Making Cents of Money

Traveling this holiday season, or thinking of a big trip in 2023? This episode of Making Cents of Money takes a look at what you should consider when traveling over the holidays - and a look back on our previous podcast, Time to Travel, about what you should think about if traveling in the new year! Additional Resources: • Registration for Spend Less, Travel More (Get Savvy Webinar): http://go.uillinois.edu/getsavvywebinars • Original airing of Time to Travel!: https://soundcloud.com/idfpr/episode-21-time-to-travel?utm_source=clipboard&utm_campaign=wtshare&utm_medium=widget&utm_content=https%253A%252F%252Fsoundcloud.com%252Fidfpr%252Fepisode-21-time-to-travel • “Holiday airfare will be most expensive in 5 years as pandemic fears wane” (CNBC): https://www.cnbc.com/2022/09/12/thanksgiving-christmas-travel-to-lift-airfare.html • “Holiday flights will be pricey and packed. Here are 5 things to know before you book” (NPR): https://www.npr.org/2022/10/31/1131903418/holiday-flights-pricey-packed-book-now-fares-rise • “Here’s why it’s so hard to find cheap airfare this year – and why 2023 isn’t looking much better” (CNBC): https://www.cnbc.com/2022/10/20/airfare-stays-high-despite-economic-weakness.html • “Holiday travel outlook 2022 and travel insurance tips” (ForbesAdvisor): https://www.forbes.com/advisor/travel-insurance/holiday-travel-outlook-tips/

Are you (or your kids) looking for help with scholarships for college? In this episode of Making Cents of Money, we breakdown how you can find scholarships, what scholarship providers look for, and common mistakes to avoid your application. Special thanks to Kara Holloway, Director of Scholarships at UIC, for joining us this episode! Additional resources: • Credit Scores Podcast: https://soundcloud.com/idfpr/episode-51-credit-scores?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing • Build Credit to Your Advantage webinar: https://youtu.be/FZGqbTavfsY • Funding School with Scholarships webinar: https://youtu.be/OvIoWRREr1I • How to Avoid Scholarship and Financial Aid Scams (FTC): https://consumer.ftc.gov/articles/how-avoid-scholarship-financial-aid-scams • Free Application for Federal Student Aid (FAFSA): https://studentaid.gov/h/apply-for-aid/fafsa • Alternative Application for Illinois Financial Aid: https://studentportal.isac.org/alternativeapp#:~:text=The%20Alternative%20Application%20for%20Illinois,universities%2C%20and%20career%20education%20programs.

Your credit score is so much more than just a number! In this episode of Making Cents of Money, we explain what they are, how they work, and what you can do to enhance them to improve your access to credit. Additional Resources • Build Credit to Your Advantage webinar on November 9 at 12 PM CT. Registration: https://go.uillinois.edu/getsavvywebinars • What is a credit score? - https://www.consumerfinance.gov/ask-cfpb/what-is-a-credit-score-en-315/ • Understanding How a FICO Credit Score is Determined - https://www.stlouisfed.org/education/continuing-feducation-video-series/episode-1-understanding-how-a-fico-credit-score-is-determined • New FICO Scores via myFICO - https://www.myfico.com/credit-education/credit-scores/new-fico-scores • Who are the credit invisibles? - https://files.consumerfinance.gov/f/documents/201612_cfpb_credit_invisible_policy_report.pdf • Making Cents of Money (episode 42): Credit Access - https://soundcloud.com/idfpr/episode-42-credit-access?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing • SMMC Credit web page - https://www.studentmoney.uillinois.edu/learn/Credit

Thinking of starting your own business? From timing to developing your business plan, our latest episode of Making Cents of Money breaks down what you should consider and do before launch! Additional Resources: • O*NET Interest Profiler: https://www.mynextmove.org/explore/ip • Feasibility Checklist: https://www2.illinois.gov/dceo/SmallBizAssistance/BeginHere/Documents/feasibilitychecklist.pdf • Startup Checklist: go.uic.edu/UICESP-Checklist • Starting Your Business in Illinois Handbook: go.uic.edu/UICESP-StateHandbook • Side Hustles & Small Businesses webinar on October 26 @ 12 PM CT o Event description: https://calendars.uofi.uillinois.edu/detail/3985/33438550 o Registration: https://go.uillinois.edu/getsavvwebinars

Do you know what to do when a financial emergency happens? In this episode of Making Cents of Money, we break down the different types of unexpected expenses, how to create a plan, and the factors you should consider. Additional Resources: • Financial Emergency Preparedness (Get Savvy webinar recording): https://youtu.be/3WSkpL9wg_s • Now: https://www.ready.gov/ • During/After: https://www.disasterassistance.gov/ • FEMA Emergency Financial First Aid Kit, https://www.fema.gov/emergency-financial-first-aid-kit • Recovery After Disaster – The Family Financial Toolkit: Minnesota Version (UMN & NDSU Extension), https://drive.google.com/file/d/1mzXr7nWXlDQo6ZliziHCe3Nxy5wUN8RD/view • Download the FEMA App to be receive tips and warning texts, https://www.fema.gov/about/news-multimedia/mobile-app-text-messages • Economic Well-Being of U.S. Households (SHED) from the Federal Reserve Board: https://www.federalreserve.gov/publications/report-economic-well-being-us-households.htm

We’re breaking down two major federal student loan announcements from the Biden Administration in this episode of Making Cents of Money! Learn how you might be eligible and the steps you’ll need to complete to receive the loan forgiveness! Additional Resources: • PSLF Help Tool: https://studentaid.gov/pslf/ • PSLF Limited Waiver Announcement: https://studentaid.gov/announcements-events/pslf-limited-waiver • Biden Student Debt Relief Plan Announcement: https://studentaid.gov/debt-relief-announcement/ • Biden One-Time Student Loan Cancellation: https://studentaid.gov/debt-relief-announcement/one-time-cancellation • Subscribe to US Dept of Ed Updates: https://www.ed.gov/subscriptions • Blog Post about Biden Administration Student Loan Cancellation & PSLF Limited Waiver: https://blogs.uofi.uillinois.edu/view/7550/1020841708

The Community Reinvestment Act (CRA) helps ensure financial institutions invest in low- and moderate-income communities so that economic equality can be achieved. In this episode of Making Cents of Money, we show how Illinois created its own CRA, how it compares to the federal version, and how it helps create equitable treatment in the financial system. Additional Resources: Making Cents of Money - Credit Access: https://soundcloud.com/idfpr/episode-42-credit-access Illinois CRA: https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ChapterID=20&ActID=4086 Federal CRA: https://www.occ.treas.gov/topics/consumers-and-communities/cra/index-cra.html#:~:text=The%20Community%20Reinvestment%20Act%20of,sound%20operation%20of%20such%20institutions.

Estate planning is one of the most important aspects of financial preparedness. From wills to power of attorney, we break down the things you need to know and consider on this difficult topic in our latest episode of Making Cents of Money. Additional Resources: • The Conversation Project: https://theconversationproject.org/ • Planning for the Unforeseen (webinar recording): https://youtu.be/LfjixpjkBdY • Power of Attorney for Healthcare: https://www2.illinois.gov/sites/gac/Forms/Documents/POAHealthCareForm2021.pdf • Power of Attorney for Property: https://www2.illinois.gov/sites/gac/Forms/Documents/POAProperty2015.pdf • Estate planning update: The Illinois Transfer on Death Instrument (ISBA, 2013): https://www.isba.org/sections/generalpractice/newsletter/2013/02/estateplanningupdatetheillinoistran • Estate Facts about Vehicle Transfers in Illinois: https://www.ilsos.gov/publications/pdf_publications/vsd275.pdf

Thinking of selling your home? In our new episode of Making Cents of Money, we breakdown the decisions to weigh and things to consider before you even list your home - and the steps to take to ensure a successful transaction! Additional Resources: • Making Cents of Money episode on Real Estate: https://open.spotify.com/episode/6RKNSvP8xgoqPNuuG74rnF • IDFPR License Lookup Tool for Checking Realtors’ licenses: https://online-dfpr.micropact.com/lookup/licenselookup.aspx. • How to Sell HUD Homes: https://www.hud.gov/program_offices/housing/sfh/reo/hwtosell • Sale of Residence – Real Estate Tax Tips: https://www.irs.gov/businesses/small-businesses-self-employed/sale-of-residence-real-estate-tax-tips • How to sell your house: A complete guide for sellers (Bankrate): https://www.bankrate.com/real-estate/how-to-sell-your-house/

Needing (or wanting) to shop a new appliance, but don’t know where to start? Our latest episode of Making Cents of Money breaks down the reasons to buy, how to compare appliances, and what to consider and know before making that big purchase. Additional Resources: • Department of Energy: https://www.energy.gov/energysaver/shopping-appliances • Energy Star: https://www.energystar.gov/products/ask-the-expert/what-to-consider-when-buying-a-refrigerator • CFPB Guide on Energy Labels: https://consumer.ftc.gov/articles/how-use-energyguide-label-shop-home-appliances • CFPB Calculating Energy Costs: https://files.consumerfinance.gov/f/documents/cfpb_building_block_activities_calculating-energy-costs_worksheet.pdf • Incentives in Illinois that Support Energy Efficiency: https://programs.dsireusa.org/system/program/il • FTC How to Evaluate Online Reviews: https://consumer.ftc.gov/articles/how-evaluate-online-reviews