News

Family and Personal Finance

   

Fluctuating gas prices, a weakened housing market, and volatile financial markets mean a tighter than usual budget for many. Virginia Cooperative Extension has resources to help Virginians manage their money through the good and the bad. In the following media kit, a feature story on making solid financial plans for the New Year compliments archived news on weathering the ups and downs of financial markets, parents taking about money issues with their children, tips on keeping bills organized, and instructions for starting a “rainy day” or reserve fund. You will also find contact information for our finance experts and a link to our publications covering money-related topics.

Latest News
Extension encourages solid financial planning for the New Year (November 2009)
In 2009, the housing and financial markets continued to struggle and the unemployment rate continued to rise, leaving many to wonder how they should plan for 2010. Virginia Cooperative Extension has advice on making solid financial plans for the New Year.

Experts
 

News Releases
Weather the ups and downs of financial markets with sound advice from Extension (October 2008)
Over the past few weeks, bankruptcies, government bailouts, and talk of a global credit crisis have rocked Wall Street, while a weakened housing market continues to trouble Main Street. Virginia Cooperative Extension encourages all citizens to review their financial situation and goals and not to panic when the market fluctuates.

Despite new law, parents still need to discuss finances with high school students (January 2007)
With a new law in effect requiring Virginia high schools to educate students about finances, many parents might wrongly assume their children are learning all they need to know about money in the classroom and do not need to hear about the touchy subject of finances again at home. But the truth is, parents still need to discuss money with their children before they graduate from high school.

Use a filing system to help keep track of important documents (January 2006)
A filing system to keep track of all the records important to running a home and family can save time and money and maybe avoid problems. Gather your important records, track down the ones you're missing, throw away those you don't need, and file what's left so they can be found when you need them.

Some suggestions for getting household finances organized (January 2006)
Keeping household finances organized is important and the beginning of the year is a good time to start.

Start a “Reserve Fund” as part of family’s budget to handle unexpected expenses (January 2006)
It is often a fact of life that there will be unexpected expenses. The trick might be to expect that something will happen and so put away some money designated as a reserve fund.

Bills, Bills, Bills: Get Organized (December 2003)
So will you have time to relax after the holidays have ended? When the tree is taken down and children are contently playing with their new toys, will you be thinking about “what next?” Something lingers in the back of many people's minds – bills.

A New Job, A New Life, And A New Budget (October 2003)
Students graduate from school and become full time employees in the business world. These are important steps toward independence but there is one more step to prevent financial headaches as they start on their own-make a budget for the money.

Publications
Extension has publications on family financial management and home business on many relevant topics.

Magazine Articles
Reality Check (Solutions, July 2009)
Patrick County High School students got a taste of real life last fall when they participated in the 4-H Reality Store. The Reality Store – offered in 33 Virginia counties – simulates financial decisions that adults make every day in order to provide for themselves and their families.

Peninsula Savers Build Wealth, Not Debt (Solutions, July 2009)
Recent tough economic times have brought attention to the importance of managing wealth and reducing debt. In Virginia, a new program encourages Tidewater residents to get started by saving regularly and often.

Teaching Financial Skills for Future Success (Solutions, July 2009)
Changing behavior has long been a focus of Virginia Cooperative Extension programs and a measurement of their success. Behavior change couldn’t be more critical for one group of program participants, however – the incarcerated.

Small Steps Lead to Big Improvements (Solutions, July 2009)
Taking a series of small steps to improve your overall health and financial situation can add up to a big leap forward. That’s the theory behind the Small Steps to Health and Wealth program. The program, originally developed at Rutgers University, helps people make small, positive changes in their behaviors that add up to big improvements in their lives.

Let’s talk about money (Solutions, June 2007)
Women in Northern Virginia have a new financial education program to help them manage their money.

Reverse mortgages help retired homeowners (Solutions, June 2007)
As baby boomers begin to retire and the cost of living swells, more and more older Americans are turning to reverse mortgages to supplement their income. Virginia Cooperative Extension has joined the list of agencies in the Prince William County area offering one-on-one counseling for homeowners who want to withdraw equity from their home to support their quality of life.

Multimedia
Parents still need to discuss money with children (January 2007)
Virginia Tech radio soundline with Celia Hayhoe, family resource management Extension specialist

All video and audio resources are courtesy of University Relations Office of Visual and Broadcast Communications.

Additional Resources
Many counties and cities have family and consumer sciences agents with resources on family and personal finance. Contact your local Virginia Cooperative Extension office for more information about a program in your area.

Extension also has a directory of Extension experts on all of the topics it covers. If you need help locating a source or looking for additional information, contact Michael Sutphin at (540) 231-6975 or Lori Greiner at (540) 231-5863.