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| Credit Answers > Debt-Management-Articles-2009 > Financial Tips |
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Our financial goals change at various stages throughout our lives. Below are some helpful tips and services that may help consumers of different age groups reach
thier debt settlement savings goals.
Remember that it is never too late or too early to start living a frugal lifestyle.
Kids:
Kids value saving. Kids are willing to spend less and work more to feed their piggy banks in tough economic times, according to a new poll by the Northwestern Mutual Foundation's financial literacy web
site, www.themint.org. In the survey, visitors to the site were asked about the first thing they would do if money got tight. Sixty-six percent of
respondents aged 17 or younger said they would either spend a little less or stop spending money on unnecessary items altogether.
Online games shows kids and young adults the importance of saving. Ed's Bank is sponsored by Visa's Practical Money Skills for Life program. This online game helps young children to see how much money it
takes to save for items they want. Teens and college students can visit www.indebted.com, a financial education site sponsored by MTV. This site offers
budget calculators, quizzes, and helpful financial information. Indebted.com also includes Debt Ski, an online game that shows young adults the importance of budgeting for necessities and extra
items.
Adults:
Online tool helps calculate child care costs. According to a report released by the National Association of Child Care Resource & Referral Agencies (NACCRRA) entitled, Parents and the High Price of Child
Care: 2009 Update, monthly child care costs exceed monthly food costs and the average cost of other household expenses. Sittercity.com offers some creative child care solutions to help in this difficult
economy. To find out the average hourly rate for babysitters in your area, visit Sittercity.com's Rate
Calculator: babysitters.sittercity.com/rate_calculator.html.
Retirement Planning Is Essential.
Mass Mutual reports that as Americans near retirement they have less confidence in the economy and new fears about whether they can afford the high cost of growing older. On September 15, PBS will premiere
Retirement Revolution: The New Reality, a documentary that will show several families sharing their personal stories about retirement. For several online retirement calculators, visit
www.massmutual.com/calculators.
The Budget Queen Can Help You Save Money.
Visit www.thebudgetqueen.com for a variety of budgeting tools, money tips, and free calculators to help you reduce your everyday spending
habits.
Elderly:
National campaign helps elderly with prescription costs. By the end of this summer, more than one million older Americans will have fallen into the "doughnut hole," a coverage gap in Medicare's prescription
drug program that leaves individuals on the hook for all of their own drug costs while still paying premiums. AARP is launching a new online resource to help older Americans avoid this dreaded coverage
gap. The AARP Doughnut Hole Calculator, available at www.aarp.org/doughnuthole, guides visitors through their prescription drug options using
localized information about their plans and prescriptions to determine if or when they will fall into the coverage gap. Visitors can view a graph of their out-of-pocket spending by month, look up lower cost
drugs for their conditions, create a Personal Medication Record, and print out personalized letters to their doctors to help start a conversation about safely switching prescriptions. As a part of its
Health Action Now campaign, AARP is calling on Congress to close the doughnut hole and lower prescription drug prices so that no one has to go without the prescriptions they need to stay healthy.
National campaign helps elderly with prescription costs. According to Help Senior Homeowners, a non-profit mortgage counseling organization, thousands of senior homeowners (age 62 or older) are already
delinquent or in foreclosure. Reverse mortgages are the answer for some but approximately 30% of 12 million seniors who may have qualified for a reverse mortgage two years ago no longer have enough equity
in their homes to qualify. Visit www.helpseniorhomeowners.org for more information.
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