July 2006 Newsletter

July is College of Agriculture month for FPW! (See details below).
July 12: 20 Steps to 7 Figures: Secrets of The Millionaire Next Door
Copies of The Millionaire Next Door and related books will be given away to women who bring a new participant with them on Wednesday.
FPW meets 12:30-1:30 p.m. in Family Life room 318 on the USU campus. Bring your lunch. The same program is repeated in the evening: 7-8:30 p.m. at the Family Life Center, 493 North 700 East, Logan (at bottom of Old Main Hill).
Upcoming FPW programs (mark your calendar):
August 9: Am I on track for a comfortable retirement ? How much to invest for retirement using the Ballpark Estimate.
September 13: Taking the Mystery out of Retirement Planning
October 11: Stretching Your Dollar (tentative)
November 8: Getting off the Consumer Escalator. DVD featuring Juliet Schor, author of The Overspent American , followed by discussion. If you have suggestions for topics please email: lown@cc.usu.edu
FPW Advisory Board
Thanks to the following women who serve on the FPW Advisory Board: Lola Bolton, Valerie Byrnes, Susan Haddock, Rae Ann Hart, Dena Larsen, Chris Lord, Norma Mann, & Visnja Taylor
The role of the Advisory Board is to help determine program topics and to provide ideas on how to promote FPW. In the coming months the Advisory Board members will be introduced in alphabetical order.
Susan Haddock
I have a Bachelor in Social Work with a minor in FCHD.  I am currently enrolled in an online program to achieve the Kansas State University's Graduate Certificate Program in Academic Advising. I have worked at the University for twelve years now as an Academic Advisor.  The first 10 years were in the Department of Biology working with the Pre-health students. The last two years I have been in the student center in the new Advising Center (University Advising and Transfer Services) working with the undeclared students. Among my many roles in the advising center, I also teach an eight week Connections class fall and spring semesters. I have been attending the Financial Planning for Women for many years now. I am in a position in life where I am really thinking about retirement monies and enjoy all the help I can get to find out what I should be doing. My husband & I own our own business in Richmond which has placed many demands on our time.  But I do all the bookkeeping and learned a lot in the last five years in how to start a business in Utah, paying taxes, etc.
NEW! USU College months with FPW.
Each month FPW will provide incentives for women affiliated with each of the seven colleges to attend FPW. Starting with July, which is College of Agriculture month, we will proceed in alphabetical order. Affiliation means you work for the college, graduated from, are a student in the college or are spouse/partner of an affiliate. So everyone affiliated with the College of Ag will receive a "Paycheck Power Booster Calculator" if they attend the July FPW. August is College of Business month. Come and bring your colleagues.
Website of the month: A plethora of financial calculators: http://www.dinkytown.net/
Take action!
Are you receiving a raise in your next paycheck? Consider using that extra money to pay down consumer debt or save/invest for an important goal. If you don't plan, that extra money will just disappear. At the same time, you may want to adjust your income tax withholding if you received a large refund. By reducing the amount you have withheld you can channel that "extra" money into an automatic monthly saving/investing plan or use the money to pay down consumer debt or a home equity line of credit. Use this tax withholding calculator to fine tune your W-4 withholding:
http://www.irs.gov/individuals/article/0,,id=96196,00.html
Read The Wall Street Journal Sunday in the Sunday Salt Lake Tribune Business Section or read it online: http://online.wsj.com/public/page/sundayjournal.html
Where does all my money go? The fact that many Americans fritter away a lot of money in small daily doses (you may have heard this referred to as the "latte factor") is one answer. However, Wall Street Journal writer Jonathan Clements recently compared average outlays for the two largest household expenses, housing and transportation, from 1970 and 2004. Guess what folks... the proportion of household spending allocated to vehicles and houses has risen dramatically because both have gotten very large and luxurious over the past quarter century. So if you are REALLY serious about cutting back you need to look at your house and your vehicles... that's were the dramatic savings can be found by cutting back. The daily pop or latte is just a drop in the bucket in comparison. It's your choice.
Personal Finance Humor:
Definition of KIPPERS: kids in parents' pocket eroding retirement savings; after awhile they begin to stink. (Referring to adult children living at home and/or still financially dependent on parents. Send $ jokes or humor to: lown@cc.usu.edu
Upcoming events:
Housing and Financial Counseling (USU Family Life Center) workshops:
July 8 (Saturday): Homeownership workshop 8:30-4:30 (registration required)
Call 797-7430 to register. Details and upcoming workshops at: http://www.usu.edu/fchd/hfc_workshops.pdf
What to help your children learn to manage their money responsibly?
Smart Money education series for teenagers 14-18 years: Basic Money Management
Wed. July 19, 6:30-8:30 pm
USU Charter Credit Union, 198 N. Main, downstairs conference room (enter at rear of building).
Workshops are free. To register: 753-4080, ext 3400 or moneyteacher@usuccu.org
Financial Planning for Women (FPW) is a monthly educational seminar that meets the second Wednesday of each month at two times: 12:30-1:30 p.m. in Family Life room 318 on the USU campus. Bring your lunch. The same program is repeated in the evening: 7-8:30 p.m. at the Family Life Center, 493 North 700 East, Logan (at bottom of Old Main Hill). The longer evening time slot allows for more discussion. Programs are free and registration is not required. Bring a friend! For further information: (435) 797-1569; lown@cc.usu.edu
The USU Family Life Center, 797-7224, 493 N 700 East (bottom of Old Main Hill), provides financial counseling and monthly workshops. This is the best source for basic money management and getting out of debt. They offer the PowerPay computer debt analysis.
Counseling sessions cost $5 for first session with sliding scale charges based on family income and family size for subsequent counseling sessions.
Thanks to Zions Bank Smart Women grant for funding for FPW 2005-2006.