LEAD STORY/FRONT PAGE: SAY “I DO” TO BUDGETING

June is the most popular month for weddings in the United States.  When we think of weddings, we think of love, flowers, and cake, but not money management and credit scores.  However, it is just as important to discuss credit and budgeting, as it is to discuss the food menu for the big day.  Here are some important conversations to have before saying your “I-do’s.”

Credit scores:  It is important to be open about how your credit report and credit scores are looking, prior to being married.  This doesn’t mean that if you find out your spouse has a few blemishes on their report that you must break off the engagement, but it does mean that you need to think through future financial planning.  Luckily, when it comes to your credit score, it does not change simply because you got married.  Your spouse’s credit score cannot make your credit score better or worse.  Each person has their own individual score, based on their own individual credit report and credit history.  One thing to keep in mind is that if you plan to finance a major purchase in the future together, such as a house or a car, the bank may take a look at both of your reports and scores to help them determine your interest rate.  If you are hoping for a good interest rate, and want to use both of your incomes to qualify for the loan, it might be wise to work on improving the credit score first. 

Rebuilding your score:  If you find out your soon-to-be husband or wife has a lower credit score, it is good to work together to think of ways to rebuild.  The easiest way to rebuild their score is paying bills on time each month, such as a student loan payment, a car payment or credit cards.  You can help them by together creating a monthly calendar outlining due dates, or even setting up automatic payments through their bank or credit union, to ensure bills are being paid.  This step can help them to increase their score the quickest.

Separate togetherness:  Sharing all of your finances immediately after you walk down the aisle might not be the best idea.  This should be a gradual process so that you are not feeling overwhelmed.  It may be good to have your own checking accounts to handle your individual bills that you acquired prior to being married such as your credit cards, or general expenses such as gasoline.  Then, maybe open up one joint account where you each make deposits to help handle the “together” bills such as rent, utilities, and food.  This may help you to be able to learn each other’s money management styles.  Regardless of how you decide to handle your financial accounts, it is very important to have a monthly budget discussion in order to track expenses and know what the financial picture truly looks like.

With these steps you will be on your way to not only wedded bliss, but financial security!

KNOW YOUR STORE’S COUPON POLICIES

Successful couponers know to look on a store's website for the printable coupon policy to help them get the best deals. For example, Kroger, Giant, Safeway and Acme Markets stores double or triple coupon face values in some states, usually on specific days and to specific limits. On a double coupon day, a $1 off coupon will be worth $2 off.

Kroger will waive the expiration date of coupons for military families living on bases. Publix allows coupon stacking (using a store coupon with a manufacturer's coupon); Walmart does not. But Walmart will apply any coupon overage (when savings are more than the final product cost) to your total grocery bill, while most other stores won't. Costco accepts no manufacturer coupons whatsoever while Publix will even honor competitors' coupons. Target will honor competing stores' coupons, but only if they are within 16 miles of its store.

Ask your store manager:

Is there a grace period on coupon expiration dates?

Do you double or triple coupon face values?

Can I stack coupons at your store?

Do you have mobile coupons for my cell phone?

How do you apply coupon overages?

Do you match or accept other stores' coupons?

For more grocery savings ideas click on http://today.msnbc.msn.com/id/42998447 (Copy: 10 insider grocery savings secrets from Bankrate.com.)

LEAD STORY/BACK PAGE: RECENT COLLEGE GRADS NEED TO CHECK FINANCIAL CHECKLIST

Now that the graduation caps have been thrown in the air and the dorm rooms emptied out, 2011 college graduates will face even more responsibilities, ranging from landing that first job to paying off their student loans.

Negative marks on a credit report will impact a graduate’s ability to secure a lease.  Also, as more employers take personal finances into consideration when hiring, recent college graduates need to make sure their credit and debts are in order.

In order to help make the transition from college to the work world go smoothly, GreenPath Debt Solutions is providing a top ten financial checklist for recent college graduates.

1. If you do not already have a job lined up, contact your student loan servicer(s) immediately to ask for a six-month deferment.

2. Pull a free copy of your credit report at annualcreditreport.com

3. Look for credit cards that you may have opened while in college (to get the free t-shirt, or the 10% discount at the mall) and consider closing accounts that you do not plan on using.

4. If a prospective employer requests a copy of your credit as part of the application process, be prepared in your job interview to be up-front about any negative marks on your credit..

5. Check with the registrar’s office at your school to make sure you do not owe anything to the school (library fines, parking tickets, etc.).

6. If you are moving after graduation, be sure to fill out a form at the post office to have your mail forwarded to your new address.

7. Keep your expenses as low as possible while you are getting started. 

8. Develop a budget – a plan for your spending – early on. 

9. Once you land that first job, use this as an opportunity to develop good saving habits. 

10. If you are paying high interest rates on your credit cards; if you’re struggling with the amount of your minimum payments on credit cards; or if you need help in developing a game-plan for your finances, speak with a non-profit credit counseling agency. 

For a more in-depth look at this top ten list click on the recent GreenPath news release: http://www.greenpath.com/about/news-releases/college-graduates-and-finances.htm  link to read: GreenPath reminds college graduates to make sure finances are in order.

COLUMN: SENIORS STRUGGLE WITH REDUCED INCOME, NO FINANCIAL PLAN

  (Sara Allen Gilbert, GreenPath group manger for Colorado/Wyoming, recently wrote a column on seniors and finances for “The Coloradoan,” the daily newspaper in Fort Collins, Colorado.)

  During the past several years, seniors have experienced many of the same financial worries as the rest of the population. Investments have declined and seniors are finding themselves working longer.

  Almost 57,000 seniors age 55 and older completed financial assessments throughout the country with GreenPath in 2010.

  More than a third of these seniors (38 percent) listed "reduced income" as the main source of hardship.

  Almost another third (29 percent) listed "no financial plan" as their source of concern.

  A distant third reason for hardship was "medical issues" (disability, medical expense, etc.) with 12 percent listing it as their cause of hardship.

  Surprisingly, "unemployment" placed fourth (9 percent) as a source of hardship.

  Gilbert remarked in her column: "Reduced income is a reality for seniors in our economy. Many people have had a lot of their retirement investments wiped out or greatly reduced during the recent economic downturn and are realizing their income has been greatly affected."

  She suggests that seniors reach out early to a nonprofit organization before problems occur, to review expenses and help them build a budget for today and tomorrow. “People really need to get an understanding of where their money goes each month,” she said. “They need to pay attention to monthly credit card use and balances and devise a plan to pay off that credit before the interest rates build up, causing an even further strain on their finances.”

  GreenPath Debt Solutions offers free financial counseling to seniors in the areas of debt, debt management, budgeting, housing issues (including reverse mortgages for seniors), bankruptcy and more. Log on to www.greenpath.com or call (866) 648-8122.

  To see the complete story, click on the “GreenPath Senior Survey article.” http://www.greenpath.com/about/latest-headlines/seniors-struggle-with-reduced-income.htm

  MORE AMERICANS GOING CREDIT CARD FREE

  (Editor’s note: Below is an excerpt from an article from DailyFinance.com, featuring Don and Carole Carroll, 2010 NFCC Graduate Clients of the Year from GreenPath. The entire story can be viewed by clicking on the link at the end of this story.)

According to a recent TransUnion study, 8 million Americans gave up using general purpose credit cards in the past year. Is America's love affair with credit cards starting to fade? For sure, some folks are just sick and tired of drowning in the bills.

Carole and Don Carroll didn't even remember to carry greenbacks until late in 2006, when they decided to go all-cash, "plain and simple to get out of debt." And they had plenty of debt -- some $88,000 worth. "Not for anything sexy like new clothes or new cars, but just trying to maintain our middle-class lifestyle when one of us lost a job, or whenever life would throw us a curve," says Carole. "We just kept up the best we could, but after awhile, due to the increases of interest charges and fees due to large balances and then late fees, it became simply a juggling act to pay the minimums and we were not able to approach the principle outstanding balances," she says. The Queens, N.Y., couple turned to GreenPath Debt Solutions, and in April of 2010 they finished paying off all their debt.

Going cash-only was an adjustment. "We had to know how much to carry to get through the day, how much we might need for dry cleaning or groceries. The biggest issue was that we needed to go to the bank more. The pre-planning aspect of it became less weird over time as we got accustomed to it. There is no downside to cash-only. The best upside is it allows you to keep yourself in check at all times, and hopefully never to fall into the 'pit' of owing money you cannot pay."

You can view the complete article by clicking on “More Americans Going Credit Card Free.”

http://www.greenpath.com/about/latest-headlines/choosing-cash-only-lifestyle.htm