Resources to help families make ends meet

Rising grocery prices. Pain at the gas pump. Home foreclosures. These days the economic news isn't good for families.

Families are having to make adjustments in many areas of their budget. Sometimes economic stress can result in short tempers and lack of communication. The University of Minnesota Extension has resources that can help families not only with strategies to help manage family resources but also to improve communication--especially with children--in tough economic times.

Just some of the topics include:

• Adjusting to Suddenly Reduced Income


• How Kids Can Help Mom or Dad
  
• Staying Resilient in Times of Change

Check out all of the U Extension's helpful parenting information here.

Get the biggest bang from your tax rebate check

by Shirley Anderson-Porisch, U of M Extension

Already making plans for how you'll spend your tax rebate check from the federal government? The frist economic stimulus checks are due to arrive in early May.

Consider some fo the following ways to make the very most of your tax rebate check:

1. Open an emergency account. Most Americans do not have money set aside for those financial emergencies that alwasy seem to happen when no cash is available. The rebate check is a great start or addition to an emergency account. The goal might be to have three to six months of monthly fixed expenses in the account.


2. Pay for repairs. Maintaining expensive possessions now will result in dollars saved tomorrow. Use the refund to repair a leaky roof before it develops into a bigger problem; replace car tires with new, safer ones; or fix home ceilings, walls, floors, doors, windows, etc.


3. Make an extra home mortgage payment. Though you will not feel the benefit immediately, making an extra mortgage payment now puts you one payment ahead and can save you a payment later.


4. Fund your retirement account. About 30 percent of all working Americans have no money invested for their retirement. If you are aone fo them, seriously consider setting up or contributing to an IRA account.


5. Open a 529 College Savings Plan. A four-year colege education can cost upwards of $100,000. The 529 plan works much like a Roth IRA, and withdrawals are tax-free when used for higher education purposes.

It's never too early to become financially literate

West Central Initiative subscribes to the Family Economic Success model of "Earn It, Keep It, Grow It."

Basically, it means finding ways to help families remain employed, able to pay their bills, with money left over to save and invest wisely for the future.

Unfortunately, many of us live financially extended lives, and "savings" has become a foreign word. Parents are talking to their children less and less about what it means to be fiscally responsible.

The University of Minnesota Extension Program is working to change this by offering teacher training for financial planning for high school students. The workshop (open to teachers, representatives of financial institutions, community agency staff and adults working with youth) will be held throughout Minnesota in the month of June, including Morris on June 21 and Moorhead on June 28.

Want to know more? The Extension has additional online info on youth and money.