Money Smart Week and myRA

Money Smart Week is here! This week is dedicated to helping Americans become financially capable. Money Smart Week is a nationwide campaign with the goal of helping American consumers become financially capable. Money is a stressful topic for many people. MSW offers free classes and events to help people better understand money topics such as investing, saving, debt, using credit, etc. There are events for all ages, demographics, and income levels. You can find a list of all the events in your area here www.moneysmartweek.org/findevents.

One of the American consumer’s biggest challenges is saving. 54% of Americans do not have a savings account with at least three months worth of living expenses in case of emergency. Millions of Americans are not saving enough for retirement, or saving anything at all. The U.S. Department of Treasury has created myRA for those who do not have access to employer-sponsored retirement accounts. You can contribute as little as a few dollars a month and up to $5,500 a year. Contributions are invested in a new United States Treasury Security that safely earns interest at the same variable rate as investments in the government securities fund for federal employees and carries no risk.  For more information on the myRA program, visit https://myra.gov/about/. 

Thinking Money: Save, Invest and Protect Yourself from Fraud Seminar

Financial Capability Month is upon us! Join the experts from AARP, FINRA, the SEC, the Offices of the Insurance Commissioner, Secretary of State, and the Washington State Department of Financial institutions on April 26^th from 9:00 AM-2:15 PM for a free consumer education seminar.  

The seminar will cover:

• How behavioral biases and emotions impact your financial decisions
• Ways to make your money last
• How to spot the red flags in financial scams
• Steps you can take to achieve greater financial security

Space is limited so register early!

Call toll-free (877) 926-8300 or register online at

http://aarp.cvent.com/ThinkingMoneyWA

OMWBE and NAMC Financial Fair

The Office of Minority and Women’s Business Enterprises is hosting a Financial Fair for small business owners in the construction industry in association with the National Association of Minority Contractors Oct. 1.

Representatives from US Bank, East-West Bank, the Small Business Administration, and Bank of America will be present to answer questions and address concerns business owners in the construction industry may have regarding to small business lending. Don't miss out an opportunity to become informed!

Jump$tart National Educator Conference Registration

Calling all teachers!  Registration is now open for the 7^th Annual Jump$tart National Educator Conference, devoted to classroom educators who teach personal finance or want to incorporate money lessons into other subject matter, grades PreK-12.  Join Jump$tart November 6-8, 2015 at the Gaylord National Resort & Convention Center in National Harbor, MD, just outside Washington, DC. Through the generosity of many sponsors, Jump$tart is able to offer teachers the very special price of $425, which includes conference registration, conference meals and receptions, some materials, including a print copy of the National Standards in K-12 Personal Finance Education, and two nights’ hotel accommodations. Teachers are offered optional, private sessions with financial planners or counselors.  The exhibit hall is devoted to personal finance curricula and other resources.  For more information, please visit the Jump$tart National Educator Conference website http://www.jumpstart.org/NEC15 or you can contact the conference director Dan Hebert at daniel.hebert@jumpstart.org.    

Jump$tart Washington: Kick Off the School Year With Financial Education

Are you a financial educator? Do you teach youth? If so, you won't want to miss this event! Jump$tart Washington is hosting a train the trainer day in Seattle on August 25th for youth financial educators. With new legislation being passed, financial education must be integrated into existing state learning standards, which can sound like a lot of extra work. Speakers from the Financial Education Public Private Partnership (FEPPP), the CFPB and the FDIC will show educators how easy that can be.
The event will be held in Seattle at the beautiful Talaris Conference Center. Admission is free thanks to our generous sponsor the FDIC, breakfast and lunch will be provided. The event is next week and there are only a certain amount of tickets left, get yours before they are gone!
We hope you will join us for a day focused on creating a brighter and more financially educated tomorrow for future generations.


What: Jump$tart Washington: Kick Off the School Year With Financial Education
           Let the experts show you how to integrate financial education into your existing
           curriculum!
When: Tuesday, August 25th, 2015
            10:00 AM-2:00 PM
Where: Talaris Conference Center
            4000 Northeast 41st Street
            Seattle, WA 98105
            http://www.talarisconferencecenter.com/
Price: Free!
If you have questions, please contact interim Jump$tart Washington Coalition President Lyn Peters at lyn.peters@dfi.wa.gov or 360-902-8731.


Registration: http://www.eventbrite.com/e/jumptart-washington-kick-off-the-school-year-with-financial-education-tickets-17178550507?aff=eac2

Video: Understanding Capital in Small Businesses

The Washington State Office of Minority and Women’s Business Enterprises (OMWBE) has produced a short video that illustrates how capital works in small business.

The video was produced with support from the Washington State Department of Financial Institutions and the Community Bankers of Washington.

Check it out.

Resource of the Week – Money Games for Kids

With summer vacation starting for many kids, now is a good time to use some of their free time to teach them about money.

There are many free games online that can help you teach kids the basics of personal finance. Below are a few designed for kids 5-12.

Dollar a Glass Lemonade Stand
Run a lemonade stand while learning about supply, demand, profit, costs, and more.
http://bizkids.com/games/dollar-a-glass

Peter’s Pig Money Calculators
Different challenges to help kids recognize coin currency. Sort coins into the correct jars, count coins, and more.
http://www.practicalmoneyskills.com/games/peterpigs

Financial Football
Test your financial knowledge on the gridiron. Play against the computer or against your friends. Go Hawks!
http://www.watreasurer.financialfootball.com

Farm Blitz
Build a farm and watch your crops grow. Be careful not to get yourself into too much debt though.
http://financialentertainment.org/play/farmblitz.html

Dollar Dive
Fun game from the US Mint that helps kids recognize currency and values.  Catch coins underwater so you can buy sails for your boat and escape the sea monster.
http://www.usmint.gov/kids/games/dollarDive/

Resource of the Week – Elder Investment Fraud and Financial Exploitation Prevention Program

This week’s featured resource is North American Securities Administrators Association’s (NASAA) Elder Investment Fraud and Financial Exploitation (EIFFE) Prevention Program.

EIFE provides resources and continuing education for medical professionals who provide front-line elder care about how to refer at-risk seniors to the appropriate authorities, whether it is to report investment fraud to securities regulators, suspected abuse to adult protective services workers or symptoms of mild cognitive impairment to physicians.

The program has many resources available such as:

• Clinician’s Pocket Guide
  A pocket-sized resource to help doctors spot the signs of senior investment fraud and report it to the appropriate authorities.
• Senior Patient Education Brochure
  Information to help senior patients and their families identify the red flags of elder investment fraud and get help.
• ABCs for APS Professionals: How to Identify and Report Investment Fraud
  APS professionals can help spot and stop the financial exploitation of seniors by knowing what signs to look for and who to call for assistance.
• Elder Investment Fraud: A National Epidemic Video
  A short video that addresses and explains the widespread problem of elder investment fraud and financial exploitation and explores some of the possible solutions.

For more information, visit http://www.nasaa.org/1733/eiffe/

Resource of the Week: Paying for College

Deciding how to pay for a college is one of the major financial decisions that many people make in their lifetime. There are many options out there, and making wise financial decisions is important.

The Consumer Financial Protection Bureau (CFPB) has put together some tools and resources to help you make good decisions regarding paying for college.

On the CFPB website you’ll find information about:

• Student loans
• Student banking
• Comparing financial aid offers
• And repaying student loan debt

Visit the website at http://www.consumerfinance.gov/paying-for-college/

Online Calculators That Teach Money Basics

Online calculators are a great tool for financial educators to show how certain financial habits can impact your life.

These 5 calculators below are some of our favorites for introducing students to basic personal concepts.

Saving for a Goal Calculator
Saving for a new MP3 player, a new snow board, or your first car?  This savings calculator from www.themint.org allows you to calculate what it’ll take to reach your goal.
http://www.themint.org/kids/saving-calculator.html

Lifetime Income Calculator
The Lifetime Income Calculator from the Department of Labor allows you to calculate how much you will need to save and earn to meet your retirement goals.
http://www.dol.gov/ebsa/regs/lifetimeincomecalculator.html

Emergency Savings Calculator
Having enough money in a savings account for emergencies is a fundamental lesson in personal finance. This calculator from the American Institute of CPAs helps you determine how much emergency savings you may need, and how you can begin saving toward this important goal.
http://www.feedthepig.org/toolbox/calculators/emergency-savings-calculator

Student Loan Repayment Calculator
One of the biggest decisions for those entering college is how to finance their education. This calculator from the New York Times offers a guide to the borrowing picture at various institutions — and what it takes after graduation to repay the loans.
http://www.nytimes.com/interactive/2014/your-money/student-loan-repayment-calculator.html
 
Credit Card Payoff Calculator
This calculator from Bankrate.com allows you to calculate how long it will take to pay off a credit card. See how adjusting your monthly payment impacts how long it takes to pay off your balance.
http://www.bankrate.com/calculators/credit-cards/credit-card-payoff-calculator.aspx

Resource of the Week – Financial Education Games for Kids

Online games can be a fun way to introduce kids to important money concepts such as budgeting, saving, and even investing.

From financial football to investigating a financial crime, there are many free games available online.

We have posted a few of the best games available for use in the classroom or at home on our website.

See: Financial Education Games for Kids

CFPB Launches Financial Education Exchange

The Consumer Financial Protection Bureau (CFPB) has launched a Financial Education Exchange (CFPB FinEx) and is inviting financial educators across the country to sign up.

CFPB FinEx offers opportunities for you to:

• Learn: Review latest research, tools, and resources for financial educators.
• Pledge: Take the CFPB FinEx Pledge to use their tools and provide them feedback.
• Connect: Join webinars on new research findings, and receive updates invitations via emails.

To sign up, email CFPB_FinEx@cfpb.gov

 

To find resources for financial educators, visit http://www.consumerfinance.gov/adult-financial-education

Add Your Classes to DFI’s Financial Education Calendar

Did you know that the Washington State Department of Financial Institutions (DFI) maintains a statewide financial education calendar? See: www.dfi.wa.gov/financial-education/calendar.

The calendar is a great resource for both the public and our financial education partners.

Adding Classes to the Calendar
DFI encourages financial education providers to add their classes to our calendar.

The calendar is a great way to increase awareness about your event. The calendar also has an option for users to subscribe to the calendar so the subscribers will be automatically notified when a class is added. The calendar is an easy, efficient way to do outreach and advertising for your events.  

Here’s how you can add a class to the calendar

1. Go to www.dfi.wa.gov/financial-education/calendar
2. On the right side of the page, there is an ‘Add Class to Calendar’ link. Click it.
3. Fill in the required information and add your class to the calendar!

Voilà! We'll review what you have submitted and then add it to the calendar.

 

 

 

Resource of the Week – Smart About Money

We’re bringing back the featured Resource of the Week for financial education providers.
This week our featured resource is Smart About Money from the National Endowment for Financial Education (NEFE).

Smart About Money (www.smartaboutmoney.org) is a great website where you can find articles, calculators and tips to help you manage your money through life's ups and downs.

On the website you’ll find helpful information such as:

• Saving for emergencies
• Refinancing mortgages
• Tips for increasing your 401(k)
• Reducing costs
• And more.

Check out Smart About Money at www.smartaboutmoney.org.

Money Smart Week April 18-25, 2015

Money Smart Week is here and underway! Money Smart Week was created in 2002 by the Federal Reserve Bank of Chicago. It is a public awareness campaign full of events that teach people how to handle their personal finances in a way that benefits them most. There are Money Smart Week events happening in counties all over Washington State. Here are just a few of the educational events that will be put on during the rest of the week:

• April 21st:
• "Kids & Cash" is a program that gives tips and advice to parents on how to talk to their kids about money and forming responsible money habits
• April 22nd:
• "Navigating Your Credit World" will teach you how to build, repair, and access your credit score                                                                                                     
• "We’re Talking Money!" is an opportunity to get one-on-one assistance with your librarian and explore all the financial resources your library has to offer 
• April 23rd:
• The "Online Banking" class will teach people how to safely and securely pay their bills online 
• "Establishing, Improving and Maintaining Credit" shows people how credit companies calculate credit scores and how consumers can use this knowledge to improve their credit score
• April 24th:
• "Be Money Smart!" is happening in libraries all over the state. This is a display with take-home financial information for consumers, small business owners, and entrepreneurs with information on loans, financial management, investing and job training
• April 25th: 
• "Cyber Theft-How to Protect Yourself" will be giving tips on how to keep yourself safe from identity theft and internet scams
• "Shred Day" is a great opportunity to get all your personal and financial documents shredded on the spot and keep yourself safe from identity theft
• "The Financial Family Fun Fest" is an event for the whole family with crafts for kids and free financial one-on-one signups for the adults.

These are only a few of the great events offered during the rest of Money Smart Week. To see the entire list of events, visit https://chicagofed.org/applications/msw_calendar/public.htm?campaign=14.

CFPB Releases Mortgage Shopping Toolkit

The Consumer Financial Protection Bureau (CFPB) earlier this week released a new toolkit designed to guide home buyers through the process of shopping for a mortgage.

 “Know Before You Owe” is a great resource for home buyers and was designed to help explain the complicated mortgage process in detail. Included in the toolkit is a detailed explanation of the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in August.

The toolkit was designed to replace an existing booklet that creditors must provide to mortgage applicants.

Toolkit Features

• Interactive mortgage shopping worksheet
• Lender shopping checklists
• Information on how to handle problems
• Disclosure forms
• Rate Checker tool
• And more

Online Version

The toolkit can be viewed online at http://files.consumerfinance.gov/f/201503_cfpb_your-home-loan-toolkit-web.pdf

 

Order Hard Copies

Copies can be ordered from the GPO website:

 

Large: http://bookstore.gpo.gov/products/sku/048-013-00009-1

Small: http://bookstore.gpo.gov/products/sku/048-013-00010-4 .

Financial Education Spotlight: Thurston County

For those looking for financial education resources and classes in the Olympia area, need look no further than Bank on Thurston and Enterprise for Equity.

Low or No Cost Accounts
Bank on Thurston connects people with banks or credit unions that will help them to set up low cost or no cost accounts. The banks and credit unions offer a second chance to people who have had problems with overdrafts. Participating banks and credit unions will take extra steps to assist people with Mexican Consular or other foreign identification.  Bank on Thurston’s long term goal is to give individuals and families the tools they need to become financially stable.

For more information about Bank on Thurston visit http://bankonthurston.org/

Free, Financial Education Classes
As part of the Bank on Thurston program, Enterprise for Equity offers free, financial education courses. The month long course covers topics such as budgeting, banking, credit, debt, and more.

For the latest class schedule, visit http://www.enterpriseforequity.org/financial-education/

Plain Talk about the Foreclosure Process Video

The Seattle University School of Law, in collaboration with City of Seattle, has produced an educational video that explains the non-judicial foreclosure process and shows why it is important for homeowners to seek help as soon as possible.

Here’s the video:


For more information about the foreclosure process and assistance in Washington state, visit www.homeownership.wa.gov.

DFI's Guide to Smart Holiday Shopping

Just in time for the holiday shopping season, DFI has released a guide to smart holiday shopping.

The holidays can get quite chaotic and during this time of year it's extremely important to stay on top of your finances to avoid debt and fraud. Check out our guide for tips on how to

• protect your purchases
• avoid fraud
• avoid debt
• and more

View the guide online at http://www.dfi.wa.gov/consumers/holiday-guide.htm

Financial Education Materials for Libraries

The Consumer Financial Protection Bureau (CFPB) recently launched an initiative to put free financial education materials into community libraries.

The initiative started over a year ago by gathering feedback from a group of librarians. The number of libraries that wanted to participate quickly swelled to over 100 library systems. These 100 systems have more than 450 branches and receive more than 76 million visits a year.

Website with Resources
As part of the initiative, the CFPB has developed a webpage where librarians can obtain program ideas, online resources, and free government publications.

You can access the resources at http://www.consumerfinance.gov/library-resources/

Learn More
If you’re a librarian and interested in learning more, contact the CFPB at financialeducation@cfpb.gov