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Success Online Financial Education Newsletter
Money Management International Improving Lives Through Financial Education
SUCCESS NewsletterMay 2 2013 newsletter
 
Five myths about credit counseling

Magician unveils credit counseling myths

By Jessica Horton, Community Manager

Recent poll results released by the National Foundation for Credit Counseling confirmed what we have seen to be true for a while now: misconceptions regarding credit counseling agencies are running rampant.

To be fair, it's not too surprising given the number of “credit repair” and “debt relief” companies (I use the term “company” loosely) in operation today. Unfortunately these businesses cast a dark shadow on the entire industry — including the nonprofit agencies who are trying to reach people in need of legitimate help.

So how can you differentiate the legitimate agencies from the scams?

 Read More


Dining on a budget with Cheap Eats
Cheap Eats

Saving money on food doesn't have to be hard work.  Making a few small changes can result in big rewards to your pocketbook.

Download our free Cheap Eats eBook today for valuable tips and recipes!


Creating Wealth webinar

Earn_More

We've all got a list of big financial goals.  They might seem far away or they might seem just within your grasp.  Whatever you'd like to accomplish, the ability to smartly, safely and successfully invest your money will go a long way towards making those goals a reality.

On May 9, MMI will present its Creating Wealth webinar.  It's the perfect opportunity to learn the basics of smart saving and investing - making your money work for you!


Financial Education learn more

 

Sharpen Your Financial Skills with Online Courses

The goal of our highly trained professionals is to arm you with the knowledge necessary to take control of your financial situation. Our online seminars stress the development of skills that can assure long-term success. Take the first step toward financial wellness by enrolling in a Web seminar today!

Learn More

 

In-Person Workshops Are Also Available In The Following Areas:

Alaska | Arizona | California | Connecticut | Colorado | Idaho | Illinois | Louisiana | Maine | Massachusetts | Mississippi | New Jersey | New Mexico | New York | Oregon | Pennsylvania | Rhode Island | Texas - Fort Worth Area | Texas - Houston Area | Virginia | Greater Washington D.C. | Washington State

View upcoming financial education workshops

 


About Money Management International

Money Management International (MMI) is a nonprofit, full-service credit counseling agency, providing confidential financial guidance, financial education, counseling, and debt management assistance to consumers since 1958. MMI helps consumers trim their expenses, develop a spending plan, and repay debts. Counseling is available by appointment in branch offices and 24 hours a day, 7 days a week by telephone and Internet. Services are available in English or Spanish. To learn more, call
866.530.9869 or visit MoneyManagement.org.

 

 

How to ween your child off an allowance

Children grow-up so quickly. Before you know it, the day will come when you must allow your child to assert his independence and take him off an allowance. A common age to do this is 16, when many kids get their first paying job. However, age is only one factor to consider. It’s important to remember children mature at different ages. So the question of when to take your child off an allowance should be based on his readiness to effectively earn and manage his own finances.

When your child is ready, consider the following tips on how to effectively take him off an allowance.

Provide tools and resources for financial success. Teach your child the fundamentals of budgeting and show him how to manage household finances. Allow him to control some funds so he can learn how to set priorities and understand the difference between wants and needs. As he gets older, allow him to pay for some of his own expenses, such as buying school clothes.

Hold a family meeting. Make sure all family members are aware of what’s going on and explain the reason for the change. It’s important that both parents are on the same page about how, when, and why to take your child off an allowance. Also, give your child an opportunity to ask questions and provide feedback.

Offer a severance package. Before taking your child off an allowance, make sure he is prepared for the road ahead. Make sure he has plenty of notice and clearly understands when the allowance will end. You might also consider giving your child two to three months’ worth of allowance to help get him started.

Expect your child to face challenges. Resist the urge to step in and help your child when he faces minor financial challenges. These are growing pains that most kids face and it produces valuable rewards when he learns to handle mistakes on his own.

Taking your child off an allowance can be intimidating as he will have to learn to live without that funding. With the right guidance and financial confidence, your child can learn to earn and manage money on his own. Visit MoneyBunny.com for more parenting resources on teaching your kids good money management skills.


MMI Debt Management Plan Client Corner
Tips for Success

Don't risk missing a payment.
Sign up for DepositDirect! It's secure, convenient and easy! Enroll online today!

Update your account balances online. When you receive your creditor statements, update your balances by visiting your MMI account .

If you would like more information about a Debt Management Plan, visit MoneyManagement.org.


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