The Family Resource Center at Gorham
123 Main Street – Gorham, NH 03581
Phone: 603-466-5190 ext. 323 – Fax: 603-466-9022
www.frcberlin-gorham.org
The FRC is proud to have been named by BusinessNH Magazine as the 2011 New Hampshire Non Profit of the Year !
Frugal Living
December
FamilyMint™ -- now available for free to AssetPlatform members!
FamilyMint™ is an on-line money management application for kids 6-16 and it really brings money to life! It has helped thousands of
parents raise money-smart kids. Kids feel powerful, they learn by doing, and parents can engage and guide their children's money
habits. FamilyMint is the modern replacement for the piggybank!
FamilyMint™ empowers children to appreciate money. Children take the reins, allocate savings, set goals, and make transactions.
Parents can automate allowance, encourage savings with motivating interest rates and reward deposits for worthwhile goals.
FamilyMint™ is a great way to discuss finances with the entire family and educate kids of all ages about proper money management,
setting the foundation of saving that will benefit them for the rest of their lives. FamilyMint™ also provides ongoing financial literacy
tips and ideas for parents and kids through an online blog, email Snippet, and additional online resources.
FamilyMint™ offers both a free and Premium version of the application. AssetPlatform members receive the Premium version, a $25
value, for a full year at no cost if they sign up during 2011. Features of the Premium version include automatic allowance payments,
mobile access, splitting deposits into multiple accounts, matching deposits, and more!
Register or login at AssetPlatform.org (it's free) and Look for FamilyMint™ on the Budgeting Page.
AssetPlatform.org thanks its supporters - the Annie E. Casey Foundation, the Ford Foundation and Living Cities.
Do You Know What Your Insurance Company is Saying About You? Find out for Free
There is a lot of focus on merely checking your credit report which is important in protecting your identity but did you
know there are several other reports about you can check for free? A potential employer might possibly pull this information on you
before a hiring decision is made. Or your insurance rates might be affected by items listed in these reports. So here are some different
agencies to check and where to get your own free copy.
ChoicePoint consumer files contain a whole host of information about you that is maintained by the LexisNexus company. This
information includes a public record search that will include real estate transactions and ownership data. Any liens, judgment or
bankruptcy records and your historical addresses. There is all sorts of information provided beyond what is listed so it’s definitely
something you’ll want to check and make sure you see how others might see you. You can request this report once a year for free by
filling out a Request for Full File Disclosure and mailing it in.
MIB Group maintains a database of various information perhaps about you including such information as medical conditions or
medical tests. The information is “coded” so it’s more generic in nature but still something you might want to manage. These “codes”
might also report if you engage in dangerous hobbies or jobs. You can get this report for free once a year by calling 1-866-692-6901
or 1-866-346-3642 for the hearing impaired.
The last one we’ll talk about is ChexSystems which reports information to banking institutions. If you’ve ever been denied an account
at a bank or credit union odds are it’s in the ChexSystem. You can order this report once a year for free at ChexSystems website.
This is important information that various companies and fields are exchanging so it behooves you to know what information they are
sending around and also gives you the opportunity to fix any errors that may be propagated. This is a first step to insure your
reputation is kept intact.
https://www.choicetrust.com/pdfs/CD107_CP-File-Disclosure-Request-Form_pg-3.pdf
Be a Volunteer Tax Preparer
Tax season will soon be here and the VITA (Volunteer Income Tax Assistance) program will once again be training
volunteers to help prepare tax returns. Volunteers work one on one with families helping them save money. Volunteering
also helps you gain experience and confidence for the future and is a great addition to your resume. On-line Link &
Learn training and a Taxwise software and volunteer orientation training session will have you ready for tax time. Spend
2 to 4 hours a week for 8 weeks, January through April, making a HUGE contribution to your community.
Intake and support staff are also needed. For more info or to sign up call 466-5190 ext. 323.
Microsoft has a free, version of the Office Suite that is compatible with Office software and can be downloaded. Just
google “free version of Office” and check it out if you need new software. Other popular, expensive software products
are also available in a free version. Do your research and save a lot of money.
Differences between Your FICO and VantageScore Credit Scores
Most people are very familiar with the three credit bureaus—Experian, Equifax, and TransUnion—either because they have taken a
loan out, purchased a home, or know that they should be checking their credit reports from each of these agencies once a year. On
top of these credit reports, there is the FICO score, which is your credit score. The credit score is computed based off of financial
information reported by Experian, Equifax, and TransUnion. Few people are aware that in addition to various other credit scores there
is also another credit score that was created by the big 3 credit bureaus and that can also factor into such things as the interest rates
you get on a car or a home loan. Anyone who has ordered their FICO credit scores knows that the number ranking can vary
significantly between the three agencies. VantageScore was created in March 14, 2006 by Experian, Equifax, and TransUnion in
order to standardize the credit score between agencies so that there is not as much variance, as well as to compete with the FICO
score. While your scores will still not be the same for each agency, there is a much narrower range between scores amongst the big
three. Unlike the FICO score, which is on a scale of 301-850, VantageScore is from 501 to 990. The numbers are further categorized
to give you a letter grading, such as what your child might receive on a report card:
A = 901–990
B = 801–900
C = 701–800
D = 601–700
F = 501–600
VangtageScore Factors: The Vantage Score is calculated based off of various categories, with the following having the most weight:
Payment history (32%)
Utilization or percentage of credit amount you have used (23%)
Balances (15%)
VantageScore also has a new category that is not considered in the FICO score: your available credit, which is 7% of the
overall calculation.
Finally, VantageScore takes more of your credit history into consideration than the FICO score, meaning that people who have newer
credit histories or have minimal amounts of credit may be given a lower score when compared with their FICO, even if all of their bills
have been paid on time.
VantageScore Use: While the VantageScore has hardly been reported about since coming onto the financial scene in 2006, it is
important to know that lenders, landlords, employers, etc. have the option of using this score. Knowing what both your VantageScore
and your FICO score is will help you make more informed decisions when dealing with future loans.
For $5.95, Internet users now are able to check their VantageScores online through Experian, one of three U.S. credit-reporting
bureaus that jointly developed the system. The site also includes a simulation showing how potential actions, such as closing a
credit-card account or making a late payment, could affect a person's score.
From the Millionaire Next Door by Stanley & Danko
What can you buy for $10? A sandwich and a drink, a new coffee mug, flowers for your table, a little toy, a movie ticket, a drink or
two? The food and drink will be gone in 30 minutes, the movie will be over in two hours, the flowers will last a week and the mug or toy
will last but won’t gain any value. What if instead of spending that $10 you “planted” it once a month in a box in your closet? It will
grow into $1200 in ten years and $2400 in twenty years.
If you “planted” $10 a week it would grow to $4800 in ten years and $9600 in twenty years. If you “planted” it in a bank and received
only 4% interest that $10 a week would grow to approximately $5900 in ten years and $14,600 in twenty years.
What if instead of spending $100 on that cute pair of shoes that you don’t really need you planted it in a holiday account, like a
Christmas Club. You would have $100 for shopping that wouldn’t go on a credit card. It’s amazing how choices that seem
inconsequential and small can add up to significant savings. Is there a $10 choice you can begin making each week to pay down a
debt or save toward a goal?
Free Stuff
Free Christmas Music
If you are in the mood for Christmas tunes at the office or for in front of the fireplace, check out Pandora’s free Christmas Radio. For
some free Indie Christmas Music downloads, check out Feelslikechristmas.com. The music is categorized by vocal, instrumental,
traditional, and contemporary.
Free Holiday Apps
There are also holiday games you can download for free, such as Cut the Rope: Holiday Gift for iTunes. For some background
entertainment, download snowfall wallpaper, Christmas Tree live, or a talking Santa for Android.
Free Correspondence
123Greetings and Freeecardsonline are two websites that will help you spread some email cheer this year to family and friends.
Ever get frustrated when you find one price online and then it shoots up when you go to check out? When you shop online, retailers
gather all kinds of information about you and then target which deals you will get. One way to foil them is to do comparison shopping
on different browsers (including ones where you have disabled cookies) and leave items in a shopping cart for a few days. The
retailer may offer you a better deal when you go back.
The Frugal Living Newsletter is made possible through generous donations to our Financial Literacy Program.
Donations may now be made on-line at www.frcberlin-gorham.org. Just click on the Contribute button.