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Fast Financial Fixes

The age-old adage is as true today as ever: Too much to do and too little time. Unfortunately, our finances can easily fall victim to our busy lives, and we may be wasting time and money every month that could easily be avoided. Follow these five tips, and you may be surprised by how much you can accomplish in 15 minutes or less.

1. Copy everything in your wallet (except the cash).

If your wallet is lost or stolen, suspending accounts and getting replacement cards will be far easier if you have a record of everything inside. Simply copy or scan both sides of credit cards, insurance cards, etc. and store the copies in safe place. Note that the customer-service number you need to call to report a compromised card is often on the back.

2. Rent a safe-deposit box.

Protect your valuables and documents from theft and fire by storing them in a safe-deposit box at your local bank. To save even more time, make an appointment and bring a photo ID.

3. Avoid overdrafts.

Know your options to keep track of your accounts, one example is online banking. The best and easiest way to avoid overdraft fees is to keep track of your transactions and account balance. If you keep extra money in your account -- a cushion -- you will be less likely to overdraw.

4. Set up a direct deposit and an automatic transfer to your savings account.

Talk to your employer to see if you can put a portion of your paycheck into savings through direct deposit. If you have a checking account, you can sign up to have money moved into your savings account automatically every month. What you don’t see, you don’t miss!

5. Track down your tax return.

Go to www.irs.gov and click on “Where’s My Refund?” Enter your Social Security number, filing status and the amount of the refund shown on your return. The site will confirm whether your return was received and processed and estimate when your refund will be mailed or deposited into your bank account.

Early Tax Filing Tips

Tax season has arrived. Although April 17*, this year's tax return filing deadline, may seem like a ways off, it's not too early to get started. You can easily cut down the number of hours you spend preparing your taxes by starting early and tackling your taxes in bite-size chunks. Here are some simple tips to save time, money and hassle down the road.

1. Create a system for organizing tax documents as they arrive.

There is nothing worse than sitting down to finally do your taxes and realizing that you can't find an important document. A little organization from the get-go is all you need to avoid that situation. Your system can be as simple as a large envelope or an accordion file. Just designate a specific spot, and make sure that everyone in the house knows about it.

2. Review your tax documents early.

As tax documents show up, don't just stuff them into your great new organization system. Take a moment to review each document as it arrives so you can correct any discrepancies well before you start preparing your return. If there is a mistake, getting a corrected form can take time, so don't wait until you are down to the wire on your filing deadline.

3. Gather your tax information now.

There's no reason to wait until the heat of the battle to start organizing the tax information you already have. Even before you receive a single tax document, here's how you can get a head start:

Make a list of all your 2011 tax payments and tax refunds
Gather all your receipts that have piled up throughout the year
Comb through your credit card bills and checkbook to look for possible deductions
Tally up charitable donations

4. Learn about changes that could impact your taxes.

Every year sees new tax changes. This year, for example, the Internal Revenue Service (IRS) announced personal exemptions and standard deductions will rise and tax brackets will widen due to inflation. Visit www.irs.gov to familiarize yourself with tax law changes so you can take advantage of every tax credit and deduction possible. On the website, you'll also find forms, publications, tips and answers to frequently asked questions.

5. Remember the number 17.

Check out IRS Publication 17, "Your Federal Income Tax" on the IRS website. It's a comprehensive collection of information for taxpayers highlighting everything you'll need to know when filing your return.

6. Decide whether you are going to prepare your own taxes or hire a pro.

There are many different options for filing your tax return. Give yourself time to weigh all the options and find the one that best suits your needs. If you think your tax return will be too complicated to prepare yourself and you hire a professional, make your appointment early. If you are going to do your taxes yourself, decide whether you are going to use tax software. If so, you can get ahead of the game by purchasing your tax software now. Tax software can help you find every deduction to which you are entitled and helps you avoid common mistakes, such as simple math errors.

7. Get your tax forms now.

As IRS e-file has become the most common way to file a tax return in recent years, Uncle Sam is no longer automatically mailing paper tax forms to individual taxpayers. If you are still filing by mail, get the tax forms you will need now. You can find commonly used tax forms at your local library or post office. You can also download all tax forms at www.irs.gov. You can still have a copy mailed to you by calling the IRS at (800) 829-3676.

8. Review! Review! Review!

Don't rush. We all make mistakes when we rush. Mistakes will slow down the processing of your return. Be sure to double check all the Social Security Numbers and math calculations on your return, as these are the most common errors made by taxpayers.

* The 2012 tax return due date is April 17, instead of April 15, because April 15 is a Sunday and April 16 is the Emancipation Day holiday in the District of Columbia.

Five Tips for Managing Holiday Debt

After the holiday celebrations, many people end up with more debt than they would like. January is a good time to think about ways to manage debt and make resolutions to achieve financial stability.

Develop a budget. The first step toward taking control of your financial situation is to do a realistic assessment of how much money you take in and how much money you spend. Start by listing your income from all sources. Then, list your fixed expenses -- those that are the same each month -- such mortgage payments or rent, car payments and insurance premiums. Next, list the expenses that vary -- such as entertainment, recreation and clothing. Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses and prioritize the rest. The goal is to make sure you can make ends meet on the basics: housing, food, health care, insurance and education.

Assess your debt. After you've established your budget, you'll be prepared to start paying down your existing debt. When reducing your debt, always continue to make your payments on time. Try to pay more than the minimum due. Generally, it is a good idea to pay off debt with highest interest rates first.

Contact your creditors. Contact your creditors immediately if you're having trouble making ends meet. Tell them why it's difficult for you, and try to work out a modified payment plan that reduces your payments to a more manageable level. Don't wait until your accounts have been turned over to a debt collector. At that point, your creditors have given up on you.

Find free fun. Use the month of January to get your budget back on track. Plan to only spend money on necessities, and then commit to finding opportunities for free family fun. Plan a family game night, or check out books and movies from your local library. Your family might also enjoy preparing dinner together or volunteering for a local charity. If you enjoy outdoor fun, winter provides plenty of opportunities for sledding or building a snowman. Use your imagination, and the savings will add up!

Open a holiday savings account. Saving a little money each month will help you avoid facing the same spending crunch in December 2012. Open a savings account dedicated just for holiday expenses and add to it throughout the year.

Tips for Buying, Giving, & Using Gift Cards

Gift cards are a great solution for those people on your holiday list for whom you don't know what to buy. With gift cards, one size fits all, and the recipients can get exactly what they want. But before you buy a stack of gift cards, consider these tips from the Federal Trade Commission to make sure you get the most for your money.

Buying gift cards

Buy from sources you know and trust. Avoid buying gift cards from online auction sites because the cards may be counterfeit or may have been obtained fraudulently.

Read the fine print before you buy. Is there a fee to buy the card? If you buy a card by phone or online, are there shipping and handling fees? If you don't like the terms and conditions, buy elsewhere.

Find out whether any fees will be deducted from the card after you purchase it.

Inspect the card before you buy it. Verify that none of the protective stickers have been removed. Make sure that the codes on the back of the card haven't been scratched off to reveal a PIN. Report any damaged cards to the store selling the cards.

Give the recipient your original receipt so they can verify the card's purchase in case it is lost or stolen.

Consider the financial condition of the retailer or restaurant providing the gift card. If you buy a card from a company that files for bankruptcy or goes out of business, the card may be worth less than you had anticipated.

Using gift cards

Read the card's terms and conditions carefully. Check for an expiration date or fees.

If it appears that the value of your card has expired or that fees have been deducted, contact the company that issued the card. They may still honor the card or reverse the fees.

Use your card as soon as you can. It's not unusual to misplace gift cards or forget you have them; using them early will help you get the full value.

Treat your card like cash. If your card is lost or stolen, report it to the issuer immediately. Most issuers have toll-free telephone numbers you can call to report a lost or stolen card. Some issuers will not replace cards that are lost or stolen and other issuers will for a fee. You may need to show proof of purchase and the ID number on the card.

Tips for Safe Online Holiday Shopping

Over the last several years, retailers report a 25-30 percent increase in online spending around the holidays. With more and more people heading to the Internet to complete their holiday shopping, Iowa’s Department of Homeland Security and Emergency Management has offered an advisory for online holiday shopping. Follow these common best practices when shopping online this holiday season.

Buy from known and reputable companies’ websites. This tip can reduce your risk of buying into a scam and also reduce your risk of identity theft.

Pay attention in the “checkout.” When you're in the “checkout,” make sure the payment processing is transmitted over a secure connection. Look for things such as "https” in the web browser.

Watch out for overly amazing deals. Sometimes there is such a thing as a deal too good to be true.

Take your time. Hot deals, which pop up and have a limited timeframe to respond, are not deals at all. They are scams that solicit an emotional response and often are infected with malware.

Know how you're connected. Are you shopping at home on your secure network, or are you in the local coffee shop’s hot spot? Unsecured networks should be avoided when using credit cards.

Watch your emails, text messages and pop-ups. Retailers are going to push deals, which can open you up for malware and phishing attempts. If the email doesn't look legitimate, don't even open it; trash it.

Pay attention to the details. Retail websites will never request your PIN when paying with a debit card, and no website should request your Social Security number.

Track your packages and watch for delivery. Knowing when your package is expected to arrive is an important step in online shopping. If your order doesn't show up or isn't delivered as detailed in your tracking confirmation, call the retailer.

Watch your accounts and credit cards closely. If your online order was compromised or your card information was stolen, chances are it will be used quickly. At the first sign of an unknown charge, call the credit card company or your bank.