|
A National 501(c)(3) Non-Profit Organization
call: 1.800.763.1874 |
| ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
CACC Moneywise Monthly Budgeting & Savings News You Can Bank On
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
March 2010
|
Spring into Spring with a fresh start on managing your money!
This is a great time of year to create a new beginning when it comes to family finances. Tough times with money are like long, cold winters; Dreary and difficult to deal with day after day, month after month. There often seems no end in sight of cold weather or financial troubles, which can be depressing. But, eventually, a new season starts. Warmer weather comes, flowers bloom and everything seems to have a fresh start.
While there is no guarantee of a change in your financial life as there is with the weather, let's use this change of seasons as our cue to warm up to our personal financial management responsibilities and challenges and resolve to begin to oversee our money the way we've always dreamed of doing; with confidence and in control at all times.
The good news is that, while we must live with the weather, we can bring on financial change if we choose to do so.
Where can you start? How about planning for summer? Before long, the kids will be out of school and many families will be travelling on vacation. Don't let those expenses sneak up on you this year. Dust off the Spending Plan and start to consider the next three to six months income and expenses and update the plan accordingly for optimum success.
CACC Counselor and Customer Service teams are here to help you!
Take Action! Start to plan your summer vacation expenses NOW!
Thank you for choosing Consumer Advocates Credit Counselors as your credit counseling organization. We welcome your comments and suggestions for future issues. Please email education@caccdebt.org with your ideas.
|
|
Tax Prep Tips
~~~~~~~~~~~~~~~~~~
Not many people have completed their Income Tax returns yet. It may be we just avoid dealing with taxes until we can't avoid them any longer. For those expecting to receive a refund this year, procrastination is costly? Since the government does not pay interest on your money, the sooner you get it back in your bank account, the better. You are not alone if you haven't gotten started, but, we are at the point that you should be getting started soon whether you are going to complete your return or have a professional do it for you. Here are some tips to help you get the ball rolling and get those taxes done. 1. Schedule time get spend on taxes each week. Whether it is an hour each night or several hours each Saturday, block off some time and stick to the schedule. The more complicated your tax return, the more time you'll need to complete it. Even if you are going to use a professional tax preparer, you'll need to spend time getting together the necessary information and documents. Just spending time thinking about the process and what has to be done to complete the return will be helpful.
2. Start by creating a list of documents, dollar amounts, receipts and other sources of tax related information you will need to get the job done, or provide to a tax preparer. The Tax preparation software programs available today are great at providing outlines and categories of information that will be needed. By now you should have received any and all documentation from outside sources like employers, banks, etc. that you'll need. If you have not received a needed document, there is time to get in touch with the organization that owes you paperwork.
3. Decide if you will need help. Many people start out with good intentions of preparing their own taxes but find things getting too complicated. Unfortunately, the closer we get to April 15th, the busier the professional tax preparers get and you may find it difficult to schedule time. Waiting until the last minute guarantees stress, possible mistakes, and the chance that you won't find a competent preparer who is available to work for you.
If you do choose to work with a tax preparer, the IRS offers these helpful ideas to avoid problems since you are ultimately responsible for the return. a. Be cautious of tax preparers who claim they can obtain larger refunds than other preparers.
b. Avoid preparers who base their fee on a percentage of the refund. Use a reputable tax professional who signs the tax return and provides a copy.
c. Consider whether the individual or firm will be around to answer questions about the preparation of the tax return months, or even years, after the return has been filed.
d. Check the person's credentials. Only attorneys, certified public accountants (CPAs) and enrolled agents can represent taxpayers before the IRS in all matters, including audits, collection and appeals. Other return preparers may only represent taxpayers for audits of returns they actually prepared.
e. Find out if the preparer is affiliated with a professional organization that provides its members with continuing education and resources and holds them to a code of ethics.
4. Think deductions. Things like job search and moving expenses, high medical bills, unreimbursed work expenses, and other deductible expenses can reduce your overall tax burden, and they require you to itemize your return which requires more time and energy but is well worth the investment.
5. Think Credits. What tax credits do you possibly qualify for? Tax Credits are wonderful because they directly reduce the taxes you owe. Depending on your income, the Earned Income Tax Credit and the Saver's credit should be considered.
6. Any changes? Were you married or divorced last year? Did a dependent move out? Did you receive some unemployment insurance income?
7. Consider putting all of this year's organization and preparation to work for you for the rest of this year. Rather than totally forgetting about taxes for another year, like most people do, vow to stay organized throughout this year keeping tax prep in the back of your mind and continue to keep track of expenses and income that will be needed for income tax preparation in 2011. Staying organized will help make next year's tax preparation much easier and you'll be in position to get it over with sooner.
Preparing income tax returns is an annual financial requirement so, just as with our other financial obligations, we should take income tax preparation very seriously, seek professional help if we need it, give ourselves plenty of time to complete our returns error free, and, use this year as a jumping board to better planning and preparation for next year because one thing is for sure...we'll have to do it all again next year.
** For more tips, information, and resources on budgeting, saving strategies, ways to combat debt, and how to use credit responsibly, call Consumer Advocates Credit Counselors toll-free 1-800-763-1874.
|
|
Get the most out of your Debt Management Program! ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
To get the most out of your Debt Management Program you must continue to be part of the process. Here are some smart things you should do to make sure that you are getting the maximum benefits from each and every monthly payment you make.
Read your latest Credit Card statements closely
Phase two of the Credit Card Accountability, Responsibility, and Disclosure Act went into effect in February and you should be aware of changes to your account. Mainly, you can expect more disclosure and information included in your statements.
Balance Your Checkbook
It has been reported that 20% of Americans don't regularly balance their checkbooks. Like driving a car blindfolded, it's a prescription for disaster. Being on a DMP where your monthly payment is taken out via ACH makes it even more important for you to keep track of your exact checking balances so you always have enough in your account to cover all of your obligations. If you ever get to a point where the money for an upcoming ACH transaction may not be available in your account, call customer service right away to alert them so you avoid problems with your Creditors over late or missed payments.
Calls from Creditors and Collectors
Yes, they may still be calling you about the account even after you've enrolled into the Debt Management Program. Don't be alarmed. These are big companies and information often travels slowly. Getting Collection agencies to back off of their collection efforts is especially challenging and they are likely to make a few extra calls before finally leaving you alone.
If you do get a call, be sure to tell the caller that you have enrolled into the ACC Debt Management Program and provide them with our Customer Service number. We'll take it from there.
Do you know someone who would benefit from money management
strategies and information? Please forward this email to them!
|
Are you losing track
of Cash?
~~~~~~~~~~~~~~~~~~~~~~~~~
A new survey from Visa shows Americans lose track of about $21 each week! Young adults fared even worse reporting that they cannot account for about $50 a week. Wow, that's between $1,092 and $2,600 that we are losing track of. A lot of money!
One reason for losing track is that we are paying with cash and not keeping track of the expenses. The top categories where people reported losing track of spending included these: - Shopping for food and groceries
- Leisure shopping and/or shopping for non-essentials
- Out for the night socializing
How can you avoid losing track valuable cash?
1. Anytime you spend cash it is extremely important that those expenditures get recorded. Every time cash is taken out of the ATM machine, the withdrawal should be listed in your checkbook as soon as possible to avoid overdrawing your account. Don't wait for the end of the month statement to make adjustments to your check register. Either do it at the time of the withdrawal or soon after.
2. Keep track of exactly what you spent the cash on and list it in your Spending Plan and/or your Check register.
This is really simple to do and very important if you are going to master your money and manage your finances successfully. |
|
Ask questions when opening a bank account
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Far too many people are intimidated when opening a new bank account forgetting that the bank is there to serve our needs. We are often "sold" products and services that we don't need, or end up paying higher interest or expensive fees because we did not ask the right questions up front.
Opening a checking or savings account should be approached just like you were entering into any other service agreement and you should ask lots of questions to make sure you understand what services you will receive and for what price. Knowing the rules of your accounts will save you time, money, and stress.
Here are some of the questions you should ask before agreeing to open an account: - What services and benefits do I receive?
- What are you minimum deposit requirements?
- Which accounts pay interest and what is the current interest rate?
- What fees are attached to each type of account?
- Do I have to maintain a minimum balance
- Do I have to use my ATM card so many times a month to qualify for that account?
- Are there any limits on how many withdrawals I can make each month?
- Can I set up direct deposits into my accounts?
- Do you offer online and telephone banking? Are there any additional fees for using those services?
- Is overdraft protection available? If so, what are the requirements and the fees?
- Is this account covered by FDIC insurance?
- Do you charge to print checks?
When you open a new account, many banks will also offer you a new credit card account, depending on your credit score, size of deposit, and other factors. If the bank does offer a credit card or line of credit, you will have a whole new list of questions to ask including, "what are the annual fees?" and, "what is the interest rate?"
You also want to be sure you understand the hours of operation and who will be your main contact at the bank when you need help with your accounts. It's good to get a name rather than accepting the old standby, "any of us can help you when you call or come in." That way you at least have a starting point when you need help so you can ask for that person and hold them accountable for serving your needs.
Banks are necessary in our financial lives and having a good relationship with your bank starts with asking the right questions before you open those important accounts. |
A Money $aving TIP
~~~~~~~~~~~~~~~~~~~~
"Do not sign any contract that requires full payment
before satisfactory completion of the work."
Have a money saving tip that you'd like to share?
Send it to us for possible publication in this newsletter! education@caccdebt.org |
|
There have never been more Americans in financial trouble in our lifetime!
We need your Help! CACC is a non-profit, IRS approved 501(c) (3) educational and counseling organization. Our expenses and operations are supported through generous contributions from corporations and individuals like you. Will you please consider providing some support so that we can continue our mission? The donation you make today will help fund debt relief programs, education, and client services while providing help and hope to thousands.
YES, I'd like to help fund CACC's Debt Relief and Education efforts with a contribution of:
( ) $25 ( ) $50 ( ) Other $___________.
Please Mail your Donation to:
CACC Education Development
23123 U.S. 441, Suite 107
Boca Raton, FL 33428
Thank you for your generosity!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Support CACC while you save up to 85% on your favorite Magazines! Now that's a Win-Win!
Click Here | |
CACC Workshops and Seminars  As a non-profit Credit Counseling and Financial Education organization, CACC is dedicated to reaching out to the community. CACC provides financial education seminars and workshops at community centers, local organizations, and companies.
Popular Topics Include:
- Managing Money in Tough Times
- Creating and Using a Spending Plan
- Managing Debt and dealing with Creditors
- Financial Trouble signs and What to do Next
- Smart Buying Strategies
- Fighting Identity Theft and Financial Fraud
- Understanding Your Credit Report and Boosting Your Credit Score
- Creative Ways to Teach Kids About Money
- Finding More Money to Save
- How to Get Out of Debt
Ask about customized seminars for your group, staff, congregation, team, or club! Call 1 800-763-1874 or
e-Mail: mikes@caccdebt.org
Upcoming FREE Workshop Schedule
If you live in South Florida, join CACC Director of Education, Mike Schiano, on the first Monday of each month at the Broward County Main Library from 2-3pm and the First Wednesday of each month at the West Palm Beach Public Library from 7-8pm for FREE Money Wise Workshops.
February - Give Yourself Credit! Understanding Your Credit Report and Boosting Your Credit Score
March - Budgets are like Diets! Creating and Using a Spending Plan
April - Managing Your Way out of Debt!
May - Fighting Identity Theft and Financial Fraud
June - Creative Ways to Teach Kids about Money
Register to attend:
Broward County Main Library at (954) 357-7439.
West Palm Beach Public Library - (561) 868-7791
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Consumer Advocates Credit Counselors, Inc. is a 501 (c)(3) non-profit credit counseling organization providing credit counseling, financial education, and debt management services. Please visit our website at: www.caccdebt.org
Additional consumer resources:
National Drug Abuse Hotline
1 800 622-HELP
National Domestic Violence Hotline
1 800 799-SAFE
Suicide & Depression Hotline
1-800-999-9999
|
| Contact Us:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ phone: 1.800.763.1874
CACC Director of Education and Money Wise Monthly Editor in Chief:
Mike Schiano, "The DebtBuster"
mikes@caccdebt.org
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
'Til Next Month,
Consumer Advocates Credit Counselors, Inc.
Copyright ©Consumer Advocates Credit Counselors, Inc. 2009
Use of all or part of this newsletter allowed with proper attribution and link:
Source: Consumer Advocates Credit Counselors, Inc. www.caccdebt.org |
|
|
|
|
