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September 3, 2010
Slash your phone bills
Sometimes I miss the days before cell phones, email and voicemail. Sure, they've simplified our lives in many ways – remember how frustrating it was trying to reach people before answering machines? On the downside, though, not only do we often feel compelled to be accessible 24-7, but it's expensive. After factoring in Internet service and cable or satellite TV, you might be paying thousands of dollars a year to keep your family wired and wireless.
August 27, 2010
The financial challenges of divorce
Even in a strong economy, divorce is often difficult and costly; but in a prolonged recession, it can be financially devastating.
August 20, 2010
Final credit card law provisions go live
If you've ever paid a penalty for sending in your credit card payment late, the following news might spark your interest: On August 22, 2010, the Federal Reserve Board implemented the third and final stage of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009, which fundamentally changes how credit card agreements now operate.
August 13, 2010
The high cost of dying
In the past few recessionary years, most of us have gotten used to closely watching our expenses for everything from child rearing to college to retirement funding. Another important area where comparison shopping makes sense is funerals. Yes, funerals.
August 6, 2010
Turn the Tooth Fairy into a Teachable Moment
Thanks to cherished family traditions like birthday celebrations and presents from Santa and the Tooth Fairy, today's children are often bombarded with gifts from an early age. In fact, many kids begin cashing in on their baby teeth before they've even grasped the concept of what money is and where it comes from.
July 30, 2010
Can you afford a new car?
When I was growing up, car manufacturers made a big deal each fall about unveiling next year's models, literally shrouding them in secrecy under tarps in print and TV ads until the launch date. Car-crazy dads would then rush down to the dealer for a test drive.
July 23, 2010
Credit 101 for your college freshman
If you've got teenagers heading off to college soon, I hope you've done a good job educating them about the importance of personal financial responsibility and how to build a strong credit history. If not, better do it now.
July 16, 2010
Stretch your back-to-school budget
State and local government budget cuts have taken their toll on practically every public service, including school districts. As parents, you're probably already being asked to contribute more and more to fund your children's classroom and extracurricular activities. That means when it comes to personal budgeting, we've got to do more with less.
July 9, 2010
Accidents happen: Get your affairs in order
Recently, a man stepping off a curb near my office was struck and killed by a passing bus. Only 49, he clearly had many productive years ahead. Reading about it reminded me how quickly unexpected accidents can turn your family upside down, and how vitally important proper planning is.
July 2, 2010
Federal Student Loan Program Changes
My wife recently enrolled in graduate school, so like millions of other Americans we've paid close attention to news about student loan programs. One recent example: A key component of the Health Care and Education Reconciliation Act will result in several significant modifications to the how federal student loans are offered and processed.
June 25, 2010
Financial help for seniors
Senior citizens and others living on a fixed or low income know how difficult it is to make ends meet, especially when costs for essentials like health care, food and energy increase faster than their sources of income.
June 18, 2010
When does home remodeling make financial sense?
My wife and I survived two major home remodeling projects and we've got the battle scars to prove it. Like most people feeling cramped for space – thanks to two growing children in our case – we weighed the plusses and minuses of remodeling versus moving to a larger home. Because we live in a great neighborhood with strong local schools, we ultimately decided to stay put and remodel, but everyone's case is different.
June 11, 2010
Know when to claim tax credits, deductions
Tax credits and tax deductions are two common ways people lower their income tax bills. Although similar in intention, these two tax-reduction methods have fundamental differences and are not interchangeable. Knowing the difference can have a big impact on your bottom line.
June 4, 2010
Tackling your kids' summer boredom
With millions of American schoolchildren starting summer vacation, cries of "I'm bored" will soon ring out across the nation. Swimming lessons and trips to the mall can fill only so many hours. Before you give up and hand over the TV remote, consider some activities that can be productive, safe and fun for kids of all ages.
May 28, 2010
Understanding Roth 401(k) plans
Ever since Individual Retirement Accounts were introduced in the 1970s, the numbers of tax-advantaged retirement savings options – and participants – have continued to grow. One relatively new alternative that's gaining popularity is the Roth 401(k) plan.
May 21, 2010
Online job search tools
For those reentering the job market after decades of employment, you should know that the rules have changed considerably since you were last looking for a job. Fifteen years ago, online job sites were in their infancy; now thousands of sites post millions of jobs every year and they're the most widely used and practical job-hunting tool available.
May 14, 2010
Before 'I do,' take these financial vows
With wedding season right around the corner, a lot of soon-to-be brides and grooms are frantically nailing down their wedding and honeymoon plans. Before you marry and mingle your finances, be sure to carve out time for some candid conversations about your respective credit histories, your savings and spending philosophies, and your long-term financial goals as a couple.
May 7, 2010
Protect your personal information on vacation
This is the time of year when many people finalize their summer vacation plans – confirming travel and lodging reservations, dusting off suitcases and looking for games to occupy the kids on long road trips. Just be sure that when your brain goes into vacation mode, you don't ignore the same precautions you take during everyday life to protect your personal information.
April 30, 2010
Help mom get her finances on track
Mother's Day provides the perfect opportunity to celebrate your love and appreciation for the moms in your life. So buys flowers and make dinner reservations, or whatever your custom is. But before too many days pass, schedule a "reality check" conversation about personal finances to make sure your mother is covering all her financial bases.
April 23, 2010
Is the government holding your unclaimed money?
Considering how frequently many people move, switch jobs and change their names, it's not surprising that state treasuries and other agencies are sitting on more than $33 billion in unclaimed assets. That doesn't even include billions of dollars in unredeemed U.S. savings and treasury bonds and undeliverable federal income tax refunds.
April 16, 2010
Financial etiquette in the new economy
For many people, 2009 was a bumpy ride. Although the economy is slowly rebounding, times are still tough for those dealing with significant financial issues such as unemployment, lack of health insurance or foreclosure.
April 9, 2010
Big tax refunds can be costly
This is the season for income taxes – and income tax refunds. According to the IRS, nearly 78 million people received federal tax refunds in 2009 averaging $2,705. If you're one of those folks, it may be tempting to think of your refund as a gift; but in fact, you've essentially been giving the government an interest-free loan for the past year.
April 2, 2010
High-schoolers take the financial capability 'challenge'
In a major crisis, our first impulse is to address people's immediate needs. With the Haiti and Chile earthquakes, that meant providing food and shelter to the victims. In the case of the recent economic recession, the government stepped in by extending unemployment insurance, providing COBRA subsidies and promoting mortgage refinancing guidelines, among many other programs.
March 26, 2010
Financial aid for special needs children
Anyone who's ever tried to lose a few pounds knows that not every diet works for every person. Similarly, it may take a few tries to find a system for managing your personal finances that you can stick to.
March 19, 2010
Wealth Watchers
Anyone who's ever tried to lose a few pounds knows that not every diet works for every person. Similarly, it may take a few tries to find a system for managing your personal finances that you can stick to.
March 12, 2010
Understanding Medicare
Most people are somewhat familiar with Medicare, since it's likely they or a family member are already covered by the government-provided health insurance program. But with its alphabet soup of options and complex rules, Medicare can be daunting to the uninitiated.
March 05, 2010
Identity thieves' latest scams
If the financial consequences weren't so damaging, you might almost find humor in how identity theft has butchered the English language in recent years. "Phishing," "pharming" and "vishing" are just a few ways criminals access personal information they'll use to open illicit accounts, rent apartments, or even charge medical procedures to someone's insurance plan.
February 26, 2010
Diversify your investments
Unless you raise chickens, the literal meaning of “Don’t put all your eggs in one basket” probably doesn’t apply. But we all know what the phrase implies: Don’t deposit all your money in one investment vehicle or you may risk losing it all. Think about employees who invested their entire 401(k) balances in company stock, then lost everything when the company folded (think Enron).
February 19, 2010
Credit card reform goes live
One major piece of legislation President Obama signed last year was the Credit Card Accountability, Responsibility and Disclosure (CARD) Act, which made fundamental changes to credit card agreements. Some provisions were adopted last summer, but the bulk of them took effect February 22, 2010.
February 12, 2010
Tax deadline approaches
April 15 is right around the corner. If a chill just went down your spine, chances are you haven't yet organized your income tax paperwork, let alone filed your return.
February 5, 2010
Don't count on an inheritance
Earlier this decade, headlines blared that trillions of dollars soon would begin changing hands in the largest wealth transfer in history, as depression-era parents began passing along their nest eggs to Baby Boomer offspring. Fast forward a few years and all bets are off.
January 29, 2010
Credit score damage control
Although not as unique as fingerprints or snowflakes, credit scores are highly individualized – and often mysterious. Many factors determine your score, which can change overnight depending on everything from last month’s credit card balances, to opening a new account, to applying for a car loan.
January 22, 2010
Earning higher interest – with a checking account
People stash their money in safe havens such as savings accounts, Treasury Bills and Certificates of Deposit for a variety of reasons. It could be fear of losing money in the stock market, the security of knowing their deposits are government-insured or, with bank accounts at least, being able to quickly withdraw funds when needs arise.
January 15, 2010
Home weatherproofing aid for low-income families
If you’re plagued by winter drafts and high heating bills but can’t afford to weatherproof your home, the U.S. Department of Energy’s (DOE) Weatherization Assistance Program (WAP) just might be able to help.
January 8, 2010
First-time homebuyer tax credit expanded
A key feature in last year’s economic stimulus bill was the federal income tax credit designed to help first-time homebuyers. Now, as part of legislation signed by President Obama in November 2009, that tax credit has been extended – as well as expanded to include a credit for current homebuyers looking to buy a new primary residence.
January 1, 2010
New Roth retirement account options in 2010
When deciding whether to save for retirement using a traditional or Roth IRA, many people wrestle with the question, “When I retire, will my tax rate be higher or lower than it is today?”
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