Financial Stability
Throughout Ohio, OSU Extension educators were sensitive to economic challenges for families in their communities in 2004. For some, the loss of good-paying jobs with benefits has greatly affected families and their communities. For others, it is declining health along with inadequate health insurance coverage that puts their economic well-being and quality of life at risk.
County Extension educators assisted families in improving both present and future economic well-being by helping them:
- assess their financial circumstances
- increase their financial management skills
- and develop their decision-making abilities.
Educators do this through face-to face instruction with individuals and families, training of professionals such as teachers and social workers who work directly with individuals and families, and through reaching people in their own homes through distance education:
- correspondence 'courses', sometimes called letter studies
- television, radio and newspaper media
- county Extension web sites
The basic financial management skills involved determining/prioritizing goals, organizing financial records, tracking spending, establishing a spending plan and decreasing spending, improving bill paying and reducing debt, and beginning or increasing savings.
Participating in Extension programs helped many Ohioans make progress in their financial management skills and behavior. Over 3600 persons increased their financial literacy. In addition, many began positive financial behaviors:
- 1604 used recommended financial practices
- 1473 managed their use of credit, reduced debt, reduced spending
- 334 organized or improved organization of the financial records
- 259 began tracking their spending
- 255 improved bill paying and/or contacted creditors about paying bills
- 208 developed or prioritized financial goals
- 175 started budgeting
Other information on Financial Stability
- Buddy, can you spare an EITC? Federal Reserve Bank of Minneapolis
http://woodrow.mpls.frb.fed.us/pubs/region/03-06/eitc.cfm?js=0 - The Relationship Between the EITC and the Food Stamp Program Participation Among Households with Children, Economic Research Service, USDA
http://ers.usda.gov/publications/efan04002/efan04002.pdf - Schedule Earned Income Credit (EIC) for 2004
- http://www.25idl.army.mil/units/SJALao/Documents/f1040sei%20(EIC).pdf
- EIC Eligibility Checklist
http://www.irs.gov/publications/p596/apc.html - Publication 596 (Earned Income Credit)
http://www.irs.gov/publications/p596/ar01.html - Frequently Asked Questions and Answers (about the Earned Income Tax Credit)
http://www.irs.gov/faqs/faq-kw51.html