Easy As PIE

Make Saving Automatic

It can be difficult to find the money to put aside for savings, but there is an easy way to save money without ever missing it: make your savings automatic. 

Saving automatically—through an allotment or automatic transfer of funds—to a short-term or long-term savings account is the best way to save. Why? Because you don’t have to think about it. Set it and forget it because it’s automatic! So, whether it comes to saving for your emergency fund, paying off a debt or investing in your retirement, set your savings on autopilot today! 

How to save automatically

• Set up an allotment from your pay via myPay. Have an amount go to an account that is separate from your regular checking account.
• Use your banking institution’s bill pay system to automatically transfer money from your checking account to a separate savings account.

Why automatic savings works

• Saving automatically makes it easier to save because you don’t have to think about how much to save or take any additional steps.
• It’s tempting to spend money when it’s readily available. If you don’t see the money, you are less likely to miss it.

I don’t have enough money to save

Everyone has the ability to save. At Military Saves, we say “Start Small, Think Big.” You can start with only $10 a week or month, but you have to start somewhere. When you get extra income, add that money to your account as well. Try saving:

• A portion of your tax return
• Deployment or other special pay
• Birthday or holiday money
• Money from items you've sold (garage sales and consignment)

Over time, your deposits will add up. Even small amounts of savings can help you in the future.

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Diana Sanchez at Community Action Programs at Boulder County. Diana may be reached at 303-441-3998 or at pieprogram@bouldercounty.org. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.

6 STEPS TO JUMPSTART YOUR RETIREMENT JOURNEY!

12.20.2021 By Breanna Johnston, AFC® Candidate

Retirement is one of those endeavors that fall into the “someday” category. When living your day-to-day life as a person in their 20s, 30s, and even your 40s and those everyday expenses pop up, it’s more difficult to save for something that is seemingly so far away.

Check out this video about thinking about retirement. What will it look like for you?

But as we all know — life comes at you fast. A 2020 survey by Charles Schwab of currently employed 401(k) plan participants found that saving enough for retirement continues to be a leading source of significant financial stress for all generations.

While studies show that 71 percent of Americans are adequately prepared for retirement, much of that includes receiving Social Security benefits under the current law. With Social Security payouts only scheduled to be paid at the full benefit amount through 2035, Millennials and Gen Z have to approach retirement from a different perspective — one that is diverse and doesn’t rely on Social Security benefits, if you can help it. The good news is that starting early allows you to reach your retirement goals more easily. 

In today’s economy, we can’t overlook the fact that there are some people who are not making a fair living wage, making it difficult to save. But for those of us with the ability to save it’s important to understand that it’s never too late to start saving for retirement. Your future self will thank you!

So what are the steps to take when you’re ready to jumpstart your retirement journey? Glad you asked! Here are our six steps below. We’ve also created this great visual for you to download here.

 

Download the 6 Steps to Jumpstart Your Retirement Journey PDF

1. GET IN THE “RETIREMENT READY” MINDSET.

The first step is getting in the right mindset, meaning-making your new savings goal a priority. We encourage you to “Start Small, Think Big” and take advantage of retirement solutions available to you like your employer's 401K or 403 B plan or IRA options you can open on your own. 

If you’re starting your retirement savings journey early, you have time on your side! However, if you’re closer to retirement age, then prepare to be a bit more aggressive in order to achieve your retirement goal. Research how to make catch-up contributions to your retirement savings, ultimately jump-starting a stalled plan. 

The good news is this: it’s never too late! It is important to remember that saving anything is better than saving nothing. Even increasing your retirement savings by one percent can make a huge difference in the long run. 

2. DEFINE WHAT RETIREMENT WILL LOOK LIKE FOR YOU.

Your retirement years will be as individual as you are! Have you visualized how you’d like your retirement to look and feel? Think about where you want to settle down. Will you stay put and have sweet tea and lemonade on the front porch most days or do you intend to travel far and wide? Most importantly, how much “annual income” will you need to achieve this envisioned lifestyle? Asking yourself these questions will help determine a rough estimate of how much to start saving now. 

Someone who plans to travel and or have an active lifestyle when they retire may need to save more than someone who has a home that is paid off with no grand plans of world travel. 

You will also need to consider exactly when you want to retire. This will help determine how much you should be saving annually. In the modern age, people pre-retire, half-retire or even never leave the workforce at all.

3. CALCULATE HOW MUCH YOU’LL NEED TO SAVE.

Once you have an idea of what type of retirement you want to have, estimate the annual retirement income needed. You want to ensure you are saving for the future you want. Most Americans are not putting enough money into their retirement fund every year in order to afford the life they want for themselves in the future.

What each person needs will vary widely based on a number of factors, including your current age, the age at which you plan to retire, if your partner or spouse has an income, your spending habits, and different sources of retirement income. There are also circumstances beyond your control, like how long you can expect to live based on family history.

While there is no hard and fast rule to determine how much to save by a specific age, many personal finance experts recommend having saved an amount equal to your annual salary by age 30, three times by age 40, and five times by age 50. While this can be overwhelming if you haven’t hit those milestones in your retirement savings yet, one small step you can take is to increase your contribution rate with each pay raise. Remember, building a savings habit and taking control of your finances, like you’re doing now, is worth celebrating.

 

4. TAKE THE AMERICA SAVES PLEDGE.

Now that you have a better idea of what exactly you’re saving for and how much, it’s time to consider how you’ll achieve your dream retirement. The America Saves Pledge is a tool that helps you make a simple plan to meet your savings goal while offering you long-term accountability and support along the way. Take the America Saves Pledge and visit AmericaSaves.org for tips, resources, and support on your journey towards retirement. Remember: savers who make a plan are twice as likely to save successfully!

5. DO YOUR HOMEWORK.

Consider what type of accounts to deposit your retirement savings into. Your employer may offer a retirement plan such as a 401K, 403B, or SEP-IRA and match your contributions up to a certain percentage. The most important consideration here is to take advantage of any employer benefits such as matching your contributions up to a certain percentage. Find out if your employer offers a match and contribute at least enough to maximize that benefit.

Individual Retirement Arrangements (IRAs) are also an option, and you can open one anytime through financial institutions or financial services providers. There are several different IRAs including the most common: Roth and Traditional. Roth IRAs can be withdrawn at anytime without penalty and are tax-free. Traditional IRAs may be tax-deductible and your earnings grow tax-deferred until you start making withdrawals. You’ll need to determine which is best for you — or maybe a combination of both. The IRS has put together a great comparison tool to understand the differences between the two accounts and decide which may be better for you.

6. PRIORITIZE MAKING YOUR CONTRIBUTIONS AUTOMATICALLY.

Now that you can visualize the type of retirement you want, have determined approximately how much you’re saving for, and have a plan and support in place, the best thing you can do is to set it and forget it! Set up automatic payments and contributions either through your employer or from a financial institution to stay on track.

The point of retirement savings is to keep it invested for the long term. This means avoiding dipping into your retirement fund for emergencies. Instead, create an emergency savings fund that you are also contributing to consistently.

Research by the Employee Benefit Research Institute shows that it typically takes 13 years or more of contributions to an account before you begin to reach a level of savings that is enough to fund a number of years of retirement as a supplement to Social Security. So don’t become discouraged if you feel you do not have enough savings in your retirement fund just yet.

Whatever path you choose to take toward retirement, the biggest step to take is being consistent. Retirement savings is a long-term commitment, but today’s work will pay off in the long run, literally. Take the America Saves Pledge and let us help you reach your goals, no matter what they are. Your future self will thank you!

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Diana Sanchez at Community Action Programs at Boulder County. Diana may be reached at 303-441-3998 or at pieprogram@bouldercounty.org. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.

 

America Saves Week: Saving for the Unexpected

12.21.2021By Breanna Johnston, AFC® Candidate

SAVING FOR THE UNEXPECTED ISN’T JUST FOR EMERGENCIES

You can also save for OPPORTUNITIES.

Everyone can agree that having emergency savings is ideal, right? Personal finance experts have preached the importance of having three to six months of living expenses put aside for emergencies or a “rainy day.” 

When you’re living paycheck to paycheck, struggling financially, and possibly not making a fair living wage, the concept of saving such a large amount seems impossible. Add to that the reasons often given to save are negative — your car breaks down, you lose your income, an appliance needs to be replaced, or there’s a medical emergency — and it’s hard to stay motivated.

But here’s something not discussed as often: saving for the unexpected positions you take advantage of OPPORTUNITY. Let’s say that you have been saving $20 every paycheck for the past year. A friend calls you to share that they just got a promotion and would love to celebrate with a dinner at a nearby restaurant. You’re excited for your friend and want to go, and because you have money in your savings, you can pull $50 out to attend. Because you chose to save, you could participate in that unexpected opportunity! 

If saving for an emergency has been a struggle for you, would it be easier to reframe saving for emergencies to saving for opportunities? We think so and invite you to create your own “Opportunity Fund.”

Whether you’re saving for emergencies, opportunities, or (hopefully) both, the easiest and most effective way to save is automatic. Saving automatically allows you to “set it and forget it.” We’ve all heard the mantra to pay yourself first. You can do this easily by setting up split deposit with your employer, directing a portion of your paycheck into savings. If direct deposit isn’t available through your employer (perhaps you’re an independent contractor or freelancer), you can save automatically by having your financial institution set up an automatic transfer from checking to savings. No matter how you choose to save automatically, the most important thing is building the habit of saving — there is no amount too small to save.

If you’re ready to start your savings journey but not sure where to begin, check out “7 Steps to Jumpstart Your Savings Journey.” Then take the America Saves Pledge and choose emergency savings as a savings goal. Let us be your savings accountability partner by sending you tips, tools, and resources to help encourage you to stay on track. 

Resources:

• Video: Save for the unexpected
• Download What-are-you-saving-for-asw-2022-resource-digital Use this worksheet to help you think through what opportunities you will save for this year.

About America Saves Week:

Since 2007 America Saves Week has been an annual celebration as well as a call to action for everyday Americans to commit to saving successfully and reducing debt. Thousands of participating organizations join together to encourage our local communities to prioritize checking in on their mindset, finances, and saving behaviors during the week. Individuals are also encouraged to take the America Saves pledge in order to clearly establish their financial goals and get information, resources, and support as they work toward them.

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Diana Sanchez at Community Action Programs at Boulder County. Diana may be reached at 303-441-3998 or at pieprogram@bouldercounty.org. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.

Affordable ways to file your taxes and save your refund

Before you have your refund, you need to file your taxes.

See if you qualify for free tax filing. There are several options available:

1. You can receive free tax preparation assistance at a Volunteer Income Tax Assistance (VITA) location VITA sites are available for free to qualifying individuals, including those who make $58,000 or less annually, limited English-speaking tax payers, and people with disabilities.

When visiting a VITA site, preparation is key! The IRS offers a helpful What to Bring resource that highlights the necessary documents to help prepare taxpayers for their visit.

VITA sites offer can vary in the services they offer from community to community, so it’s important to ensure that the site chosen by a taxpayer is an appropriate fit for their needs.

To learn more about VITA and to locate a site in your area, visit the IRS website or see below for sites in Boulder and Broomfield counties:

FREE Tax Sites:

AARP – Lafayette Library, 775 Baseline Road, Lafayette, CO 80026.  Open 2/9 through 4/9. Wednesdays and Saturdays – various times.  By appointment only.  Call 303-665-5200 or online at https://cotaxaide.org/appt/

AARP – Louisville Recreation Center – 900 Via Appia Way, Louisville, CO 80027.  Open 2/7 through 4/4.  Mondays – various starting times.  By appointment only. Call 303-335-4919  or online at https://cotaxaide.org/appt/

AARP - Boulder Senior Services, 5660 Sioux Drive, Boulder, CO 80303.  Open 2/3 through 4/7. Thursdays - Various starting times.  Call 303-441-4150 or online at https://cotaxaide.org/appt/

AARP – Broomfield Senior Center, 280 Lamar Street, Broomfield, CO  80020.  Open 2/4 through 4/1.  Fridays – various starting times.  Call 303-464-5526 or online at https://cotaxaide.org/appt/

AARP – Longmont Senior Center, 910 Longs Peak Avenue, Longmont, CO 80501.  Open 2/3/22 through 4/7.  Tuesdays and Thursdays – various starting times – call 303-774-4429 or online at https://cotaxaide.org/appt/

AARP – West Boulder Senior Center – 909 Arapahoe Avenue, Boulder, CO.  Open 2/3/22 through 4/7/22.  Thursdays – 9:00am to 2:00p.  This is a drop-off site only.  Available by appointment only.  720-327-3363   https://cotaxaide.org/appt/

2. If you prefer to file your taxes for free online, use My Free Taxes. My Free Taxes is a service of the United Way and is a great option if you want to file your taxes yourself. The online platform will guide you through every step and make sure you get all the cash-back tax credits you are eligible for.

You will need access to a computer and a valid email address to use My Free Taxes. The average tax return usually takes about an hour.

Visit MyFreeTaxes.com to learn more and get started.

3. Get Your Refund is a service of Code for America and a coalition of community partners and volunteers. Get Your Refund is free for taxpayers and families who earn less than $66,000 a year.

Get Your Refund is a great option if you do not have easy access to a computer, but do have a smartphone. Taxpayers take a picture of their ID and tax documents and upload the photos to a private and secure site. Then, taxpayers complete a short questionnaire to get matched with a tax professional who will call you and complete your return remotely.

Visit GetYourRefund.org/CO to learn more and get started.

4. If your income is $73,000 or less, you can use most major tax preparation software to file your taxes for free through the IRS Free File Alliance .

5. Members of the U.S. Armed Forces and their families can use the free online tax prep and e-filing program MilTax .

In addition to filing for free, make sure that you receive the following credits if you are eligible.

Tax credits help Coloradans get ahead

Nearly 1 in 4 eligible working Coloradans miss out on the Earned Income Tax Credit, and these are the individuals who could benefit the most. The EITC helps individuals and families living on low incomes break out of the cycle of generational poverty, and achieve greater economic self-sufficiency and mobility. Help us spread the word about tax credits, as well as free tax filing resources by sharing this post

The Earned Income Tax Credit gives working people an extra boost

You could get up to $6,700 in cash back depending on your income and how many dependent children you have. Even workers who make very little income can get some amount of cash back. File a tax return to get your EITC payment.

The Child Tax Credit helps families make ends meet

Families can get up to $3,600 per child up to 6 years old and up to $3,000 per child from 6-17 years old. Unlike other tax credits, you do not need to make any income to get the Child Tax Credit. But you do need to file a simple tax return to get your payments.

Other tax time resources:

CFPB Tips for Using Your Tax Refund to Build Your Savings! Check out this helpful guide from the Consumer Financial Protection Bureau filled with lots of tips and insight focused on helping you and your community learn how maximize your tax refund by putting it work to grow your savings.

Tax Time Guidance for Gig Workers Many employees took on new and alterative approaches to work this year in the face of an ongoing global health crisis. For those who are new to gig work, the IRS has created a helpful resource to make tax prep easier! This resource provides guidance on record keeping, paying estimated taxes, preparing to file, and filing your tax return. Be sure to share this resource with your community so every worker is prepared to file!

Resources for Uber and Lyft drivers

Tax Help Colorado

Tips for Choosing a Tax Preparer

Events:

Feb 21st at 2pm ET | #ThinkLikeASaver: 5 Ways to Make Saving Easier 

Are you noticing a theme so far? Tax time is a great time to save! Be sure to save the date for 5 Ways to Make Saving Easier, our next installment of the #ThinkLikeASaver Town Hall Series! This Town Hall will provide a variety of tips and strategies to help you and your community shift your mindset and prepare to take on a saving-focused new year. The America Saves Team will be joined by industry experts as we discuss the simple ways to make this valuable journey less daunting!

This Town Hall is taking place on February 21^st at 2pm ET, register to participate today!

EXPECTING A LUMP SUM OF CASH? CONSIDER THIS SIMPLE SAVING STRATEGY

Using this strategy you are contributing toward your past (debt), your present, and your future (saving goal). Doesn’t that just make you feel accomplished? #ThinkLikeASaver.

Whether you’re getting a tax refund, a bonus, or just an unexpected check in the mail — it’s exciting to have money coming your way. If you’re like me, you probably even dream of how you’d like to spend it before you get it! While there’s nothing inherently wrong with that, we want you to pause just a moment and consider a strategy that will allow you to be in a better financial situation.

We call it the 30-40-30 Plan.

And it’s really simple! This plan allows you to allocate money towards your complete financial situation.

• allocate 30% of your funds to pay off outstanding debts or catch up on bills
• allocate 40% of your funds to pay for current expenses, needs, or wants
• allocate 30% of your funds to establish or build up savings. This could be an emergency fund or a longer-term goal like retirement or a large purchase like a home.

Using this strategy you are contributing toward your past (debt), your present, and your future (saving goal). Doesn’t that just make you feel accomplished? #ThinkLikeASaver

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Diana Sanchez at Community Action Programs at Boulder County. Diana may be reached at 303-441-3998 or at pieprogram@bouldercounty.org. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.

New Small Business Resources

Does your small business need a loan? Mile High United Way has partnered with New Seed Lending to provide small business loans from $2,000 to $15,000 for qualified small businesses.

Learn more by visiting their website here.

If you need additional advice regarding your business and whether a loan is the right next step for you, remember to contact, PIE program partner, Boulder Small Business Development Center.

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Diana Sanchez at Community Action Programs at Boulder County. Diana may be reached at 303-441-3998 or at pieprogram@bouldercounty.org. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.

 

Paying for college in 2022

Are you looking forward to going to college or university in 2022? Now is a great time to consider applying for scholarships that are available to support you in pursuing your education. First, let's look at the big picture of how to pay for college from the Consumer Finance Protection Bureau and then consider the different local organizations and colleges/universities that offer scholarships.

What are the different ways to pay for college or graduate school?

provided by the CFPB at https://www.consumerfinance.gov/ask-cfpb/what-are-the-main-differences-between-federal-student-loans-and-private-student-loans-en-545/ 

You should exhaust scholarships, grants, and federal student loans before taking out a private student loan.

You have a choice about how you pay for your education. Understanding your choices can help you make the right decision for your situation. 

Tip

Servicemembers, veterans, and their families may be eligible for GI Bill® benefits  and/or military tuition assistance.

Search for scholarships and grants.

Grants and scholarships are often are a type of financial aid that does not have to be repaid. Grants are often need-based, while scholarships are usually merit-based.                                   

Look for scholarships  and state and local grants using one of the many free scholarship search options available. Do your research and apply by the deadlines.

If you must borrow to cover the cost of your education, apply for federal student loans.

It is best to max out your federal student loans before you borrow any private student loans.

There are important differences between federal student loans and private student loans:

Federal student loans can be better for students in several important ways:

• In some cases, the federal government will subsidize - pay the interest on - your federal student loan while you are in school.
• Your interest rate for a federal student loan is generally fixed, not variable. Private student loans can have fixed or variable-rate interest rates. A variable rate means that your interest rate and your payment can change.
• Federal student loans allow you to enroll in a repayment plan based on your income. This limits the amount you must repay each month based on your income.
• Loan forgiveness on federal student loans may be available after 10 years working in public service.

You must complete the FAFSA  to be eligible for any federal student loans, work-study , or grants. Read more

If your grants, scholarships, and federal student loans are not enough to cover the cost of your education, you should consider other options.

• Cut costs. Consider getting one or more roommates or a part-time job.
• See what your family can contribute. Your parents may be able to get tax credits for their contributions.

Shop for a private student loan only after you have exhausted all other options

Private student loans are any student loans that are not federal student loans. These loans do not offer the flexible repayment terms or protections provided by federal student loans. Private student loans are not funded or subsidized by the federal government. Private student loans are funded by banks, credit unions, state loan programs, or other types of lenders.

You generally should turn to private loans only after you have explored all other grant, scholarship, and federal loan options. Private student loans generally have variable interest rates, which can reset every month or quarter, causing your monthly payments to change.

Local Scholarships:

• Scholarships available at Front Range Community College
• CU Boulder Scholarships
• Longmont Community Foundation Scholarships
• Elevations Credit Union Scholarships
• Trade School Scholarships: Business, Computer Technology, Health, and Manufacturing/Auto/Construction
• Colorado Women's Education Foundation

Other Education Resources:

• Contact the Education Opportunity Center:

  The Educational Specialist Larry Porter at the Educational Opportunity Center is able to help with the Financial Aid Application process. Please contact at larry.porter@ccd.edu or (303) 352-8746.

• Federal Student Aid
• Education tips from America Saves

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Diana Sanchez at Community Action Programs at Boulder County. Diana may be reached at 303-441-3998 or at pieprogram@bouldercounty.org. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.

Thank you to our 2021 PIE Partners

 

At this time of year when we look forward to the holidays and pause to take some time to be grateful, at PIE we are deeply grateful for the many partners and individuals that make PIE possible in our communities! So far this year, 29 participants have completed their financial saving and asset purchase goals. This brings the total number of individuals who have completed PIE with asset purchases to 397 since 2001. Through partnerships and connecting valuable community resources, the dream of homeownership, business development and pursuing post-secondary education becomes reality with low and moderate-income families and individuals in Boulder and Broomfield Counties. Please join us in thanking the following organizations and individuals that have contributed their time, talent and funding to PIE this year:

PIE Advisory Board Members:

• Felicia Bolton, PIE Graduate
• Meredith Caley, Boulder County, Housing and Human Services
• Rebecca Chavez, Front Range Community College
• Sharon Farrell, City and County of Broomfield
• Maciel Leon, Boulder County Community Action Programs
• Gina Nocera, Mile High United Way
• Tim Rakow, The Inn Between of Longmont, Inc.
• Justin Sutherland, FirstBank
• Eric Swanson, City of Boulder
• Mandy Yick, Attorney

Community Partners:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Local and federal funders:

Assets for Independence

     

Friends and Family of Nino Gallo   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Referral partners:

Amistad Center

Boulder County Head Start

Boulder County Housing & Human Services

Boulder Housing Partners

Boulder Shelter for the Homeless

Broomfield FISH

Casa de la Esperanza

City and County of Broomfield

City of Boulder, Children, Youth and Families

Emergency Family Assistance Association

Family Self-Sufficiency

Flatirons Habitat for Humanity

Habitat for Humanity of the St. Vrain Valley

Longmont Housing Authority

Mental Health Partners

Outreach United Resource Center

Sister Carmen Community Center

The Inn-Between of Longmont, Inc.

Thistle Communities

Workforce Boulder County

YWCA of Boulder County

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Diana Sanchez at Community Action Programs at Boulder County. Diana may be reached at 303-441-3998 or at pieprogram@bouldercounty.org. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.

National Preparedness Month

 

Plan. Prepare. Prevail.   
A resource for your readiness and recovery

September is National Preparedness month, so get your personal/household or small business financial records in order before a public health or natural disaster strikes you with Plan. Prepare. Prevail. This is an extensive website containing disaster-preparedness tools and information like:

• Quick checklist for personal/household financial documents to identify and organize key financial records and a personal/household financial inventory form (Checklist and inventory form also available in Spanish)
• Quick checklist for small business financial documents to identify and organize key financial records and a small business financial inventory form (Checklist and inventory form also available in Spanish)
• Other valuable resources and materials you can share with family members, employees and customers

"At every disaster, I always hear, 'I never thought it could happen here or to me.'"
-FEMA liaison

Resources:

1. Download Personal Disaster Readiness Blueprint

2. Download Pre-disaster Financial Checklist for you and your family

3. Download Small Business Disaster Readiness Blueprint

4. Download Pre-disaster checklist for small business

5. Blog: How to prepare for a financial emergency

6.  Download Disasters-and-financial-planning-guide

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Diana Sanchez at Community Action Programs at Boulder County. Diana may be reached at 303-441-3998 or at pieprogram@bouldercounty.org. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.

WHAT YOU NEED TO KNOW ABOUT THE 2021 CHILD TAX CREDIT CHANGES

Article By Lila Quintiliani and Amelia O’Rourke-Owens

Qualifying families will receive half of their credit divided into 6 monthly payments deposited from July to December 2021. Families will receive the rest of the tax credit when they file their 2021 income taxes next year.

To be eligible for the credit, you must claim dependent children 17 and under who are a U.S. citizen, national, or resident alien and have a Social Security number. The child must be related to you and live with you at least six months of the year.

The benefit amount is determined by three factors per child: 1) the age of the child (under 6 or 6-17), 2) your filing status (single or married filing jointly), and 3) your modified adjusted gross income. The maximum benefit is $3,600 per child under age 6 and $3,000 for those older than 6 and under 18 years old; adults who file single are eligible for the maximum credit if their modified adjust gross income in 2021 is $75,000 or less, or $150,000 or less for married filing jointly adults. Once taxpayers reach these income thresholds, the benefit is gradually reduced to $2,000 per child.

The early distributions were automatically set to roll out starting in July 2021. The IRS will take the estimated credit you are due based on your 2020 taxes – for example, $3000 for a 16-year-old – and divide it in half, which is $1500. Then they will further divide it into 6 payments, which would be $250 ($1500/6). In this example, a family could expect to receive $250 per month from July to December and then the rest of the credit, $1500, in 2022, when they file their tax return next year.

If you didn’t file a return in 2020, then the IRS will look at 2019. For those who are not required to file taxes, the IRS has provided a portal for non-filers to submit information.

There are, however, some taxpayers who may choose to opt-out of the advance payments on the IRS website and file for the full payment on their next tax return. If you receive higher payments than you are eligible for on your 2021 taxes, you will have to pay back the IRS any amounts that you are overpaid.

Reasons to opt out of the payments – do any of these situations apply to you?

• You usually owe money to the IRS
• Your tax situation has drastically changed this year because you got a job or a higher paying job
• You have children who are aging out of qualifying
• You share custody of your children and have not worked out who is claiming the credit
• You know you will be making a large payment in the spring and would rather get the entire credit at once

Reasons to take the advance payments: anything other than the above!

Review this decision tree that can also help you make a decision that is best for your family: Download Childtaxcredit-decision-tree.

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Diana Sanchez at Community Action Programs at Boulder County. Diana may be reached at 303-441-3998 or at pieprogram@bouldercounty.org. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.

7 Steps to Saving

ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM

The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Diana Sanchez at Community Action Programs at Boulder County. Diana may be reached at 303-441-3998 or at pieprogram@bouldercounty.org. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.