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Fifth Annual Virginia Financial Literacy Summit a
Huge Success
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Syndicated Washington Post columnist Michelle Singletary
addressed approximately 300 of Virginia’s middle and
high school teachers and administrators as well as leaders
in businesses, nonprofits and government agencies on October
13 at the fifth annual Virginia Financial Literacy Summit.
Held at the Richmond Marriott downtown, the Summit’s
theme was “Foundation for Your Financial Future”
with the goal to offer Virginia’s school systems ongoing
resources and teaching models for integrating economics
and financial literacy education in the classroom.
The Summit was developed by the Virginia
Jump$tart Coalition for Personal Financial Literacy
and sponsored by Wachovia Foundation, Capital One Financial
Corporation, Virginia
Society of Certified Public Accountants (VSCPA)
and its Educational
Foundation, Virginia Credit Union League, Virginia
Credit Union, State Department Federal Credit Union and
Innsbrook Rotary. The keynote address by Michelle Singletary
was funded by a generous grant from the Investor Protection
Trust.
On February 19, 2009, the Virginia Board of Education (VBOE)
unanimously approved a one-credit course in economics and
personal finance as a requirement for high school graduation.
The VBOE specifically revised the Standards of Accreditation
to include the one credit course for all four diplomas (standard,
standard technical, advanced studies and advanced technical).
This year’s Summit provided teachers with necessary
training to implement this requirement, which will be effective
for the 2010–2011 school year.
Read more on the Financial Literacy Summit on the Virginia
Jump$tart website.
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| 2010 Financial Fitness Calendar Now Available |
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The VSCPA
is now accepting orders
for the 2010
Financial Fitness Calendar.
As you strive to stay financially
fit in this tough economy,
let the VSCPA help you stay
on track throughout the
year.
The
stylish, 12-month calendar
is part of Financial
Fitness, the VSCPA's
award-winning financial
literacy initiative to improve
the financial health of
Virginians. The calendar
is designed to provide you
with year-round tips and
tools on topics that will
improve your financial health.
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Special
IRS Web Section Highlights Back-to-School Tax Breaks
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In support of the Administration's efforts to promote
access to and the affordability of college education,
the Internal
Revenue Service (IRS) launched a new
web section highlighting various tax breaks
and 529 plan changes designed to help parents and students
pay for college.
The new Tax
Benefits for Education section includes tips
for taking advantage of long-standing education deductions
and credits. The “one-stop” location for higher
education information includes a special section highlighting
529 plans and frequently asked questions. The web
section also features two key changes that will
be in effect during 2009 and 2010 that were included
in the American Recovery and Reinvestment Act
(ARRA), enacted earlier this year.
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| Consumers Have Changed Their Saving and
Spending Habits, Survey Says |
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A new
nationwide survey issued by Citi
revealed that consumers across all socioeconomic levels
and ethnic groups have made permanent spending and savings
adjustments to adapt to the current economic situation.
According to
the data, 63 percent of Americans surveyed said that
their spending and savings habits have been forever
changed by the economic downturn. Only 29 percent said
spending and saving would go back to the way it was
before the recession.
Citi
conducted this nationwide
poll as part of its ongoing effort to better
understand changes in the needs of the consumers and
communities the company serves.
Source:
SmartPros
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| Consumer
Articles |
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The VSCPA
develops monthly Money
Management articles to provide financial advice
and information for individuals and small businesses.
Topics include personal finance, retirement and estate
planning, saving for college, investments, running
a small business, income taxes and more. Virginia
organizations are granted reprint permission and may
use these articles in publications, employee newsletters,
websites and more. Here are this month's topics:
What's
on Sale Now?
Even in a tough economy, there are some
bright spots. For example, many expensive purchases
have gotten a lot less costly because of industry
problems, a steep decline in consumer spending
or both. Consider three big-ticket
items that may cost less than they did
a year ago.
Tips
on Working Into "Retirement"
Once upon a time, "retirement"
meant quitting work forever at age 65. Today,
that description no longer applies to many of
the millions of Americans who are at or near traditional
retirement age. By 2016, workers age 65 and older
are expected to account for 6.1 percent of the
total labor force. Read these suggestions
for any of the millions of people who are changing
the definition of retirement.
Questions
to Ask Before You Donate
Even
in a bad economy, people still reach deep into
their pockets to help out those who are less fortunate,
especially as the holidays draw near. However,
in good times or bad, it's important to know that
the money you are giving to a charity is truly
being put to good use. Read these questions
to ask to ensure you are avoiding charity scams.
Five
Costs You Should Not Cut
Are you looking for ways to trim expenses? There
are a lot of different reasons to be worried about
money and spending these days. Cutting back on
unnecessary outlays is always a good idea, but
make sure you don't chop out important budget
items in the process. Here are some costs
that should not be cut.
Home
Ownership: Are You Ready?
The purchase of a first home is an exciting time
in anyone's life. It's also a large financial
undertaking, a fact that leaves many people wondering
whether they're prepared for this big step. CPAs
suggest you answer these questions
to help decide if the time is right for you.
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| Financial Fitness Is on Facebook and Twitter! |
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The
VSCPA
invites you to learn more about money management and
financial fitness through the popular social networking
websites Facebook
and Twitter!
Personal finance and money management education is
absolutely critical, especially in light of the current
economic conditions. Check out these new pages for
frequently updated tips, ideas and free resources
to get and stay on track financially.
Not on Facebook
or Twitter
yet? Register today and visit the Financial Fitness
pages! For more information about these pages, please
contact VSCPA Public Relations Specialist Shawnte
Reynolds at (804) 612-9424.
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| Tips for Credit Card
Users |
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Credit cards can help build a good credit history
but improper use can be disastrous. Being knowledgeable
and reading the fine print may save you money and prevent
unnecessary charges. If you have one or more credit
cards, consider the following
tips.
Source: American
Institute of Certified Public Accountants
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