Oliver: Money Smart Week offers help for understanding, managing money

The ability to successfully handle money isn’t something we’re born with. If we’re lucky, we learn valuable lessons from our parents.

Too often, we find that they, too, struggle with dealing with money, and we’re left to figure it out on our own. Usually that means making mistakes. The trouble is making mistakes with money can have long-term consequences.

Dealing with unforeseen events can make even the best money managers a little uneasy. Who foresaw the havoc that the COVID-19 pandemic would cause on our personal finances and those of the nation?

Still, we’re not without help. There are many places to get information about how to manage our money. However, it’s good to know that the source of our money information is reliable and that no one is trying to sell us anything.

That’s why I’m such a fan of a yearly campaign of the Federal Reserve Bank of Chicago. It’s called Money Smart Week, and it offers virtual sessions to help people better manage their personal finances. This year there’s a focus on those hardest hit by the pandemic. This year also marks the 20th anniversary of Money Smart Week, and it runs from Saturday to April 16.

The sessions are live-streamed, and I’ve found them to be quite helpful.

This year’s lineup includes the following sessions:

April 11: “Spend Smart. Eat Smart” at 1 p.m., presented by Iowa State University Extension and Outreach.

Do you find that you are overspending on food and groceries? Do you just want to adjust your food budget to cover other necessary bills? This session will help participants assess recommended guidelines for spending on groceries, walk through user-friendly tools to help with making informed decisions on grocery purchases and review planning ideas that can help you take charge of your food budget in a way that works best for your household.

April 12: “Credit: Build & Improve It!” at 1 p.m., presented by the Consumer Financial Protection Bureau.

Is your credit keeping you from the home, car or job of your choice? This session will explain what a credit score is and how it changes, as well as key steps you can take to boost your credit score. It will also include links to the bureau’s free publications and resources so you can understand your rights.

April 13: “Buying or Refinancing a Home: Options & Tools” at 1 p.m., presented by North West Housing Partnership.

Are you thinking about buying a new home or refinancing a current home? Are you unsure how to find a reputable lender and a low-risk loan? This session will outline the home-buying and refinancing process, explain predatory lending, cover common characteristics of housing discrimination and provide tips and tools to avoid predatory lenders.

April 14: “Understanding Social Security Benefits” at 1 p.m., presented by the Social Security Administration.

Social Security touches the lives of every American and is a vital part of any financial plan. In this session, learn the entitlement factors for retirement, spouse, ex-spouse and survivor benefits; gain an understanding of the options to start benefits at various ages and the effect of wages on them; and expand your knowledge of Social Security’s online tools and resources, including applying for benefits.

Events are free and open to the public, but registration is advised. Questions for the panelists can be submitted during the registration process.

More information can be found at www.moneysmartweek.org.

• Joan Oliver is the former Northwest Herald assistant news editor. She has been associated with the Northwest Herald since 1990. She can be reached at jolivercolumn@gmail.com.