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Section 12
Financial Aids Resources
Please see footnote. |
AARP
Public Benefits Outreach Program -The AARP Public Benefits Outreach program informs persons with limited income
and resources about public benefits
for which they may be eligible. The program helps
individuals learn about public benefits and encourages and helps them apply if they appear to be eligible. Through this program, AARP works to ensure a decent standard of living for the most vulnerable older persons. For a free copy of the AARP Public Benefits
Outreach Fact Sheet, send an e-mail
to member@aarp.org with your name, your full postal
mailing address, and the title and stock number (D16882) of the publication.
Adopting a Fianancial Strategy - During Step 3 of your Financial Planning
process, you figured out where you get your money and where you spend it. Now it's time to take a closer look at your individual
expend-itures to see whether you can reduce your spending in any areas.
Calculating Your Net Worth - After you're done calculating your
net worth, you'll have a better understanding of the financial building blocks you can use to prepare for your future. You
will also have a better idea of the obstacles that may be blocking you from meeting some of your goals.
California :
Interest-Free Loan for Home Healthcare -
Offered by the Jewish Free Loan Association (JFLA), this new funding program, Koplove Short-Term Home Healthcare Loan
is provided interest-free and fee-free to people in need of short-term in-home care. The loan is non-sectarian, and available
to residents of the Greater Los Angeles, Ventura, and Orange County, especially for those who are un- or underinsured.
Eligible applications for this fund must be permanent residents of the Greater Los Angeles area with a steady source of income.
The interest-free loan may be granted up to $5,000 and issued in as fast as 48 hours, after the review process. For additional
information about Short-Term Home Healthcare Loans, please contact Ariella Loewenstein, Program Administrator
at (323) 761-8830, or email: ariella@jfla.org, or visit the JFLA website at www.jfla.org.
Consolidated Credit Counseling Service - This group's mission is to assist families throughout the
United States in ending financial crisis and to
solve money-management problems through education and
professional counseling.
Creating a Financial Plan - Excellent
information on planning from the start, legal and taxes, evaluating your
cash flow, calculating your net worth, etc.
Credit Scores: Before You Borrow - Your
credit score is based on information that is in your credit report. Your credit
score is a number, usually between 300 and 850, that is used by creditors
to decide whether to give you credit and at what cost - the higher the number,
the better your credit rating. Find out why this is important to you.
Check Your Credit Report ......once a
year! Creditors determine whether to give you credit or loan you money
based upon information in your credit report. The report will show your
credit cards, loans, and your payment history. So, it is important to make
sure the information in the report is accurate and up-to-date. What you
should know. If you've denied credit, or it's the first time you've ordered one, the cost is free. Requesting subsequent follow up reports have a nominal
charge unless it is to determine if the Credit Bureau made the changes for
any errors you notified them about.
Daily Money Management Services - Daily Money Management (DMM) is a service that provides help
for individuals who have difficulty managing their financial affairs. It can
meet a range of ordinary money management needs, from organizing and keeping track of financial and
medical insurance papers to establishing a budget, helping with check writing and checkbook
balancing, and serving as a representative payee or fiduciary. DMM has generally been provided by
nonprofit organizations. But recently, the number of providers that charge a fee for DMM services has increased. Most daily money managers charge an hourly fee for their services with rates from $25 to $100 depending on
the complexity of the client's financial affairs and where he/she lives.
Debit Cards - Do you
know what the difference between a debit card and a credit card is?
Do You Have Too Much Debt? - If you
are unable to pay your bills at the end of the month and are considering bankruptcy, there may be
an alternative. There are non-profit credit counseling agencies across the country that can help you determine if you can repay your debts.
Evaluating Cash Flow - In this
section, you'll be working in your Financial Notebook to calculate your annual income and your monthly
and annual expenses. Grab your calculator and get ready to find out where you earn and spend your
money
Family Caregiver Pay Agency on Aging (AOA) - Most states now have programs that pay family caregivers to
provide homemaker, chore, and personal care services. Most use state funds to compensate
families, while 13 states use Medicaid waiver funds. Contact your Area Agency on Aging or your department of social services
for more information.
Federal Consumer Information
Center (FCIC) - Established in 1970 as a separately funded operation within the U.S. General
Services Administration, the FCIC helps federal agencies and departments develop and distribute useful information to the
public. Call them at: Financial Management During Crisis (215) 643-0763. To obtain a copy
of FINANCIAL MANAGEMENT DURING CRISIS, a video for parents produced by The Nemours Foundation, contact:
The Kelly Anne Dolan Memorial Fund P.O. Box 556 Ambler, PA 19002
Financial Planning Book -
Get your free copy of AARPs newest financial planning book, for organizing
and taking control of your personal finances. It's a great complement to our new online financial
planning area. (AARP members)
Food Stamps: What Consumers Should Know -The Food Stamp Program helps eligible
low-income people pay for food. Those eligible for Food Stamps may use either coupons or a debit card just like money to buy food at any participating store, supermarket,
or food co-op. Eligible households do not have to pay for Food Stamps. Read what you should
know.
Food Stamp Fact Sheet - For a free copy of the AARP Food Stamp Fact Sheet, send an e-mail to
member@aarp.org with your name, your full postal mailing address, and the title and stock number (D14756) of the
publication.
Get Organized! - A Household
(online) free Notebook-organize/declutter/simplify/clean
Getting Organized - Get Organized for Your Financial Plan-what you should know. How to make
your own Financial Workbook.
Give Yourself Credit: Managing Your Credit - Credit cards can
give you lots of freedom, but they come with a price. Arm yourself with information so you donīt
get into debt. Discusses pitfalls, and 10 tips for managing your cards.
Home Loan Options - Your
home is a major financial investment. Before you borrow money against your home with a home equity
loan, home improvement loan or a line of credit, look carefully at risks and all the costs involved.
You may have seen ads for loans that let homeowners free up extra cash,
cover home improvements or pay off debts.
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Making Assumptions About the Future - You can't
assume that today's successes will continue tomorrow. Quite the contrary. When you're developing
your financial plans, you must assume that your life, and the financial world, will change maybe dramatically over the next 5, 10, or 15 years. Inflation will certainly take a
bite out of your earning power. Interest rates may fall and your investments could take a plunge.
You might even get sick or lose your job. |
National Foundation for Consumer Credit -NFCC is a national nonprofit network
of centers designed to provide assistance to people dealing with stressful financial situations. Call: (800) 388-2227.
Planning Your Spending - Take control of how you spend your money; you will manage it more wisely. Managing your money means that as your financial goals and needs change, you
will have different types of expenses. When you control how you spend your money, you will be looking
beyond how you spend it now to how you want to budget for specific future needs.
Reverse
Mortgages - Exploring Reverse Mortgages - A reverse mortgage is a loan
against your home that you do not have to pay back for as long as you live in your
home. With a reverse mortgage, you can turn the value of your home into cash and not have to make
monthly repayments. The total loan must be paid back when the last surviving borrower dies, sells
the home, or permanently moves away. Reverse mortgages are quite a bit different from other types of debt.
Saving Money on Long Distance Service -The odds are good that you can save money on your monthly long distance telephone bills. Saving
money can be as simple as making a phone call to your long distance company
Should I get credit disability insurance?
-From CNBC - Many direct mail and credit card companies offer credit disability insurance, which
will pay off your credit card bills (or at least make the minimum monthly payment) for you if you become unable to work. But
the cost of this insurance is extremely high (go to link to read full article)
Tax Deductions and Credits -
Out-of-pocket expenses associated with long-term care, including transportation and medical appointments, long-term care insurance
premiums, prescription and nonprescription drugs, and items such as incontinence products, are tax deductible
as medical expenses. The expenses must be for the care of a chronically ill individual who needs help with at least two activities
of daily living or requires "substantial supervision to protect against threats to health and safety due to severe cognitive
impairment."
Tax credits generally benefit low-income taxpayers. Tax credits usually require the caregiver
to live with the care recipient and to be employed outside the home. Information about income tax deductions and credits is
available in the U.S. Senate Special Committee on Aging's informational document
United States Office of Consumer Affairs Helpline (800)
664-4435
NOLO.Law Center Resources:
How to postpone payments
-- and when you can cancel your
loans altogether.
FORMS (small cost for each)
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Bankruptcy
Lending and Collecting Money
Credit Repair
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BOOKS
1 -- What Is Bankruptcy?
2 -- Who Can File
for Bankruptcy?
3 -- Will I Wipe Out My Debts?
4 -- Will I Lose My House or Apartment?
5 -- Can I Keep My Car and
Other Vital Items of Property?
6 -- Can I Keep My Credit Cards?
7 -- Will I Lose My Job, Children, Freedom or Self-Respect?
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-- Is It Too Hard to File?
9 -- Will I Be Able to Get Credit in the Future?
10 -Can Some Alternative Outside of Bankruptcy
Do the Trick?
11 -What If the Bankruptcy Law Changes?
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Unfortunately, when someone is seriously ill in a family it creates a financial hardship on the entire family. If the ill person was the primary wage-earner, or if
a working spouse must stop working or reduce their working hours to help care for their loved one, the family can quickly find themselves in a financial crisis seriously jeopardizing not only their credit but their home and belongings, not to mention the
hardship on any children living at home.
Even if someone can continue working full-time, the cost
of hiring qualified at-home care can quickly wipe out savings and force some families in a situation
where they have to over-extend their credit just to survive.
Families facing this situation need to sit down and reassess
their income vs fixed expenditures and medical
requirements. Hopefully some of the resources on this page will help you in this area. |
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