a major is important.  What we choose as our major has the potential to affect the rest of our lives for the positive or negative.  Some people would say that as long as you choose something that makes you happy, then the paycheck should not matter.  To a certain extent, this may be true.  You don’t want to choose a major you hate just so you can make the big bucks.  But, there is also something to be said for financial security.

Regardless of your future career goals, young adults should thoroughly research their potential majors, expected tuition costs, and likely starting salary.

READERS, what do you think?

·         Do you feel choosing a major could really have that much affect on your future salary earnings?

·         Should individuals really change their college majors just because they might not make as much as they originally anticipated?

 *Felicia Myers is an undergraduate student with UK Department of Family Sciences

References

 Dewey, C. (2012). Worst College Majors for Jobs and Pay. Kiplinger. Retrieved from http://www.kiplinger.com/video/.

Understanding Credit for Young Adults by Kelsey Meeks* (Guest Author)

Do you remember going to the store with your parents, and instead of paying with cash they swipe a plastic card? Or do you ever recall your parents discussing their credit scores or credit debt? At a young age we come to understand what credit is, but as we emerge into young adulthood it is crucial to understand what credit means for future finances.

According to an article from the Huffington Post, it is important to establish good credit, especially at such an early stage in life when it is easy to make poor financial decisions. Jason Alderman expresses what problems could come from having bad credit such as: higher interest rates, especially on loans, certain jobs will disqualify you for poor credit, and it could make it difficult to rent an apartment. He also states some actions you can take to help manage your funds and credit use.

Some tips for managing your funds according to Jason Alderman are: Make sure you do not make purchases with checks or debit cards unless the balance will cover the fees.  Ask your bank to send you texts or email alerts whenever your balance drops below a crucial level- this way you will be less likely to overdraw your account. Start out with a secured credit card. This credit card will be linked to an account that you deposit money into, making it easier to pay the balance and keep a good credit score. And finally, if you do qualify for an unsecured credit card, pay the minimum balance on time and try to pay off the full balance each month.

Credit use is an extremely important topic for emerging young adults. We are at a time in our lives where we are becoming responsible for our own finances and it is important not to get in over our heads or in debt. Having a good credit score will not only help you now, but can make your life much easier for the future.

  READERS, what do you think?

1. Do you think at this point in your life you could handle having an unsecured credit card? Why?

2. What steps will you take to ensure a safe credit score? 

*Kelsey Meeks is an undergraduate student with UK Department of Family Sciences 

 

References

Alderman, J. (2012, September 12). Highschool grads need to understand credit. Huffington post. Retrieved from http://www.huffingtonpost.com/jason-alderman/high-school-grads-need-to_b_1877445.html

Benefits of Community College

Many high school students may be quick to scoff at community college. But do not be so quick to pass judgment. With the current student debt crisis, community colleges are becoming more and more attractive as a means to avoid drowning in student loans.

When you compare community college costs with those of four-year institutions, it is easy to see what the big draw is. The average cost of a year at community college is $2, 963. At a traditional in-state public university, a year will cost you an average of $8,244. When you attend school within your community, you have the option to live at home and save on boarding costs. Many four-year universities do not offer incoming freshmen this option.

The most important benefit of community college is a greater return on your educational investment. Many students' dream careers bring a lot of personal satisfaction, but not a big paycheck. Students with low paying majors may be at risk of shouldering a heavy student loan debt if they overpay for their education. By attending a less expensive community college program, students can lower, or potentially eliminate, their dependency on loans. Thus when they graduate and start their careers, they can keep more of their income.

Not sure if community colleges offer quality programs? Well, they do! Many have low student-teacher ratios and great success with job placement. And some of the best schools many be closer than you think. For example, Southeast Kentucky Community and Technical College in Cumberland, KY and West Kentucky Community and Technical College in Paducah, KY both are finalists for the Aspen Prize for Community College Excellence. This means that they are among the ten best community colleges in the country!

So think ahead, and consider what is your best education option. Research your intended career's educational requirements and starting salary, and then research your college choices' programs and costs. How much do you have saved for school, and how much will have to come from loans? Is your future career's starting salary high enough to pay back student loans? Will your debt burden be less if you attend a community institution? Don't be afraid to make the choice that is best for you.

READERS, what do you think?  

Should more people consider community college, or are traditional universities worth the additional costs?

References

"2013 Aspen Prize Finalists." (2012). The Aspen Institute. Retrieved from http://www.aspeninstitute.org/policy-work/aspen-prize/2013finalists.

Associated Press. (2008, August 21). Community colleges boom as economy weakens. NBC News. Retrieved from http://www.msnbc.msn.com/id/26334415/ns/business-us_business/t/community-colleges-boom-economy-weakens/#.UHgh-FFv9kE.

Taylor, C. (2012, June 29). Community college students pay the price for popularity. NBC News. Retrieved from http://www.msnbc.msn.com/id/48013542/ns/business-personal_finance/t/community-college-students-pay-price-popularity/#.UHgvgVFv9kE.