Personal Finance

If you find yourself in a sudden financial emergency, here are some options for finding help. The Niles Township Social Services Office and Village of Skokie Human Services Division will provide assistance and referrals to other organizations based on your situation. They are always a good place to start. 

Housing and Utilities

• General assistance: The Illinois Housing Development Authority (IHDA) can help if you are having trouble paying your rent or mortgage, are facing eviction or foreclosure, or need legal assistance, food, or help with utility bills. The IHDA call center can be reached at 312-836-5200 or toll-free at 866-324-4431.
• Eviction: If you are facing eviction, you can call 855-631-0811, chat online, or text 85622 to reach Eviction Help Illinois for free legal assistance.
• Electric bills: ComEd will work with customers who are unable to pay their bills on a case-by-case basis. View information about bill payment assistance or call 800-334-7661.
• Energy bills: The Low-Income Home Energy Assistance Program) provides aid for struggling families in Illinois. For more information, call the Community and Economic Development Association of Cook County at 800-571-2332 or their partners at the North Shore Senior Center at 847-784-6040. Nicor also offers bill payment assistance to eligible customers. Go to their website or call 888-642-6748. 

Food Assistance

Here is a list of community resources providing assistance with food.

Unemployment Benefits and Jobs 

You can file for unemployment benefits online at the Illinois Department of Employment Security. View a list of information you need to file an online Illinois Unemployment Insurance claim. You can also call the Illinois Department of Employment Security at 800-526-0844. 

Budgeting can help you manage your financial decisions, avoid excessive debt, and plan for the future. If you’re having difficulties or want some help getting started, local nonprofits can coach you on financial planning. 

Budgeting 

• Read about how to create and stick to a budget in this guide from the Consumer Financial Protection Bureau.
• Here are two online budgeting tools: try this one from the Illinois Financial Wellness Hub or this Household Budget Worksheet from Kiplingler.
• If you are looking for a budget template, you can use this free monthly budget template from Google or try a Microsoft Budget Template.
• AARP provides a Home Budget Calculator, which will do the math for you when creating a budget.
• NerdWallet offers a useful article titled How to Budget Money in 5 Steps.
• We also have numerous books on budgeting that you can check out. 

Financial Counseling Services 

• The YWCA Evanston/Northshore offers individual financial coaching sessions and has drop-in hours on Wednesdays at their Financial Empowerment Center. Visit them in person or call 847-864-8445 for more information. In addition to financial coaching, they also have budgeting and investing classes.
• The Spanish Coalition for Housing has both one-on-one appointments and group workshops. Contact them online or call 773-342-7575.
• Financial coaching is available from the Center of Concern in Des Plaines.
• Money Management International in downtown Chicago has appointments available for in-person counseling. 

Saving–especially setting up an emergency fund–and investing are also important parts of managing your money. Here are some resources related to each of these areas.

Saving

• The U.S. Department of Labor’s Savings Fitness A Guide to Your Money and Financial Future contains a good overview of sound financial practices and how to avoid common pitfalls
• The Illinois Financial Wellness Hub has brief courses on banking and going beyond checking and savings accounts.  
• You can find up-to-date information on and evaluations of banks, savings accounts, and credit unions using Bankrate and Investopedia. Also see resources about banks from Illinois Legal Aid. 

Investing

• If you are new to investing, Investopedia offers How to Invest in Stocks: A Beginners Guide.
• The Illinois Financial Wellness Hub, part of the Illinois State Treasurer’s office, offers a 30-minute course called Investing to Build Wealth.
• If you want professional guidance, use a resource from FINRA, a nonprofit organization authorized by Congress to protect investors, to choose an investment professional.
• Use BrokerCheck to research the background and experience of financial brokers, advisers, and firms.
• The library offers free investing and business resources, with up-to-date financial data on stocks, mutual and exchange-traded funds, and options. 

Make sense of credit so that you can build a good financial history, avoid scams, and take steps to prevent fraud and identity theft. 

Credit Reports and Credit Scores 

Credit reports and credit scores are different. A credit report has information from the past decade or so about all of your credit activity—loans, mortgages, credit cards—and public records like bankruptcies. A credit score is simply a three-digit number meant to evaluate how likely you are to repay any credit you receive. Credit scores are based on information in your credit report, so errors in your credit report can affect your credit score.  

• For more information about the differences between credit reports and credit scores, read these articles from the University of Wisconsin-Madison and the Consumer Financial Protection Bureau, or take this course from the Illinois Financial Wellness Hub.
• You can get a free credit report every year from annualcreditreport.com.
• Visit one of the “big three” major consumer reporting companies: Equifax, Experian, and Transunion. 

The Consumer Financial Protection Bureau (CFPB) recommends that you routinely check credit reports and dispute inaccurate information. Learn more about refuting inaccurate information with a credit reporting agency. If you have trouble correcting inaccurate information, you can submit a complaint with the CFPB. For more information about credit, try these resources from Illinois Legal Aid Online. 

Improving Your Credit Score 

Having a good credit score can have a large impact on your life in many ways, from obtaining lower interest rates to approval for renting property.  

• InCharge Debt Solutions and Forbes both have articles on the benefits of good credit.
• The Consumer Financial Protection Bureau has tips on how to get and keep a good credit score.
• Illinois Legal Aid Online also has an article on improving a credit score.
• The Illinois Financial Wellness Hub has a brief online course on optimizing your credit score.
• You can take classes and receive one-on-one coaching on how to improve your credit score from Working Credit, a nonprofit organization.
• Information is available from the Consumer Financial Protection Bureau about how to select, screen, and contact a reputable credit counselor if you would like additional assistance. 

Debt Collection 

Debt collectors are not allowed to use unfair practices to collect debts. Debt collectors might harass you or otherwise violate the law when contacting you, expecting you to be unaware of your rights. Learn what to do when contacting creditors and debt collectors to discuss debts and negotiating repayment plans. Illinois Legal Aid Online has public resources available if you are being sued or being otherwise pursued for your debt. 

For legal assistance, call the CARPLS Cook County Legal Hotline at 312-738-9200 or get a referral online from Illinois Legal Aid Online. Both provide referrals or legal advice free of charge. 

Protecting Yourself 

The Consumer Financial Protection Bureau and the Federal Trade Commission (FTC) have tips to identify, avoid, and prevent scammers, fraudsters, and bad actors intent on identity theft and other types of scams. To protect your personal financial information, the FTC provides information about online privacy. Illinois Legal Aid Online also has advice for avoiding identity theft, along with first steps for recovering if your identity has been stolen.  

If you are a victim of identity theft, start by going to IdentityTheft.gov, a website maintained by the Federal Trade Commission. You can report the theft or simply review a full list of next steps. 

Sometimes, we need to take out loans in order to accomplish our goals. Some of the primary areas in which we may need to borrow money are for education, home or car ownership, and home improvements or maintenance. Learn to borrow responsibly and avoid problems with loans.

Student Loans 

• Before you decide to take out student loans, use the Illinois Student Assistance Commission to help find scholarships, select a college, navigate the financial aid process, and more. This commission has college planning and financial aid events, and you can contact nearby members for free one-on-one assistance.
• If you are a current student loan holder and are having trouble making loan payments, the Consumer Financial Protection Bureau has advice for managing repayment. If you have federal loans, you may be eligible for student loan forgiveness or income-driven repayment. Find more information about specific different income-driven repayment and forgiveness programs. 

Buying a Home 

• If you are considering buying a home, the Consumer Financial Protection Bureau has tools and resources for homebuyers to help you navigate the buying process.
• SmartAsset.com has an online mortgage calculator to estimate monthly payment costs. 
• Most resources assume that you will be buying alone or with a spouse who shares your bank account—if you’re thinking about buying property with friends, first read these articles from Investopedia and US News. 
   

Home Finance Assistance

• The Chicago Housing Trust administers and sells homes to low-income families. Visit their website to apply for assistance and register for events or email them at chicagohousingtrust@cityofchicago.org.
• Neighborhood Housing Services of Chicago offers loans and assistance with down payments, in addition to classes and coaching about the home-buying process. Call 773-329-4111 or email homeownership@nhschicago.org.
• The Spanish Coalition for Housing also offers assistance and counseling to prospective homeowners. Call 773-342-7575.
• The Illinois Housing Development Authority (IHDA) offers counseling, free of charge. The IHDA also offers its own mortgages and vets lenders. 

Auto Loans 

• Before you take out a loan to pay for your next vehicle, read the Consumer Financial Protection Bureau guide to understanding and comparing auto loans.
• Read about costly misconceptions about car loans to avoid taking out a loan you may not be able to afford.
• Illinois Legal Aid has an overview of car loans as well as one on buying a used car.
• If you do not repay an auto loan, the car may be repossessed. If this has happened to you, try these additional resources. 

For overviews and tools, see the following resources to help you determine your retirement needs, social security benefits, and health care costs: 

• Retirement calculators that can help determine financial needs in retirement are available from Kiplinger or AARP. 
• The Social Security Administration’s retirement benefits page explains how Social Security payments can be an important part of retirement income. 
• The Financial Industry Regulatory Authority provides resources to help you  manage retirement income.
• Take a retirement planning course from Udemy from Gale or the Illinois Financial Wellness Hub. 

Estate Planning

How will your assets be managed and distributed after you die? Estate planning usually includes making a will or trust, naming an executor and beneficiaries of your assets, and even setting up funeral arrangements. 

• The Illinois State Bar Association offers this Guide to Estate Planning. 
• For an overview of estate planning, see this article in Investopedia.
• The Illinois Financial Wellness Hub offers a 25-minute course on preparing an estate plan. 
• Nolo, a legal self-help organization, offers a comprehensive overview of estate planning.

Wills

A will is a legal document detailing how your property should be handled after your death. 

• Illinois Legal Aid Online has basic information and answers to questions you may have about wills.
• If you have minor children, a will can have instructions for their custody and care.
• Not having a will before you die is known as dying “intestate.” In these cases, state laws will determine how decisions are made regarding the distribution of any assets you may have left.  

You may write a will with or without a lawyer’s assistance, but it’s extremely useful to do research first either way. 

• For information on preparing a will on your own, Nolo has an overview of useful starting information, as well as resources for making your own will.
• If you would like to work with a lawyer, the Illinois State Bar Association has a search tool.