Dimes, Dollars and Decisions.ppt

* Plugging Your Spending Leaks hanout * * Dimes, Dollars and Decisions Everyday Spending and Saving Strategies Resource Management Re-source A source of supply; an available means A natural source of wealth or revenue Something to which one has recourse in difficulty An ability to meet and handle a situation Mirriam Webster Collegiate Dictionary Objectives Familiarize you with various resources available to you and your clients and ways to access these resources. Resources Brainstorm resources clients have available to them – what “helps” do they have and use? Resource Management Using what you have to get what you need Today the primary resource we will be discussing is money and various sources of help to make better spending and saving decisions. All of us are smarter than any one of us – please feel free to share throughout the program. Plugging Your Spending Leaks Circle all items members of your household have spent money on in the past month. Fold the paper in half lengthwise Fold it twice like a business letter – creating 3 even sections Open to reveal 6 rectangles Does one rectangle appear to have more items in it circled? Which one and why? COMPASS pass.state.pa.us Commonwealth of Pennsylvania Application for Social Services About Compass Family Savings Account /programDetail.aspx?id=93 Site Who has the program in your county?-handout Taxes VITA – Volunteer Income Tax Assistance Tax Credits EITC Earned Income Tax Credit Advanced EITC W-5 Child Tax Credits Additional Child Tax Credit Child Care Tax Credits Retirement Saver’s Tax Credit W-4 withholding Medical Medicare Beneficiaries Part D – Drug Insurance Benefit Extra Help to pay for Part D Samples from Doctor Pharmaceutical company patient assistance programs Example: BlueChip/ Adult Basic PowerPay Online resource to help develop a debt repayment plan PowerPay 1 2 3 “Credit Counseling” agencies may only be consolidators-offer no true counseling Banking Services Know the rules- may take up to 5 days fo