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  HOME > PRESS ROOM > ARIZONA SAVES QUARTERLY NEWSLETTER

 

Quarterly Newsletter 

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Current Edition: January 2010

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Arizona Saves empowers Arizonans to build sustainable self-sufficiency by advancing healthy money management through education, saving, debt reduction, and asset building. We provide financial education, motivational workshops, and access to no-fee saving accounts to all Arizonans, particularly low- to moderate-income families and kids.

In This Issue
Arizona Credit Union League Donation
Foreclosure Prevention Task Force Workbook
Banking While in ChexSystems
2009 Annual Report
Finding Financial Security in 2010
Tax Season Tips
Desert Schools Federal Credit Union Donation
Common Budget Mistakes
Arizona Saves' Video
Quick Links

2010 Board of Directors

 

Officers and Executive Committee

 

Chair

Tanya Wheeless

(Arizona Bankers Association)

 

1st Vice Chair

Marie Sullivan

(AZ Women's Education & Employment, Inc.)

 

2nd Vice Chair

Adrianne Rexius

(Tempe Schools Credit Union)

 

Treasurer

Kathy Pechman

(National Bank of Arizona)

 

Secretary

William Edward Anderson

(The Vision Catalyst Group)

 

Executive Committee Member at Large

Andrew Ellis

(Pak & Morning PLC)

 

Executive Committee Member at Large

Kenja Hassan

(Arizona State University)

 

 

Directors

 

Terry Benelli

(Neighborhood Economic Development Corp.)

 

Dave Castillo

(Native Home Capital)

 

Emma Garcia

(Desert Schools Federal Credit Union)

 

Peggy Hutchison

(Primavera)

 

Rebecca Kennel

(Custom Financial Design)

 

Kate Krietor

(City of Phoenix)

 

Kellie Manthe

(Bank of America)

 

Carolyn Mitchell

(Wells Fargo)

  

Gino Turrubiartes

(Town of Guadalupe)

 

Kent Walker

(Arizona Public Services Company)

 

Erik Walters

(Comerica Bank)

 

Lyndsey Wellens

(State Farm Insurance Companies)

 

Special Thanks to Arizona Credit Union League 
Arizona Saves would like to thank Arizona Credit Union League, Inc. for its continued support of the agency. It donated $10,000 to the organization in 2009 to support family financial education throughout the state of Arizona.
 
Foreclosure Prevention Task Force
The Foreclosure Prevention Task Force is a non-profit organization dedicated to reducing the
number of foreclosures in Arizona and limiting the effects of foreclosure on families and communities. The organization's
Foreclosure Information Workbook is now available in english and spanish.
 
 
New Resource for People in ChexSystems 

Just because you've been reported to ChexSystems, it doesn't mean that you will be denied a bank account from your local financial institution. Having a bank account and being in the "financial mainstream" is critical to your future financial success. It allows you to direct deposit your paychecks, save automatically, and receive your tax refund within 7-14 days! The other choice is to continue to pay high processing fees at check cashing sites. Read this article and learn how to open a bank account regardless if you have been reported to ChexSystems or have bad credit. Read.

 
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Quarterly Newsletter

January 2010 Edition

 
Dear Chad,

Arizona Saves thanks you for your loyal support! The January 2010 edition of our electronic newsletter features highlights from our 2009 Annual Report, tax season tips,  and generous donations from Desert Schools Federal Credit Union and Arizona Credit Union League, Inc. Please enjoy!
 
Click here to see a short video celebrating our outstanding volunteers and partners for 2009!
 
 
Highlights from 2009 
 

 

Click here to read Arizona Saves' 2009 Annual Report. Here are some of the highlights:

 

(1) 117 volunteers instructed 246 financial education workshops to 3,661 adults and children. Their 3,973 service hours equate to $74,414 of in-kind value. This was an increase of 138% from 2008! 

 

(2) The number of volunteers trained to use Arizona Saves curriculum nearly doubled from 208 in 2008 to 383 in 2009.

 

(3) 95% of workshop participants agree or strongly agree that workshops are effective and helped them increase their financial knowledge. 97% of participants agree volunteer instructors are engaging, informative and clearly understandable.

 

(4) Nearly $10,000 in Savings Bonds were awarded to to 198 workshop participants as a result of a generous donor. Every child who attended all three classes in a series received a $50 savings bond. 

 

 
 

Finding Financial Security in 2010:

Make a Resolution to Learn About Money Management 
 

Learning how to handle money is the first step to financial security. Make 2010 a time of prosperity by dedicating time to learn and improve your skills in saving, debt reduction, improving credit and investing to build assets.

 

Many people make New Year's resolutions like vowing to lose weight or quit smoking. In 2010 - make a financial resolution to increase your financial knowledge. Resolve to learn more about personal finances and get them in order. 

 

There are many experts that offer advice about handling money. While they have differing opinions, learning from different sources can help financial novices become educated. Financial Resource List 

 

Getting your financial house in order is a great resolution for the New Year. So, study and research to get new knowledge, then convert this to action and discipline to manage your money better in 2010. Start reading books, trade magazines, listen to expert advice, and attend Financial Education workshops. In addition to Arizona Saves workshops, check out Consumer Credit Counseling and Take Charge America for workshops in your area. This year can be YOUR BEST YEAR YET for financial prosperity and security!

 

Start with these top 5 tips for success with your financial New Year's resolutions:

 

 

(1) Set real, measurable goals.

(2) Make a plan to reach your goals

(3) Track your spending for the next 30 days

(4) Make a personal budget based on the results of your tracking sheet

(5) Make a plan to pay off your debts

 

Arizona Saves' website has budget and tracking tools -

Budget Worksheet / Spending Tracker 

 

Will you SAVE or SPEND in 2010?

 

 
Tax Season Tips 
 
Have Your 2009 Taxes Done for FREE  
Volunteer Income Tax Assistance (VITA) volunteers help individuals and families file their taxes for free. Check out the brochure to find a VITA site near you. English. Spanish.
 
You May Qualify for the Earned Income Tax Credit
 
The Earned Income Tax Credit (EITC) is a fully refundable federal income tax credit for low- to moderate-income individuals and families. It's the largest government program designed to combat poverty in America. Families with children who earned less than $48,279 in 2009 may be elligible. Those without children who earned less than $18,440 may also be elligible. The EITC pays up to $5,657 dollars! Click the link to see if you qualify. English. Spanish.
 
Smart Ways to Spend Your Refund
Expecting a large return? Use it to build assets (start a matched savings program, pay off your debt, start saving for an asset goal, etc.) Jennifer Quillin, Assistant Director at Arizona Saves, suggests 10 smart ways to spend your tax refund. Read.
 
 
Avoid Costs
A RAL is a high-interest short-term cash advance secured by an anticipated tax refund. The product provides quicker access to funds than waiting for a tax return, but at a very high cost. The Consumer Federation of America reports that tax preparation companies charge interest rates between 50 and 500 percent for a RAL, while most taxpayers can get their refund in as little as 7-14 days with direct deposit.

 

The immediate need for funds and the enticement of a cash payout may cause RALs to appear attractive, but they should be avoided. In addition to the high-interest rate, RALs are dangerous because any delay or discrepancy in a tax return doesn't affect the amount of money or the time in which the loan needs to be repaid. Failure to repay on time will cause the lender to take action by transferring the debt to a collector and damaging the consumer's credit rating.

 
The Consumer Federation of America. "CONSUMERS URGED TO KEEP MORE OF THEIR TAX REFUNDS BY AVOIDING QUICKIE LOANS." 21 Jan 2009. Link.
 
DSFCU LogoDesert Schools Federal Credit Union Provides Grant and Office Space 
 
Arizona Saves would like to thank Desert Schools Federal Credit Union (DSFCU) for generously donating office space valued at $22,000. "The donation provides our organization with the capacity to provide free financial education for families in Arizona," said Patrick Jordan, Executive Director at Arizona Saves.

 

DSFCU Donation to Arizona SavesIn addition to the office space, DSFCU also donated $5,000 to Arizona Saves in October of 2009. The funds will be used to assist Arizona Saves in providing free workshops on banking, budgeting, credit & credit repair, first-time home-buying, and Crisis Budgeting.
 
 
Budgeting Pitfalls 
 
Creating a working budget can be a challenge. Unexpected expenses, the lack of an emergency fund, and failing to track spending are a few of the many mistakes that can cause a budget to fail. Investopedia outlines eleven of the most common budgeting oversights to consider before finalizing your 2010 budgets. Read. 
 
New Arizona Saves Video 
 
Arizona Saves staff applied for and received a free one-year subscription to Animoto's online video software program. Check out the new promotional video we produced. (Click the image to view).
 
Thank you for your continued support for Arizona Saves! If you have any suggestions for future articles, are interested in volunteering, would like to attend one of our workshops, or would like more information about the cause, please feel free to contact me at candersen@arizonasaves.org (602)246-3507. 
 
Sincerely,
 
Chad Andersen-Broker
AmeriCorps*VISTA 
Arizona Saves

Arizona Saves empowers Arizonans to build sustainable self-sufficiency by advancing healthy money management through education, saving, debt reduction, and asset building. We provide financial education, motivational workshops, and access to no-fee saving accounts to all Arizonans, particularly low- to moderate-income families and kids.

 
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September 2009 Click Here

May 2009 Click Here

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