Big-box stores are featuring prominent and colorful displays of back-to-school gear, hoping for excited parents to quickly make choices and move on. But by budgeting for back-to-school clothing and supplies, a family can purchase exactly what is needed and save money, according to experts in Penn State's College of Agricultural Sciences. Cathy Bowen, professor of agricultural and extension education, likens back-to-school shopping to grocery shopping. "Smart shoppers keep a running list of what they need. When preparing for a run to the grocery store, they evaluate what they have already and what they need in order to prepare the coming week's menu," she said. (more)
The holiday season and an uncertain economy have many shoppers looking at an old stand-by with new appreciation. A consumer-finance specialist in Penn State's College of Agricultural Sciences explains that the "new" option of layaway offers a useful means for purchasing big- and medium-ticket holiday gifts. (more)
Even though the new Credit Cardholders' Bill of Rights Act of 2009 was signed into law more than a month ago, experts are still trying to understand its ramifications. A family-finance specialist in Penn State's College of Agricultural Sciences said some of the law's features give consumers an assist in managing the credit card game in specific situations. (more)
The annual ordeal of tax season brings hair pulling and teeth gnashing for many, but it's especially grueling for low-income families who fear a big tax bill while wondering if they're missing out on a refund. Those families can get free tax-preparation assistance through a special program run by Penn State's College of Agricultural Sciences. Penn State Cooperative Extension offices in six counties around the state again are sponsoring the U.S. Internal Revenue Service's Volunteer Income Tax Assistance (VITA) program to prepare federal tax returns for moderate- to low-income families, special-needs individuals and senior citizens. Volunteers and extension staff assist filers with the entire process, from gathering information to submitting the actual state and federal tax returns. (more)
Nationwide, retailers face a bleak forecast heading into the holidays. Since October was a disappointing month this year for most stores, the holiday shopping season is crucial for profit margins. Two Penn State experts, Fred Hurvitz, instructor of marketing and Cathy Falcon Bowen, associate professor of agricultural & extension education with expertise in consumer education and financial management for families and individuals, weigh in on this season's financial trouble for both retailers and consumers. (more)
If balancing your household budget is getting harder, you should consider ways to economize, reduce your costs and cut wasteful consumption, says a financial literacy expert in Penn State's College of Agricultural Sciences. "Economizing means managing your family resources -- including money -- to get what you need and want," said Marilyn Furry, associate professor of agricultural and extension education. "Learning to substitute, to conserve, to cooperate and to find free goods and services will help your family balance income and outgo. There's a Depression-era saying that can be a concise and to-the-point definition of economizing: 'Use it up, wear it out, make it do, do without.'" (more)
The U.S. Internal Revenue Service has recently announced that many Pennsylvania residents who are eligible for its economic stimulus payment have not filed yet, and an extension consumer specialist in Penn State's College of Agricultural Sciences is suggesting ways to ensure that much-needed money gets into the state's economy. (more)
With incomes dropping, lay-offs rising and home foreclosures everywhere signaling a struggling economy, an extension consumer finance specialist in Penn State's College of Agricultural Sciences offers tips for dealing with financial difficulty. "Aside from the newspaper headlines, the comments I hear from consumers are about the increased cost of food and gas, and they're making conscious efforts to plan shopping or errand trips," says Cathy Bowen, associate professor of agricultural and extension education. "We're seeing layoffs and jobs moving overseas, but income can be lost for other reasons, such as divorce, natural disasters, illness or injury. (more)
When President George W. Bush cited the nation's subprime mortgage debacle in the formation of the President's Advisory Council on Financial Literacy, he was the latest to acknowledge that Americans need to be better educated about financial and savings matters, says a consumer educator in Penn State's College of Agricultural Sciences. "Pennsylvania Secretary of Banking Steve Kaplan recently cited a workplace financial education report claiming that nearly 30 million working adults - one in four - are suffering serious financial distress," says Cathy Bowen, associate professor of consumer issues programs. "This can have a negative effect on employee performance and the company's bottom line." (more)
