Financial decisions people make can improve the quality of their lives or make life more challenging. Either way, the impacts of individual financial choices affect the overall economic health of families and communities.
Financial Literacy – basic knowledge of financial concepts and the ability to make competent decisions is increasingly recognized as an essential life skill.
Extension Educators deliver financial education in our community where people work and live. Some examples of recent financial education include:
A workshop designed to assist participants in setting financial priorities, tracking their spending, and developing a spending plan. Individuals can complete the program ONLINE at their own pace, at no charge, at: https://fyi.extension.wisc.edu/moneymatters/. Once all online modules have been completed, a Certificate of Completion can be obtained by reviewing with the Extension Educator. If you need to obtain a Certificate of Completion or complete the program in person, please contact Libby Huber at Extension Price County, 715-339-5341.
Dealing with a Drop in Income
Credit & Debt – Make it Work for You
A workshop designed to assist participants in the benefits and drawbacks of different types of debt, what’s in a credit report, how to raise their credit score, and ideas for paying off debt. If you are interested in accessing a copy of your free credit report, view the How to Access Your Free Credit Reports fact-sheet here.
Managing Between Jobs
Extension developed a series of 16 publications that present valuable strategies for dealing with job loss or a drastic reduction in income. Get help setting spending priorities, keeping a roof overhead, finding another job, and more.
B3459-01 Setting Spending Priorities
B3459-02 Strategies for Spending Less
B3459-03 Deciding Which Bills to Pay First
B3459-04 Talking with Creditors
B3459-05 Keeping a Roof Overhead
B3459-06 Meeting Your Insurance Needs
B3459-08 Making the Most of What You Have
B3459-09 Deciding If Bankruptcy Is An Option For You
B3459-10 Taking Care of Yourself
B3459-11 How You Can Help When Mom or Dad is Unemployed
B3459-12 Helping Children Cope
B3459-13 Community Agencies That Can Help
B3459-14 Looking For a Job – Watch Out for Scams
B3459-15 Where to Go for Help Finding a Job
B3459-16 Starting Your Own Business
Extension Self-Help Resources
Extension has a number of financial education resources that may be used for self study including the following:
Organizing Your Financial Records
Taking Control of Your Spending
Tracking Your Spending
Using Power Payments to Pay off Debt
Tax Credits for Low and Moderate Income Families Blog
Managing Your Personal Finances in Tough Times Blog
The Wallet Tracker
Cutting Back and Keeping Up Fact Sheet
Retirement Rules of Thumb
Family Estate Planning In Wisconsin
The skills and abilities children learn in early childhood shape how they develop into adulthood. Teaching them skills such as planning ahead, waiting for things they want, and finishing what they start will help them in many areas of their life, including achieving financial well-being in adulthood. These skills, known as executive function skills, help children and adults stay focused, plan, and adjust to changes. They also support positive financial behaviors such as goal setting, planning, saving for the future, and sticking to a budget. Building foundational skills.
You can help your young children build their executive function skills and learn basic money skills by helping them:
- Focus their attention on tasks and activities for longer periods of time
- Follow rules, stated expectations, and directions
- Remember new information they learn, and apply it to different situations
- Learn to stop and think before they act
- Wait for things they want
- Reason and solve problems
- Be flexible in their thinking when adjusting to changes, switching to new tasks, or solving problems
- Identify and learn the value of coins and bills
Here are some examples of Parent guides that are available at our office!
You’re a high school student who has just been transported into the future with your friends. Some of you have just graduated from college or technical school. Some of you are married. All of you already have kids. You’ve just started your first full-time job. You’re earning money and have bills to pay. Now you have to select housing, transportation, food, household necessities, clothing, day care, and other wants and needs. Lots of choices to make. Oh, and you need to build a budget based on your income and debt. Welcome to Mad City Money™!
Mad City Money is a 2.5 hour simulation for high school students. Each participant receives an
“about me” sheet that contains: an occupation and salary, student loan debt owed, credit card debt owed,
and cost of medical insurance. Some participants will have a spouse; some will be single; and some will be single parents.
Participants build a monthly budget based on their incomes. They visit nine merchants in Mad City to purchase housing, transportation, food, day care, and other needs. There’s a mall for wants and, of course, a credit union for financial services. The Fickle Finger of Fate randomly visits each participant during the simulation and distributes unexpected windfalls and unplanned expenses.
Participants use debit cards for their purchases and must balance both their debit card registers and their budgets.
Each participant will:
• Practice budgeting as an adult with realistic circumstances.
• Identify and experience the consequences of poor decisions.
• Develop good judgment regarding spending and making a budget.
• Understand that budgeting is a necessary step in good money management and that it isn’t difficult.
This program is aimed at teenagers ages 15 to 18.