ACCC hopes that learning patience with Cookie Monster is fun!

Learning how to save is a valuable lesson that children as young as preschool can begin to learn. In this clip from Sesame Street, Elmo makes learning how to save money fun. He shows kids how to divide their money into savings, spending money, and sharing money. But how do you motivate children to understand why they should save?

In this clip below, Cookie Monster demonstrates the value of waiting. Much like you want to wait for a tray of cookies to bake, waiting for savings to build will be worth it in the end when you can buy something special. This is a lesson that is great to teach kids when they want a specific toy, game, or article of clothing.

This lesson will also spill into other aspects of the child’s behavior. Learning how to save will teach your children good money management decisions like couponing and buying things on sale.  Children will also learn how to be patient with more than just making purchases.

If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today.

Follow our credit counseling tips for an organized filing cabinet.

First, create a financial fundamentals drawer. This is where you keep your personal papers, like birth certificates and Social Security cards. Tax returns, with the related documents, should also go here, going back seven years. Include any deeds or titles that you might own, as well as title insurance. Keep all of these items well organized with labeled folders.

Then, create an emergency protection and prevention drawer. This is where all insurance information goes, including the terms of your policy and your payment information. You should also keep a household inventory here, including any identification numbers and the make/model of anything of value in your home. Any hard drive backups can also go here.

The financials drawer may end up becoming two, with the amount of information stored here. This is where you put anything related to your paycheck – stubs, employee benefit statements, retirement statements, and the terms of your benefit and retirement plans. You can also store any debt documentation and credit card statements in this drawer. If you have any other investments, you can keep all relevant information here as well. Do you make charitable donations? Keep the information in a folder here for easy access when you file taxes.

The major illness or death drawer contains all of the valuable information needed on hand in the event of a major illness or death. This can include the power of attorney, any documentation on living trusts, and your will. You may also need to include your life insurance policy, or any living will wishes. The idea is that this drawer should be easily accessible for your executors and beneficiaries. If they don’t know where to find this information, your wishes may not be carried out properly.

Most importantly, you need a master document that explains any bank accounts, bills, or safety deposit boxes that you may have. Understand that if you pass away, the knowledge of these accounts disappears. If you want to make it easier on your family in the event of your death, use a master document that explains all of your wishes clearly and where your family can find the necessary documentation they may need. You should also make copies of the important documents and keep them in a safety deposit box, if you have one. If you do choose to use a safety deposit box, make sure your loved ones know how to access it.

If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today. 

ACCC could have helped Thomas Jefferson with his debt back in the day.

Thomas Jefferson & Presidential Debt

Thomas Jefferson died with debts of $107,000, which is roughly $2 million today. How did he get into this financial disaster? Jefferson’s debt wasn’t entirely due to business failures, poor investments, or a shopaholic wife. Jefferson inherited a significant amount of debt from his father-in-law in 1774. He may have been rich in land and slaves, but farming was not a debt solution. Of course, some of it was due to his overzealous spending. He lived beyond his means, blowing large sums on construction projects, furnishings, and decorations for his estate, Monticello. Jefferson also had a taste for fine French wine, which did not come cheap. During his eight years as president, his personal wine bill was over $10,000, or $150,000 in today’s currency. That would mean a lot of credit card debt for someone today! Jefferson also co-signed a loan for a friend in 1818 for $20,000.

Unfortunately, his friend passed away shortly thereafter, and Jefferson was forced to take on the unpaid debt. The Panic of 1819 only made his presidential debt worse, lowering real estate values. Price fluctuations on commodities rendered his farm income inadequate and unreliable. After his presidency, the situation became dire. The press found out that his estate and assets were far under the value of his debts. Americans raised money to try to help get out of debt, but after Jefferson died in 1826, the donations stopped rolling in, and his grandson absorbed the debts. Monticello, as well as Jefferson’s land, slaves, furniture, and more, were sold, and still did not cover the debts.

A debt management plan would’ve helped Thomas Jefferson keep out of debt.

Learning From Presidential Debt

There is a lot to be learned from Jefferson’s situation and his presidential debt. Jefferson made the most common mistake of all – not keeping a budget. When in office, he went by rough estimates in his head of how much he was spending on dinner parties and wine. Rather than keep track, his spending went awry, and he was shocked when he received the final bill on the way out of the White House.

Prepare for all possibilities by keeping all personal debts low so that your children and loved ones don’t need to absorb your problems after you pass. If you’ve been saddled with debt from sudden death and are not sure how to pay down debt, get help immediately from a certified credit counseling agency.

If you’re struggling to pay off debt, call one of ACCC’s certified credit counselors at 800-769-3571 or click here to fill out a form for a counselor to contact you.

Eligible families will start receiving the Advance Child Tax Credit payments in July 2021.

Advance Child Tax Credit Info:

What is being planned?

• The IRS will pay half (50%) of total Child Tax Credit you are expected to receive in 2022, starting in July of 2021. They will pay monthly amounts to all eligible families.
• You will be automatically enrolled in this payment plan and will receive your first payment on July 15, 2021 UNLESS you request to be taken off the list for now. You will still be eligible to receive your CTC in 2022 as normal, if you unenroll.
• Everyone will be contacted soon via a letter (called Letter 6417) to inform them of this process and what you can expect. The date is unknown at this time.
• The IRS plans to release additional materials and information soon to all US organizations, non-profits, community groups, employers, associations, educational groups, etc. The dates for this are unknown at this time.
• In January 2022, you will receive another letter (called Letter 6419) informing you of all CTC monies paid to you in 2021.
• Here is an example of the payments expected:
  • If you had a qualifying child of 5 or under, you would receive $300 per month starting on July 15.
  • The full amount of $3600 is split in half to $1800, and then this is divided by the remaining months in 2021 (6). You will receive $300 each month for each child 5 or under, and $250/month for each child aged 6 – 17.

What is the process?

• The IRS will base its estimate of what you should receive on your 2019 and 2020 tax returns. If these have been filed, do nothing else.  If these have not been filed, then by filing them, you will automatically be enrolled.
• When you complete your 2022 tax filings, any adjustments to what you were paid will be made (if paid too much, will owe money, if paid too little, will receive money).
• Your money will be deposited directly to your bank account each month (see dates below) if the IRS knows your account number. You can either update their records by adding your account number (see CTC UP below) or simply receive a paper check.

Who is eligible?

• You must have children who are 17 or younger by 12/31/21. You must have lived in the US for more than half the year.
• The child is the taxpayer’s son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendent of any of them (e.g., a grandchild, niece, or nephew) and is properly claimed as a dependent.
• Having made money in 2020 or 2021 in not required to receive the CTC.
• How do I know if I am eligible? Use the Advance CTC Eligibility Assistant on the IRS website.

What if I don’t want to receive the advance payment?

• You can unenroll from this 2021 payment by visiting the IRS portal CTC UP (Child Tax Credit Update Portal). This is found on the IRS website.

What scams should I be aware of?

• The IRS does not contact people via email, text messages, or social media, so any requests through these platforms to gain information or to “help you” are scams.

How do I update / change the system?

• Use the CTC UP (Child Tax Credit Update Portal) found on the IRS website. This can be used to:
  • Unenroll from payments
  • Make changes to your bank information, address, dependents, marital status, and income

What is the amount?

• $3600 for children ages 5 and under at the end of 2021.
• $3000 for children ages 6 through 17 at the end of 2021.
• If your AGI (adjusted gross income) exceeds $150K (married joint), $112.5K (HoH), or $75K (single), then the payment reduces to $2000 per child. This is called the “First Phaseout”.
• If your AGI exceeds $400K (married joint) or $200K (all others), then the CTC is reduced by $50 for every $1000 over your threshold. This is called the “Second Phaseout”.

What are the 2021 dates of Payment?

• July 15
• August 13
• September 15
• October 15
• November 15
• December 15

Is my CTC subject to garnishment?

• The CTC is not exempt from garnishment by non-federal creditors under federal law, but your CTC will not be offset by past-due child support.
• If you filed separately as a couple, and you have custody of the children, your CTC will not be offset by debts your spouse owes.
• If you filed a joint 2021 return and receive a refund, this is subject to offset for tax debts or other federal or state debts your spouse owes. You can file Form 8379 with your 2021 tax return to gain your monies.
• If you have received CTC payments but then the qualifying child moved in with the other parent in mid-year (e.g., March 2021), then you must ask that parent to complete Form 8332 to Release the Claim to Exemption to you. Or if you are not the custodial parent, you can also go to CTC UP and unenroll from future payments.  If these are not processed correctly, it is possible that you may need to repay the IRS advance CTC that you were not due, when you file your 2021 returns.

For additional questions about the Advance Child Tax Credit, please visit IRS.gov.

If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today. 

ACCC likes this interesting take on how to coupon.

Teaching children about money is something that intimidates many parents. It’s hard to bring up good financial habits when many parents often have their own bad financial habits. But since there is no national provider of financial literacy, it’s important for parents to guide children and show them what it takes to handle personal finance and credit card debt as an adult. It’s good to see kids take an interest in personal finance, even if this kid on TLC’s Extreme Couponers takes it a bit far. But to paraphrase him, free candy is awesome, so take a peek and see how he uses coupons to achieve his goals.

Use Coupons to Save Money

The amount of effort that Broderick puts into it is admittedly very extreme. However, he’s a shining example of how you can use coupons to your advantage by saving money and sometimes even being owed money by the retailer. It may seem silly to save 30 cents or a dollar on an item, but it can add up to quite a tidy sum over time. Saving money can also be helpful for staying on budget.

Be an Extreme Couponer… If You Have the Time and Energy

By all means, go for it. Learn how to coupon if you can. This young man has quite a haul of free candy and pasta sauce, and I’m sure his parents are grateful that he’s able to help out with the family’s grocery shopping. Just make sure that you don’t buy so much food that it ends up expiring on your shelves – you don’t want to be wasteful.

If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today. 

American Consumer Credit Counseling is here to help you fix Thanksgiving dinner mistakes.

How to Fix Limp Mashed Potatoes

Are your mashed potatoes looking a little sad and gloopy? Add a little baking powder! One teaspoon can help revitalize your mashed potatoes. Just make sure to mix it in when warm. The heat will activate the powder and the same gases that make baked goods rise will help your mashed potatoes become light and fluffy.

Roast a Turkey with No Roasting Rack

We’ve all been there. You go to start the turkey and realize you don’t actually own a roasting rack. No problem! Make one out of aluminum foil. Aluminum foil is also great for lining all cookie sheets and baking trays — this makes cleanup so much easier. Plus, not having to buy a roasting rack helps you stay on your holiday budget.

How to Fix Gravy Issues

For lumpy gravy, pour it through a sieve to remove the lumps. For gravy that’s too thin, mix 1 tsp of corn starch with 1 tsp of hot water, add to the gravy, and let it simmer for a few minutes. Stir and serve over your extra fluffy mashed potatoes.

What to do if the Turkey’s Still Frozen

Another place we’ve all been. Even though the turkey’s been thawing in the fridge for days, it still feels frozen! Give it a cold bath. The water will help it defrost faster. Don’t thaw it at room temperature.

If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today.

We at Talking Cents love any campaign that spreads financial literacy and highlights the importance of educating children about personal finance. Becoming financially literate is an important journey! Here are some resources that can help you understand the three areas of focus and helps you reduce credit card debt.

American Consumer Credit Counseling hopes these resources are helpful in becoming more financially literate.

Paying for College

• Regardless of a child’s age, our workbooks are designed to help kids learn the right financial information early on. The workbooks cover from K-college.
• Kids should be educated on college costs and saving money to contribute to their own education. They can start saving at a young age, using these ways to make money, including jobs and allowances.

Knowing Your Score

• Do you know how a credit score is calculated? Learn about credit scoring factors here.
• Using credit wisely is an important part of having the responsibility of a credit card. Here are eight simple rules for smart credit card usage.

Protecting Your Identity

• Identity theft is a major problem, with millions of Americans having their identity stolen each year. It is a long and difficult process to clear up one’s good name, so the best defense is to protect your information. Learn about minimizing your risk for identity theft.
• If your credit, ATM, or debt card has been stolen and used, you need to know what to do. You want to limit your financial loss while also making sure you are not inconvenienced by the theft. Find out what to do if your card has been stolen.

If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today. 

American Consumer Credit Counseling hopes your kids enjoy this lesson with Elmo and money!

Children can begin learning about personal finance at a young age, as early as preschool. They should start to learn about the concept of money at this age, otherwise, they may look at money as an infinite resource, causing bad spending habits later in life. This can lead to financial troubles, such as debt. There are a number of resources to help them understand the importance of saving. Elmo and money is certainly an engaging combination!

In this video from Sesame Street, Elmo shows children how to organize the money they have.

Breaking up money into three separate jars is an easy way to help children understand the process of saving. One jar is for saving, one jar is for spending, and another is for sharing, like a charity donation. By separating the saving and the spending, children can learn the value of saving up for a purchase they would like to make.

One way to engage children in this exercise is to have fun jars. Decorate them with construction paper, ribbons, stickers, whatever your child might be drawn to. If they’re allowed to customize the jars, they’ll be more likely to use them and practice their money management.

The best way for children to learn money management is to start practicing at a young age. But where does the money come from? It might be a good idea to figure out an allowance system for your children.

If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today. 

American Consumer Credit Counseling hopes you enjoy these pumpkin seeds!

Pumpkins are chock full of fiber and nutrition that is great for heart health and your waistline. A cup of cooked pumpkin contains three grams of fiber, lots of vitamin A and cartenoids, and more potassium than a banana. At this time of year, fresh pumpkins are plentiful and cheap. Any way to save money is beneficial if you’re paying off credit card debt. One of the tastiest (and family-friendly) ways to use a pumpkin is to roast the seeds for a snack.

Pumpkin seeds are healthy to eat and fun to make with kids. After you’ve carved the pumpkins for jack-o-lanterns, don’t toss those seeds! You can use these to top soups, salads, or even just eat on their own. This is a great Halloween party snack if there are kids with food allergies, as there is no dairy, egg, nuts, or gluten in this recipe (there may be soy in the cooking spray, be sure to check). Feel free to get creative with the seasonings – you can add a pinch of brown sugar and cinnamon, or add crushed red pepper flakes for a kick.

Roasted Pumpkin Seeds

1 cup pumpkin seeds, cleaned and rinsed
1 tsp salt
½ tsp black pepper
1 tbsp canola oil
Nonstick cooking spray

Preheat the oven to 350. Combine the seeds and oil in a bowl, then toss with the salt and pepper. Spray a baking sheet with the oil, then spread out the seeds.

Pop into the oven for 15 minutes, then use a wooden spoon to stir. Crank the oven to 425, and put the seeds back in for 5-7 minutes, until crispy.

If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today. 

American Consumer Credit Counseling has budget-friendly feminine dorm decor for you!

For the girl who just wants to have fun, this fresh and flirty style embodies an outgoing extrovert with lots of class. The modern black and white graphics plus the splash of pink let everyone know that this is an upscale lady who isn’t afraid to embrace her feminine side.

1) IKEA Bispgarden framed poster — $17.99
2) IKEA Gall cup and saucer — $2.99
3) IKEA Vidja lamp in pink — $19.99
4) Paisley comforter set — $19.99
5) Room essentials storage cube in Rose Scenario — $5.25
6) IKEA Fejn faux sheepskin — $9.99

If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today.