Help for Grandfamilies in Financial Crisis
If you’re a grandparent raising a grandchild, you may be facing a financial crisis—you didn’t budget to raise another child. Maybe you know a thing or two about pinching pennies. In fact, you may have gotten pretty good at it. You cut back on “luxuries” so you could pay those extra clothing bills. You budgeted more money to cover food and doctor bills. You even found the money to buy a used computer so your grandchild wouldn’t fall behind in school. It wasn’t easy. But you managed.
And then something unexpected happened. Maybe your spouse got sick or died. Perhaps you found out that your grandchild has an illness that will require expensive care. Maybe you dipped into your retirement savings, or used your credit card too many times. Or maybe you just can’t keep up with the extra expenses of raising another child. Whatever the reason, you now realize that your savings are disappearing. And your debt is rising.
What should you do next? How can you get things back on track? A program called Money Management Plus may be able to help.
What is Money Management Plus?
Money Management Plus (or MM Plus) puts you in touch with a financial advisor. This advisor can help you put your household budget back in the black. The service is free.
MM Plus services are provided through the Project for Financial Independence. This project is coordinated by the National Endowment for Financial Education (NEFE). NEFE is a nonprofit organization. It educates Americans about personal finance. It also provides financial advice to people who are facing a money crisis and can’t afford to hire someone to help them.
Getting Help
Would you like to get help from Money Management Plus? At least one of the following statements must apply to you:
- You are facing an immediate financial crisis.
- You have a sizable debt, or you are about to declare bankruptcy.
- You are enlisted in the military.
- You have a low income. How much can you earn and still participate in MM Plus? That will depend on how many people live in your house. For example, a household with two people can’t earn more than $12,500 in one year.
Apply for help today. That’s the best way to find out if you qualify for MM Plus. Visit the Money Management Plus Website and fill out the application. You can fill out the form online. Or you can print out the form and fax it to NEFE. NEFE will contact you in a few weeks to tell you if you qualify for help.
How Does the Program Work?
After you are accepted into the MM Plus program, a financial advisor will contact you. Your advisor will be associated with one of the six respected, independent financial services organizations that participate in MM Plus. The advisor will listen to you and will give you ideas about how you can get your finances back on track. You will meet with your advisor at least one time. The advisor may want to meet with you more than once.
You will not be charged for your meetings with the financial advisor. In addition, the financial advisor is not allowed to talk you into becoming a regular customer.
Other Help
Don’t qualify for MM Plus? You can still get help from the AARP Foundation. The Foundation has many booklets that can help you learn how to stay financially healthy. Order free booklets about managing your money or planning for retirement. Request information about borrowing money, getting credit, and protecting your consumer rights. Check out the resources listed below, or visit Money Management Plus at www.aarpmmp.org.
AARP Resources
Money Management Plus
This fact sheet gives you a quick overview of the Money Management Plus program.
Smart Money I: A Tool for Planning Your Personal Budget
This booklet can help you set financial goals and create a spending plan.
Smart Money II: A Tool for Dealing with Debt Problems
This booklet can help you change your spending habits and stay out of debt.
How Do You Manage Your Money?
Take this survey to find out if you are a good money manager.
Other Resources
Project for Financial Independence
Visit this Web site to find out more about the Project for Financial Independence.
Manage Your Money Wisely – Tracking Your Money
Get tips on how to develop a budget, set financial goals, and spend less.
It’s Never too Late to Simplify and Organize Your Finances
These financial tips can help you organize your money, whether you are retired or thinking about it.
Books
Find these books online at Barnes & Noble
“Frugal Senior”
Rich W. Gray, Quill Driver Books, January 2006
“Pay It Down!: From Debt to Wealth on $10 a Day”
Jean Chatzky, Penguin Group, January 2006
“The Art of Money Management: For a Simple Life”
Janice Aldrow, iUniverse, Incorporated, July 2005
