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News from the Reference Desk

Personal Finance Apps That Really Help!

Managing one’s personal finances can be hectic and stressful. However, if you own a smartphone, there are several apps out there that can help tidy things up and take a bit of the pressure off. All six of these apps are available for both Android and iOS.

Mint
Perhaps the most widely used personal finance app, Intuit’s Mint gives you a real-time, complete look into all of your finances, from bank accounts and credit cards to student loans and 401k. It automatically tracks your spending, categorizes it, and alerts you when/if you approach your budget limit. You can even ask for custom savings tips within the app. Everything is shown in simple, intuitive graphs and charts, making it one of the most popular personal finance apps in the world.

Acorn
Acorn is an app that helps you invest your spare change in low-cost ETFs. Once you connect your checking and credit card accounts to it, Acorn automatically rounds up every purchase to the next dollar, and invests the difference in a portfolio of your choice. For example, if you spent $2.25 for coffee, it will invest $0.75 for you. Acorn says users invest $30 to $180 a month on average in “round ups” alone. But if you want, you can also invest a lump sum amount up to $30,000.

Level Money
Level Money calls itself the “mobile money meter.” Once you connect the app to your bank account, it automatically calculates your income and recurring bills, and then suggests what your daily, weekly, and monthly spending should be. It also comes up with the amount you should be saving every month and subtracts that from your monthly budget. You can set up an auto-save amount too, and any cash left unspent from your budget will rollover to your savings account. It tracks your spending in real time, so you can easily see what you’ve spent and how much you can spend within a given period.

Credit Karma
Besides offering free credit scores and reports, Credit Karma allows users to monitor their spending patterns by linking to their credit card and bank accounts. Based on that information, Credit Karma recommends better credit card or loan offers that can further improve your finances. Its offering now ranges from auto insurance to mortgages, and users are absolutely loving it. It has over 32 million users worldwide, and just last September, raised an additional $75 million, valuing the company at over $1 billion.

Goodbudget
Goodbudget is an app that brings the time-tested envelope budgeting method into your smartphone. The users can create “envelopes” for each of their budget category – think groceries, transportation, shopping, etc. – and pre-determine how much they’re going to allocate in each envelope. Once it’s all set up, users can record and track how much they’re spending from each envelope. It may not be as sophisticated as some of the other apps, but Goodbudget offers a simple way to stick to your budget and keep your spending really disciplined.

Wally
Wally is an expense tracking app that shows a complete picture of your expenditures. You can view how much you’ve spent daily, weekly, or monthly, while dividing expenses into separate categories. The best part about the app is that it allows you to simply scan your receipts and it’ll automatically input all the details of your purchase. That way, users don’t have to go through the hassle of typing in every detail of its spending, while the app saves all the receipts.

 

Read more: HERE

By joecollier on June 30, 2015 Categories: Consumer, Economic

Talk to Your Teens About Money

It’s the time of year when many of us make decisions about our employee benefits for the coming year–“open enrollment” season. The Office of Financial Education, a part of the Consumer Financial Protection Bureau, offers this sound advice:

You can guide your children in finding the financial help they need

The financial world of today isn’t the same world you grew up in. New services and choices are being offered all the time. For your children to navigate the new financial world they’ll face, they need to know when to seek out information and how to evaluate it. Your children need practice making money choices, and they could use your guidance. At this age they may be earning some money of their own. Now, as you make benefits choices for next year, think about including your teenager in your decision-making process. You can help your teenager think about how to use information to make a good decision. If you have benefits fact sheets or Web sites from your employer, sit with your teenager and go through them. Talk through the questions your child has, and ask a few questions of your own:

  • What is the most important thing to think about for the family’s health care? Why?

  • Have there been any changes in the family since last year that could make a difference to health care? To insurance? To flexible spending dollars?

  • What could be the advantages or disadvantages of having benefits deducted from your paycheck, compared to paying the costs on your own?

  • How trustworthy is the information you receive? How would you look for further information?

You don’t have to do anything you wouldn’t do normally, when you make your benefits choices. Just by showing your teens how you approach enrollment, you’re helping them practice the decision-making process before their own paychecks are at stake. For more ideas, visit www.consumerfinance.gov/parents.

By joecollier on December 17, 2014 Categories: Business, Children, Consumer, Economic, Education, Finance, Jobs

Free Financial Literacy Programs

Summer is almost over, but the need for money smarts will never end! With that in mind, here are a few free, prepackaged programs and curricula selected and compiled by the Consumer Financial Protection Bureau (CFPB) designed to help you improve your own financial literacy and develop the best personal strategy for saving, investing and more.

Elementary School Economics
Federal Reserve Bank of St. Louis
Personal finance and economic lessons are paired with popular children’s books. Librarians can read the book to the children and follow the reading with discussions about money decisions, saving, spending, choices, needs and wants and much more. Includes lesson plans and handouts.

Econlowdown
Federal Reserve Bank of St. Louis
An online learning platform for more than 25 courses about money, financial decisions and economics. Register free to access the full list of courses. Instructors can select courses for their online “classrooms,” hold online discussions with classroom students, view progress, and present poll questions or surveys.

Money Smart for Older Americans
CFPB, FDIC
An instructor-led training developed jointly by FDIC and CFPB, this module provides awareness among older adults and their caregivers about how to prevent elder financial exploitation and to encourage advance planning and informed financial decision-making.

Thrive by 5
Credit Union National Association Inc.
Simple activities and other resources that are parent-and-child tested and meant to give you ideas for: Teaching how money works and what it can do, talking about how your family uses money, and modeling good money management.

By joecollier on August 6, 2014 Categories: Business, Consumer, Economic, Finance

Summertime tips for financial literacy

Summer is finally here, and between planning your holidays and wondering when you should turn on the AC, I bet the last thing you’re thinking about is FINANCIAL LITERACY! However, this is actually the BEST time to start figuring out a plan to keep your life cruising along while planning for the future (ok, actually ANYTIME  is a perfect time to work on financial literacy, but why not start now anyway?).

There are many resources that can help, one of which is Feedthepig.org. Assembled by the American Institute of CPAs (and they oughta know!), Feedthepig.org is a great site that offers tips and strategies for putting together a financial plan, including how to create a budget, review your expenses, manage saving, retirement, and student loan debt, and much more. It’s easy to use and fairly straightforward—the real trick, as always, is ACTUALLY DOING IT. Mint.com is another helpful site. Mint pulls all your financial accounts into one place. Set a budget, track your goals, stay on top of your finances. See what’s happening with all your accounts – checking, savings, investments, retirement – at any moment of the day. There’s even a free mobile app to help you stay connected on-the-go. If you’re a student fresh out of college and looking at a mountain (or a molehill) of student loans, you should check out YouCanDealWithIt.com. YouCanDealWithIt.com provides practical and easy-to-understand advice on how to deal with common financial situations facing today’s college students and recent graduates, such as: understanding student aid, including the repayment of student loans, learning effective money management, including setting a budget, and dealing with the dangers of credit cards while enjoying the benefits. In addition to being a resource for students, this website also provides information and tools for parents and college financial aid administrators to help them communicate accurate and effective financial advice to their prospective students, current students, and graduates. So bite the bullet and get started on the road toward better financial literacy today—it may be tough at first, but you’ll be glad you did!

By joecollier on July 1, 2014 Categories: Consumer, Credit Cards, Economic, Finance

Consumer Action Handbook

The Consumer Action Handbook is published each year by the Federal Citizen Information Center at the General Services Administration. Inside, you’ll find helpful tips about preventing identity theft, understanding credit, filing a consumer complaint and many other useful topics. MPPL has two copies in English and one in Spanish in our collection. You may also view the entire Handbook online or in PDF format.

Topics include: Banking, Employment, Health Care, Housing, Identify Theft, and other consumer interests.

By Patricia Smolin on April 16, 2013 Categories: Consumer, Economic

Feb. 21, 2013: Community Resource Fair, Arlington Heights, IL

 The Illinois workNet Center will host a Resource Fair with organizations including:

–  the Anixter Center North, Catholic Charities, CEDA, Chicago Federation of Labor, Department of Rehabilitation Services, Disabilityworks, District 214, Frisbie Senior Center Des Plaines, Jewish Vocational Services, Journey, The Road Home, My Free Taxes, Safer Foundation, The Harbour, Inc.

The IDESis co-sponsoring this Resource Fair. This program is open to the general public.

“We are hosting this Resource Fair to meet the critical community needs by offering access to important services,”said Lisa Maentz, Associate Director Business and Career Services, Inc. Maentz added,“We feel it is especially important to provide access to these services under one roof .” To view participating organizations, visit workNet.

WHEN: 10 a.m. to 2 p.m., Thursday, February 21, 2013

WHO: Major resource agencies providing community support services access.

WHAT: Services include emergency/transitional shelter, Veteran’s Outreach, disability support, tax filing information, employment/job placement, re-entry support and more.

WHERE: IDES/Illinois workNet Center, 723 W. Algonquin Road, Arlington Heights, IL

By Patricia Smolin on February 15, 2013 Categories: Community, Economic, Housing, Taxes

Salary Surveys

Want to know what others in your field may be earning?  There is always salary.com, but there is also some specific detail available thru the Bureau of Labor Statistics.  BLS Wage Data provides occupation, compensation, industry, geographic, and other demophraphic figures which can be very helpful in setting and negotiating salaries.

By Patricia Smolin on December 21, 2012 Categories: Economic, Employment, Jobs

Counting Campaign Dollars

The Federal Election Commission (FEC) administers and enforces the Federal Election Campaign Act (FECA) – the statute that governs the financing of federal elections. The FEC is an independent regulatory agency and is assigned to disclose campaign finance information, to enforce the provisions of the law such as the limits and prohibitions on contributions, and to oversee the public funding of Presidential elections.

You can retrieve detailed lists of contributors based on type (individual or organization) and search for summary financial information about candidate campaigns, party committees, and other political committees.

Among thousands of data tables in the Campaign Finance Disclosure Portal is the Table of Contribution Limits 2011-2012

Historical data is available from the FEC’s Public Records Office (800) 424-9530 (press 2 when prompted) or e-mail pubrec@fec.gov.

By Patricia Smolin on September 19, 2012 Categories: Economic, Elections, Finance, Voter Info

What’s FRED?

What is FRED? Short for Federal Reserve Economic Data, FRED is an online database consisting of more than 55,000 economic data time series from 45 national, international, public, and private sources.

FRED, created in 1990 and maintained by Research Department at the Federal Reserve Bank of St. Louis, combines data with a tools that help us understand and display economic data.

The categories that can be searched include: Money, Banking & Finance; Population, Employment & Labor Markets; Production & Business Activity; Price Indexes; International and Regional Data.

By Patricia Smolin on September 13, 2012 Categories: Consumer, Economic, Finance