Fees can quickly get out of hand, causing you to "spend" more money than you initially anticipated. Here are some common fees, and ways to avoid them.
Overdraft fees - Sign up for alerts from your bank when your balance falls below a certain level. Make a transfer or a deposit and avoid the overdraft fee.
Annual credit card fees - Switch to a credit card that doesn't charge an annual fee. Use this strategy if your card charges you a non-usage or low-usage fee. Credit unions are a good source for cards with lower finance charge rates.
Checking account fees - Regular checking accounts have lower fees than interest-bearing checking accounts. Again, credit unions and local banks are less likely to charge monthly fees for checking accounts.
ATM fees - If your bank doesn't reimburse you for foreign ATM fees, switch to a bank that does or has more local branches. Another alternative is to download an app (independent or from your bank) that will locate a nearby ATM when you are out of town.
Eventually, banks may get the idea that we're not into paying additional fees, and make life easier for all of us. Until then, every little bit we can do to save money is a step in the right direction.
Monday, June 28, 2010
Thursday, June 24, 2010
Procrastination
Procrastinate: To put off until another day or time; defer; delay.
Sometimes delaying a task can't be avoided, but if you seem to delay more and more tasks, here are some tips to help you get back on track.
*If you have a project you need to do, write the project on a legal pad and throw the pad on the floor. Having to constantly step over it will keep reminding you of what needs to get done.
*Make a list of what needs to be done and prioritize the tasks. Complete quick/simple tasks today and cross them off the list (what a great sense of accomplishment!!). Divide larger and more complex tasks into smaller pieces spread out over several days.
*Handle items only once -- choose to File, Act On or Toss. (Notice "I'll decide later" isn't one of the options).
*Start your day by completing the most difficult task on your list. Getting it "over and done with" will make the rest of your day (and your list) a breeze.
Crossing items off your "To Do" list will make you feel more productive. Reward yourself for completed tasks - take a walk, have a cookie break, or just get up and stretch. Take a few minutes at the end of each day to review today's completed tasks and tomorrow's tasks.
Sometimes delaying a task can't be avoided, but if you seem to delay more and more tasks, here are some tips to help you get back on track.
*If you have a project you need to do, write the project on a legal pad and throw the pad on the floor. Having to constantly step over it will keep reminding you of what needs to get done.
*Make a list of what needs to be done and prioritize the tasks. Complete quick/simple tasks today and cross them off the list (what a great sense of accomplishment!!). Divide larger and more complex tasks into smaller pieces spread out over several days.
*Handle items only once -- choose to File, Act On or Toss. (Notice "I'll decide later" isn't one of the options).
*Start your day by completing the most difficult task on your list. Getting it "over and done with" will make the rest of your day (and your list) a breeze.
Crossing items off your "To Do" list will make you feel more productive. Reward yourself for completed tasks - take a walk, have a cookie break, or just get up and stretch. Take a few minutes at the end of each day to review today's completed tasks and tomorrow's tasks.
Monday, June 21, 2010
5 Things to Know About Getting Audited
Although we all hope to never be audited, the May 2010 issue of Money magazine offers the following tips in the event you receive a letter from the IRS.
Audits are on the rise - Tax returns (generally 1040s) selected for audit tend to be self-employed or have unusually large write-offs. Audit risk by income level: under $200,000: 1%; $200,000 - $1 million: 2%; more than $1 million: 6%. Audit letters are typically mailed 18 months after the filing date.
Don't delay your response - Take the required action within the given time frame -- usually 30 days. If you need more time to gather information for your response, ask the IRS for a postponement. Otherwise, the dispute becomes a final assessment and the collections process begins.
Have a pro on your side - A simple audit (request for receipt copies or additional information) can be handled by the taxpayer. However, if someone else prepared your return, have them handle the audit request.
Anything you say can be used against you - Even "small talk" might give the auditor reason to expand the scope of the investigation. If you hire representation or authorize your preparer to handle the audit, you don't have to attend a face-to-face meeting.
The auditor's boss may be able to negotiate - Ask to speak with a supervisor if you are unhappy with the auditor's findings, especially if the issue falls into a gray area. If you are still unhappy, file an appeal.
Honest taxpayers generally don't get singled out for audits. However, if anything on a tax return stands out as "unusual" compared to previous years, be prepared to provide necessary documentation for the "unusual" situation.
To read the full article, click here.
Audits are on the rise - Tax returns (generally 1040s) selected for audit tend to be self-employed or have unusually large write-offs. Audit risk by income level: under $200,000: 1%; $200,000 - $1 million: 2%; more than $1 million: 6%. Audit letters are typically mailed 18 months after the filing date.
Don't delay your response - Take the required action within the given time frame -- usually 30 days. If you need more time to gather information for your response, ask the IRS for a postponement. Otherwise, the dispute becomes a final assessment and the collections process begins.
Have a pro on your side - A simple audit (request for receipt copies or additional information) can be handled by the taxpayer. However, if someone else prepared your return, have them handle the audit request.
Anything you say can be used against you - Even "small talk" might give the auditor reason to expand the scope of the investigation. If you hire representation or authorize your preparer to handle the audit, you don't have to attend a face-to-face meeting.
The auditor's boss may be able to negotiate - Ask to speak with a supervisor if you are unhappy with the auditor's findings, especially if the issue falls into a gray area. If you are still unhappy, file an appeal.
Honest taxpayers generally don't get singled out for audits. However, if anything on a tax return stands out as "unusual" compared to previous years, be prepared to provide necessary documentation for the "unusual" situation.
To read the full article, click here.
Thursday, June 3, 2010
Composting
This month's "green" topic: Composting.
Composting is a great way to recycle and create mulch for your yard, providing rich organic matter that improves the quality of your garden soil. Whether you sprinkle compost on the surface of the soil or work it in, your garden plants and landscape will grow healthier and stronger thanks to the addition.
By incorporating organic matter to feed microorganisms and macroorganisms, a healthy soil food web is maintained. Composting enriches soil with nutrients for plant growth and releases nutrients slowly, unlike synthetic fertilizers, and inhibits soil erosion.
You need very little equipment to start composting: a pitchfork, a shovel and a hose .
Organic matter high in carbon ("browns") provides energy for decomposer organisms as they consume and break down the contents of your compost pile. Organic matter high in nitrogen ("greens") supplies the decomposers with protein. Maintain well-fed composting organisms with these varied ingredients.
"Browns" include dry leaves, woody plant trimmings, straw, pine needles, sawdust and paper products. "Greens" include kitchen scraps, coffee grounds and filters, leafy plant trimmings, grass clippings, manure and feathers.
The following items contain pathogens, attract pests and cause other problems, and should not be included in your compost: Ashes from barbecues and fireplaces, meat, bones, grease, fats, dairy products, weeds with seed heads, and animal waste.
Composting can be done in a bin or just a corner of your yard. Key points include sufficient moisture and rotation. Some bins have cranks for rotation or are ball-shaped for rolling the compost in the container. Lids deter animals & prevent rain from over-moisturizing the compost. Alternatives to bins include compost piles, pit composting (a 3' wide hole at least 18" deep), and sheet composting (spread a layer of raw materials on your garden and rake into the soil - best done in the fall to allow the materials to break down over the winter).
Together, we CAN make a difference!
Composting is a great way to recycle and create mulch for your yard, providing rich organic matter that improves the quality of your garden soil. Whether you sprinkle compost on the surface of the soil or work it in, your garden plants and landscape will grow healthier and stronger thanks to the addition.
By incorporating organic matter to feed microorganisms and macroorganisms, a healthy soil food web is maintained. Composting enriches soil with nutrients for plant growth and releases nutrients slowly, unlike synthetic fertilizers, and inhibits soil erosion.
You need very little equipment to start composting: a pitchfork, a shovel and a hose .
Organic matter high in carbon ("browns") provides energy for decomposer organisms as they consume and break down the contents of your compost pile. Organic matter high in nitrogen ("greens") supplies the decomposers with protein. Maintain well-fed composting organisms with these varied ingredients.
"Browns" include dry leaves, woody plant trimmings, straw, pine needles, sawdust and paper products. "Greens" include kitchen scraps, coffee grounds and filters, leafy plant trimmings, grass clippings, manure and feathers.
The following items contain pathogens, attract pests and cause other problems, and should not be included in your compost: Ashes from barbecues and fireplaces, meat, bones, grease, fats, dairy products, weeds with seed heads, and animal waste.
Composting can be done in a bin or just a corner of your yard. Key points include sufficient moisture and rotation. Some bins have cranks for rotation or are ball-shaped for rolling the compost in the container. Lids deter animals & prevent rain from over-moisturizing the compost. Alternatives to bins include compost piles, pit composting (a 3' wide hole at least 18" deep), and sheet composting (spread a layer of raw materials on your garden and rake into the soil - best done in the fall to allow the materials to break down over the winter).
Together, we CAN make a difference!
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