What Will You Bring?

Peggy R. Anderson

Extension Agent

April 28, 2010

What Will You Bring?

Yep, it’s me again. Bugging YOU about the upcoming fairs in Divide and Burke Counties. Looks like Father’s Day Weekend will be a busy one again with fairs scheduled for that weekend. I’m bugging you to remind you to bring your exhibits for the open class divisions at the fairs. The Divide County FCE Council has some special items with larger premiums given out. They include a Christmas Stocking (any technique can be used) and a 2 Crust Pie. The Quilt Guild is also sponsoring a special prize for a quilted bag. That bag can be a purse or a tote. Check out the local fabric stores for an abundance of pattern ideas. 

And of course you can always bake! Check out your recipes now. And if the weather holds out keep your eye on your flower beds or plan the perfect flower pot to bring. Not only can you receive a ribbon and premium monies it also adds a beautiful touch to the building! 

Try the Financial Aptitude Test

How current is your consumer knowledge of credit use and debt management? Here is a quick quiz that touches on areas of financial management that can have a big impact in your overall wellbeing.  Jim Garnett, a member of the board for the Institute of Consumer Financial Education, recently published the F.A.T. Test through the organizations email list.  If you miss several you can find resources with answers at www.eXtension.org and www.extension.iastate.edu/finance.

Financial Aptitude Test (F.A.T.)

1.      It is best to pay only the minimum payment due on a credit card bill each month rather than pay your bill in full. True or False?

2.      Your credit record (your history of paying debts and other bills) can be a factor when you apply for a loan or a credit card, but will not affect your ability to get a job, get an apartment, or how much your car insurance will cost. True or False?

3.      A debit card is a good alternative to a credit card for a young person because the money to pay for purchases is automatically deducted from a bank account, thus avoiding interest charges or debt problems. True or False?

4.      There is no good reason to have an emergency savings account if you have credit cards to pay for emergencies. True or False?

5.      When you use a credit card, it creates a debt. It is not the same as using money although both credit and money will buy things. True or False?

6.      The best way to avoid a "bounced" check -- that is, a check that gets rejected by your financial institution because you've overdrawn your account -- is to keep your checkbook up to date and closely monitor your balance. True or False?

7.      If you have access to buy something, it is proof that you can afford to buy it. True or False?

8.      You receive an e-mail with a company logo you recognize . It is safe to help them "update your records" by sending them your social security number and account information. True or False?

9.      If you do not want anyone to know how you pay your debts, you can "opt out" of having a credit record with your credit history on it. True or False?

10.  Calculating how many hours you must work in order to buy an item will help you decide how much you want or need it. True or False?

Answers: (1) False. Always pay the balance in full so as to avoid finance charges. (2) False. One's credit record affects a wide range of areas including all of these. (3) True. (4) False. An emergency savings account is a necessity because there is a great difference between paying for an emergency with money as opposed to credit! (5) True. (6) True. (7) False. There are many things we have access to buy that we cannot afford to buy. (8) False. Never send this type of information in response to an email of any type. (9) False. There is no "opting out" of your credit history. You will have one, good or bad. (10) True. This is a great way to estimate how much effort it takes to buy things.

Scoring Results:
10-9 Correct: Pretty Savvy
8-6 Correct: Could Use Refresher Course in Financial Matters
5 and Below Correct: Unprepared - Seek Financial Education Immediately

Author: Joyce Lash, Families Resources Program Specialist

Schedule:

I will be on personal leave from Wednesday, April 28 through Tuesday, May 4.