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A National 501(c)(3) Non-Profit Organization
call: 1.800.763.1874 |
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CACC Moneywise Monthly
Budgeting & Savings News You Can Bank On
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February 2013
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Get those taxes done...get your refund...and put that money to work!
Get those taxes in...get your refund... and put that money to work!
If you are planning to receive a tax refund this year, take a deep breath and really consider what good you can do financially with that money.
If you are like many people you may be thinking vacation, party, fun money! Many others don't have a choice of what to do with their tax refund. They need the money as soon as possible to buy new tires, or a coat; to fix broken items around the house; make a mortgage payment or pay for school.
If you have some choices on what to do with the money you receive back, consider prioritizing your financial obligations to help make those decisions. There are many good options when it comes to utilizing found money. Paying off some debt is always a good choice. Starting or restarting your savings account is another good way to go. Some choose to prepay insurance premiums or other bills that come yearly, of quarterly.
A good rule of thumb used by many financial counselors is to list debt for which you are paying interest. Then order the debt by highest interest rate to lowest. The highest interest rate debts are costing you the most money each month and should be targeted for elimination first. Paying off debt that is charging low or no debt is good but not as good as eliminating a credit card charging you 24% interest.
Another way to decide is to consider which bills are most urgent. For example, delinquent medical bills may be on the verge of being turned over to a collection agency while your high interest credit card bill is paid up on time. You might consider paying the medical bill to avoid the hit to your credit report and credit score and years of collection calls.
The key is to take your time and plan to manage your money in a way that will give you the best advantage financially. When money is tight it often seems as though that you don't have much control but, spending a tax refund intelligently, you are in charge.
Take Action
If you think you will be receiving a tax refund, don't procrastinate. Set a deadline to get your tax return completed and sent in this month.
A great way to change your money management style is with the free Money Smart program developed by the FDIC? It's the smart way to improve your fiscal fitness!
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The gap is narrowing between foreclosure prices and home values
Here is some good news for homeowners trying to sell in the midst of the housing recovery and with still, way too many foreclosures driving down prices in neighborhoods nationwide. In contrast to the discounts seen earlier in the foreclosure crisis, homes in distress are now selling for closer to their original market value, reaching a 12.2% difference in the fourth quarter, according to a report by FNC. Home values are rising, and foreclosure prices seem to be bottoming out. Yanling Mayer, FNC senior research economist, said this is "the very first time in the long housing recession that the two are happening at the same time."
** Do you need help creating your family budget? Talk to a CACC Credit Counselor toll-free 1-800-763-1874 or visit www.caccdebt.org.
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5 simple ways to stockpile cash for Tax time
While many people receive tax refunds many end up owing money. That's why it's important to build up a little cushion of cash now. It can mean the difference between repaying the IRS and them hounding you for cash for months to come. Here are five things you can do to easily build up a stash of cash in time for tax time.
Don't overpay for gas
It's tempting just to get gas from the station near you, but that's often not the cheapest. Instead, visit sites like GasBuddy.com to find the least expensive gas in your area. You can sometimes save 20 cents or more per gallon this way, which can mean big savings!
Ditch costly impulse buys
You know the drill: You go into a store knowing you just need a few little things, but somehow end up busting your budget. To prevent that from happening, practice the five-second rule: Before you put anything in your basket or cart, wait five seconds, during which time you'll ask yourself "do I really need this?" Most of the time, the answer is no, so move on to what you do need.
Sell your stuff smartly
With a site like UltraPawn.com, you can safely and easily sell stuff like old jewelry and electronics. They'll send you money for the items within 24 hours. Now that's quick cash!
Go green
To keep from overspending, "go green," which, in this case, means only taking cash with you when you leave the house -- no credit and debit cards allowed. It's impossible to overspend when you can't access more money!
Pick up a side gig
No one likes to think about extra work, but to earn cash fast, consider picking up a side gig like landscaping, babysitting or house cleaning in your spare time. You can use a site TaskRabbit.com to find these gigs, or tap into your Facebook or LinkedIn network to ask people if they need help with little tasks.
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If you have the desire and the ability to make extra payments towards your DMP, contact CACC Customer Service to coordinate making the extra payment. Since your DMP is set up to pay a certain amount each month changes must be handled properly to make sure you do not get removed from the Creditors DMP.
CACC Customer Service: 1-800-763-1874 Do you know someone who would benefit from money management strategies and information? |
Ensure your Insurance is not breaking the bank
We write often about the need to check the prices you are paying for insurance coverage annually to make sure you are not overpaying for needed coverage. It is amazing how prices can fluctuate for example, for auto insurance coverage from one carrier to the next. Some carriers rely heavily on your credit score in addition to other factors to set your premium costs while others use driving records and other data such as what city you live in, what kind of car you drive and other data and rely less on credit reports.
As your credit score improves, you should be eligible for lower insurance premiums but they won't call you. You will need to call them and ask for a lower rate.
How much you can save will, of course, vary greatly between insurance companies. It takes some time on the telephone talking to agents and asking for quotes. The key is to compare the same coverage between companies. Getting a low price from a company that is offering fewer coverage benefits is not the same as finding a lower price on the exact same coverage you currently have.
Most importantly, never cancel insurance coverage until you are sure you are covered by a new policy. Canceling prematurely could leave you without needed coverage.
Thank you for choosing Consumer Advocates Credit Counselors. We welcome your comments and suggestions for future issues. Please email education@caccdebt.org with your ideas.
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9 tricks to saving money at the movies
by Kendal Perez
Whether you've seen all the Oscar nominated flicks or are more interested in independent films, a night at the movies can cost a pretty penny. In fact, the average cost of a movie ticket in 2012 was $7.96, an all-time high according to recent reports. Since this expense doesn't include 3D glasses, popcorn or Junior Mints, consider the following tricks to save at the movies this year.
Attend an Oscar Marathon
In anticipation of the Oscars, many theaters are offering discounted back-to-back showings of best picture nominees. Cinemark's marathon event features Argo, Silver Linings Playbook, Zero Dark Thirty and Django Unchained for $30, plus discounts on popular concessions. If you want to catch all nine best picture nominees, hit up select locations of AMC Theaters for $60 of Oscar-worthy cinema.
Silence Your Phone
This standard pre-movie request can actually save you money at Cinemark. By downloading their Cinemode app to quiet your phone during a movie, you can earn rewards towards coupons for free candy or a small popcorn with concession purchase.
Join Reward Programs
Like your favorite froyo shop or clothing retailer, most movie theaters have a loyalty club where you can earn rewards. AMC's Stubs program costs $12 per year and offers a $10 credit for every $100 spent, plus free upgrades on concessions and waived online fees for Internet ticket purchases. Free programs like Carmike Rewards and Regal Crown Club offer free candy, soft drinks and movie tickets for accrued points.
Gift Yourself
There's no better present for a movie buff than a gift card to the local theater. However, you don't have to rely on subtle hints to get gift cards; you can pick up movie gift cards at a discount online from sites like GiftCardGranny.com. With an average discount of nearly 14 percent, you'll save instantly on tickets and concessions without ever touching your cash stash.
Buy in Bulk -- But Compare
Families and movie buffs can benefit from buying their movie tickets in bulk, but be sure to compare costs before you buy. For example, a 10-pack of AMC movie tickets from Costco will run you $86.99, or about $8.70 per ticket. This is a great deal for movie-goers in Riverside, Calif., who pay a regular-ticket price of $11.50; it's not a deal for people in Greeley, Colo., who can see an AMC flick for $8.50.
Select Your Showtime Wisely
Opting for a matinee over a Friday-night opening is an obvious way to save money at the movies. However, select theaters offer discounts on low-traffic days, like Cinemark's Discount Tuesdays or Regal Value Days.
Look for Coupons
Like anything, you can typically find a discount or coupon for concessions at your favorite movie theater.
Use Credit Card Perks
You can save on coffee, clothing, movie tickets and more when you shop through your credit card's online store. For instance, Visa Signature cardholders can save 20% on a $25 order of Fandango gift cards when they order the cards online. Some cards offer cash back on specific purchases.
Speak Up
Whether it's speaking up about an unsatisfying movie experience or asking for a specific discount, saying something is key. Some managers will offer vouchers to patrons who complain about screaming babies, rowdy teenagers or poor movie sound. Additionally, don't forget to ask for senior, student and military discounts if you have the ID to prove your status.
Kendal Perez is a frugal fashionista and bargain shopper who helps fellow shopaholics find hassle-free ways to save money.
Have a money saving idea that you'd like to share?
Send it to us for possible publication in this newsletter!
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Countdown to Healthcare Reform
Key health insurance protections for all Americans moves forward The U.S. Department of Health and Human Services (HHS) issued a final rule that implements five key consumer protections from the Affordable Care Act, and makes the health insurance market work better for individuals, families, and small businesses. "Because of the Affordable Care Act, being denied affordable health coverage due to medical conditions will be a thing of the past for every American," said HHS Secretary Kathleen Sebelius. "Being sick will no longer keep you, your family, or your employees from being able to get affordable health coverage." Under these reforms, beginning in 2014 all individuals and employers have the right to purchase health insurance coverage regardless of health status. In addition, insurers are prevented from charging discriminatory rates to individuals and small employers based on factors such as health status or gender, and young adults have additional affordable coverage options under catastrophic plans. This final rule implements five key provisions of the Affordable Care Act that are applicable to non-grandfathered health plans: Guaranteed Availability
Nearly all health insurance companies offering coverage to individuals and employers will be required to sell health insurance policies to all consumers. No one can be denied health insurance because they have or had an illness. Fair Health Insurance Premiums
Health insurance companies offering coverage to individuals and small employers will only be allowed to vary premiums based on age, tobacco use, family size, and geography. Basing premiums on other factors will be illegal. The factors that are no longer permitted in 2014 include health status, past insurance claims, gender, occupation, how long an individual has held a policy, or size of the small employer. Guaranteed Renewability
Health insurance companies will no longer refuse to renew coverage because an individual or an employee has become sick. You may renew your coverage at your option. Single Risk Pool
Health insurance companies will no longer be able to charge higher premiums to higher cost enrollees by moving them into separate risk pools. Insurers are required to maintain a single state-wide risk pool for the individual market and single state-wide risk pool for the small group market. Catastrophic Plans
Young adults and people for whom coverage would otherwise be unaffordable will have access to a catastrophic plan in the individual market. Catastrophic plans generally will have lower premiums, protect against high out-of-pocket costs, and cover recommended preventive services without cost sharing.
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Your friends and neighbors are suffering with money problems!
They 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 financial 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. Won't you help us give the gift of Debt Relief?
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!
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Free 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
- Fighting Identity Theft and Financial Fraud
- Understanding Your Credit Report and Boosting Your Credit Score
- Creative Ways to Teach Kids About Money
- How to Get Out of Debt
Ask about customized seminars for your group, staff, congregation, organization, or club!
Call 1-800-763-1874 or e-Mail: education@caccdebt.org
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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:
Free Birthday Gifts
Stay Safe On-Line
US General Services Administration Federal Citizen Information Center
National Drug Abuse Hotline 1-800-622-HELP
National Domestic Violence Hotline 1-800-799-SAFE
Suicide & Depression Hotline 1-800-999-9999
National Council on Problem Gambling 1-800-522-4700
Fair Debt Collection Practices Act
Homeowners Hope Hotline for Mortgage Counseling and Assistance 1-888-995-4673
Benefits.gov
Learn about a variety of Government Benefits, how to qualify and how to apply.
Supplemental Nutrition Assistance Program (SNAP)
SNAP is the new name for the federal Food Stamp Program.
Temporary Assistance for Needy Families (TANF)
TANF is designed to help needy families achieve self-sufficiency. States receive a block grant to design and operate their programs to accomplish the purposes of TANF. These are:
-assist needy families so that children can be cared for in their own homes
-reduce dependency of needy parents by promoting job preparation, work and marriage
-preventing out-of-wedlock pregnancies
-encouraging the formation and maintenance of two-parent families.
Medicaid
Medicaid is health insurance that helps many people who can't afford medical care pay for some or all of their medical bills.
Good health is important to everyone. If you can't afford to pay for medical care right now, Medicaid can make it possible for you to get the care that you need so that you can get healthy and stay healthy.
Supplemental Security Income (SSI)
is a Federal income supplement program designed to help aged, blind, and disabled people, who have little or no income.
It provides cash to meet basic needs for food, clothing, and shelter.
Low Income Home Energy Assistance Program (LIHEAP)
If you can't afford to pay your home energy bill, your home may not be safe, and you may be at risk of serious illness or injury. The LIHEAP may be able to help keep you and your family safe and healthy.
National School Lunch Free Lunch Program (NSLP)
Established in 1946, The National School Lunch Program (NSLP) is a federally assisted meal program operating in public and nonprofit private schools and residential child care institutions. It provides nutritionally balanced, low-cost or free lunches to children each school day.
Federal Housing Assistance/Section 8 (FPHA)
Public housing assistance was established to provide decent and safe rental housing for eligible low-income families, the elderly, and persons with disabilities. Public housing comes in all sizes and types, from scattered single family houses to high rise apartments for elderly families.
Home Affordable Modification Program (HAMP)
888-995-HOPE
If you are struggling with your monthly mortgage payments or have already missed a payment, now is the time to take action.
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Contact Us:
phone: 1-800-763-1874
CACC Money Wise Monthly Editor in Chief:
Mike Schiano, "The DebtBuster"
'Til Next Month, Consumer Advocates Credit Counselors, Inc.
This newsletter is designed to provide accurate and authoritative information with regard to the subject matter covered. This information is given with the understanding that neither CACC nor the Editor and Writers are engaged in rendering legal, accounting, or other professional advice. Since the details of your situation are fact dependent you should always seek the services of a competent professional before making any financial decisions.
Copyright©Consumer Advocates Credit Counselors, Inc. 2013. All Rights Reserved.
Use of all or part of this newsletter is allowed with proper attribution and link: Source: Consumer Advocates Credit Counselors, Inc. www.caccdebt.org
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