Getting Around ATM Fees

Have you ever gone to an unfamiliar ATM and wondered if you would be charged extra for using it? Maybe you’ve been surprised by how much you are charged for withdrawing cash. Fees are a major way that banks make money, but often they seem excessive. Bankrate.com recently found that out-of-network ATM fees now average over $4.50.

 

But you might not need to pay that much. Some banks and credit unions refund these types of fees. They may also have rewards programs and no minimum balance. It pays to shop around.

 

To check whether your bank or credit union refunds ATM surcharges, visit www.checkingfinder.com or www.kasasa.com.

 

 

Reference:

 

Gerstner, L. (2015, January). Never Pay an ATM Fee Again. Kiplinger.com. Retrieved December 9, 2015, from http://www.kiplinger.com/article/credit/T005-C000-S002-never-pay-an-atm-fee-again.html.

 

Be an Educated Vote and Check the Facts

This election year, political statements are more over-the-top than ever before, with candidates going so far as calling each other liars during presidential debates and media interviews.

In our current political debates, various false claims are being made by presidential candidates and others. And it’s not just a Democratic or Republican problem: candidates from both parties are saying things that are not true. Political commentators do this, too. If you don’t want to be fooled by exaggerated political advertisements or false statements by candidates, you can find out for yourself. Check out their ads and statements yourself at www.factcheck.org to learn the unbiased truth about candidates of both parties.

So what are some false claims being made?

One false claim by a Republican: During the ninth GOP debate, Marco Rubio made a false claim regarding illegal immigration. Rubio stated that illegal immigration “is worse today than it was three years ago, which is worse than it was five years ago.” The latest figures do not bear this out, however. The 2014 total of illegal immigrants in the U.S was estimated at 11.3 million. In 2011 (three years before 2014) the total was 11.5 million, so there actually appear to be fewer illegal immigrants now. (These are the latest available figures, so it is not possible to know yet exactly where we are today; but the numbers are remaining stable over time and do not appear to be going up.)

One false claim by a Democrat: During the sixth Democratic debate, Hillary Clinton made a false claim regarding wages. She stated, “Americans haven’t had a raise in 15 years.” According to the Bureau of Labor Statistics, December 2015 showed a 9.2 percent increase in real wages over 15 years ago, however. (“Real wages” show whether earnings have really gone up after inflation.) Last year, real wages increased 2.3 percent.

FactCheck.org revealed the facts in both of these cases. Based on a review of statements examined on their site, it is clear that, no matter who you vote for, you will be voting for a person who has bent the facts. So, in this less-than-ideal world, who is the best candidate for you?

If you do not know what all the candidates stand for, educate yourself. Do your own research. This can help you choose candidates based on your beliefs, those people you believe would do a good job. Be open to new information and hear what others have to say, but form your own informed opinions based on your own beliefs.

America is at a turning point and you can help make a difference in our country by being informed.

References:

Annenberg Public Policy Center. (n.d.). Our Funding. FactCheck.org. Retrieved February 25, 2016, from http://www.factcheck.org/our-funding. (Fact Check is a project of the Annenberg Public Policy Center. The Web site monitors the factual accuracy of what politicians, political action groups, and talk show hosts are saying. Their main goal is to increase the public’s knowledge and understanding of politics. Inside Philanthropy praised Fact Check’s disclosure policy, which allows the public to see clearly whether they are being influenced by outside money.)

FactCheck.org. (2016, February 12). Fact Checking the Sixth Democratic Debate. Retrieved February 17, 2016, from http://www.factcheck.org/2016/02/factchecking-the-sixth-democratic-debate/.

FactCheck.org. (2016, February 14). Fact Checking the Ninth GOP Debate. Retrieved February 17, 2016, from http://www.factcheck.org/2016/02/factchecking-the-ninth-gop-debate/.

Are You Going to College? Then You Probably Should Fill Out the FAFSA!

If you are applying to college, or are currently in college, you probably have heard of the FAFSA form. This is the Free Application for Federal Student Aid. Teachers, counselors and other students have likely told you various reasons why you should or should not fill out the FAFSA form. But have you investigated it for yourself?

FAFSA determines a student’s eligibility for federal financial aid. It also is used by colleges and universities to determine who is eligible for financial aid awarded through their institutions. Even if you don’t think you qualify, you probably should fill it out, as not all financial aid is based on need. You could also qualify based on merit, for your grades, standardized test scores, or for athletic achievements. And it costs nothing to apply.

Even if your parents make enough money to pay, or you’re a nontraditional student, or your grades are not as high as they should be, you probably still qualify for some form of financial aid. (The biggest problem with low grades is that fewer colleges or universities will accept you, and you will end up at a less competitive institution. And this may limit your future opportunities.)

A common myth is that filling out a FAFSA form is difficult and takes too much time. The form used to be time-consuming, but it has been made much easier to fill out. It now takes an average of 23 minutes.

Because college is expensive, you should always be looking for some type of financial aid. Although not all forms of student aid are equal and taking on too much loan debt can leave you with a heavy financial burden for many years, you do well to investigate all aid that is available to you.

Have you filled out your FAFSA form for the next school year? The best time to begin is early January, as soon as the form becomes available for that year. This way, you learn your results earlier, and so will your college or university. If your institution awards funds early, you want to make sure you’re in time and have every opportunity to receive aid.

Watch out for errors when filing, as most submissions have some incorrect information. Most importantly, be sure you understand which assets count against you and which you could leave off the form. Your checking account does count against you, while retirement assets and family businesses do not. But you will have a chance to correct errors. If your parents have not yet filed their taxes, you can always estimate their income and correct it later.

References:

Hoyt, E. (2015, December 2). Why Should I Complete the FAFSA?  Fastweb. Retrieved January 13, 2016, from http://www.fastweb.com/financial-aid/articles/why-should-i-complete-the-fafsa.

Rice, A. (2015, January 5) Why You Should Fill Out the FAFSA. US News & World Report. Retrieved January 13, 2016, from http://money.usnews.com/money/blogs/my-money/2015/01/05/why-you-should-fill-out-the-fafsa.

The Importance of Learning a Foreign Language for your Future Career

Many students see foreign language requirements as a nuisance, something they simply have to get through in order to finish school. They graduate with minimal knowledge of a language and then forget most of what they learned. If all you remember years later are a few words, then you haven’t gained much from the experience. But languages can be much more valuable to you than you might think.

Living in an English-speaking country, you may have gotten along fine so far knowing only English. However, many jobs require a second language. Even if it’s not a requirement, knowing a second language makes you a more competitive job candidate. If more than a few people apply for a job, employers will not invite them all for interviews. Showing on your resume and application letter that you are fluent in one or more foreign languages sets you apart from the rest, and can get you in the door.

Knowledge of other languages also helps you interact with more people. It helps you reach across social barriers and form personal and business relationships that would not be possible for you otherwise. Even if the person you are talking to knows English also, they will be much more open to you if you speak to them in their own language. It not only helps you make friends, it also makes you much more valuable to your employer.

If you’ve heard discussions in the news about globalization, then you may know already that much business is done internationally. The company you want to work for may conduct business overseas, and learning another language could gain you the opportunity to travel around the world. Your knowledge would make you valuable for international sales, marketing, etc. You would likely earn more money that way.

If you are bilingual, be sure to say what languages you know in the “skills” section of your resume and job application. Mention it again in your job interviews. If you are not bilingual, don’t be discouraged. You can always learn another language, whether you are in school or not. Language courses are available in other settings, including commercially. Whenever you begin, it will be worth the time and investment you put into it.

According to Kiplinger, these are the ten most valuable foreign languages for your future career:

1.         Chinese-Mandarin

2.         German

3.         Portuguese

4.         Japanese

5.         Spanish

6.         Korean

7.         French

8.         Arabic

9.         Hindi

10.      Russian

For more information on advantages and disadvantages of learning each of these languages, click the link below to access Kiplinger’s slide show.

References:

Doherty, J. (2013, October 7). Five Reasons Why Knowing a Foreign Language Will Help Your Career. WinterWyman. Retrieved January 19, 2016, from https://www.winterwyman.com/blog/five-reasons-why-knowing-foreign-language-will-help-your-career.

Ruhl, C. (2015, October). Best Languages to Learn to Get Ahead in Your Career. Kiplinger.com. Retrieved January 19, 2016, from http://www.kiplinger.com/slideshow/business/T012-S001-best-foreign-languages-for-your-career/index.html.

Job Scams

In this video, you will learn about how some job listings could be scams, and what you need to look out for.

New Year's Resolutions to Help you Save in 2016

By Robert H. Flashman, Ph.D., State Extension Specialist in Family Resource Management; and Ilana Pinsky, Graduate Student, Family Sciences, University of Kentucky

Even after the New Year has begun, you might still want to consider resolutions and begin keeping them now. So what if you haven’t kept the resolutions you made a few weeks ago? Any time is a good time to begin anew.

Improving your money habits can be a great resolution, and it is simpler than you think! Here are three great ways to get started developing better money habits in 2016:

Set Short-Term Goals.

Your first step is to set short-term goals. If you’re young, forget intermediate and long-term goals for now. Establishing helpful habits is much easier if you can have early and regular successes. Begin by keeping all goals very short-term and doable so you will begin to feel successful soon. When making diet and exercise resolutions, most people give up in less than three months unless they see success early. This might mean saying, “I’m going to lose three pounds in January,” rather than “I’m going to lose 35 pounds in 2016.” (If you lose three pounds each month, you will lose 36 pounds this year; but keeping goals to the short-term enables you to have successes early and regularly.) This type of goal-keeping works as well with finances as it does with health goals.

Cut Unnecessary Spending (especially on items you buy daily and weekly).

This is the place to begin, with the mystery cash you can’t often account for. Students establish spending habits in high school and carry them over into life on their own.

Many teens receive an allowance or have a part-time job. They may be able to do what they want with most of the money they earn, without having to think how they spend it; so they develop poor money habits. If you don’t track your daily expenses, you will have no idea how much you overspend in a year. Common unnecessary expenses include buying snacks and drinks every day, eating out daily instead of packing lunch, and splurging while shopping. Instead of buying coffee every day, start brewing your coffee from home; this will save you a lot of money over the course of a year. If you enjoy coffee from shops and cafes, then try buying it once a week as a treat.

Here is a formula to help you figure out how much you are spending on coffee: Price of coffee X number of days each week that you attend class or go to work = Weekly Cost of Coffee. Multiply that weekly cost X the number of weeks you attend class or go to work = Total Yearly Cost of Coffee. Let’s say you get a coffee from Starbucks, and it costs $4.50. Assuming you do this all the time: If you go work five days a week, and work 50 weeks a year, then you are spending $1125 on coffee per year! You could buy a great new computer or make a down payment on a vehicle with that money, especially if you save for four years.

If you do not have time to make coffee in the morning and you really need to buy it each day, there are less expensive places such as McDonald’s. A medium-sized coffee is around $1.39 there, so if you bought their coffee every day instead of Starbucks, you would be spending $347.50 per year. What a difference!

Even if you aren’t a coffee drinker, you can probably find less expensive alternatives for everyday purchases. The same can go for eating out every day; there may be less expensive places for you to eat, and you can do even better by packing your own lunch. You can use vending machines to buy drinks and snacks, or you can bring a water bottle and snack with you.

To be a savvy shopper, use magazines like Consumer Reports to compare products, then phone apps that help you find the best price. Many stores, particularly food stores, provide coupons online, so be sure to take advantage of those. Make a shopping list before going to the grocery, and eat before you leave so you are not tempted to spend more on food than you plan on.

Coupons Are Your Friend.

Many consumers overlook coupons, which you can find online or have delivered to your mailbox (both snail mail and e-mail). They are easy to find. If you receive coupons, look through them and clip out ones offering discounts on food and products that you buy anyway. (There’s no sense getting a bargain on something you don’t need.) For every coupon you use, the savings will add up; you might be surprised at how much you can save. For more information on couponing, read the Kentucky Cooperative Extension publication, “Couponing 101”: http://www2.ca.uky.edu/hes/fcs/factshts/FRM-AP-087.pdf.

For more money saving tips, contact your local county Cooperative Extension office.