Credit Checkup

January 14, 2017
11:00 am - 2:00 pm
Meyera E. Oberndorf Central Library
4100 Virginia Beach Blvd.  


CREDIT CHECK UP

Get your free annual credit report and review it with a financial coach to know what you can do to raise your credit score.

Meet with a Certified Financial Planner to review your plan to reach your goals

Attend a workshop:
  • 11:00 am  Your Legal Rights with Creditors
  • 12:00 pm  Building and Repairing Credit
  • 1:00 pm    Navigating Disaster

Build a Debt Snowball with www.powerpay.org 

Meet one on one with Credit Counselors to discuss your individual goals



Get Your Free Financial Makeover!

Bank On Hampton Roads can help you build a fresh financial start month by month.  Just attend one class per month and meet with your financial coach as you build your plan to reach your financial goals.  Raise your credit score at the same time you grow your savings!  All free!  Sign up today!

Preparing for Disaster

With hurricane season bearing down upon us, we are reminded once again about the importance of preparation for that storm that may hit.  But preparing doesn't just mean having extra water, gas in your car and a first aid kit.  It is important to make sure YOU are safe, but beyond that you can take steps to protect what is yours and minimize the impacts of a natural disaster.  Here are some things to consider when preparing for a storm:

Organize your records so they are handy in case of evacuation or for easy access when filing claims.  Bank On Hampton Roads offers a great checklist for you to use.  Download our FINANCIAL RECORDS ORGANIZER to make sure you have the essentials. You may even want to scan an electronic copy of valuable records so that it can be kept on a flash drive or shared with a guardian of records in case of emergency.

Contacts:  Have an out of town contact who knows your plan of action.  If you need to evacuate, let them know where you will likely travel and how they can be in contact.  They can serve as a communications person in the event that you are out of area.  You can then focus on your own plan of action and not have to worry about keeping family and friends in the loop.

Take photos now:  Have a record of the condition of your valuables before the storm arrives.  It will help you as you are filing insurance claims should damage occur.  It will also help you remember some of the things that may have been lost in a storm.  As you take photos write down a little inventory for yourself.

Minimize the threat:  Move valuables where they are less likely to become damaged in a storm (away from windows or perhaps out of the basement).  Also look around outside for things that might become loose or airborne in high winds.  Move them to a location where they are secure.  Trash cans, bicycles, children's toys, yard art etc should be moved to a location where it can't fly.

Have some cash:  If hurricane should render services ineffective (electricity and water) it may be difficult to get to your funds.  Ready cash for gas, necessary supplies for clean up or to purchase services to remove debris and trees makes recovery much easier.

When to flee: Make a plan with your family about when you will plan to evacuate.  Where will you go?  Where will you stay?  What will you take with you?  It is better to flee and be safe from disaster than to stay and place yourself in harm's way.

When to return: After a storm passes, it may not be safe to return immediately.  Make sure you have access to local news and information to know what travel locations are open and what is still closed.  Also, prepare yourself for the potential of utilities interruption for a period of time; downed trees and flooded waterways can create interruptions in service.  This kind of information will help you know what you need on your return.

Bank On Hampton Roads wants you to be prepared, stay safe and weather the storms of life with minimal disruption.  Prior planning is a great way to start.


Retirement Security

October 6, 2016

5:00 -8:00 pm

Virginia Beach Central Library

Whether you are years from retirement or currently navigating benefits in retirement, this event can prepare you for those golden years.  Statistically speaking, many people underestimate how much money they will need for retirement.  You may need to fund your lifestyle in retirement for 20 years or more and Social Security only provides an estimated 40% of pre-retirement income for the average worker.  You need a plan!  Get great information on Social Security, estate planning, retirement funding, reverse mortgages and more.  Meet individually with CERTIFIED FINANCIAL PLANNER PROFESSIONALS, Medicare counselors, Estate Attorneys and more- all for free with no strings attached.  Our presentations, one on one advice and free resources will help you live well for as long as you live.


Bank On September Classes

September classes now forming for Bank On Hampton Roads!  Bank On Hampton Roads is your ticket to a free financial makeover.  Break free from paycheck to paycheck living with Bank On. Give us 10 months and we will show you how to build savings, get out of debt and increase your credit score!  Register for free today!


How Long Would You Work?

You work hard for your money!  Our paycheck funds our life, but have you ever considered how long you have to work for the things you use each month?  Our Bank On Virginia Beach investigator has created a chart we can use to give us a sense for how long we need to work for our things.

We all know that if your hourly wage is less, you take less home.  But if your hourly wage is less, you also have to invest more labor to purchase the things you enjoy.  For instance, if you buy a 20 gallon tank of gas for your car, you would have to work 10.9 hours for that tank if you earn $8.00 an hour before tax, but if you earn $18.00 per hour, you would only have to work 4.9 hours for the same tank of gas.

Would you be willing to work 1/2 hour for a cup of premium coffee?  People do it every day.  Likewise would you be willing to work almost 1/2 a week to have coffee every day?  People do it all the time.  When we take time to consider how long we have to work to earn the things we enjoy, our choices take on new life.

HOURS WORKED FOR COFFEE
Before Tax Hourly Pay
$5 Cup of Coffee
Coffee for a Month
$8.00
.8 hours 
23.4 hours
$12.00
.5 hours
15.6 hours
$18.00
.3 hours
10.4 hours
$25.00
.3 hours
7.5 hours


HOURS WORKED FOR  REGULAR EXPENSES
Before Tax Hourly Pay
20 Gallons of Gas at $3.50
$350 Car Payment
$1200 Tuition
$10,000 Loan at 7% Interest
$8.00
10.9
54.7
187.5
1,856.3
$12.00
7.3 
36.5
125.0
1,237.5
$18.00
4.9 
24.3
83.3
825.0
$25.00
3.5
17.5
60.0
594.0

Note: Assumes 20% tax rate for federal and state taxes.

Navigating Disaster

Navigating Disaster

Financial disaster can strike anyone!  Whether it is a job loss, health issue, accident or natural disaster, our financial lives can be completely disrupted in only a moment.  However, there's hope!  You CAN navigate your way through unexpected expenses and come out on the other side in a much better financial position.  At this class you will discover resources to help you get organized to avoid crisis as well as navigate through the tough decisions if one occurs.

Meyera E. Oberndorf Central Library
To register for this class visit http://www.tinyurl.com/vbclasses

FLYER

Small Business Workshop

Are you looking to grow income opportunity for you and your family?  Many people have found small business to be a great way to supplement employment income and even grow it to the point of being your own boss!

Learn how YOU can build a business for yourself with the Your Business & Money Series on the last Tuesday of each month from 6:15 - 8:00 pm.  

Location:  

SMALL BUSINESS NONPROFIT RESOURCE Ctr.

5602B Virginia Beach Blvd Virginia Beach, VA 23462

RSVP:  757-567-6734 or email icwdirector@gmail.com

Volunteering with Bank On

Bank On Hampton Roads depends on community volunteers to make this program available to the public at no cost. Financial Professionals from 
  • Banking
  • Insurance
  • Accounting
  • Financial Planning
  • Accredited Financial Counselors
  • Housing and Credit Counselors 
are encouraged to invest in the community through volunteering.  The commitment is to meet once per month for each individual coached and classes are led once per month.  

For volunteers who do not work in the financial industry, we offer training opportunities such as the Christian Financial Coach training and Master Financial Educator Volunteer training. All volunteers must undergo a background check before working directly with Bank On participants.  New training begins April 26, 2016.




March Money Madness Event


Norfolk’s first Financial Planning Day – March Money Madness – was a hit!  The half day event took place at the Lambert’s Point Community Center on March 12th and was open to residents citywide.  Residents met with certified financial planners to discuss their financial goals, learned about housing opportunities, how to improve their credit and how to save more money for themselves.  Banks, credit unions and non-profit organizations were on hand. 

The Vice Mayor, Angelia Williams Graves, also kicked off her Financial Fitness Challenge at the event.  Vice Mayor Graves challenged residents to grow their financial security by:  1. Managing monthly cash flow, 2. Improving savings and 3. Building credit.

To accept this challenge, residents can sign up for a Bank On class.  Bank On is a free 10-month class that combines education, coaching and incentives to create lasting change for financial well-being.  In order to ensure that residents have access to trusted financial information to achieve their goals and complete the challenge, classes are open to the public and are completely FREE. 

To recognize the achievements of those that complete the challenge, the City is offering a certificate of completion to be awarded during a special graduation ceremony at the end of each course.  Individuals who complete the challenge, save $150 of their own money into an emergency account and meet all criteria, are eligible for a $150 dollar match through the program.

Classes start every January, April and September.  Enroll now for April classes at www.bankonhr.org.
   

Get On Board Your Journey to Financial Freedom!

Brand new classes are forming for Bank On Hampton Roads.  This is your opportunity to get a free financial makeover and get your finances back on track so that you can arrive at your financial freedom destination!  Check out our calendar of classes and enroll today!


Mayor Paul Fraim Issues Proclamation

Virginia Saves is a local campaign of America Saves challenging citizens to make a pledge to save for 2016.  America Saves offers tools, applications and emails to help you go further as you begin to save.  Check out this proclamation and look at our Virginia Saves tab to begin your savings pledge.  Did you pledge in a prior year?  Repledge to keep your information current and to continue enjoying America Saves materials.


Webinars for Virginia Saves Week

Virginia Saves has partnered with Financial Planning Association of Hampton Roads to offer three webinars to help you build savings for your financial goals.

Building Blocks of Retirement Security is a great workshop to help you anticipate how much you will need in retirement and build a plan to where you reap the rewards of your hard labor.  February 23rd at 6:30 pm

Jump Start Your Financial Plans with your Tax Refund - tax time is a great time to consider our savings plan.  Your refund can be just the ticket to get your plans on track.  February 24th 6:30 pm

Taking Control: Financial Planning Starter Kit - turn your dreams into goals by creating a financial plan.  This webinar provides you all the information you need to get started.  February 25th 6:30 pm




To RSVP for these webinars and receive a link: just email bankonvb@vbgov.com

Bank On is for Lovers

Bank On Portsmouth class has three couples who are investing not only in their finances but also in their relationship as they work together to build a plan to achieve their goals.


Each couple has been faithfully working toward creating a brighter financial future for themselves and for the generations after them!

Virginia Beach Libraries Offer Financial Workshops

Virginia Beach Public Libraries is offering a program called Live Simply.  It is a series of workshops on a variety of financial topics that affect you.  If you are in Bank On or just considering attending Bank On, these workshops can enhance your financial knowledge and allow you to strengthen your personal finances. 


Workshops:
Declutter Your Head and House: Are your mornings spent frantically looking for the misplaced keys or field trip forms?  Do you have trouble deciding what to keep and what to let go?  Do you have stacks of things and nowhere to put them?  This program offers you the strategies for when, where and how to overcome disorganization in your life.


Organizing Your Paperwork: A comprehensive program featuring general organizing principles to get your clutter in order. Managing your paper trail and how long do you really need to keep certain papers.


Predatory Lending: Predatory lending is a serious problem. It occurs when companies offer loan products using certain marketing tactics, abusive collection practices and loan terms that deceive and exploit borrowers. There are better ways! Learn how you can avoid such lenders and, if you’re caught in the predatory lending trap, how to get out of it.


This is your life!  Welcome to adulthood ~ In this reality simulation, you’re now 28 years old with a job and a family.  Do you have what it takes to juggle bills, childcare, housing and all the other challenges that come with life?


Money Management: Too many days and not enough dollars?  Learn ways to keep more of what you make, track spending, set financial goals, change habits and make a spending plan (or budget) that works for you!


Couponing: Learn the basics of couponing including organization and how to make your shopping list. Discover tools and websites geared toward helping you save. We'll touch on stockpiling, some local coupon policies and more!


Making Ends Meet: Making Ends Meet: How can We Spread Prosperity and Improve Opportunity? Join us to answer this question and have an open discussion about the impact that the economy has on our lives both locally and nationally. Teens & Adults. Online Registration begins February 1.


Learn More

Saving Just $50 of Your Tax Refund Could Mean Winning Big

As the end of the year approaches, we once again find ourselves dreading the paper pushing and number crunching of tax season. But, let’s not forget the excitement that comes with getting back some of your own hard-earned money in the form of a tax refund. Saving a portion of your tax refund can be a big step toward meeting your savings goals, so it’s no surprise that a 2015 tax season survey found that a majority of those who receive a refund planned to save it.

This tax season, reward yourself for saving some of your refund by entering for a chance to win $25,000 through SaveYourRefund. SaveYourRefund has 101 cash prizes, including 100 weekly prizes of $100 and one grand prize of $25,000. Making smart financial decisions isn’t always easy, but splitting your refund couldn’t be simpler. Follow these quick and easy steps to enter to win in 2016:

·         Use Form 8888 to split your refund. Entry to win with SaveYourRefund starts with splitting your refund into savings.
·         Save $50 or more of your tax refund. In order to enter, use Form 8888 to save at least $50. There are a number of accounts you can save into including a savings account, a U.S. Treasury Direct account (savings bond), and a myRA retirement account.
·         Visit SaveYourRefund.com to enter. You will be automatically eligible to win one of ten $100 prizes that will be given away every week from the start of the contest until the end of tax season.
·         Upload a picture here that represents your savings goal or motivation, and you’ll be entered to win the $25,000 grand prize!

Need tax assistance? Take advantage of a Volunteer Income Tax Assistance (VITA) program. VITA programs offer free tax help to those who generally make $53,000 or less, persons with disabilities, the elderly, and limited English speakers.

Get ahead of your financial goals by splitting your tax refund into savings, and reward yourself with SaveYourRefund.

Get Free Tax Help

THIS JUST IN....

Virginia Beach Human Services Department will have volunteer tax assistance on February 11, 12, 25 and 26 from 1:00 - 5:00 pm.  Walk-ins are welcome, but if you need an appointment, just call 757-385-3551.

We love our refunds, but hate the process of completing taxes. Did you know there is free help for you? Check out these resources:


AARP Tax Aide in Virginia Beach
Offers free tax preparation at two library locations. http://www.vbgov.com/government/departments/libraries/news-and-events/Pages/Tax-Preparation.aspx

South Hampton Roads EITC Coalition:
Free tax preparation for households earning $55,000 or less. www.shreitc.com  for a list of locations available to serve you!

My Free Taxes:
Complete your own tax return for free. 800 number telephone support if you have any questions. Visit www.myfreetaxes.com

Save Your Refund:
Get rewarded for saving a portion of your refund to your savings account. $25,000 grand prize for those who share a picture of their savings goal. www.saveyourrefund.com 

52 - Week Challenge

Take the savings challenge and see if you can grow your savings week by week with the 52 - week savings challenge.

Try it forward or in reverse.  To reverse the challenge use your tax refund to jump start the larger months and then continue saving through the year each week a lesser amount!