Class offers tools for cash crunch
COVID-19 has caused a cash crunch for many local families. In response, the finance management tools to cope with the current situation will become available via a new online class June
23.
Michigan State University (MSU) Extension - Macomb County recently provided information on Facebook at Michigan-State-UniversityExtension-Macomb-County1369177156444986 regarding a free MSU Extension online course designed to help manage finances due to COVID-19 related changes. Cash Crunch Due to COVID-19: Teen Tools to Manage Your Finances will be held on June 23 from 6 p.m. to 7:30 p.m. Registration can be found via events. anr.msu.edu/CCC19rw. As many as 50 people can attend per workshop. Registration closes on June 22 at 11:59 p.m. Topics for the course will include:
• Taking stock of family and community resources.
• Recognizing changes, even if temporary, that impact household finances.
• Setting spending priorities.
• Involving the whole family.
• Plans to pay creditors.
• Watching for scams.
• Creating an action plan. Rob Weber is an extension educator at MSU Extension and a U.S. Housing and Urban Development certified housing counselor. He said through the course participants will learn how to negotiate repayment options, and will be provided with worksheets to track communication with creditors as well as review all their debts.
“We provide a worksheet to help them develop a spending plan/budget and a worksheet on prioritizing bills,” Weber said. “We discuss ways to track spending, the benefits of following a spending plan – especially when they’ve experienced a loss of incomediscuss needs versus wants, listing and ranking financial goals, and setting S.M.A.R.T goals.”
Weber said the online workshop was created by several MSU Extension educators who specialize in financial capability and home ownership education in various parts of the state.
“We developed it in March 2020 in response to the COVID-19 pandemic’s financial impact on Michigan residents,” Weber said.
The workshop has been held eight times thus far, under the different title of Navigating Money Challenges: Tools to Manage Finances During COVID-19, and draws from researchbased curriculum, according to Weber.
“It also provides up to date, unbiased and reliable public information from the Consumer Financial Protection Bureau, the Federal Trade Commission, the Michigan State Housing Development Authority and the Department of Housing and Urban Development,” Weber said.
Families will learn to take stock of their resources by reviewing existing income and potential sources of temporary financial assistance such as unemployment insurance through the course.
“We will provide them with a two-page resource guide with links to various federal, state and local resources,” Weber said.
Participants will also learn about common scams through the course, including fake charities for COVID-19 relief and scammers impersonating the IRS, promising stimulus checks. Information on reporting scams as well as what to do when you are a victim of an identity theft or fraud will also be provided.
“The tools existed prior to COVID-19 and are pieced together from various sources to provide a comprehensive plan for participants to mitigate the financial impact of this unprecedented crisis,” Weber said.
In addition to the finance management course, MSU Extension – Macomb County has also provided information on Facebook regarding the MSU Extension June and July 2020 home buyer webinar schedule. The homeownership webinar provides information about the home buying process. It is designed to teach steps in this process, costs of home ownership, the importance of good credit, determining how much house individuals can afford, mortgage loan basics and more.
Completion of the course and related paperwork fulfills the requirements for a certificate of completion. This can be shared with mortgage loan officers to satisfy home buyer education requirements for Michigan State Housing Development Authority loans and down payment assistance, U.S. Department of Agriculture rural development loans and other lenders. Course fees are currently being waived due to COVID-19 and related restrictions, but pre-registration is required.
For a full list of June and July dates as well as registration information, visit Michigan State University Extension – Macomb County on Facebook at Michigan-State-University-Extension-MacombCounty-1369177156444986.