Are you looking to start fresh financially this new year? Join the hosts of Making Cents of Money as they kick off 2025 with a special episode – New Year, New Financial Resolutions.

Show Notes:

• National Endowment for Financial Education (NEFE) – Emergency Fund Tips

https://www.nefe.org/what-we-provide/consumer-financial-literacy-resources/emergency-fund

• Consumer Financial Protection Bureau (CFPB) – Paying Off Debt

https://www.consumerfinance.gov/ask-cfpb/what-is-the-debt-snowball-method-en-1916/

• Charles Schwab, New Years Financial Resolutions: https://www.schwab.com/learn/story/new-years-financial-resolutions-get-your-finances-in-shape

• CNBC: Financial New Years Resolutions: https://www.cnbc.com/select/financial-new-years-resolutions/

• Motley Fool Money: https://www.fool.com/money/research/financial-new-years-resolutions/

• Consumer Financial Protection Bureau: An essential guide to building an emergency fund: https://www.consumerfinance.gov/an-essential-guide-to-building-an-emergency-fund/

• PowerPlay: https://extension.usu.edu/powerpay/

• Making Cents of Money episodes about establishing credit: https://soundcloud.com/idfpr/sets/establishing-managing-credit

• Episode 80: Building Wealth After Graduation: https://soundcloud.com/idfpr/episode-80-building-wealth-after-graduation

• Episode 55: Making Cents of Money: Wealth Building as a Balancing Act: https://soundcloud.com/idfpr/episode-55-wealth-building-as-a-balancing-act?utm_source=clipboard&utm_campaign=wtshare&utm_medium=widget&utm_content=https%253A%252F%252Fsoundcloud.com%252Fidfpr%252Fepisode-55-wealth-building-as-a-balancing-act

• Episode 49: Making Cents of Money: Dealing with Emergencies: https://soundcloud.com/idfpr/episode-49-dealing-with-emergencies?utm_source=clipboard&utm_campaign=wtshare&utm_medium=widget&utm_content=https%253A%252F%252Fsoundcloud.com%252Fidfpr%252Fepisode-49-dealing-with-emergencies

• Budget Hacks webinar: https://www.youtube.com/watch?feature=shared&v=X2p09ddcB4Q

• Experian: Debt Snowball vs. Debt Avalanche: https://www.experian.com/blogs/ask-experian/avalanche-vs-snowball-which-repayment-strategy-is-best/#:~:text=For%20the%20most%20part%2C%20the,money%20in%20interest%20over%20time.

Making Cents of Money reaches a major milestone in releasing its 100th episode! Join all the co-hosts (past and present) as they reunite to celebrate this achievement, reflect on their favorite episodes, and discuss how the show has evolved through the years.

SHOW NOTES:

Episode 86: The Illinois Community Reinvestment Act: https://soundcloud.com/idfpr/episode-86-the-illinois-community-reinvestment-act?si=da23db5a5eb54864ac46902a6ef22457&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing

Episode 85: The Federal Community Reinvestment Act: https://soundcloud.com/idfpr/episode-85-the-federal-community-reinvestment-act-cra?si=f53b327f41df4d66a308ab44949fb4f9&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing

Episode 78: Is Crypto the Wild West?: https://soundcloud.com/idfpr/episode-78-is-crypto-the-wild-west?si=2f70e3f31d1c44659977d0da1a5e7a30&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing

Episode 54: Financial Resolutions!: https://soundcloud.com/idfpr/episode-54-financial-resolutions?si=585e0e5ced134bce868e116e3fc4740b&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing

Episode 47: The Community Reinvestment Act: https://soundcloud.com/idfpr/episode-47-the-community-reinvestment-act?si=ca8fe23d82f54daf8d0234c7f5c596f8&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing

Episode 27: Student Loan Update: https://soundcloud.com/idfpr/episode-27-student-loan-update?si=6b2eb7d9b261485a83d6713fd3fbf3a0&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing

Episode 24: Cryptocurrency: https://soundcloud.com/idfpr/mcom-ep24-cryptocurrencyfinal?si=bf3802ea62564039a4e271184589ef6f&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing

Episode 15: Credit: https://soundcloud.com/idfpr/episode-15-credit?si=7b887916e593400191676b78a514bae5&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing

Episode 13: Investing Basics: https://soundcloud.com/idfpr/episode-13-investing-basics?si=ba6bbf0d5d1643bd81c19f9502dec3c6&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing

Episode 11: Saving for College with a 529 Savings Plan: https://soundcloud.com/idfpr/episode-11-saving-for-college-with-529-savings-plans?si=021504277e61467f9aa42c84f754cb4a&utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing

Show Notes:

• Hasler, A., & Lusardi, A. (2019). The gender gap in financial literacy: A global perspective. Global Financial Literacy Excellence Center. https://gflec.org

• Jorgensen, B. L., & Savla, J. (2010). Financial literacy of young adults: The importance of parental socialization. Family Relations, 59(4), 465–478. https://doi.org/10.1111/j.1741-3729.2010.00616.x

• Kim, J., Gutter, M. S., & Spangler, T. (2020). Extended family financial socialization and financial behavior in adulthood. Journal of Family and Economic Issues, 41(3), 497-510. https://doi.org/10.1007/s10834-020-09674-3

• Klontz, B., Britt, S. L., Archuleta, K. L., & Klontz, T. (2011). Mind over money: Overcoming the money disorders that threaten our financial health. Broadway Books.

• Mellan, O. (2014). Money harmony: Resolving money conflicts in your life and relationships. Walker and Company.

• Shim, S., Barber, B. L., Card, N. A., Xiao, J. J., & Serido, J. (2021). Financial socialization: A model of family pathways to financial well-being. Journal of Youth and Adolescence, 50(4), 788-806. https://doi.org/10.1007/s10964-020-01272-0

• Tang, N., & Baker, A. (2016). Self-esteem, financial knowledge and financial behavior. Journal of Economic Psychology, 54, 164-176. https://doi.org/10.1016/j.joep.2016.04.005

• The Psychology of Financial Planning Podcast: https://www.psychologyoffinancialplanning.com/podcast

• Making Cents of Money Episode 70: The Impact of Compound Interest: https://soundcloud.com/idfpr/episode-70-the-impact-of-compound-interest?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing

• Klontz Money Scripts Test: https://www.bradklontz.com/moneyscriptstest

• Dr. Brad Klontz on YouTube: https://www.youtube.com/c/drbradklontz

• Money Habitudes: https://www.moneyhabitudes.com/

• Money Personality Quiz by Olivia Mellan via the California Courts’ Families Change website: https://fas.familieschange.ca.gov/en/course/27-activity-money-personality-quiz

In this episode of Making Cents of Money, we discuss the costs of car ownership and the impact it could have on your budget. Are you ready to see if you’re prepared to purchase a vehicle? Tune in to learn more.

Show Notes:

MCOM Episode 74: Credit Reports Update: https://soundcloud.com/idfpr/episode-74-credit-reports-update?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing

MCOM Episode 70: The Impact of Compound Interest: https://soundcloud.com/idfpr/episode-70-the-impact-of-compound-interest?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing

Comparing Commute Costs Calculator: https://bicycleuniverse.com/car-free-millionaire/

Calculating Cost of Ownership

• Edmund’s True Cost to Own ® Calculator: https://www.edmunds.com/tco.html

• What Is the Total Cost of Owning a Car? via NerdWallet: https://www.nerdwallet.com/blog/loans/total-cost-owning-car/

• Illinois Tollway Trip Calculator: https://ua.getipass.com/trip-calculator

Can Your Budget Handle It?

• Budgeting & Financial Planning episode list for Making Cents of Money: https://on.soundcloud.com/CJbxcrPsLRzCXVW78

• Budgeting Web Page from University of Illinois Student Money Management Center: https://www.studentmoney.uillinois.edu/learn/budgeting

• You can also use something like this budget worksheet from the CFPB: https://files.consumerfinance.gov/f/documents/cfpb_well-being_monthly-budget.pdf

Manufacturer vs Extended Warranties

• CFPB Article, “What is the difference between a manufacturer’s warranty and an extended vehicle warranty or service contract?”: https://www.consumerfinance.gov/ask-cfpb/what-is-the-difference-between-a-manufacturers-warranty-and-an-extended-vehicle-warranty-or-service-contract-en-825/

Title and Registration

• ILLINOIS Registration Renewal and ID Cards: https://www.ilsos.gov/departments/vehicles/title_and_registration/regid.html

• FAQ on Title & Registration in Illinois: https://www.ilsos.gov/departments/vehicles/faq.html

• Buying or Selling a Used Vehicle Pamphlet from IL Sec of State: https://www.ilsos.gov/publications/pdf_publications/sos_dop141.pdf

• Seller’s Report of Sale Form: https://www.ilsos.gov/publications/pdf_publications/vsd703.pdf

Don’t Forget Monthly Costs

• Edmund’s True Cost to Own ® Calculator: https://www.edmunds.com/tco.html

Two Types of Financing

• CFPB’s Take Control of Your Auto Loan Guide: https://files.consumerfinance.gov/f/documents/201606_cfpb_take-control-of-your-auto-loan-guide.pdf

Know Your Resources

• Kelly Blue Book: https://www.kbb.com

• NADA Guides: https://www.nadaguides.com/Cars

• Edmunds True Market Value: https://www.edmunds.com/tmv.html

• CarFax History-Based Value: https://www.carfax.com/value/

Research & Compare

• CFPB Auto Loan Worksheet: https://files.consumerfinance.gov/f/documents/201606_cfpb_auto-loan-worksheet.pdf

• CFPB Site on Auto Loans: https://www.consumerfinance.gov/consumer-tools/auto-loans/

• FTC Used Cars Site: https://consumer.ftc.gov/features/used-cars

• Prioritize debt repayment: https://powerpay.org/

Auto Loan Calculator Examples:

• NerdWallet Car Loan Calculator: https://www.nerdwallet.com/blog/loans/car-loan-calculator/

• Bankrate Auto Loan Calculator: https://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx

Know Your Credit

• Get Free Weekly Credit Reports from Equifax, Experian, & TransUnion: https://www.annualcreditreport.com/

• Ep. 74 – Credit Reports Update: https://blogs.uofi.uillinois.edu/view/7550/1222872163

Insurance

• State of Illinois Mandatory Insurance: https://www.ilsos.gov/departments/vehicles/mandatory_insurance.html

Tips to Protect Yourself

• FTC article: “Put the brakes on phony online car sales”: https://www.consumer.ftc.gov/blog/2019/06/put-brakes-phony-online-car-sales

• Buying a Used Car from FTC: https://www.consumer.ftc.gov/features/feature-0040-used-cars

‘Tis the season to make holiday travel plans! This episode of Making Cents of Money offers helpful hints for staying on budget when traveling to celebrate with family and friends.

SHOW NOTES:

• Berg, H. (2023, September 19). 2023 holiday travel outlook. Hopper. https://media.hopper.com/research/2023-holiday-travel-outlook

• French, S. (2024, October 10). Travel inflation report: October 2024. NerdWallet. https://www.nerdwallet.com/article/travel/travel-price-tracker

• Pellegrini, A. (2021, July 6). Travel planning templates. University of Illinois System Student Money Management Center Blog. https://blogs.uofi.uillinois.edu/view/7550/2045942096

• Rodriguez, A. (n.d.). How to save money on travel this holiday season. AXA Travel Insurance. https://www.axatravelinsurance.com/resources/travel-tips/-/asset_publisher/dbn8rbCGSjcs/content/how-to-save-money-on-travel-this-holiday-season

• Vaidyanathan, R. (2023, April 7). Credit cards and travel. University of Illinois System Student Money Management Center Blog. https://blogs.uofi.uillinois.edu/view/7550/1536325046

• Wallace Bechard, C., Giancola-Shanks, N., Sweedler, K., & Pellegrini, A. (2022, December 15). Spend less, travel more webinar recording [Video]. University of Illinois System Student Money Management Center. https://youtu.be/7jgv_wgd_z14

• University of Illinois System Student Money Management Center. (2022). Revisiting travel (ep. 53). https://blogs.uofi.uillinois.edu/view/7550/1155020853

• University of Illinois Extension. (n.d.). Saving on travel. https://extension.illinois.edu/finances/saving-travel

• U.S. Department of Energy & Environmental Protection Agency. (n.d.). Fuel economy trip calculator. https://www.fueleconomy.gov/trip/

• U.S. Department of Transportation. (2024, October 15). Statistics on airfare pricing and trends: Bureau of Transportation Statistics. https://www.bts.gov/air-fares

On a special Halloween-themed edition of Making Cents of Money, the Division of Banking’s Kari Beyer joins the show to discuss zombie mortgages and zombie properties. But don’t be scared! Just tune in to fight out how to protect yourself from being spooked this scary season.

Show Notes:

1. National Community Reinvestment Coalition - Report on the impact of zombie properties: https://library.nclc.org/book/mortgage-lending/1352-consequences-communities-vacant-and-zombie-properties

2. U.S. Department of Housing and Urban Development (HUD) - Resources for homeowners: https://www.hud.gov/homeownerhelp

3. NeighborWorks America - Counseling and education resources: https://www.neighborworks.org/Training-Services/NCHEC-Resources

4. Chicago Rehab Network - Report on abandoned properties in Chicago: https://www.chicagorehab.org/

5. MCM Episodes 63 and 64– Help for Homeowners and Help for Renters with Kari Beyer: https://idfpr.illinois.gov/banks/making-cents-of-money.html

6. Annual Credit Report: annualcreditreport.com

7. File a Complaint with IDFPR: https://idfpr.illinois.gov/admin/complaints.html

Join us for our latest podcast episode, “Basic Needs and Needs Insecurity,” where we dive into the essentials of financial decisions using Maslow’s Hierarchy of Needs! From food and shelter to safety and belonging, we discuss how these foundational aspects impact your financial decisions and overall well-being.

Show Notes:

• 211

o Dial 211 or visit https://www.211.org/ to get connected with local community resources related to caregiving, mental health, and basic needs.

• United States Department of Agriculture (USDA)

o Food Security in the U.S. https://www.ers.usda.gov/topics/food-nutrition-assistance/food-security-in-the-u-s/

o Household Food Security in the United States in 2022. https://www.ers.usda.gov/publications/pub-details/?pubid=104655

o Survey Questions Used by USDA To Assess Household Food Security. https://www.ers.usda.gov/topics/food-nutrition-assistance/food-security-in-the-u-s/measurement/#survey

• Illinois Department of Human Services. Supplemental Nutrition Assistance Program (SNAP). https://www.dhs.state.il.us/page.aspx?item=30357

• U.S. Department of Housing and Urban Development (HUD)

o Definitions of Housing Insecurity. https://www.hud.gov/program_offices/comm_planning/affordablehousing

o Housing Choice Vouchers Fact Sheet (Section 8). https://www.hud.gov/topics/housing_choice_voucher_program_section_8

• Illinois Housing Development Authority. Programs and Resources. https://www.ihda.org/

On this week’s episode of Making Cents of Money, our hosts discuss the cost of living and how many factors influence our everyday expenses—from housing and groceries, to utilities and transportation.

Cost of Living Calculators

- Bankrate: https://www.bankrate.com/real-estate/cost-of-living-calculator/

- Forbes: https://www.forbes.com/advisor/mortgages/real-estate/cost-of-living-calculator/

- NerdWallet: https://www.nerdwallet.com/cost-of-living-calculator

- Numbeo: https://www.numbeo.com/cost-of-living/comparison.jsp

- SmartAsset: https://smartasset.com/mortgage/cost-of-living-calculator

Other sources for considering cost of living

- FAQ: Is the Consumer Price Index (CPI) a cost-of-living index? (U.S. Department of Labor): https://webapps.dol.gov/dolfaq/go-dol-faq.asp?faqid=93&topicid=6&subtopicid=116

- Consumer Price Index, Midwest Region – August 2024 (U.S. Bureau of Labor Statistics): https://www.bls.gov/regions/mountain-plains/news-release/consumerpriceindex_midwest.htm

- Post-Secondary Employment Outcomes Explorer (U.S. Census): https://lehd.ces.census.gov/applications/pseo/?type=earnings&compare=postgrad&specificity=2&state=08&institution=08°reelevel=05&gradcohort=0000-3&filter=50&program=52,45

- Recorded Webinar – Inflation: When Prices Rise: https://youtu.be/JeGD22v19xI?feature=shared

Budgeting resources

- Budgeting: How to create a budget and stick with it (CFPB): https://www.consumerfinance.gov/about-us/blog/budgeting-how-to-create-a-budget-and-stick-with-it/

- SMMC’s Budgeting Web Page: https://www.studentmoney.uillinois.edu/learn/budgeting

Other relevant podcast episodes:

- Budgeting (ep. 20) - https://blogs.uofi.uillinois.edu/view/7550/804394514

- Wealth Building as a Balancing Act (ep. 55) - https://blogs.uofi.uillinois.edu/view/7550/1517205319

- Investing to Reach Financial Goals (ep. 57)- https://blogs.uofi.uillinois.edu/view/7550/1002945600

- Conscious Consumerism (ep. 59) - https://blogs.uofi.uillinois.edu/view/7550/1273369699

- Understanding Your Paycheck (ep. 69) - https://blogs.uofi.uillinois.edu/view/7550/1213480115

Federal student loan repayment restarted last October and the 12-month “On Ramp to Repayment” that limited consequences of missed payments ends this month. Learn what this means for you and your federal student loans in our latest episode of “Making Cents of Money.”

Show Notes:

https://www.cnbc.com/2024/08/26/student-loan-payment-on-ramp-ends-september-30.html

https://studentaid.gov/manage-loans/repayment/prepare-payments-restart

Show notes:

Relevant Federal Student Aid web pages and announcements:

• Announcement: We’re Streamlining Your Loan and Grant Web Experience: https://studentaid.gov/announcements-events/streamlining-loan-web-experience

• SAVE Plan Court Actions: Impact on Borrowers: https://studentaid.gov/announcements-events/save-court-actions

• Public Service Loan Forgiveness (PSLF) Buyback: https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service/public-service-loan-forgiveness-buyback

PSLF Update! (ep. 84): https://on.soundcloud.com/JxTURayvBypTagz37