Money Talks

ENCORE FROM 03/29/2022

At Money Talks we can’t give you money but we can remind you that you might save money by planning ahead. Compounding interest, buying in bulk, watching for sales are all ways that might put you in a better financial position. We’ll discuss saving money by planning ahead today. We’ll also take your general personal finance questions.

In the news: job rate, yield curve.

Income Tax payments and filings are due Monday, April 18th this year. https://www.irs.gov/individuals/steps-to-take-now-to-get-a-jump-on-next-years-taxes https://blog.taxact.com/planning-next-years-taxes/

• Have a bank account. The fastest way for you to get your tax refund is by filing electronically and choosing direct deposit.
• Consider adjusting your withholding if you owed taxes or received a large refund last year.
• Take action when life changes occur
• Decide if bunching deductible expenses can help you.
• Try to match major deductions to high-income years.
• Contribute to an IRA for next year now.

Atlantic and Gulf hurricane season starts until June 1st. Now is the time to prepare disaster supplies.

https://www.webmd.com/a-to-z-guides/is-it-safe-to-reuse-plastic-water-bottles

https://www.ready.gov/kit

5/8/2018 Money Talks: Financial First Aid Kit http://moneytalks.mpbonline.org/episodes/5cd31f1533f6c1be55607d84

03/30/2021 Preparing for Emergencies http://moneytalks.mpbonline.org/episodes/money-talks-prepare-for-emergencies

9/7/2017 Money Talks: Emergency Financial Preparedness http://moneytalks.mpbonline.org/episodes/5cd31f1633f6c1be55607da4

• Rotate your disaster kit’s non-perishable food in your regular pantry so you don’t let food expire and go to waste.
• Reuse water jugs, safely by washing between uses. We can have a link on how to do this.
• Watch for sales at the grocery store and stock up when regularly used items have lower prices.
• Keep your generator maintained or buy one if you think you might want one during a disaster.
• Keep your vehicle’s fuel topped off.

Families can lock in tuition rates and prepay their child’s tuition and fees. Currently for newborns who would enter college in 2039, parents could pay $38,812 one time or pay $395 monthly for 4 years of university tuition.

Treasurer David McRae was a guest on Money Talks September 15th of 2020 and discussed this and our other college savings program. http://moneytalks.mpbonline.org/episodes/money-talks-treasurer-david-mcrae

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ENCORE FROM 02/15/2022

According to a report from the Federal Trade Commission: Romance Scammers Steal a Record 547 Million Dollars. Adults 70 and older had $9,000 median loss in 2021. Money Talks wants to make sure the person that steels your heart doesn’t steel your wallet. https://www.ftc.gov/news-events/blogs/data-spotlight/2022/02/reports-romance-scams-hit-record-highs-2021?utm_source=govdelivery

You can help stop scammers by reporting suspicious profiles or messages to the dating app or social media platform where you found them. Then, tell the FTC at https://reportfraud.ftc.gov/#/

If you are the victim of a romance scam, report it to the FBI and your financial institution. In some cases, money that victims sent by wire can be recovered if the fraud is immediately reported. 

You can learn more about romance scams at the website: https://www.consumer.ftc.gov/articles/what-you-need-know-about-romance-scams

Ryder mentions:

• Tinder Swindler Official Trailer https://www.youtube.com/watch?v=_R3LWM_Vt70
• Coin Desk https://www.coindesk.com/
• Coinbase https://www.coinbase.com/
• Gemini https://www.gemini.com/

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Today’s show will have two parts: since we’re in the middle of Hanukkah and Christmas is coming soon we’ll discuss “Holiday Spending Without Adding to Your Debt”. Then we’ll move on to “Tips for Paying Down Holiday Debt”. Money Talks welcomes back Bruce McClary, a Senior Vice President at National Foundation for Credit Counseling. Our resident experts are also on hand for personal finance questions. https://www.nfcc.org/

https://www.nfcc.org/blog/holiday-spending-without-adding-to-your-debt/

https://www.nfcc.org/blog/3-tips-for-paying-down-holiday-debt/

Bruce spoke with us about Pandemic Student Loans on March 9th of 2021 http://moneytalks.mpbonline.org/episodes/money-talks-pandemic-student-loans and Credit Counseling on May 12th of 2020 http://moneytalks.mpbonline.org/episodes/money-talks-credit-counseling

Holiday debt is a problem for many Mississippians. Money Talks has discussed this topic two other times: June 29th of 2021 http://moneytalks.mpbonline.org/episodes/money-talks-avoiding-holiday-debt and October 8th of 2019 http://moneytalks.mpbonline.org/episodes/money-talks-holiday-debt.

From a February survey by money geek dot com - More than one-quarter of Americans regret their level of holiday spending; most wished they’d spent less, but some regret not spending more.

Credit cards were the payment method of choice, with 65% of holiday spending paid for with credit cards. The more credit cards someone had, the more of their spending they financed with credit.

By February 11, 2022, 40% of Americans had not paid off their 2021 holiday debt.

https://www.moneygeek.com/credit-cards/analysis/2022-holiday-debt/

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It’s time for you to get in gear for the end of the year. December is a great time to reflect on the past and prepare for the future. What money decisions do you need to make before 2023? We’ll find out from our expert and take your personal finance questions.

Free credit report: https://www.annualcreditreport.com/index.action

Find a personal finance advisor: http://moneytalks.mpbonline.org/episodes/money-talks-choosing-a-professional

• Update beneficiaries and passwords 
• Review your tax situation
• Update will and advanced heath care directive
• Contribute to retirement
• Budget
• Review your insurance

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How can you support the non-profits in your community while on a budget? Our money topic today is about how to contribute to a charity without donating cash.

The website: https://www.moneycrashers.com/help-support-charities-without-donating-money/ recently published an article suggesting ways to support charities without donating money. We’ll see what our experts think of the suggestions.

Donate your car, truck, motorcycle, RV, or boat to the MPB Foundation by simply completing a form and someone will reach out to you to arrange the pick-up of your vehicle donation, at no cost to you. You may qualify for a tax deduction while supporting a cause that is near and dear to your heart! https://www.mpbfoundation.org/

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Today, we’ll have the first of two broadcasts on giving. Next week we’ll discuss giving in ways that aren’t outright cash. As today is Giving Tuesday, we’ll discuss ways to give and how to select who to give your money two. We are also happy to take general personal finance questions.

Our Mississippi Secretary of State’s office has a Charities list. Just go to their website: and click on Charities to search for a charity, file a complaint, start a charity, or read tips on donating. https://sos.ms.gov/

If you want to get a little information about a charity you are considering in donating to Charity Navigator dot org provides free access to data, tools, and resources to guide philanthropic decision-making. https://www.charitynavigator.org/

To find out if an organization in the US is registered as an official charity, you can go to where they register – https://www.irs.gov/  Across the top of the website in their main blue banner is a link to information about charities and nonprofits.

Charity episodes:

11/03/2021 Charitable Giving

12/01/2020 Community Foundations

12/03/2019 Giving Tuesday

11/27/2018 Giving Tuesday

http://moneytalks.mpbonline.org/episodes/money-talks-529-savings-plans

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Will you be buying gifts during the next few days or weeks? Money Talks wants to help you be a more informed shopper by sharing some marketing and psychology tips that are used to get consumers to buy more.

• False Sense of Urgency
• The Decoy Affect
• Buying in Bundles
• The Instant Markdown
• Buy One Get One
• Nostalgia
• Installments
• No clocks or windows
• Shop layouts
• Eye-level shelves
• Unorganized clearance sections
• Loss leader
• Parasite placement
• Since fast-food restaurants want customers to come in, eat quickly, and leave. Fancy restaurants encourage customers to stay longer and keep ordering more courses and drinks.
• Bracketing
• Specials with no price
• Loyalty or frequent buying programs
• One reason retailers started having holiday sales in October may be because Holidays are when people are the happiest. When people are in a good mood, they are also more willing to spend more money.
• The reason companies want to trade your email address for a small discount is simple: they will be able to easily reach you with tempting emails and ads about their awesome products to make you buy from them again and again. So maybe have an email account just for online shopping or have willpower. You could also unsubscribe from their emails after you get your discount.
• Back in the 1930s, retail stores started putting shopping carts near their entrances to inspire customers to make larger purchases. The idea behind it was simple: customers won’t buy heavy, expensive items if they can’t carry them around the store and to their cars.

https://blog.cheapism.com/consumer-behavior/#slide=22

https://www.visualcapitalist.com/29-psychological-tricks-to-make-you-buy-more/

https://sharingsmiles.co/movies/fb/1176317208/12-marketing-tricks-that-companies-use-to-make-us-buy-more/?pg=3

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Americans have been talking about inflation for over a year now. Whatever the cause this is our current reality. What can we do to protect our personal finances right now? We’ll see what our experts have to say. They also cover other money questions.

• Money: The True Story of a Made-Up Thing by Jacob Goldstein
• Tax info: https://www.irs.gov/
• Email about what to invest in
• Inflation

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Do you go for the cheapest version when you shop? Do you feel like expensive versions are better quality? Which to choose? Today we’ll discuss opinions on what you should splurge on and when basic is best.

Rather than sift though the website Reddit for “is it worth it on not” information, we’ll be discussing contributors’ suggestions on when you should go back to basics or move up for quality for the best value for your money.

https://www.boredpanda.com/cheap-version-better-than-luxury-version/?utm_source=com.google.android&utm_medium=referral&utm_campaign=organic

https://www.boredpanda.com/high-quality-items-worth-spending-money-on/?utm_source=com.google.android&utm_medium=referral&utm_campaign=organic

I Bonds: Series I savings bonds protect you from inflation. With an I bond, you earn both a fixed rate of interest and a rate that changes with inflation. https://www.treasurydirect.gov/savings-bonds/i-bonds/

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