Delayed flight could lead to a perk for your pocketbook

July 13, 2013 Savings No comments

I love traveling, but I am not a big fan of the airports, airplanes and especially the cost.  I just spent the last week visiting my family in Wisconsin and now I am sitting in O’Hare International Airport in Chicago waiting for my connection back to Portland.  I will admit, O’Hare is my least favorite airport, however, in order to get the best deal on flights, I must submit to a connection in Chicago.  I am fortunate this time to not have any delays as I have had to spend the night in Chicago a few times.   The good thing is that when this has happened, the airlines put me up in a hotel and provided food vouchers.  Although it does bring it’s share of frustration when you only get a few hours of sleep before you return to the airport and go through security again and all you really want is to be at your destination.

I really can’t complain about the cost of the flight this time, as I did not have to pay for it.  The last time I visited my family I volunteered to get bumped due to my flight being overbooked.  This worked out well to my advantage as I had an extra day built in to my trip.  By taking the bump I got to spend an extra day with my family and received a substantial voucher.  The voucher paid for this current trip and most my flight for an upcoming trip to San Francisco.  This can be a great option for travelers, especially considering the increase cost of flying.  I would highly recommend this, especially if you are not in a hurry to get to your destination.  It just might pay for your next flight or allow you to take a trip you didn’t plan for in your budget.

Several organizations contribute to financial literacy during the 2nd quarter

July 2, 2013 financial literacy, Press Release No comments

PORTLAND, Ore., July 2, 2013—Financial Beginnings, a Portland-based nonprofit that provides free financial education programs, announces grants received during the 2nd quarter of 2013 and a successful fundraising campaign which raised $20,000 in 20 days.

2nd Quarter Grant Awards

$20,000 from the Credit Association of the Pacific Northwest for Financial Beginnings’ Financial Foundations high school and young adult financial education program.

$15,000 from The Standard Charitable Foundation for Financial Beginnings’ Financial Footings elementary financial education program.

$13,400 from Meyer Memorial Trust for technology upgrades to increase volunteer capabilities.

$20,000 in 20 days

Financial Beginnings was faced with the challenge of raising $20,000 in 20 days in order to reach its fundraising goal for the 2012-2013 fiscal year.  Financial Beginnings was able to reach the goal of $20,000 in just 15 days thanks to contributions from volunteers, supporters and sizable contributions from Country Financial- $10,000, HomeStreet Bank- $5,000 and Unitus Community Credit Union- $1,800.

Financial Beginnings offers all of its programs free of charge and relies on the generosity of its supporters to cover program costs.  The $20,000 raised in this most recent campaign will provide 1,111 youth with Financial Beginnings’ financial literacy programs.

About Financial Beginnings

Formed in 2005 and based in Portland, OR, Financial Beginnings is a nonprofit organization that provides free financial education programs throughout the Pacific Northwest.  Financial Beginnings’ largest program educates youth and young adults in the basics of personal finance through visits to schools or community groups.  Financial Beginnings’ courses incorporate all aspects of personal finance to provide individuals the foundation needed to make informed financial decisions. More information is available at www.financialbeginnings.org.

 

Turning the lights on

July 1, 2013 financial literacy, Savings, Uncategorized One comment

Article submitted by volunteer, Susan D’Alessandro

As a 25 year veteran in the financial planning industry, I have seen many sad financial situations mainly due to lack of knowledge on how to manage the family budget.  Once I became aware of the existence of Financial Beginnings, I was very excited to come aboard and be a volunteer. I am pleased to say that after teaching 20 classes, I enjoy teaching the Budget Game the most. This class gets the students engaged quickly and keeps them engaged.

Here are a few tips I use to keep the class moving.  First I pair up the students or put them in a group of three depending on class size.  I also give each pair a job and salary using the options provided in our workbooks. Instead of posting the monthly expenses sheets around the room, I hold up the expenses one by one and have the pair/groups choose one from each selection for their budgets. This helps me control the timing and keeps the students focused.  It also allows me to walk around the room and see if any group is having a problem understanding the exercise. Once the main expenses are chosen, I have them sum up the expenses and see how much is left in their wallets. They usually feel pretty good about this point.  Then I continue to add expenses for utilities, entertainment, vacation, cell phone, health insurance and misc. repairs. Usually by the end there is no money left even for the pairs with the higher salaries paid using a paystubs creator software.

It is at this point that the lights come on in their minds that running a family budget is no easy thing. They begin to make comments about how their parents must have to work really hard to give them what they have. They also see that life is expensive and they get to make choices on how they spend their money.  I know that by volunteering with Financial Beginnings I am the one that has helped turn this light on for them and have helped them start down the path of making smart decision with their money.

Financial Beginnings announces upcoming financial forums

June 2, 2013 financial literacy, Press Release, Uncategorized No comments

PORTLAND, Ore., May 31, 2013—Financial Beginnings, a Portland-based nonprofit that provides free financial education programs, announces the 2013/14 Unraveling the Mysteries of Your Money series.
Unraveling the Mysteries of Your Money is a series of free forums open to the general public. These forums offer expert panelists who field questions and discuss finance topics that are relevant and important in today’s economy. They are organized and hosted by Financial Beginnings in partnership with The Oregonian newspaper and Brent Hunsberger, writer of the It’s Only Money column on personal finance, and who serves as the moderator of the forums. OnPoint Community Credit Union is the title sponsor of the Unraveling the Mysteries of Your Money 2013/14 series.

2013/14 Schedule:
Starting Out Strong: Building a solid financial foundation for your family
Wednesday September 25, 2013 from 6-8pm at Alpenrose

Navigating the Changing World of Healthcare
Tuesday November 5, 2013 from 6-8pm

Never Too Late: Mitigating financial troubles and moving forward
Thursday February 6, 2014 from 6-8pm

Stay Safe, Be Informed: A forum about identity theft, scams and predatory lending
Tuesday April 22, 2014 from 6-8pm

For more information about the Unraveling the Mysteries of Your Money panel series, visit: http://www.FinancialBeginnings.com/Unraveling-the-Mysteries-of-Your-Money/

About Financial Beginnings
Formed in 2005 and based in Portland, OR, Financial Beginnings is a nonprofit organization that provides free financial education programs throughout the Pacific Northwest. Financial Beginnings’ largest program educates youth and young adults in the basics of personal finance through visits to schools or community groups. Financial Beginnings’ courses incorporate all aspects of personal finance to provide individuals the foundation needed to make informed financial decisions. More information is available at www.financialbeginnings.org.

My First Experience Teaching as a Financial Beginnings Volunteer

May 31, 2013 financial literacy No comments

Article submitted by Sarah Stubee

A month ago I was standing in front of a group of students at West Linn High School talking about Budgeting.  I had finished the volunteer orientation a month before, read through the materials and reviewed the power point.  However, I was still pretty nervous to say the least!  It has been a rather long time since I was in high school, so I was not sure what to expect from the students.  What I found out is that teaching a Financial Beginnings course is one of the most rewarding activities I have done in quite some time!

Being in the financial industry and having made my own budgeting mistakes as a youngster, this was a topic I felt passionate about.  I wish someone had showed me how to make a budget when I was this age instead of learning the hard way.  As I shared my own experiences and those of folks I have come in contact with throughout my career, the kids got more and more engaged and excited.

When I asked them for examples of types of income and expenditures, they were ready with lots of creative but applicable answers.  I found the power point easy to follow as well.  The material really teaches itself and allowed me to relax and enjoy engaging with the students.

Once we had finished the basic lesson, I had the kids break up into groups and analyze the budget of a character in a story and then make recommendations of how this character could better manage his finances.  Again they had lots of great suggestions and were completely engaged and excited.  I think they sensed that this was something they could really use in their lives going forward.

I wrapped up the class with some thoughts on my own career, as the kids were interested in what my job entailed.  I thanked them for being my “guinea pigs” as well as their teacher who was extremely accommodating and helpful.

As I drove back to my office, I felt excited and a sense of accomplishment.  I get it now… this is really important!  A lot of kids will not hear these lessons at home, and yet this is some of the most important information that will affect them the rest of their lives.  I am now looking forward to teaching my second and third classes as a local Junior High in just a couple of weeks!

0% APR on all purchases…get it now, before it’s gone!

May 29, 2013 Savings No comments

While watching TV over the weekend I noticed that almost every commercial had to do with some special Memorial Day sale.   A few of these advertisements caught my attention, especially the ones about zero percent financing. One of the commercials was for a furniture store advertising zero percent interest on any purchases for the holiday weekend.  Another commercial was an ad for cars, also offering a zero percent interest for a limited time on their brand of cars.  I have utilized the zero percent interest financing options in the past, specifically with credit cards.  When I first started getting credit cards my Mom educated me about the zero percent financing options.  She told me it was ok to take these options, but that I must pay them off before the interest rate increases or pay an interest charge. 

One of my first experiences was buying a computer from Best Buy.  I took their store credit card, which offered a six month 0% APR.  I went home and did the math (probably should have done it in the store) and divided the total purchase by six months.  Then I took that amount and paid it every month, so at then end of six months it was paid off.  There have been a few times over the years, where it sure would have been nice to only make the minimum payment, but I always remember my mom’s advice about zero percent APR rates and and follow it to this day. 

Should I refinance into a 15 year mortgage?

May 23, 2013 financial literacy, Uncategorized No comments

 

 

I recently took on a teaching position at Portland State University teaching what else, but Personal Finance. This new position brings a bit of additional cash into my budget.

When my husband and I purchased our house two years ago we wished that we could have afforded a 15 year mortgage, but it was something we could not work into our budget. We ended up getting a 30 year fixed at 5%. A rate I would have never believed when I bought my first home 13 years ago at a rate of 8.5%.

Since purchasing our home rates have continued to drop and now with the recent influx of cash to our budget we are revisiting our mortgage. We want to see if we can afford to get into a 15 year mortgage.

 

 

 

 

 

 

 

 

Our payments do go up by about $450 per month, which can be covered by the teaching income. But the amount of interest paid on the life of the loan is significant with a savings of about $200,000.

I feel confident that rates are not going to get any lower than they are now, so I think we have to proceed as soon as possible and lock this in!

Bridesmaid on a Budget

May 7, 2013 Savings No comments

Over the weekend my friend got married and I was privileged to be one of her bridesmaids.  The weather was perfect and my friend was an absolutely beautiful bride.  I had such a wonderful time and was so honored to be a part of my friends wedding that I never really stopped to think about the cost associated with being a bridesmaid.  There were some ways that I managed to save some money, like buying my shoes on clearance and then getting a $5 discount by opening a rewards card.  We also got $15 off our bridesmaid dresses because my friend, the bride, purchased her bridal dress at the same store.  I am glad one of the bridesmaids asked about a discount when we picked out the dresses, because I don’t think we would have offered us one if we didn’t ask.  Even with the discounts and trying to stay within a budget, it still cost me around $500.  However, I would absolutely spend the money again to be a part of my friend’s special day!

Financial Beginnings hosts events during Financial Literacy Month and Money Smart Week

April 19, 2013 financial literacy, Uncategorized No comments

PORTLAND, Ore., April 19, 2013—Financial Beginnings, a Portland-based nonprofit that provides free financial education to youth and adults, hosts events during Financial Literacy Month and Money Smart Week, including financial coaching programs.

Proclamations signed by President Obama and Governor Kitzhaber designate April as Financial Literacy Month. Also in April, the Federal Reserve Bank of Chicago organizes Money Smart Week (April 20-27th), a public awareness campaign to help consumers better manage their finances with the use of a second charge business loan.

During the month of April Financial Beginnings’ trained volunteers will educate 1,858 youth and young adults in basic money management. During Money Smart Week, Financial Beginnings will host one of its free public forums, Unraveling the Mysteries of Your Money, and its annual fundraiser, The Game of Life. Details are as follows:
Unraveling the Mysteries of Your Money
A New Beginnings: Retirement and Personal Financial Management
Wednesday April 24, 2013 6:30-8pm at the Tigard Library
Register: http://a-new-beginning.eventbrite.com/
Panelists:
Joyce DeMonnin, Public Outreach Director at AARP
Terry A. Donahe, Certified Financial Planner at Cascade Wealth
Nelson Rutherford, CPA and CFP at Alten, Sakai & Co.
David C. Streicher, Attorney and CPA at Black Helterline LLP

Unraveling the Mysteries of Your Money is a series of free forums open to the general public. They are organized and hosted by Financial Beginnings in partnership with The Oregonian newspaper and Brent Hunsberger, writer of the It’s Only Money column on personal finance, and who serves as the moderator of the forums. OnPoint Community Credit Union is the title sponsor of the Unraveling the Mysteries of Your Money 2012/13 series. More about the series http://financialbeginnings.org/Unraveling-the-Mysteries-of-Your-Money/

The Game of Life
Thursday April 25, 2013 4-7pm at Urban Space in downtown Portland
Tickets just $35: http://gameoflife2013.eventbrite.com/

At this fun and non-traditional fundraising event, guests gather to play games, win great prizes, enjoy delicious food, and learn about Financial Beginnings’ impact. At this year’s event we are also welcoming Brent Hunsberger, Finance Columnist for The Oregonian, who will be presenting about the expanded Unraveling the Mysteries of Your Money forum series. We are pleased to announce that KGW News Channel 8’s Nick Allard will once again serve as event emcee. For more information, you can visit barchart.com.

About Financial Beginnings
Founded in 2005, Financial Beginnings is a Portland-based nonprofit organization that provides free financial education programs throughout the Pacific Northwest. Last year Financial Beginnings’ youth programs, recognized among the top gold companies, reached over 12,000 youth and young adults. Financial Beginnings’ programs incorporate all aspects of personal finance to provide individuals with the foundation needed to make informed financial decisions.  Also you can claim from the Financial Services Compensation  Scheme if you’ve lost money because of poor investment advice about manage funds. You can also making a claim if the product was not suitable for your needs or that of your business. Additionally, they offer valuable insights on how to get cheaper insurance through various strategies and expert guidance. Financial Beginnings also hosts free financial forums to the general public. More information is available at www.financialbeginnings.org.

Prices on the Way UP in DOWNtown

April 18, 2013 Uncategorized No comments

Downtown Portland, Oregon is great! Restaurants and bars are almost endless, everything is within walking distance, public transportation is everywhere, and the Timbers and Blazers play there. If you live downtown you have access to all of this plus more, but it comes with a price, and its getting higher.

Apartment prices in Portland have risen dramatically over the past few years. According to reports by MSN, Portland is one of the top 10 cities expected to see a rent increase in 2013. People are seeing the convenience of living in a nice apartment complex rather than a home; No lawn to mow or leaves to rake, no painting or repairs.  An apartment building I am familiar with in downtown Portland has already raised the rent over 40% in one year. This was not only due to increased demand, but also due to the change in management.

Another factor to consider when living downtown is parking. If you own a car you will have to pay a premium for a parking space in your building, or even at a nearby garage. The average cost of a secured, underground parking space at a downtown apartment is   about $125 a month. Some income restricted property will offer parking below $100, but  finding available rentals in income restricted buildings is a whole other topic. The most expensive parking I have found downtown is $175 a month. I would expect the price of parking to increase along with rent in 2013.

Living downtown is not right for everyone, and is clearly not right for everyones budget. If you are looking to move into downtown this year be prepared to pay higher prices, see less available rentals, and pay a premium to park your vehicle.

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