Did you know that a spouse can qualify for Social Security benefits even if they never worked? Just because you’re not earning a traditional ‘paycheck' doesn't mean you can’t collect Social Security benefits.
Here are some important factors to know:
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Kelan Combe, Program Coordinator USU Extension Empowering Financial Wellness Program Tax season is coming to a close on April 15th! While no one likes filling out all the boring forms to file your taxes, I know we all love it when we get a tax refund. The tendency of most people is to immediately go out and spend their tax return, but let us offer you some more productive ways to use your refund to improve your financial future.
1. Pay down debt. If you are working to pay off debt, the best thing you can do is make extra payments whenever possible. Let me share a real-world example:
2. Start, or add to an emergency savings account. Having an emergency savings account is one of the most popular recommended strategies for financial wellness, and for good reason. According to Bankrate’s Annual Emergency Savings Report, more than half of all Americans say they couldn't pay for a $1,000 emergency expense from a savings account. 1 out of 5 people say they would use a credit card and pay it off over time, but what would it look like to use a credit card instead of savings? Well, using the same averages as our previous example, it would take 4.5 years to pay off, and you would end up paying almost $600 more just in interest. This turns a one-day emergency into a 4.5 year emergency! That is why most financial professionals consider it necessary to have emergency savings. 3. Invest in your future. We’ve already seen a few examples of how interest rates can work against you, but why not use your tax refund to make them work for you? By investing your refund in a retirement account like an IRA, your $1,000 today could be worth over 10 times that by the time you reach retirement age. You might also consider investing in your kid’s education using a 529 plan. Even a little bit invested right now could mean massive savings in the future. 4. Save for a fun goal. Maybe there is a vacation you have always wanted to take, or a car or other large purchase you have always wanted. Instead of using your whole tax refund now, consider saving some for a future goal. Using an online savings account could be a great way to boost that savings even further! NerdWallet is a great resource to compare online savings options. Remember that you are in control of your financial future. So when something big like a tax return comes your way, make sure your money is working for you and not the other way around. Rochelle Allen, Program Coordinator USU Extension Empowering Financial Wellness Program Have you ever wondered about the incredible impact that FINANCIAL acts of kindness can have on your family? Can you really improve your family by giving to others? Can you improve the world? Think about the last time someone's financial generosity made a real difference for you. What did they give? How did it make you feel?
Financial kindness isn't just about transactions; it's about making investments in well-being. Research shows that engaging in financial acts of kindness not only benefits the recipient but also gives a positive boost to your financial well-being. It's like a double dose of satisfaction, ramping up your feelings of financial happiness. Imagine the sense of accomplishment and purpose knowing you can make a financial difference. It goes beyond handling momentary financial stress – it allows you to focus on the positive impact you can have on someone else's financial journey. Studies consistently reveal a connection between financial acts of kindness and an overall increase in financial well-being. Here's the exciting part: financial kindness has this incredible power to set off a ripple effect. As you experience financial generosity, you're more likely to pay it forward, creating a continuous flow of positive financial energy. It fosters a supportive financial environment where opportunities and success can multiply. Think beyond personal finance – acts of financial kindness also play a crucial role in mental health. In a world filled with financial challenges and stressors, these acts become beacons of hope. They remind us that, even in the face of financial uncertainties, there's still goodness and the potential for positive financial change. Paying it forward in the realm of finances is like sprinkling drops of positivity on your daily monetary interactions, erasing some of the negativity encountered through various financial channels. It's a collective effort, highlighting the good in financial transactions and creating a sense of financial community. In summary, paying it forward in the financial realm goes beyond a mere transaction – it contributes to a financially happier world, one interactive and generous act at a time. By embracing this financial kindness and fostering a supportive environment, we can create a ripple effect that spreads positivity and opportunity. Vincenza Vicari-Bentley, AFC & Lead Program Coordinator Empowering Financial Wellness There are lots of reasons why women should invest. One of the most compelling reasons is that women face unique challenges when it comes to retirement.
These reasons compel us to believe that it’s even more important for women to ensure that we set aside money for our future selves. Life is unpredictable. Investing for the long term can provide financial security and independence, allowing a woman to support herself, regardless of her marital status or other circumstances. Overall, investing is a powerful tool for building wealth, achieving financial goals, and securing a brighter future! Where do you begin? Did you get a tax refund? Use some of that tax return and open your own investing account with as little as $25 at your local bank/credit union, or a low-cost brokerage. Want to learn more? Join us for our FREE webinars on investing basics for women where we help you build the confidence and tools to learn how to invest in yourself and your future security. Go to finance.usu.edu/efw to learn more. Kelan Combe, AFC Candidate Empowering Financial Wellness Program Coordinator Tax season is upon us! You know what that means? Tax returns! I’m sure most of us are excited to see that nice tax return hit our bank accounts, but do you know who else is excited? Scam artists.
In today’s digital world, scams are becoming increasingly common, and tactics are constantly evolving to take advantage of those who may not be looking out for them. To help keep you protected, we have come up with a few of the most common scams we have seen in the last little bit, and will give you some tips on how to identify and deal with them. 1. Text Scams I, and I’m sure many of you may have seen a recent increase in random texts coming from unknown numbers saying things like “Do you want to go golfing this weekend?” or, “Why aren’t you responding? Are you at work”, or even just a simple “How are you?”. Many of these messages are automatically sent to large numbers of people at once with one goal: Get someone to respond. Once someone responds, the scammer either tries to start a conversation with you hoping that they will get some information out of you, send a picture, which once downloaded can infect your device with malware aimed at discovering passwords, bank information, or other personal information, or a combination of both. In addition to this, once you respond the scammer now knows that you have a working number, and the frequency of these texts could increase. When you get one of these messages, DELETE IT! Do not respond, and do not click on any links, files, or pictures that may have been sent. You can also report the text by forwarding it to your phone provider, for example for Verizon you would forward it to 7726, or you can report it to the Federal Trade Commission at reportfraud.ftc.gov. 2. Phone Scams Phone scams involve fraudulent calls attempting to deceive individuals into providing personal information or making payments. Most of the time the scammer will be pretending to be a bank, or government organization such as the IRS or police departments. Protect yourself from phone scams by avoiding providing personal or financial information over the phone, especially if you receive unsolicited calls. Legitimate organizations will never ask for sensitive information over the phone. You should also be wary of threats or pressure. Scammers often use threats or pressure tactics to coerce individuals into compliance. Hang up immediately if the caller uses aggressive language or demands immediate action. 3. Email Phishing Email phishing scams involve deceptive messages that trick individuals into revealing sensitive information, such as passwords or financial details. The scammer usually tries to impersonate a legitimate person or company. The goal of the emails is usually for you to click a link, or download and attachment that will let them install malware on your computer or collect personal information. To protect yourself against phishing, you should:
Lastly, here are a few tips to help keep you and your identity safe: 1. Put a freeze on your credit report. This will make it so even if someone manages to get ahold of your information, they will not be able to use your SSN to open credit. Click HERE for instructions to place a freeze on your credit. 2. Request an Identity Protection PIN from the IRS. This PIN prevents identity thieves from using your SSN to file for a tax return. Find out more at the IRS website. 3. Review your credit reports often. You can review your reports up to once a week completely for free. Reviewing your report can often be the first and only sign that someone is using your personal information to open accounts. Check it by going to: https://www.annualcreditreport.com If you want to know more about how to protect yourself from fraud, specifically investment fraud, join us for our webinar on March 5th where our guest presenters from the Utah Division of Securities will teach strategies for protecting your investments from scams. |
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