In today’s tough economic times, it is more important than ever to gain and maintain control of your personal finances. Unfortunately, financial literacy is given little or no attention in American public education. Financial Literacy is understanding your money and knowing what it is doing. And chances are, no one ever told you some of the things that you really need to know.
ThinkTV and WYSO have partnered, once again, to bring trusted community resources together with the people who need them in the Miami Valley. “No One Ever Told Me That” is an innovative information vehicle utilizing radio, television and the web to address some of the most important issues you are facing today:
Should I buy a home or is renting better for me right now?
What is on my credit report and what can I do about it?
What is happening with credit cards and the new rules regarding them?
Where should I start with financial planning and budgeting?
The only one responsible for your financial fitness is you. We hope that these tips, guidelines and reporting can make your work a little less confusing and worry-free.
Are you thinking about buying a house? Learn more about whether homeownership is right for you, right now. Below are links to articles that explore some of the myths of home ownership as well as the realities.
How to Know If You are Ready for Your First Home
This article will help you learn more about the amount of time and maintenance home ownership requires, and it can help you decide if you are ready to take the plunge.
Thinking About Buying a Home? Read this first.
Ohio Attorney General Richard Cordray wants to help you make smart decisions when buying a home. This site includes 11 tips you should consider before signing a mortgage.
Rent vs. Buy - Myths that Ruined the Housing Market
This site addresses some of the myths concerning renting versus buying a home and suggests that, in light of the present decline in the U.S. housing market, financial security, rather than owning a home may be the true American Dream.
There are several things consumers should know when beginning the home buying process. Looking at the details as well as the “big picture” is critical. Whether you are shopping for a loan, wondering about the costs of home maintenance or trying to understand the terms of your mortgage, these articles offer advice, tips and things you need to know when buying a home.
Buying a Home
This U.S. Department of Housing and Urban Development site provides step-by-step advice on the home buying process which can often be complicated.
Home Improvements
This U.S. Department of Housing and Urban Development site offers consumers information on the facts and pitfalls of home improvement.
Important Mortgage Terms You Need to Know This site provides useful terms consumers should know before buying a home and signing a mortgage.
Important Things to Know Before Buying a Home
This webpage offers advice to potential homeowners. It also points out a number of things to consider when you are in the market to buy.
To be financially fit, it is important to take charge of your credit and learn how to make your money work for you. Taking charge of your credit includes educating yourself on the dangers, as well as benefits, of using credit cards. The articles below will help you learn more about reading your credit report, the new Federal CARD Act of 2009, how to avoid credit card scams, and whether you should consider credit counseling.
Annual Credit Report
This site offers free yearly credit reports from each of the three nationwide consumer credit reporting companies.
How do I Check my Credit Report?
This page from the Ohio Attorney General’s office offers advice on how to check your credit report, ways to improve your credit report on your own, and tips on how to avoid falling victim to credit repair scams.
NHP Financial Fitness and Homebuyer Education Classes
Neighborhood Housing Partnership of Greater Springfield offers a variety of classes to help you begin accomplishing your dream of homeownership, fixing the home you have or helping you get your finances under control.
Need Help Improving your Credit? Watch for Scams
This page from the Ohio Attorney General’s office gives information on how to avoid credit scams, as well as steps you can take to improve your credit record.
CARD Act of 2009: Reforms to protect American Credit Card Holders Fact Sheet
This fact sheet outlines the reforms regarding Credit Card regulations; it describes how the Credit Card Accountability, Responsibility and Disclosure Act will help protect consumers.
Credit Card Basics
This site offers tips and advice about finding the right credit card, information on interpreting credit reports and scores, how to manage your credit cards and how to use credit wisely.
Budgeting
This American Consumer Credit Counseling site offers a number of resources for creating and keeping a budget including budget templates, web seminars, podcasts and other resources.
If your family is one of the many to face economic hardship, you may find it difficult to explain or even talk about the subject with your children. However, talking can be the best way to make everyone feel secure. Find stories and tips through the links below on how to not only cope during these times, but to grow as a family.
PBS Parents: Families Stand Together
This website includes advice for explaining financial hardship to young children, tips on how to handle a child’s questions, as well as how to help children adjust to changes in the family’s financial circumstances. Parents can also learn how saving can be family fun!
National Children’s Health Insurance
This U.S. Department of Health and Human Services site provides information and resources on getting your child health care coverage.
Facing the Mortgage Crisis
In response to the crisis that is threatening our neighborhoods and cities, ThinkTV and WYSO partnered to create Facing the Mortgage Crisis, a community engagement initiative designed to connect area residents to trusted foreclosure prevention resources. Find out more at ThinkTVFacing the Mortgage Crisis and WYSO My House: Facing the Mortgage Crisis
WYSO Stories
Local housing advocates and politicians agree that something needs to be about the Miami Valley's high foreclosure rate. How that will happen remains a bit more complicated. Emily McCord speaks with local officials about what they'll do next. (11/19/2009) LISTEN
Jerry Kenney reports on commercial property issues by taking a look at empty office spaces in downtown Dayton and some of the proposed solutions to the problem. (11/26/2009) LISTEN
Starting with the new school year in 2010, the Ohio Department of Education will make financial literacy a graduation requirement for the state's high school students. WYSO's Juliet Fromholt visits a school in Clark County where students are already beginning to learn about money. (12/3/2009)LISTEN
It's estimated that the average American household carries eight to ten thousand dollars in credit card debt. And, in the Miami Valley, recent layoffs and work reductions are likely to push the loan amounts even higher.
Soon federal legislation designed for some consumer relief will go into effect. Aileen LeBlanc reports for WYSO. (12/8/2009)LISTEN
Stay tuned! We'll be adding a new story
each week.
Can You Pass the Debt Test?
How do you know how much debt is too much? Take our debt test to assess your financial health.
- Do you lack a savings account or money for emergencies?
- Are you using credit cards to buy things you used to pay for with cash?
- Are one or more of your credit cards at or near the limit?
- Are you only able to make the minimum payment on your credit cards?
- Are you unsure about how much you owe?
- Is an increasing percentage of your monthly income going to pay off debts?
- Are you 30 days behind with any of your creditors?
- Have you written post-dated or insufficient funds checks to get a creditor off your back?
- If you lost your job would you have immediate financial problems?
- Do you use cash advances to pay other credit cards?
A "yes" answer to two or more questions indicates you may benefit from credit counseling. You can contact Consumer Credit Counseling Services cccs@graceworks.org or toll-free at 1-800-377-2432
Q. As long as I can afford it, buying a home makes sense.
Not always. There are many factors to consider when buying a home.
Q. As long as I have a down-payment, my mortgage rate will be low.
You need at least 10-20% of a down payment to keep your monthly rate down.
Q. A house and an apartment require the same amount of time, work and money.
It depends. With a house, you need to consider maintenance, yard work and cleaning. You should look at the average annual cost for housekeeping costs and figure them into your monthly house budget.
Q. I only need to know whether or not my credit score is good or bad.
While having a good credit score is certainly helpful, you should review it to make sure there aren’t any mistakes. Also, it is beneficial to investigate what might be keeping your credit score down in order to avoid problems in the future.
Q. If I rent I am just throwing my money away. Real Estate is always a good investment.
Buying is not for everyone. Buying a house can be a great investment, but if you are not fully prepared to take on the extra responsibility, it can turn into a disaster.
Q. The most important factor in buying a home is square footage.
Making sure you’re buying a home that is right for you includes factors such as your monthly budget (what you are able to afford) and location (what about schools, surrounding house prices, etc).
Q. As long as I have a stable job, my emergency cushion only has to be a couple thousand dollars.
It is recommended to have at least 3 months of income saved, especially when taking on a large financial investment such as buying a home.
If you answered True to two or more of the above statements, you may benefit from financial counseling.
