25 Jul
The Financial Industry Regulatory Authority (FINRA) has a tool to help you compare up to 3 mutual funds or 3 exchange–traded funds. The side- by- side comparison helps you evaluate the impact of fees and expenses over a time on your investments. It also has an Annual Expense Comparison feature that shows how a fund’s expense ratio compares to an industry average of similar funds.
The FINRA Fund Analyzer is available at www.finra.org/FundAnalyzer
24 May
A significant portion of your credit score is based on “amounts owed.” This is also referred to as debt utilization and is calculated by comparing outstanding balances to credit limits. A consumer who is maxed out is using most of the credit available to them and is likely to have a low credit score.
A general rule of thumb is to keep credit card utilization to less than 30% of your available limit. This applies even if you ay your balance in full every month because credit scores are based on monthly reported balances. So if you charge up to your credit limits each month the score will show that you are maxed out.
The impact credit utilization has on your credit score is the reason that closing an account can negatively impact your score. Closing the card will lower your overall credit limit and could increase your debt utilization ratio if you close an account that is carrying a balance. It is better to payoff a balance before closing the account.
17 May
Most of us have goals – building an emergency fund, retiring, funding a child’s education, increasing our cash flow - are just a few that come to mind. Goal-based investing is an investment strategy where the focus is on achieving specific personal financial goals and success is measured by goal achievement rather than beating market performance.
As with any type of goal planning, we are most likely to be successful if we nail down the specifics – such as the time frame to achieve and the amount of money needed. We also want to weigh the importance of each specific goal and consider the consequences of not achieving that goal. The next thing we want to decide on is which type of savings or investment product is most appropriate to help us achieve each specific goal in the desired time frame.
Hillsborough County Extension in partnership with the Financial Planning Association of Tampa Bay will be presenting a goal-based investment workshop on Saturday June 25. For additional information visit http://hillsborough.extension.ufl.edu/
17 May
Money Adventures Camp for Teens
What: Money Adventures Camp
When: June 20 – 24, 8:00am – 5:00pm
Where: Hillsborough County Extension Office
Registration: Discounted registration is $22 due by June 6, after June 6 registration is $30.00
Registration Deadline: June 13
Hillsborough County Extension in partnership with United Way of Tampa Bay is offering a Money Adventures Camp for teens’ age 13-16 years old. The camp will feature hands-on learning activities dealing with credit, banking, car buying, and job searches & interviewing. The camp will also include fun afternoon field trips to go bowling, visit MOSI/IMAX, and play miniature golf.
The camp is scheduled for June 20 – 24 from 8:00am – 5:00pm at the Hillsborough County Extension Office, 5339 County Road 579, Seffner, 33584. A discounted registration of $22.00 is due by June 6 and after that registration is $30, due no later than June 13. The registration fee covers all field trips and lunches. For more information or questions, please contact Kelli Serio at (813) 744-5519 x110 or SerioK@hillsboroughcounty.org or visit our web site http://hillsborough.extension.ufl.edu.
25 Mar
Hillsborough County Extension in partnership with the Financial Planning Association of Tampa is presenting a Goal Based Saving & Investment Workshop on June 25, from 9:00am – 10:30am at the Hillsborough County Extension Office. The first 20 people who register will also be given the option of a free one-on-one session with a volunteer financial planner. The cost for the workshop is $15 and the registration deadline is June 18. Additional details and registration can be found at http://goalbasedsavingsinvestment.eventbrite.com/
25 Mar
The terms “saving” and “investing” are often used interchangeably, but there are important differences between the two.
Saving provides money to cover emergencies and short term goals – such as car repairs, medical expenses, a new refrigerator, and holiday expenses. Money for these types of purchases should be in a safe account and readily available when they are needed. For emergencies and purchases less than 6 months away – a savings account is likely to be the best place. For goals that are more than 6 months away, certificates of deposit may be an option. Savings accounts do not earn much interest but the money will be there when needed. It helps our financial stability when we can turn to our savings accounts for items such as unexpected medical expenses or new appliances instead of relying on high cost loans or credit cards.
Savings accounts come with little risk of losing principal. But they do come with the very likely risk of not keeping up with inflation. Over the long haul investment products usually provide a higher return than inflation enabling us to retain our purchasing power and achieve long term financial goals. In addition, there are investment products that come with special tax advantages. That is why for long term goals such as funding retirement or a child’s college education, an investment product with tax advantages is a better option than a savings account.
However, investment returns are not guaranteed and even the principal can be lost. So the first place to start is by making sure we set aside enough money in a savings account to cover emergencies and short term needs. Of course we also need to make sure high cost debts are being paid off. Saving and paying off high cost debt provide a nice solid financial foundation. The next step is to start building net worth by investing for long term goals.
1 Feb
Free Tax Preparation In Person Sites: There are many sites in Hillsborough & Pinellas Counties offering free tax preparation help for households with incomes of $49,000 or less. Call 211 or visit
http://www.unitedwaytampabay.org/freetaxhelp/ to find a site near you.
AARP offers free tax preparation assistance to “low- and middle-income taxpayers, with special attention to those 60 and over.” To find a site near you visit https://locator.aarp.org/vmis/sites/tax_aide_locator.jsp
Free File Online: For households with incomes of $58,000 or less, the IRS partners with companies to offer access to free online tax prep software. The IRS web site www.irs.gov will have more information and a link to the software from different companies.
Spread the word about these options. I have found that some of my family and friends were not aware and were paying money unnecessarily for tax preparation.
1 Feb
Webinars in March : Presented by UF/IFAS Hillsborough County Extension, live, interactive online classes
Thursdays, 12:15—1:00pm.
March 3 — Behavior Strategies to Reach Financial Goals https://student.gototraining.com/878nx/register/1904932813136409856
March 10 — Managing Money in Tough Economic Times
https://student.gototraining.com/878nx/register/6617111995319288320
March 17 — Credit Reports & Credit Scores
https://student.gototraining.com/878nx/register/7497614100981861376
A link to registration is also at http://tampabaysaves.ifas.ufl.edu
Building Your Financial Future Classes (Meets bankruptcy education requirements)
Classes March 10, April 14, & May from 1:00pm – 5:00pm. For more information contact Lisa at lesliel@hillsboroughcounty.org or (813) 744 – 5519 x143 or downloand a flyer at http://tampabaysaves.ifas.ufl.edu/
24 Nov
The holiday season is a time when it can be easy to let emotion and sentiment lead us to overspend. The following strategies can help you avoid turning the season’s cheer into financial despair.
For some helpful holiday spending worksheets, blank gift certificates and other helpful information visit http://tampabaysaves.ifas.ufl.edu and look for the links in the right column under “Hot Topics.”
10 Nov
Join us for a webinar that will discuss ways to to improve your credit score and avoid scams. Registration required by Nov 17, 12:00pm. To register go to https://student.gototraining.com/878nx/register/2406081416162384896
