MissouriFamilies.org BETTER LIVING Solutions for Better Living in These Tough Economic Times • Getting the most out of your money • Living on less: 114 ideas • Protecting yourself against identity thef • Tax credits for people who work • Conserve energy and save money • Saving energy in your home • Reduce your food budget • Resources to help you save • Two meals for $10 • Ten ways to reduce health care costs • Using communication skills to discuss money • Local county extension ofces directory and more... Retool your career. Search Mizzou Onl ine Degrees Get a degree with teeth. Online. Find career-changing degree options like personal financial online + planning and library science. 40 options Poise yourself for advancement by completing your bachelor’s degree in general studies, health professions or nursing. Build your competitive advantage by taking an online course. online.missouri.edu/mu/careers.html University of Missouri missourifamilies.org solutions for better living Welcome to this special edition of missourifamilies.org Solutions for Better Living in Tese Tough Economic Times e know that so many individuals, families and businesses are Wfeeling the pressure of these difcult times. In order to assist Visit us online to learn more about: those in need, we are proud to provide you with the second edition of Solutions for Better Living. Tis issue has a special focus on managing Adults & Children during tough economic times. We hope the information and resources Teen Pregnancy, Child Development, in this edition help reduce your fnancial burdens. Parenting, Child Care, Adolescents I would also ask that you share this information with those you Aging know. If you know someone who may need a copy of this publication, it Aging Well, Memory Loss, can be ordered online at extension.missouri.edu/explore. Osteoporosis, Dehydration, Abuse If you have enjoyed this publication and would like to share your thoughts with us, please go to missourifamilies.org/toughtimes/ Coping with Disaster survey.htm. We would love to hear from you. We want to know what Talking to children in times of crisis, Emergency Food Pantry information would be most helpful to you so we can provide future editions of Solutions for Better Living tailored to your needs. Food & Fitness I hope you fnd this information helpful and able to provide you with Eating Well, Keeping Fit, Obesity, solutions for better living! Exercise, Weight Loss, Food Safety, Canning, Freezing, Food Poisoning Tanks, Health Talking to children about Cancer, Jo Brit t-Rankin Mammogram, HRT, Medicare Jo Britt-Rankin Housing Associate Dean Environmental Safety, Remodeling, Human Environmental Sciences Home Ownership, Energy Effciency Money Matters MissouriFamilies.org is sponsored by University of Missouri Extension, Bankruptcy, Retirement Planning, College of Human Environmental Sciences Taxes, Insurance, Credit, Fraud, Personal Finance, Consumer Action Relationships Divorce, Domestic Violence, Marriage, Enriching Relationships missourifamilies.org equal opportunity/ADA institution Missouri Families.org | Solutions for Better Living in Tese Tough Economic Times | 1 Contents Money Matters • Take steps to be fnancially ready before disaster strikes ......................................................................................5 • How can I be better prepared for a fnancial disaster? ..........................................................................................5 • Grab-and-go box ............................................................................................................................................................6 • Getting the most out of your money .........................................................................................................................7 • How much money do you spend? Tracking form ..................................................................................................8 • Making a spending plan .............................................................................................................................................10 • Living on less: 114 ideas .............................................................................................................................................11 • Little things add up .................................................................................................................................................... 26 • Just lost your job? Don’t panic! .................................................................................................................................27 • Shopping for consumer credit ...................................................................................................................................30 • Choosing a credit card: Read the fne print ..........................................................................................................33 • Finding ways to fll the gap ........................................................................................................................................37 • How to tell if you have a credit emergency ............................................................................................................38 • Protecting yourself against identity thef ...............................................................................................................41 • Tax credits for people who work ..............................................................................................................................45 • Get more of your refund all through the year .......................................................................................................47 • Getting a tax refund? Make it work for you ..........................................................................................................48 • Missouri landlord-tenant law quiz...........................................................................................................................49 • Te Fair Debt Collection Practices Act .................................................................................................................51 • Cut down on how much gas you use and save. ......................................................................................................52 • When creditors are predators ................................................................................................................................... 54 • Payday loan fact sheet .................................................................................................................................................56 Aging • Top 10 things every senior should consider ..........................................57 • Reverse mortgages ......................................................................................59 • Planning funerals in advance makes decisions easier .........................62 2 | Missouri Families.org | Solutions for Better Living in Tese Tough Economic Times Housing • Conserve energy and save money ............................................................63 • Higher-priced compact fuorescent light bulbs pay for themselves in the end ..........................................................................................................69 • FAQ: Compact fuorescent lights (CFLs) .............................................70 • Investing in efciency of home and appliances ....................................73 • Saving energy in your home ................................................................... 77 • How to make a draf dodger ....................................................................83 Food and Fitness • Reduce your food budget .........................................................................85 • Squeezed by rising food prices?................................................................87 • Resources to help you save ........................................................................88 • Two meals for $10 .......................................................................................91 Health • Ten ways to reduce health care costs ......................................................95 Relationships • Money talks: Using communication skills to discuss money ......... 97 • Money talks: Te value of understanding .............................................99 Extension Resources • Local county extension ofces directory .............................................101 Produced by the College of Human Environmental Sciences, University of Missouri, 110 Gwynn Hall, Columbia MO 65211-7700, phone: 573-882-7828, fax: 573-884-5768 equal opportunity/ADA institution Published by University of Missouri Extension. © 2009, Curators of the University of Missouri Te content of MissouriFamies.org, Solutions for Better Living in Tese Tough Economic Times is intended to inform. It is not meant as a substitute for the advice or care of qualifed professionals. Missouri Families.org | Solutions for Better Living in Tese Tough Economic Times | 3 Contributors College of Human Environmental Sciences, University of Missouri Extension Managing Editor • Barbara Bufaloe, LEED • Lisa Hamilton-Hill, Jo Britt-Rankin, M.S., Ph.D., A.P., M.S., extension associate graduate research assistant, associate dean, state specialist and resident instructor, Architectural Studies and associate professor, interim Architectural Studies associate dean for Research & • Sandra Huston, Ph.D., former Graduate Studies, Nutritional • Gail Carlson, MPH, Ph.D., assistant professor and state Sciences former specialist, State Health specialist, Personal Financial Education, Nutritional Planning Art Director Sciences Jeanne Bintzer • Jessica Kovarick, extension • Ann Cohen, M.S., R.D., associate, Nutritional Sciences Editor associate state specialist, Leslie Winjum Nutritional Sciences • Suzanne McGarvey, M.S., former extension associate, Web Manager • Christina Crawford, M.A., Personal Financial Planning Maureen Jenkins former extension associate, Human Development & • Sandra McKinnon, M.S., Administrative Assistant Family Studies Family Financial Education Terry Gatewood specialist, Franklin County, • Cynthia Crawford, Ph.D., East Central region Authors specialist and county program • Kim Allen, Ph.D., M.F.T., director, Family Financial • Brenda Procter, M.S., state state specialist, director, Education Saline County, specialist and instructor, Center on Adolescent Central Missouri region Personal Financial Planning Sexuality, Pregnancy and Parenting (CASPP), Human • Cindy DeBlauw, R.D., L.D., • Tammy Roberts, M.S., R.D., Development & Family Studies extension associate, Food L.D., specialist, Nutrition, Power state coordinator, Barton County, Southwest • Stephen Ball, Ph.D., state Nutritional Sciences region specialist and associate professor, Nutritional Sciences • Nancy Flood, M.S., former • Lucy Schrader, associate state specialist, Personal Financial specialist, Personal Financial • Jef Barber, specialist, Housing Planning Planning & Environmental Design, Greene County, Southwest • Robin Gammon, R.D., L.D., • David Schramm, Ph.D., region extension associate, Nutritional CFLE, state specialist and Sciences assistant professor, Human • Carole Bozworth, Ph.D., Development & Family Studies specialist, Family Financial • Michael Goldschmidt, AIA Education, Jackson County, CSI, Resident Instruction • Andrew Zumwalt, M.S., West Central region assistant professor and state associate state specialist, specialist, Architectural Studies Personal Financial Planning 4 | Missouri Families.org | Solutions for Better Living in Tese Tough Economic Times Money Matters Take steps to be fnancially ready before disaster strikes By Brenda Procter “disaster” is any sudden or in crisis generally needs more you might qualify for? Social Aunexpected misfortune. It resources to get through. Tat is services exist for you. Tey are could be a call to war, the loss of a why it is important to be prepared meant for victims of disaster or family member, a natural disaster in case a fnancial disaster strikes. other misfortunes. that strikes everyone in the You can prepare by taking Te following articles have community or any other sudden stock of the resources you already information about important event. No family is immune to have, and thinking about whether benefts for families, tax disaster. you are adequately covered in implications of property and job During a time of disaster, it is terms of property and casualty loss, tools to assist with personal difcult enough to deal with its insurance. What if you became and family fnancial planning and emotional efects, much less any disabled or lost your job? Would information about possible tax fnancial efect — like a sudden you have savings or other personal credits for your family. loss of income or unavoidable resources to tap into? Would you missourifamilies.org/features/copingarticles/ increase in expenses. A family know how to fnd public resources coping5.htm Quick Answers: How can I be better prepared for a fnancial disaster? □ Take inventory. food damage. Store copies of insurance You’ll need good records of □ Stash some emergency funds. policies, wills, prescriptions your belongings, either for In the event of a disaster, you for medication and eyeglasses, insurance claims or to prove may not have immediate access immunizations records, bank losses on your tax return. List to your bank account. Keep account numbers and driver’s every item in your house and a small amount of cash or licenses in watertight plastic bags attach appraisals, receipts and travelers checks on hand. stored in a portable freproof model or serial numbers for □ Review your insurance box. big ticket items. Photograph coverage periodically. □ Rent a safe deposit box. or videotape every room and Make sure you are covered Keep originals of important the contents of drawers and for replacement costs to documents, deeds, titles, birth closets for backup. Update your house and its contents, certifcates, passports and annually and keep a copy of including improvements. jewelry appraisals in it. everything somewhere outside □ Make copies of important missourifamilies.org/quick/copingqa/ your home in case of fre or documents. copingqa8.htm Missouri Families.org | Solutions for Better Living in Tese Tough Economic Times | 5 Money Matters If you live in an area prone to natural disasters that could require evacuation, consider creating a grab-and-go box of important records to help your family Grab-and-go box rebuild if your f you live in an area prone to • List of bills and when they are Inatural disasters that could due house gets destroyed require evacuation, consider • Copies of the tax form 1040 creating a grab-and-go box. Use for the last three tax years or you don’t have a durable sealed waterproof • Copies of your home inventory box or backpack. Put in copies list with serial numbers access to it for a long of everything that is in your and purchase prices with emergency fle, and add other photographs and/or video period of time. important papers: • Copies of any wills, durable • Medical prescriptions, powers of attorney, deeds, including eyeglasses marriage certifcates, military • Copies of children’s discharge papers, divorce immunization records papers and birth certifcates • Copies of all insurance cards Te list of information in the and policies grab and go box is so extensive • Copies of the back and front of because it is meant to help your your credit cards family rebuild if your house gets • Cash or traveler’s checks for destroyed or you don’t have access several days of living expenses to it for a long period of time. (credit cards may not work) • Rolls of quarters (banks might missourifamilies.org/features/copingarticles/ not be open for several days) coping21.htm 6 | Missouri Families.org | Solutions for Better Living in Tese Tough Economic Times Money Matters Getting the most out of your money ost of us want more On the other hand, if you are want the most. Mthings than we can aford. unemployed and already have You may not have enough Tere’s only so much money to supplies, it wouldn’t cost more money right now to get go around. Getting the most of than the ad and some of your everything you want, so decide the things you want is a skill. time. Unless you really hate what matters most. Try as hard as Everything we do has a trade-of, having a garage sale and spending you can to set aside money each so we always have to keep that time that way, you would probably month for those things that will trade-of in mind. What makes do it. You could use resources on have to wait, even if it’s just a few one person happy may not make hand and only spend money on dollars. another person happy. the ad. Even if the ad costs $15, For example, what if you could you’ll still make $85. How much money do you have? make $100 if you have a garage People’s trade-ofs aren’t always List everywhere you get money sale to get rid of things you don’t the same. To get the most out of from, including what is earned by want? Is it worth it? It depends. your money, you have to fgure all family members. Use the form What if you had to take two out what you really want, think below to fgure out how much full days of work without pay about what you have to give up to money is coming in. Remember to do it and you get paid $10 get it and go for it. all sources. Examples are your an hour? Unless you really like paycheck, pension, farm income, having a garage sale and spending What do you want? rent, Social Security, insurance, time that way, you probably To get the most out of your investments, help from relatives, wouldn’t do it. Afer all, you money, get your family together unemployment and welfare. Tere would only make $100 and it to plan ahead. Let everyone talk may also be other forms of money would cost you $160 in lost about what they want and dream coming in. wages, plus the costs of an ad and a little. Ten talk about it some missourifamilies.org/features/fnancearticles/ supplies. You would lose money. more and make a list of things you cfe37.htm How much money is coming in? Where from Weekly Twice a month Monthly Yearly Missouri Families.org | Solutions for Better Living in Tese Tough Economic Times | 7 Money Matters How much money do you spend? Tracking form Tis form comes in handy for tracking your spending. You can carry a notebook everywhere you go, write it down every time you spend money and put what you spend on the chart each night. It might help to keep it on the refrigerator to remind you to do it. Tis is easy and it helps you understand where your money goes. Food Clothing Housing Health Education Contributions Household Dry cleaning, supplies, Newspapers, Away Garments, laundering, Mortgage, utilities, Furnishings Doctor, magazines, At from materials, repairing, rent, phone, and dentist, books, Charity, Date home home accessories altering repair heat equipment medicine tuition community 8 | Missouri Families.org | Solutions for Better Living in Tese Tough Economic Times