Making a Difference in Our Community

ConsumerCents® | Utah Saves| UIDAN
Earn It.Keep It.Save It.
Bankruptcy Task Force Committee | Single Mom Initiative | Utah High School GFL Course
Don't Borrow Trouble | BizWorld | Reality Town | Junior Achievement

ConsumerCents® Financial Education Program

ConsumerCents® is a financial literacy education program developed by AAA Fair Credit Foundation. ConsumerCents® is designed to help individuals further understand their personal finances and how to manage them in their everyday lives by learning to modify their financial behavior so they can make better financial decisions. Financial Knowledge is Power and ConsumerCents® empower consumers to take control of their financial future.

Topics include: Setting Financial Goals, Building Wealth, Holiday Spending Guide, Organizing Financial Records, Disaster Planning & Recovery, Debt, Checking Accounts, Credit Reports, Car Buying, Identity Theft, Bankruptcy and Payday Lending.

Click Here to download free ConsumerCents® publications.

Utah Saves

Utah Saves is a public awareness initiative that brings the community together to help all Utahns build wealth, reduce debt, and create long-term financial security. Modeled after the nationwide campaign, America Saves, Utah Saves arose out of the need to mobilize the community to develop proactive, systemic changes in how we deal with social and economic issues.

Financial insecurity is at the core of many of our society's social ills. Financial insecurity not only results in poverty and homelessness, but poor financial habits can also lead to poor health, domestic violence, troubled youth, and the breakdown of families and neighborhoods. With Utah sitting at the top of the nation's personal bankruptcy and mortgage foreclosure rates, there's no time to lose. We can either watch as families fall through the cracks, or we can act now to get to the root of the problem. Utah Saves attacks this growing epidemic by giving people the tools to achieve personal savings goals and eventually become financially independent. These tools include:

• Creating and sticking to a budget
• Paying for a college education
• Becoming debt-free
• Saving for retirement
• Building an emergency fund
• Starting a small business
• Buying a home

Utah Saves is directed and supported by a broad-based coalition of community partners bringing their talent, energy, influence, and resources to empower all Utahns to build lifelong financial security. Everyone is invited to take part: nonprofits, financial institutions, employers, government agencies, faith-based groups, and so on. Founding partners include AAA Fair Credit Foundation, United Way of Salt Lake, and Utah Issues.

How will Utah Saves do its work?

Public Awareness: Through mass media and grassroots efforts, Utah Saves will create widespread public awareness that saving money and planning for your financial security is a must. It will motivate the public to begin saving toward a personal goal and enroll as a Utah Saver.

Coordination: Utah Saves will integrate and centralize the many great financial education and wealth-building programs already available locally. It will provide a safe gateway for all Utahns at any income level to find the specific tools they need, and help existing programs have greater reach and impact.

Programs & Services: Utah Saves will offer specific tools that complement existing financial education programs. It will make these tools available where people work, worship, and gather. These include:

• Access to great programs that match savings, assist with taxes, etc.
• Free how-to seminars on specific financial planning topics
• A range of low-cost financial products: savings accounts, mutual funds, IRAs, etc.
• Wealth-building workshops that motivate people to save and plan
• Savers Clubs to give ongoing encouragement and ideas to Utah Savers
• One-on-one mentoring, coaching, and ongoing support through volunteer wealth coaches
• Toll Free Moneyline. Savers can call the Moneyline at 1-800-350-9899 for free information, referrals and finanical counseling. Wealth Coaching services are provided by AAA Fair Credit Foundation.

Click Here for more information about Utah Saves or call 1-800-350-9899 if you're interested in enrolling or volunteering.

Utah Individual Development Account Network

Asset building refers to public policy and private sector efforts to enable persons with limited financial resources to accumulate and preserve long-term, productive assets—savings, investments, a home, post-secondary education and training, a small business, and a nest-egg for retirement. Success Stories....

The Individual Development Account (IDA) Program is an investment strategy and multi-faceted asset building program that allows participants to save money and receive match dollars to purchase one of three tangible assets: 1) a first time home, 2) a start-up business or 3) higher education or job training. While the participant saves, he/she must participate in: financial education classes that provide tools for changing cash-based spending habits; the development of and adherence to a personal budget; monthly economic literacy classes; monthly deposits into the IDA; a training program for the particular asset to be purchased. SAVE, LEARN, EARN, and INVEST are the foundational tenants of the program.

The Utah Individual Development Account (IDA) is open to individuals or families who meet the following criteria:

• Residence in Utah
• 18 years of age or older
• Applicants cannot have more than $10,000 in net assets excluding one car and one house
• Earned income

Income Eligibility by family size:

• One: $20,420
• Two: $27,380
• Three: $34,340
• Four: $41,300
• Five: $48,260
• Six: $55,220
• Seven: $62,180
• Eight: $69,140
• For families with more than 8 persons, add $6,960 for each additional person.

IDA participants are asked to commit to the following:

• Make monthly savings deposits of at least $15 and no more than $62.50
• Save in the program for a minimum of 12 and a maximum of 36 months
• Attend a personal finance and money management workshop series
• Participate in asset-specific training
• Support one another through on-going peer support meetings
• Regular contact with case manager

Most people need more than just cash to become successful homeowners, entrepreneurs or college or vocational school students. For this reason participants are required to attend 8-10 hours of personal finance and money management training and a special asset-specific preparation program. These workshops are designed to help participants acquire or polish the personal and financial skills essential for long-term success. Skills like long-range planning, household budgeting, credit management and savvy consumer habits.

Savings matches are not "giveaways." Participants earn savings matches by saving their own hard-earned dollars and taking other steps to prepare for the future, like attending personal finance workshops. Furthermore, providing matched dollars is a way to help hard working, low income families and individuals build a more stable and secure future. Everyone benefits when more members of a community have the tools they need and the productive assets, to provide for themselves and their families.

Zions Bank has agreed to establish special IDA savings accounts, jointly owned by UIDAN and you. Because IDAs are intended to help people purchase assets, withdrawals for non-asset uses are strongly discouraged. Participants are always free to close their accounts and withdraw from the program.

Matched funds will be made available when the participating individual or family is ready to purchase an asset. At that time a vendor check will be issued directly to the company, institution or individual furnishing all or a part of a participant's asset goal (a mortgage company, home inspector, wholesale supplier, or community college, for example).

Program Sponsors: Advanta Bank Corporation, American Express CCD, Associates Capital Bank, Centennial Bank, Citigroup, Daniels Fund, Fannie Mae, GE Capital Financial, GE Money Bank, Goldman Sachs, Capmark Bank, Lehman Brothers, Merrick Bank, Merrill Lynch Bank, Morgan Stanley Bank, Office of Community Services, Pitney Bowes Bank, State Farm, Transportation Alliance Bank, UARHOF, UBS, Universal Financial Corporation, United Way of Salt Lake, US Bank, Washington Mutual, Wells Fargo, Wright Express Financial Services, Zions Bank.

Click Here for more information.

Earn It. Keep It. Save It (EITC/VITA Outreach & Education)

Utah’s Statewide Campaign to Strengthen Family Financial Stability through Utilization of the Earned Income Tax Credit, Volunteer Income Tax Assistance, and Asset Formation Programs. This initiative allows low-income families to take advantage of the federal Earned Income Tax Credit (EIC), and have their taxes prepared via the Volunteer Income Tax Assistance program (VITA). In 1969 the IRS recognized the need for assisting the general public in preparing individual income tax returns. Free tax help has been available to taxpayers in one form or another since then. Free tax help consists of community volunteers who are certified in tax law and prepare individual tax returns at no cost.

We can help people - especially those who cannot afford paid tax assistance, such as low-income households, seniors, the disabled and people with English as a second language - prepare and electronically file their federal and state income tax returns.

Spanish-speaking assistance also is available at some sites. IRS certified volunteers will discuss and determine eligibility for important federal tax credits such as the Child Tax Credit and the Earned Income Tax Credit. Both credits can reduce federal income taxes and may result in refunds.

People should bring photo identification for themselves (and their spouses), Social Security Cards or Individual Tax Identification Number (ITIN) Cards for each person listed on the tax return, all wage and earnings statements (Forms W-2), interest and dividend statements (Forms 1099 or 1098), a copy of last year's tax return and any other information concerning income and expenses for the tax year they are filing for. If filing jointly, both spouses must be present to sign the required forms. Most tax help sites offer free electronic filing. Electronic filing provides the highest degree of speed, accuracy and security in filing tax returns. This year the IRS expects 53 percent of Utahns to file electronically.

Utah Residents: For more information about a free tax help site nearest you, call the 2-1-1 Info Bank, by simply dialing 2-1-1, or the IRS at 1-800-829-1040, Monday through Friday, 7 a.m. to 10 p.m. Call 2-1-1 starting in early January to make an appointment to receive free tax preparation services.
Non-Utah Residents: Call your local Internal Revenue Service office to find out about the free VITA tax preparation services in their area.

In 2004, AAA Fair Credit streamlined the appointment intake and site volunteer scheduling management process by building an online scheduling web portal system specifically designed for VITA. This system allows real-time data access for scheduling appointments, managing site schedules, and scheduling volunteers. The website allows 2-1-1 operators to locate the nearest VITA site and schedule an appointment based on the volunteer's availability and language capabilities. VITA site coordinators are also assigned supervisor access and permissions which allow them to manage the volunteers’ schedules and language abilities.

AAA Fair Credit Foundation is an authorized E-File provider.

Click Here for more information.

GotTrouble.com

Bankruptcy Research Task Force Committee

The Utah Bankruptcy Research Task Force Committee consists of educators, legislators, businesses, nonprofits, and public policy groups interested in studying the contributing factors and unique cultural and family dynamics which affect Utah's bankruptcy rates.

The following research questions and topics are currently in progress:

• Does Utah’s unique cultural and family dynamics (predominance of LDS Church, tithing practices, etc.) affect the bankruptcy rate?
• What is Utah’s average age for first-time homebuyers and how does it compare to other states?
• What impact does financial education have on bankruptcy rates?
• What can we learn from a geographical analysis of bankruptcy filings (by county and zip code, census track, etc.)?
• Are repeat filers a factor?
• What can we learn from comparisons to other states with high and low bankruptcy rates?
• Are predatory lending practices a contributing factor in Utah?
• Do attorney compensation structures and other aspects of the local legal culture encourage a) more bankruptcy filings, and b) more chapter 13 filings?
• What role does medical debt play in Utah’s bankruptcy rate?
• What impact does small business failure; credit card debt, home mortgage debt, vehicle debt, and tax debt have on Utah's bankruptcy rate?

Participating organizations include Dan Jones & Associates, United Way of Salt Lake, University of Utah, Utah State University, AAA Fair Credit Foundation, Zions Bank, Pathway Associates, and the Utah Foundation.

Living on The Edge: Utah's Perspectives on Bankruptcy and Financial Security

Single Mom Initiative

The Single Mom Initiative began with Brigham Young University's Center for Economic Self-Reliance bringing people together for a learning lab in May 2006. Twenty-eight researchers, practitioners and sponsors participated in the meeting. The participants identified four key issues faced by single moms — finances, education, emotional health, and childcare. These four key issues have become the focus of the Single Mom Initiative's research efforts.

The Single Mom Initiative held two focus groups in September, hearing for the first time directly from single moms. The focus groups discussed topics such as single moms' top challenges, support systems, relationships with the fathers of their children, education, and definitions of success. Moms in both groups agreed that the two top challenges facing single moms are (a) finances, and (b) balancing time to manage all their responsibilities while spending enough time with their children. The Initiative is preparing for a statewide survey of single moms, which will be conducted in 2007.

Utah High School General Financial Literacy Course

Including financial literacy in the core curriculum for public education is a bold move provided by SB 154 to help Utah's youth prepare for the choices and challenges of today's financial markets. A better understanding of personal finance will help students move into adulthood making more informed monetary decisions, realizing a greater potential for personal wealth, and fostering a stronger state and national economy. AAA Fair Credit Foundation is a partner and proud supporter of the Utah Jump$tart Coalition for Personal Financial Literacy.

The Utah high school General Financial Literacy course for Grades 11-12 includes:

• Income
• Money Management
• Spending and Credit
• Saving and Investing
• Consumer Protection
• Risk Management

Click Here for more information about the standard curriculum and committee members who collaborated together to develop the course curriculum.

Don't Borrow Trouble®

Don't Borrow Trouble is a national comprehensive award-winning consumer awareness campaign made possible by Freddie Mac which combines public education and counseling services to help homeowners avoid lending practices that strip away their home's equity.

The Don't Borrow Trouble Salt Lake City campaign was launched in January 2008 and has the support of dozens of community partners who are committed to providing consumers with the tools they need to become educated homebuyers and sellers. AAA Fair Credit Foundation handles the consumer hotline and provides assistance from homebuyer education to credit counseling to referrals to legal aid if they are already in a predatory loan situation.

Don't Borrow Trouble Hotline: 1-866-217-1718

Click Here for more information.

BizWorld

In the BizWorld program, students work in teams to start and run their own small businesses in a simulated friendship bracelet industry. Taking on different leadership roles, students learn the basics of money management and entrepreneurship, as they apply for jobs, and design, manufacture, market and sell their products in the BizWorld marketplace.

Duration: Thirteen 45-minute sessions

Click Here for more information.

Reality Town

Employees from AAA Fair Credit Foundation provide financial literacy education to students at Title I schools. Reality Town clues students into the "real world" before they are actually required to tackle the task. It gives students a glimpse into the future of adult responsibilities. This program provides students with a hands-on simulation in which they make lifestyle and budget decisions, as they take on careers, salaries, families and the associated responsibilities of the adult world.

Students begin the simulation weeks before the actual Reality Town Day in their classrooms by learning how to write checks, balance a checkbook, fill out a job application and write a resume. Students choose a career based upon their own personal interests and current GPA. By classifying the careers in this way, students are able to see what their perspective career opportunities may include, given their current efforts and abilities in school. For example, a "C" student can’t choose to be a doctor. Students then assume that they have completed all of the necessary educational and training requirements for their occupation, and are responsible for the financial burdens of such a decision along with a family to support.

At the end of Reality Town, students reflect on the experience. Did they save or lose money? Is this how they’d really live? How does education correlate with income? This program is a great way to teach students the importance of budgeting, career choices, math skills, check writing, and other hands on skills.

Junior Achievement

AAA Fair Credit Foundation partners with Junior Achievement by encouraging employees to volunteer in the classroom to teach students from kindergarten through twelfth grade.