Archive for the Financial Category

Financial Counseling Services Could be Your Ticket to an Affordable Car

Financial Counseling Services Could be Your Ticket to an Affordable Car

Thanks to a partnership between Compass Center for Women and Families and Wheels4Hope, taking part in our financial counseling services could make you eligible for an affordable car.

Compass Center provides  free, one-on-one financial counseling sessions to anyone in the community. These sessions are a chance for you to learn more about:

  • Budgeting and saving
  • Credit
  • Buying a home
  • Creating a financial plan
  • Investing

In addition to learning skills to gain financial stability, participation in these sessions can get you one step closer to buying an affordable car from Wheels4Hope.  Wheels4Hope is a nonprofit that repairs used cars and sells them at reasonable prices to people who meet eligibility requirements and work with a partner nonprofit, like Compass Center, over a period of months. A detailed explanation of how the program works is pasted below.  Please note, there is no guarantee that your time with Compass Center will result in a Wheels4Hope car. 

If you would like to learn more, call Compass Center’s main line at 919-968-4610 or email LaKiera Grimes, our Self-Sufficiency Program Director, at stability@compassctr.org.

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Post-Divorce Financial Tips for Women and Men

Post-Divorce Financial Tips for Women and Men

Going through a divorce is a major life change. Despite dealing with emotions, women and men both have to be prepared to make lifestyle changes. Income, expenses and debt may not have seemed like a daunting task during marriage, but as a single woman or man, paying bills, saving and investing for retirement, planning for your child’s college expenses, and other long-term goals will require savings, investments and financial planning. Below is a post-divorce financial checklist to help you become financially independent and stable following your divorce:

– Close any joint credit accounts.

– Remove your spouse’s name and/or change your name/address on all remaining accounts including:

  • Bank, brokerage and investment accounts
  • Credit cards
  • Driver’s license, automobile title, registration and insurance policies
  • Employer’s records
  • IRS records
  • Life, health, homeowner’s and disability insurance policies
  • Post office (Remember to have your mail forwarded, too.)
  • Professional licenses
  • Social security card
  • Title to real property
  • Utility bills

– Research your health insurance options.

– Open a new bank account. Consider establishing direct deposit or income witholding for child support, spousal support and/or alimony payments.

– Request a copy of your credit report.

– Disinherit your spouse. Write and execute a new will, trusts, medical directive and/or living wills and power of attorney.

– Change the beneficiaries on your life insurance, 401k, pension and IRA accounts

Following your divorce, analyse your finances during marriage to understand your spending habits. Establishing and sticking to a financial plan will be critical in having financial stability. Compass Center for Women and Families’ financial education programs help individuals become self-sufficient and financially stable. Click here to learn more about our individual financial counseling and financial coaching/support program.

* Checklist from Jeff Landers on Forbes.com

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