Sunday Savings Tip: Setting Expectations During the Holidays

Today's tough economy can provide a great opportunity for you to teach your children some powerful lessons about money and spending during the holidays. Help them learn the value of prioritizing by asking them to choose the top 3 items on their wish list. Doing so will help them identify the gifts they truly want. Remember when fulfilling a child's desire for gifts, it's easier to under-promise and over-deliver. 

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Sunday Savings Tip: Holiday Travel Gobbling Up Your Paychecks?

Planes, trains and automobiles. As the country prepares for one of the busiest travel weeks of the year, travelers are shaking their heads at the price they have to pay to spend time with friends and family. While there may not be a way around shelling out a chunk of money to visit your cross-country cousins, there are ways to make it more affordable.

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Sunday Savings Tip: Open Season for Savings

Last week marked the beginning of Open Enrollment for many employees across the country. With rising healthcare costs nationwide, many have been driven to simply select the plan with the lowest premium. But the lowest premium doesn't always result in the lowest cost to you. Reviewing your plan selection every year is always a good idea; you might even be able to come out ahead. Outlined below are some of the many things to consider when choosing your health insurance plan.

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Sunday Savings Tip: The Holiday Marathon

It is almost the first of November: let the holiday marathon begin! But before you dive into a gravy boat, take some time to work out a holiday-attack plan. Over spending and lack of budgeting take a toll on almost everyone during this time of year, so try taking a few simple steps to avoid a stocking full of financial trouble this holiday season.

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Sunday Savings Tip: Protect Your Identity Week

It can happen to anyone, anywhere; suddenly your account balance takes a dive, or you receive a bill for a credit card you know nothing about. It's not a memory lapse, it's identity theft. All it takes is a few key pieces of information and someone can access your accounts, open new ones, apply for loans, make major purchases and more. An estimated 9 million people have their identities stolen every year, according to the Federal Trade Commission. Don't be a victim, protect your identity! Here are some tips on how you can keep your identity safe:

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Sunday Savings Tip for Father’s Day!

Next Sunday, June 19, is Father's Day. It is easy to make your father feel important without breaking the bank by purchasing gifts that are inexpensive or personal. Here are some ideas to get you started.

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Sunday Savings Tip: Don't Settle Yourself Short

Settle your debt for pennies! We'll make your debt disappear!" The struggling economy over the past few years has left many floundering in credit card debt. And from it all, companies have sprung up claiming to be able to get you out of debt—seemingly in the blink of an eye. But don't let yourself be fooled. Settling can end up costing you in the long run. Before you jump at the chance to lessen your debt, make sure you know the facts.

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Sunday Savings Tip: Stay Healthy, Save Money!

Cough! Sniffle. Achoo! The next few months mark the peak of cold and flu season. While there are plenty of reasons to stay healthy, maintaining good health can also mean big savings. For example, the health care costs for flu patients with a secondary infection can be over $6,000. On the other hand, the average flu vaccine costs less than $20, according to the CDC. Here are a few tips to help you stay healthy this year.

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Sunday Savings Tip: Ready, Credit, Score!

Tax season is a good time to take a holistic look at your finances, including your credit score. You may be looking for ways to improve your score, or just trying to figure out how to find it. Here are a few credit score basics.

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Sunday Savings Tip: Scammed Jobless

When you're unemployed, it can be easy to overlook the minute details of job opportunities. For example, the job may not be in the ideal location or offer the highest pay. While it's important to keep an open mind on a job hunt, often the desire for employment can lead you right into a scam. Job search sites and tools do their best to protect users from fraudulent job postings, but due to the open forum nature of many resources this is not always possible. Here are a few common scam tactics to watch for.

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Sunday Savings Tip: Like a Lion

When it comes to weather, the saying goes that if March comes in like a lion, it goes out like a lamb. So why can't taxes go the same way? Attack your taxes now and you'll be calm as a lamb when April arrives. Here are a few tips to kick-off your taxes today.

• Pull it together. Put together a folder of all of the documents that you need to prepare your taxes, including proof of identification, Social Security Numbers for you, your spouse and dependents, wages and earnings statements (such as Forms W-2, W-2G, 1099-R, etc.), interest and dividends statements from banks, brokerages, etc., a copy of last year's tax return, bank routing and account numbers (for refund or payment), the amount you paid for childcare and the childcare provider's tax identification number and receipts for charitable donations.
• Form your plan. Depending on your situation, there may be several forms that you need to file this tax season, so make sure you know the ones you need. Your local CPA can help you find and file your tax forms.

Be sure to visit my previous post for more information about filing taxes and saving money here.

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Sunday Savings Tip: Deduction Junction for Filing Taxes!

Deduction Junction, What's Your Function?

As 2010 draws to a close, many people are looking at their bank accounts and wondering, "Where did all the money go?" If you didn't save as much as you'd hoped this year, your taxes may offer a prime opportunity to take on the New Year with a financial boost. The secret: deductions. Although they may require extra effort to track, deductions can mean a lower taxable income for you, increasing the amount of money you get to keep. Here are a few common deductions that people frequently forget.

 

• Give and you shall receive. Contributions to charity are some of the most widely publicized deductions, as many organizations utilize it as an incentive for people to donate. But make sure that you have proper documentation. Just because you dropped $200 into a donation jar doesn't mean you can deduct it; you need proof that confirms who the donation was made to and the amount.
• Job search savings. Unemployment over the past few years has hit startling levels. While hunting for a new job is never fun, you may be able to deduct your costs, like travel expenses, accommodations, employment agency fees, and the cost of printing and distributing your resume and other materials. Again, documentation is key. Make sure you keep track of who you met with, dates, locations, etc.
• Doctor driving. Most people are good at keeping track of all of their receipts for medical visits, co-pays, etc., but did you know that your cost of getting there is deductible too? Keep track of your mileage, parking fees, tolls and fares for buses, trains, or cabs–all of them are deductible.
• Improving your castle. Most people know that if you buy a new home, you can deduct the cost of the associated mortgage. But if you take out a loan for home improvements you can usually deduct the interest paid on that loan as well. However, there are specific rules that detail what exactly can be deducted, so do not assume you can deduct everything.

Filing your taxes can be complicated enough without throwing deductions into the mix, but the potential payoff is well worth it. For more information on filing your taxes, deductions and more, check out the new 360 Degrees of Taxes website here.

To see more savings tips, click here. Was this information helpful? What additional methods do you use to gain financial freedom?

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Sunday Savings Tip: Avoiding Bank Fees

One dollar here, two dollars there, extra bank fees seem to pop up everywhere. Bank fees mean less money in your savings, and in this economy no one can afford that. Following these simple tips can result in significant savings over time.

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Sunday Savings Tip: Money Can’t Buy Me Love

Love is in the air, and money is pouring into flower and chocolate shops across the country today. Instead of focusing on spending money, why not have an honest conversation with your loved one about money.

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Sunday's Savings Tip: Save Money Each Month

A penny saved isn't actually a penny earned. But every penny you don't spend can be a penny you put in your piggy bank. Here are some tips on ways you can save money each and every day, week and month.

• Use your public library. Books, magazines, audio books, films, and CDs are all available for no charge at your public library. Many libraries even offer free events, classes and workshops for children and adults. It is crazy not to take advantage of all that your library can provide. Do yourself a favor and go see what your library has to offer you.
• Look for free or inexpensive entertainment. Whether you are taking advantage of free movies in your local park or 'pay what you will' evenings at a museum, lowering the cost of keeping yourself entertained will up your savings total.
• Evaluate the money you spend on food. Are you spending more or less than average for your household? If you are spending more than average, coupons and sale items are a great place to start, but there are other options as well. Is there a food or cooking co-op you could join or organize? Would ordering your groceries online allow you to spend less? Are there any farmers markets you can take advantage of? Everyone has to spend money on food, but you can get creative to find ways to lower your costs.
• Shop for bargains. No matter what you are looking to purchase, there is probably an option online to find it. Remember to check websites such as Craigslist, auction sites and even Freecycle for products you need. Thrift stores, both online and traditional brick-and-mortar, also offer a lower cost on items from clothing and accessories to furniture and books.

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Sunday Savings Tip: What is the State of Your 401(k)?

Today is National 401(k) Day. Why not celebrate by reassessing how much you are putting into your 401(k) each month?

A 401(k) is a retirement savings plan where the money going in comes directly out of your paycheck before taxes. Many employers have plans as part of the benefits package offered to employees, and some companies have programs where they also contribute or match funds going into employee 401(k) accounts.

If you have a 401(k) plan through your employer, you should be taking advantage of it and putting in as much as possible. Could you increase your current contribution by one percent? Increasing your contribution by as little as one percent (or more if you can swing it) will make a solid difference by the time you are looking at retirement. If your employer will match your contribution, make sure you are taking advantage of the opportunity as much as you are able.

Happy National 401(k) Day—now go out there and bulk up your retirement savings!

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Sunday Savings Tip: Saving Money While Traveling

Everyone likes to take a trip once in awhile. Remember, however, that even if you are planning a getaway, there are ways you can travel on a budget and make your money stretch farther.
Here are some suggestions to get you on the right path:

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Sunday Savings Tip: The Credit Card Accountability, Responsibility and Disclosure Act of 2009: What it Means for You

Additional financial regulations and changes stemming from Wall Street reform went into effect over the weekend. Credit card companies now have a longer list of rules they must follow, and you may have a longer list of loopholes to watch out for.
Here is a summary of the new credit card rules:

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Sunday Savings Tip: New Regulations for Debit Card Overdraft Fees

 

An overdraft happens if you make a charge or purchase and don't have the money in your account to cover it. Standard practice for banks has been to charge you a flat fee each time you overdraw on your account. Some banks offer to connect your debit card to your savings account to cover the overdraft itself. However, some banks may charge a high interest rate and require quick repayment for the amount of the overdraft.

New overdraft rules from the Federal Reserve went into effect on August 15 and are designed to protect consumers. However, you must make sure you understand the new rules to know whether opting-in or opting-out is best for you.

• You must opt-in to your bank's plan before your bank can apply its standard overdraft practice and fee. If you do not opt-in, or specifically opt-out, your debit card will be denied if you attempt to make any purchases that your account cannot fully cover.

• The new rules require flexibility from your bank—you can opt-in or opt-out at any time.

• The new rules do not cover checks or automatic bill paying programs.

So, what do you need to do? Well, that depends. If you have frequently been charged overdraft fees in the past, these changes could be the perfect opportunity for you to look at your budget and reassess where and when your funds are coming into and going out of your account. Opting-out of your bank's plan will ensure that you aren't spending more than you have, and make you aware of it if you try to do so.

If you don't often get into a situation where you are charged an overdraft fee, you may choose to opt-in to your bank's plan to cover your purchases on the rare occasion you try to make a purchase you can't cover. But be sure you have thought through whether the fee is worth it. It may be advisable to put down a pending purchase and instead wait until payday, or transfer the necessary funds into your account.

Either way, make sure you understand all of the options you have, and all the fees your bank may charge. Contact your bank if you have questions about their overdraft plan and fees.
For more information and tips on how to avoid fees completely, see Protecting Yourself from Overdraft and Bounced-Check Fees and these tools for Budgeting and Saving.

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