UMaine helps Mainers budget, connect with resources in face of rising energy costs

    In the face of falling temperatures and rising energy prices, a University of Maine School of Economics program will help individuals and businesses make ends meet. The Financial Education Initiative will teach Mainers how evaluate their finances; create and stick to a budget; and connect with organizations and programs that can provide heating and financial assistance.
    Maine Economics Professor George Criner, along with master’s students Hugh Stevens and Sharon Hageman, will travel to five regions in eastern and central Maine to provide financial counseling to individuals and groups. A $27,000 grant from the University of Maine System will allow them to collaborate, with students at UM Fort Kent, UM Machias, UM Farmington and UM Presque Isle joining the effort.
    Outreach locations include Belfast-Bucksport; Greater Bangor; Millinocket-Houlton; Washington County and Farmington.
    “We’re interested in helping people realize what their situation is before it reaches a crisis level,” said Criner. “We’re providing them with information to help them make intelligent decisions.”
    The University of Maine School of Economics will collaborate with UMaine Cooperative Extension, UMaine’s Business School, Maine Centers for Women, Work and Community and the Maine Municipal Association. Over time, they hope to extend their coverage to more towns in Aroostook, Franklin, Penobscot, Piscataquis, Washington and Hancock counties.
    This feet-on-the-street approach is critical, according to Stevens.
    “If they can’t afford to pay $5 a gallon for fuel oil, they can’t afford $4 a gallon for gas to drive to a state agency,” he said. “We’re going to them, to each and every community our budget allows, to every community center and church, if we can get two people who are interested, we’ll meet with them.”
    Just as their geographic reach is broad, so is the range of assistance they can offer. When people apply for general assistance, the town often will require recipients to have a budget in place to show how they plan to get back on track. These students can make a budget with their eyes closed. But they can also let people know how much money they’ll need to heat their house this winter, how to open a bank account and how to get out of debt.
    Criner, Hageman and Stevens anticipate that the initiative will continue to grow and change as they gain a better understanding of what their clients need and how they can best serve them.
    “Giving somebody money is a one-time action,” Stevens said. “We would hope that increased financial education would provide people with a long-term financial coping skill. Not only are we long-term in our outlook, the skill is long-term as well.”