To Be Called a Mom

To be called a Mom is my proudest achievement. I don’t need cards or gifts, but I sure do like a big ol’ hug from my boys. And if distance ever separates us – I’ve been known to tear up over a text message too.

When the boys (yes, they are 19 and 23, but forever my boys) were in daycare and grade school, I remember the excitement as they brought their treasures home for me; the finger painted notes, special drawings or seedlings to plant in our garden. They would be carefully hidden in their backpack until it was time to unveil. It was like the excerpt from the Christmas Story movie – I felt like I’d won a MAJOR AWARD! And dangit, I was proud.

To all the special women in our lives let us salute and give thanks. It doesn’t need to be the commercialized thank you – time with a person is priceless. Offer to cook a meal – go out for a Dairy Queen – or go for a walk – take a drive.

Make it special in your own way. And if you were wondering how Mother’s Day came to be – read on.

http://mothers-day.123holiday.net/

Mother’s Day History

Contrary to popular belief, Mother’s Day was not conceived and fine-tuned in the boardroom of Hallmark. The earliest tributes to mothers date back to the annual spring festival the Greeks dedicated to Rhea, the mother of many deities, and to the offerings ancient Romans made to their Great Mother of Gods, Cybele. Christians celebrated this festival on the fourth Sunday in Lent in honor of Mary, mother of Christ. In England this holiday was expanded to include all mothers and was called Mothering Sunday.

In the United States, Mother’s Day started nearly 150 years ago, when Anna Jarvis, an Appalachian homemaker, organized a day to raise awareness of poor health conditions in her community, a cause she believed would be best advocated by mothers. She called it “Mother’s Work Day.”

Fifteen years later, Julia Ward Howe, a Boston poet, pacifist, suffragist, and author of the lyrics to the “Battle Hymn of the Republic,” organized a day encouraging mothers to rally for peace, since she believed they bore the loss of human life more harshly than anyone else.

In 1905 when Anna Jarvis died, her daughter, also named Anna, began a campaign to memorialize the life work of her mother. Legend has it that young Anna remembered a Sunday school lesson that her mother gave in which she said, “I hope and pray that someone, sometime, will found a memorial mother’s day. There are many days for men, but none for mothers.”

Anna began to lobby prominent businessmen like John Wannamaker, and politicians including Presidents Taft and Roosevelt to support her campaign to create a special day to honor mothers. At one of the first services organized to celebrate Anna’s mother in 1908, at her church in West Virginia, Anna handed out her mother’s favorite flower, the white carnation. Five years later, the House of Representatives adopted a resolution calling for officials of the federal government to wear white carnations on Mother’s Day. In 1914 Anna’s hard work paid off when Woodrow Wilson signed a bill recognizing Mother’s Day as a national holiday.

At first, people observed Mother’s Day by attending church, writing letters to their mothers, and eventually, by sending cards, presents, and flowers. With the increasing gift-giving activity associated with Mother’s Day, Anna Jarvis became enraged. She believed that the day’s sentiment was being sacrificed at the expense of greed and profit. In 1923 she filed a lawsuit to stop a Mother’s Day festival, and was even arrested for disturbing the peace at a convention selling carnations for a war mother’s group. Before her death in 1948, Jarvis is said to have confessed that she regretted ever starting the mother’s day tradition.

Despite Jarvis’s misgivings, Mother’s Day has flourished in the United States. In fact, the second Sunday of May has become the most popular day of the year to dine out, and telephone lines record their highest traffic, as sons and daughters everywhere take advantage of this day to honor and to express appreciation of their mothers

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Facing Student Loans after Graduation

College graduation is approaching for many. It can be a very uncertain time financially so thinking of making loan payments when regular income is not established can be difficult. Unfortunately, many avoid doing anything.

Becoming delinquent or defaulting on student loans can have serious consequences at the very time graduates are starting to establish credit. Following are some steps those with student loans can take:

Make a list – if you haven’t already done so, make a list of what loans you have and who is servicing them. If you are not sure what you have check the National Student Loan Data System at www.nslds.ed.gov/nslds_SA. You can also contact your school’s financial aid office to see what they have on record. Your credit report may also list your student loans (www.annualcreditreport.com). Determine which loans are federally guaranteed and if any are private student loans. Private loans are usually a higher interest rate so any extra amount allocated to student loan payment should go to those first. But stay current on all loans.

Update contact information – Many students are behind on their first payment and often the excuse is they never received notice. When the grace period is up (usually 6 months), the payments are due. It is the borrower’s responsibility to keep the lender informed of address changes. Just because they can’t find you doesn’t mean you don’t need to start payments.

Consolidate? Consolidating may or may not be to your advantage but it is worth checking out to see if it makes sense for your situation. If you have several loans with different servicers one payment can be easier and there may be additional payment options available. For private loans, if you have good credit already established you may be able to remove a co-signer and also get a better interest rate. You cannot consolidate federal and private loans together. For more information on consolidating federal student loans go to www.loanconsolidation.ed.gov. For private loan consolidation information go to www.finaid.org/privateconsolidation.

Can’t afford the payment? Contact your loan servicer right away. With federal student loans, there are several payment options and they are very willing to work with you to find a payment arrangement that may work in your budget. You also may have available hardship deferments and forbearance options that allow you to stop or lower payments temporarily.

The main point is call and talk with your lender. Once behind on payments, it will affect your credit score. If you default on a loan (usually after 9-12 months of no payments), there are more serious consequences: 1) Further damage to credit. 2) Collection costs up to 25% will probably be added to the balance. 3) Wages and social security benefits can be garnished up to 15% (no judgment needs to be filed). 4) Tax refunds can be intercepted. 5) Ineligibility for additional federal student aid. 6) Loss of deferment or forbearance options.

When credit scores go down, your ability to get a job, obtain professional licenses and rent an apartment can be affected and insurance premiums can increase as well. A car loan or mortgage will be at much higher interest rates if you qualify at all. These factors affect your finances and in turn, your ability to address your student loans. Even though it may be tempting, don’t ignore the student loans. They do not go away. There is no statute of limitation for collection and they cannot be included in bankruptcy except in very rare situations. Work with your lender to keep your loans in good standing and let your positive student status build positive credit for you.

 

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How to Think Like a Millionaire

Recently I attended the annual North Dakota Jump$tart Coalition annual conference. Jump$tart is an organization that promotes financial literacy through a network of volunteers. For the twelfth year in a row, Susan Beacham, founder of Money Savvy Generation and a financial literacy expert who has been featured on the Today Show and Dr. Phil, came to the annual conference to present. Her topic this year was “How to Think Like a Millionaire.” Her message to us was that anyone can be a millionaire and at just about any age. You just have to have the right attitudes to get you there. Here are her five tips for getting your kids (or yourself) to think like a millionaire:

1. Delay gratification
Self-control is the key to wealth. The good news for those of us who have kids who were not born with the ability to delay gratification is that self-control can be learned. So, help your child build their self-control muscle by teaching them early to use all four of the choices they have for money. Save regularly, spend wisely, put the “do” in donate and invest for your future needs and wants.

2. Work and earn money
Notice I did not say “get a job.” I said “work.” Encourage your kids to start working right away. Work for someone as a start. It’s a great way to get a paid for education. But don’t stop there. Encourage them to take advantage of the opportunity to work for themselves and be an entrepreneur.

3. Save money
Show your kids how to save and invest what they earn. Explain that they can invest in themselves by investing in their own business. Maybe that means getting a job to earn the dough to fund the blog they write, launch the website they create, or just to buy the lemons, sugar and cups they use to buy and sell lemonade. Maybe it means buying a share of stock in a company they believe in. Whatever makes the most sense for them, just save and invest and as a result, begin to understand the power of compound saving early and often.

4. Live well beneath your means
Parents – do not pay for everything. Give them a monthly allowance that they must budget to last through the month. Kids get much more creative when they are in charge of the bill. They get frugal and make tough choices. When you pay, they stop thinking. When they pay, they stop, think and make choices.

5. Budget
The only way you know where your money is going and why is to have a budget. Sit down with your child and talk about the expenses you want them to take charge of. Depending on the age of your child, that could be anything from the expenses they manage with their allowance to the expenses they earn money to cover when they are in high school and college.

Make it clear early on what expenses they will be responsible for and give them enough time to come up with a plan to cover those expenses. Those expenses become the “buckets” in their budget that they will need to allocate money to each month.

If you enjoyed these tips check out Susan Beacham’s website at http://www.susanbeacham.com. Also check out her Money Savvy Generation site with lots of products to help educate your children about money at http://www.msgen.com.

 

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Eager to Improve Your Credit Score?

According to the March Financial Literacy Opinion Index hosted on the homepage of the National Foundation for Credit Counseling (NFCC) website, www.NFCC.org, a strong majority of consumers, 56 percent, selected “improving my credit score” as the personal finance area in which they needed the most help.

“What consumers continually fail to understand is that the credit score is based on information contained in the credit report,” said Gail Cunningham, spokesperson for the NFCC. “The process of improving the credit score starts with obtaining the credit report, fully understanding the contents, and acting upon that information. Nonetheless, only five percent of respondents indicated they needed help understanding their credit report.”

Supporting the findings of the monthly survey is the data from the NFCC’s recent annual Financial Literacy Survey which found that the majority of adults have neither ordered their credit report or score in the past 12 months. “In spite of it being free and critical to a person’s financial well-being, Americans remain resistant to ordering their report,” continued Cunningham.

Looking at other areas of the poll, twenty-three percent admitted they need help “controlling their spending,” but only 11 percent of those weighing in selected “knowing how to save money” as their main concern. Uncontrolled spending coupled with inadequate savings is a recipe for financial disaster, while striking a balance between the two leads to a healthy financial future.

Only five percent indicated they needed assistance planning for retirement. This result could suggest that consumers feel adequately prepared to make sound decisions related to retirement. However, retirement planning often takes a back seat to other seemingly more pressing financial concerns, putting many into a position of having to play catch-up as they approach retirement age.

Below are tips for consumers related to each personal finance need listed in the poll:

• Improving a credit score – Understand that there is not just one score. In addition to the widely-known scores, lenders may have scoring models specific to their needs. Fair Isaac, inventor of the popular credit scoring model known as FICO, offers a score on their website, www.MyFICO.com. Scores can also be obtained from each of the three major credit reporting bureaus, www.Experian.com, www.Equifax.com, and www.TransUnion.com. Each score will likely come with features such as an explanation of the score, how your score compares to others, and concrete tips on how to improve the score.

• Taking control of spending – Symptoms of a serious spending problem are hiding purchases, going on a spending spree only to return what was bought, or buying items that are kept, but never worn or used. Once people become aware of their over-spending and its detrimental impact on their life, the next step is to determine the root cause of the habit. Consider enlisting a trusted friend or family member to act as an accountability partner. Changing behavior is never easy, but having someone keeping you on track could provide the discipline necessary to embrace the new lifestyle.

• Knowing how to save money – A person cannot know where he or she is going until they know where they are. Plug the leaks by having everyone in the family who spends money track their spending for 30 days. At the end of that time, hold a family council and review the findings. The goal is to identify areas that can be reasonably trimmed back. Try to carve $10 out of each spending category. With a little effort, this could net an extra $100 per month, enough to begin a rainy day savings account. Try to maintain one month’s salary in the emergency fund, as this amount should sustain you through most unplanned events.

• Planning for retirement – The Human Resource department at work is a good place to learn more about your company’s retirement plan and how to maximize it to your advantage. Money’s best friend is time, so the sooner contributions begin, the longer you’ll have to grow your money. The Social Security Administration offers a helpful Retirement Estimator at www.ssa.gov that projects the benefits a person can expect upon retirement.

• Understanding a credit report – Consumers can obtain their credit report free of charge once every 12 months from www.annualcreditreport.com, or from one of the three credit reporting agencies, although there may be a small fee associated with purchasing from a bureau. Consumers should review their credit report at least once each year, checking it for accuracy and for signs of identity theft. Since the credit report is the basis for many lending decisions, it is critical that consumers not only obtain their report, but understand the contents. NFCC Member Agency counselors are trained to help consumers understand their credit report.

If you need help polishing your personal finance skills, reach out to a trained and certified counselor at The Village Financial Resource Center at 800-450-4018.

The actual survey question and responses were as follows:

Regarding personal finance, I could use the most help in the area of

A. Knowing how to save money = 11%

B. Improving my credit score = 56%

C. Taking control of my spending = 23%

D. Planning for retirement = 5%

E. Understanding my credit report = 5%

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Greed Is Bad!

Yesterday I witnessed a number of individuals who came together and epitomized exactly what Mary Hunt talks about below. Individuals filled with compassion and generosity that had a common focus of raising funds for a young man, Andy Lynch. Andy has lived his life with compassion and generosity and put others needs before his own. So, when this young man got extremely sick and needed help the number of people whose lives’ he’s touched – reached out to help him back.

Having never met him but hearing of his story made me want to help and jump on the “iwillbeatthis.com” crusade. Walking into the fund-raising benefit filled my heart with joy to see the love and support of people who were there not for themselves – but someone else. Giving will fill your heart.

Greed Is Never Good

 When Gordon Gekko, the main antagonist in the 1987 film “Wall Street,” declared in no uncertain terms that “greed is good!” people flocked to the theaters. And cheered. But it was just a movie. Please don’t base your belief system on a movie line that might have been memorable and entertaining, but dead wrong. Greed is like a cancer that when left untreated can destroy individuals, families, businesses, governments and economies.

Greed makes financially ignorant people putty in the hands of the consumer credit industry. My ignorance about credit and debt, plus my skewed logic that somehow I could have all that I wanted now and it would somehow work out in the end, set me up to be greed’s dream client.

Credit was my accomplice. And choosing that course in my life landed me in a pit of financial despair. It took me 12 years to ruin my life and 13 years to come back. That’s 25 years just to get back to square one! I shudder to think of all the opportunities that were forever lost in my life at the hand of that monster, greed.

I’m a lot wiser now, as a result of the hard lessons that experience taught me. If you don’t have 25 years to learn these lessons on your own, save yourself the cost and the trouble by learning from my mistakes. Dump your greed now. How? Here are four simple steps:

Develop personal compassion. Putting the situations of others’ ahead of ourselves takes our eyes off of our selfish desires. It softens our heart and fills us with compassion for the needs of others.

Develop generosity. A heart filled with gratitude expresses itself with generosity. Generosity kills greed. As you acknowledge all that you have in light of the needs of those around you, you’ll find yourself feeling genuinely grateful in ways you may have not experienced before. Generosity will become the natural outflowing of your grateful heart.

Put others’ needs ahead of your wants. Take some of your wants and find someone who has a real need. Take the money you would have spent on those wants, and give it to the need instead.

Repeat. Make giving part of your personal money management program.

Can you imagine what could happen in our neighborhoods if every person reading this were to give some of what they have-money, time and talents-to meet the needs of others? We would start a revolution!

Just imagine living in an environment that is void of greed. It can happen, I know, because I have experienced it. I’ve seen gratitude in operation in my own community, and I cannot describe the joy and contentment this brings.

Here’s what I’m asking you to do, right now. Think of five friends you can share this column with. Then do it. Now.

Driving greed from your life will change your heart, and it just might do the same in theirs.

Mary Hunt is the founder of www.DebtProofLiving.com and author of 20 books, including her latest release, 7 Money Rules for Life. You can email Mary or write to her at Everyday Cheapskate, P.O. Box 2099, Cypress, CA 90630.

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Raising Money-Wise Kids

I’m often asked about how to instill good financial habits with children. The basic answer is setting a good example. As with any other behavior, kids will absorb what they see around them. While they are always exposed to advertising and peer pressure, the adults in their lives are also constantly giving them money messages. If the subject of money causes tension and arguments, that is what they will learn. If money is never discussed, children will not learn the connection between working for money and paying for goods and services.

It is very probable that the young children of today will never write a check and will use cash very minimally in the electronic financial world. Just like learning the basics of math before using a calculator, I believe it is important to first have a solid understanding of the basic principles of finance and money. With the changing technology we need to work differently to make certain our children learn what they need to know to be financially responsible adults. How do we demonstrate how handing over a piece of plastic to pay for something or punching in a PIN number relates to money?

With young children there needs to be a visual picture of how it all works. Have a jar that is for fun money or a planned vacation or a special purchase and let them see you putting money in that jar regularly. Then make a family decision how it will be used and let them see you take the money and pay for the chosen purchase. They will see saving and planning in action and understand there is a cost to do some things. Talk about the things you do that don’t cost money.

When giving young children money for allowance or as a gift, give it in cash with separate bills. Receiving $10 can be broken down into $1 for sharing or donation, $1 for savings and the rest for spending or however you decide to allocate the funds. Have separate piggy banks or places to put the money. Again, it is a visual example that children can understand. As they get older they can use bank accounts and cash as appropriate for the categories and monitor the balances electronically.

Even young children will have different money personalities. Some will be spenders and some savers. The spender will have a harder time with delayed gratification and saving, the saver will be reluctant to spend even when appropriate. I remember when my children were young, they were each given a $5 bill at the beginning of the summer for the ice cream truck ($5 went much farther then!). They were told it was up to them how they spent it but they could not ask for any more ice cream money during the summer. The first day, my daughter had treated the neighborhood kids and spent it all. My son had money left at the end of the summer and was fine with letting his sister treat him that first day. There are positive aspects of both but we need to be sensitive to their individual inclinations in guiding them to a balanced view of financial responsibility.

There is always the question of whether or not work or chores should be required to get an allowance. Arguments can be made both ways, but whatever you choose, the expectations must be defined. It should be very clear what they are expected to pay for with that allowance so they again learn that there is an exchange of money for goods or services and that we need to set limits based on our money resources when making financial decisions.

Talk about the household budget as kids get older. They should be aware of the costs of utilities, food, clothing, insurance and other expenses. Don’t be afraid to say “we can’t afford it” or “that isn’t where we choose to spend our money right now”. It should be a learning experience and not something that causes worry or stress. Even though we may not have an idea of how the future world of money will look, managing finances is a skill that we need to teach our children well to prepare them for life.

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Spending Your Tax Refund the Right Way

It’s that time of year again and I’m not talking about spring. Its tax season and hopefully you are getting a nice surprise this year from Uncle Sam. But, don’t go blow it on that nice new 3D LED TV you’ve been lusting after. Take some time to plan things out and spend that refund wisely. Check out these five tips to manage that windfall of cash before it’s all gone:

 Make a budget before you do anything.

Extra money in your pocket seems to burn a hole in it and its gone before you know it. Take some time to plan out how you are going to spend that money so that you can spend it on things that are worthwhile instead of on impulse buys that you may regret later.

Don’t spend it before you’ve got it.

Don’t make purchases on your credit cards thinking that you’ll pay them off once your get your refund. Don’t make any down payments on anything either. We don’t know what unexpected things may come up and we don’t want to spend money that we don’t have yet.

Put a third away into savings right away.

It’s important to have ample savings for emergencies. You should have at least three to six months worth of income saved for the unexpected. You may also be saving for an important goal like retirement or a new car. Your refund is a great way to accelerate your progress on your savings.

Pick a debt to pay off.

Do you have a credit card bill that you have been struggling with for a while? Maybe you have a few medical bills that you are working on? Now is the time to get them paid off and get rid of the stress of having to make payments each month.

Splurge a little.

It’s okay to have some fun and live a little! Take the family out to dinner or buy yourself something you’ve been wanting. Just splurge in moderation. One rule of thumb would be to limit your splurge to 5% of your refund.

One last note on refunds: If you find yourself with a huge refund each year, but you struggle paycheck to paycheck each month, you may consider adjusting your withholdings so that you get more in your paycheck each month to cover your monthly expenses. Just talk to your payroll department to fill out a new W-4.

 

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Tired of Bank Fees?

Change can be tough. I blame it on a Scandinavian heritage but it’s probably just “me.” I recently changed internet providers and dropped our landline at home. That was a lot of change – but in the end something that will reduce costs of the household budget and use the dollars more wisely that are spent on communication. I’ve used the same bank for almost 30 years – again, change is tough. But – looking at this article by Mary Hunt (from Everyday Cheapskate) on credit unions just may have me incorporating a little more change (cha-ching) in 2012.

Free Checking Accounts Still Out There

Many bank customers have been feeling nickeled-and-dimed by their banks for some time. And as banks scramble to make up for lost revenue, some are demanding even steeper fees. The country’s largest banks are charging consumers as much as $50 a month if they do not maintain minimum balances or meet other requirements for certain high-end checking and savings accounts. What lunacy! Why should we pay a cent to have access to our own money?

While free bank accounts are disappearing, there are still a few out there. You just have to know where to look. Hint: credit unions. While not all credit unions offer free accounts, many still do. In doing research for this column, I have discovered one that’s even better than free!

Firstmark Credit Union (FirstmarkCU.org) has one of the best free checking accounts I have ever seen. Firstmark is located in Texas, but anyone can join regardless of where they live or work.

What makes a Firstmark Credit Union checking account even better than free? Customers who use their debit card (unlike your humble columnist) earn 10 cents for every signature-based debit-card transaction. You can also earn $25 bonuses by receiving statements online, using their debit card, paying one bill with online bill pay and signing up for direct deposit. Do all four (use promo code GET100) and you can have $100 added to your balance. But there’s more: Firstmark’s free checking account pays 0.10 percent APY on your balance—not much, but better than nothing.

Firstmark offers 11 local branches in the San Antonio area, but anyone can join online. Go to FirstmarkCU.org, and click on “Open a Free Checking Account.” On the next page, look for “Become a Member.” In that list, select “Other Eligible Groups.” Use the pulldown menu and select “None of the above.” Whew! You’re almost there.

Ready for another bonus? You can join Firstmark by becoming a member of the Friends of the Park Foundation, a charitable group that supports the San Antonio Parks Foundation. Firstmark takes care of your first year’s dues, and you’re under no obligation to renew your membership for a second year. This means you qualify for membership at Firstmark by being a member of the Friends of the Park Foundation.

And the best part? Once you are a credit union member, you will enjoy “Once a Member, Always a Member.” You will be able to enjoy the benefits of Firstmark Credit Union for the rest of your life, including free checks, too.

Firstmark is part of the Allpoint network, which provides its members free use of 35,000 ATMs nationwide and 43,000 around the world. All of the ATMs in 7-Eleven, Target, Walgreens and Costco, for example, belong to Allpoint.

If you’re paying even a dime in bank fees, ask yourself this question: Why? Then get busy finding a better alternative that won’t cost you. And it just might pay you to make the switch, too!

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Fun on a Budget

We all live on tight budgets, but we still need to have some fun. A budget with no fun will be unlivable over time. Think of your budget as a diet. If your diet only consists of carrots and celery, eventually you will break down and gorge yourself on a big juicy cheeseburger (or five) and your family will find you passed out on the floor in a cheeseburger coma. So, don’t be afraid to set a little aside in your budget each month to have some fun in moderation in order to keep your sanity.

Now taking the whole family out can be expensive. Dinner and a movie for a family can take up the whole month’s entertainment budget. But, with a little research and ingenuity, you can have a whole day’s worth of activities for the entire family for less than the cost of dinner at a restaurant and a movie at the theater. I did some research by looking through the community calendar in the local newspaper and came up with an itinerary to compare costs.

Dinner and a movie for a family of four:

Dinner at a restaurant- $50
Movie tickets – $32
Soda, popcorn, and candy – $25
Total – $107

Full day of activities on a budget:

Charity Brunch – $20
Red River Zoo admission- $23
Amateur Sporting event – Free
Community fish fry dinner – $25
High school Musical – $24
Total – $92

As you can see, you can have a full day of fun activities and two meals with the family for less than the cost of dinner and a movie. I encourage you to check out the community calendar in The Village Family Magazine free at your local grocery store or online at http://villagefamilymag.org/ for lots of low cost and free activities that will allow you to keep some fun in your budget without breaking the bank.

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FINANCIAL LITERACY SURVEY EXPOSES GAPS IN PERSONAL FINANCE SKILLS

In recognition of Financial Literacy Month, the National Foundation for Credit Counseling (NFCC) and the Network Branded Prepaid Card Association (NBPCA) today released the results of the 2012 Financial Literacy Survey. In its sixth year, the survey annually provides data and trending around Americans’ attitudes and behaviors related to personal finance.

The 2012 survey revealed a disturbing lack of basic financial skills that are critical to building a stable financial future. Consider the following results in areas such as budgeting, saving, responsible bill-paying, and money management:

• More than half of U.S. adults, 56 percent, admit that they do not have a budget;

• One-third of U.S. adults, or more than 77 million Americans , do not pay all of their bills on time;

• Thirty-nine percent of adults carry credit card debt over from month-to-month;

• Two in five adults indicated that they are now saving less than they were one year ago, and 39 percent do not have any non-retirement savings; and,

• Twenty-five percent of those who do not currently have non-retirement savings indicated that, if they did begin to save, they would keep their savings at home in cash.

“This year’s survey unveiled some disturbing trends, showing that a significant number of Americans are saving less, spending more, and carrying credit card debt over from month-to-month, suggesting that the painful financial lessons of the past are quickly being forgotten,” said Susan C. Keating, president and CEO of the NFCC. “Coupled with the two in five adults who gave themselves a C, D, or F on their knowledge of personal finance, the need for an increase in financial education becomes not only clear, but urgent.”

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