Take a moment for this quiz: Can you name one of your credit cards, its interest rate and balance?

If not, you are not alone - managing your financial health can be difficult, but is a necessity in these difficult economic times, according to Kristi Grothman, branch manager at Summit Credit Union in Portage.

Grothman, along with advisers from the Columbia County University of Wisconsin-Extension - Becky Gutzman, nutrition program coordinator, and Patti Herman, family living educator - offered free advice Saturday at Woodridge Primary School in Portage.

The program, "Weathering the Financial Storm: Strategies and resources for tough economic times," sponsored by the Columbia County UW-Extension and Columbia County Health and Human Services, covered topics from saving money at the grocery store to budgeting, debt management and learning about your credit score.

Craig and Wendy Krause, of rural Portage, attended the event from start to finish.

"We're struggling like everybody else is," Wendy said.

Saddled with a high amount of credit card debt, the Krauses are facing bankruptcy after Craig's hours were cut in his job as program coordinator with Lutheran Social Services.

The information - on topics from grocery shopping on a budget, to managing debt and monitoring your credit report - was eye-opening for the Krauses.

"I wish we would have known (this) even a year ago," Wendy said.

The Krauses have trimmed their budget where possible, drinking water instead of soda, and shopping at Woodman's in Madison rather than the Portage Wal-Mart for groceries when they realized they could save $20 at the Madison store on their weekly shopping trip.

"I was just shocked by that," Wendy said.

Perhaps most astonishing for the Krauses was learning that credit scores are affected by closing credit cards and even by shopping for a car.

"I don't think you think about your credit score when you are building your life," Craig said.

Stretching your dollars

Here's some of the advice given Saturday.

Saving at supermarket

Following these tips can result in $2,000 in savings each year:

1. Make and stick to a shopping list.

2. Check your garbage - what you throw out can give you an idea of where to cut spending.

3. Don't shop hungry - it helps you avoid impulse purchases.

4. Brown-bag it - take your lunch to work or school.

5. Use coupons, but only for items you normally purchase, rather than for something you would not buy otherwise.

6. Check food expiration dates - older food spoils quickest.

7. Experiment, but only in small amounts. Try new foods in the smallest size possible. You will throw less out if you don't like it.

8. Convenience foods cost more and don't always save time.

9. Stock up on nonperishable staple foods when they are on sale.

10. Do the math - sometimes buying two smaller items costs less than purchasing the larger one.

11. Purchase generic or store brand items - often the difference is only in the label and cost.

12. Prevent food flops - research how to prepare unfamiliar foods before buying.

13. Cut down on junk food.

14. Plan your menu around sale items - and check what items are on sale before shopping. Wrap meat in freezer bags or airtight heavy-duty foil before freezing for longevity. Food kept at 0 degrees F can keep indefinitely.

15. Drink from a reusable water bottle rather than buy bottled water.

16. Avoid temptation at the checkout line.

Can't pay bills?

• Work out a new budget and prioritize your bills: pay housing, living expenses, utilities and transportation costs first.

• Be proactive: Contact your creditors before you miss a payment - it never hurts to explain your situation.

• Make a specific and realistic offer to creditors for how much you can pay each month, but don't make promises you can't keep.

• Follow up with a letter detailing the arrangements you have made with each creditor. Include the name of the person you talked to and the date. Get the agreement in writing and signed by the creditor before making payments.

• Contact a credit counseling agency - the Columbia County UW-Extension can help you find one. Call them at 742-9686.

• Don't take on new debt. Unless your situation changes quickly, more debt only makes the problem bigger.

Managing debt

Rules have changed on credit for home, vehicle and other consumer loans.

• Look out for the warning signs of too much debt. If you are able to make only minimum payments, are at or near your credit limit, are denied credit, lie to family members about your spending, and have a high amount of your income going to pay off debts, you could be in trouble.

• Know what you owe: Find out the interest rate and balances for each debt, including credit cards, mortgage and vehicle loans.

• Pay off the high interest rate debts first, then move on to remaining debts.

Track credit score

Your credit report affects your ability to obtain loans and even get a job. Be sure your credit report is accurate.

• Three bureaus keep track of credit information: Equifax, Experian and Trans Union.

• Check your credit report annually: A free report (but not your credit score) can be obtained at annualcreditreport.com or with a lender; you also can purchase the reports by contacting the credit bureaus.

• Keep in mind your credit rating is affected when you apply for credit, including store credit cards; by applying for vehicle loans; by the amount and type of your debt; by how long you've had credit; and by your payment history.

• Your credit report typically contains information from the past 10 years, including if you file for bankruptcy, but some information never leaves your credit report.

• You can dispute information in your credit report if it contains inaccurate information.

This information can be found also online: www.uwex.edu/ces/cty/columbia.

sgreen@capitalnewspapers.com

745-3504