Financial Tips for WAHMs

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Slow Down to Save on Gas
2008-03-28 15:29:00
With gas prices above $3  a gallon (and more, depending on where you live), you may be wondering what you can do to save on gas. Some of the best ways to save on gas include: * Combining shopping trips* Downsizing to a smaller car* Carpooling or taking public transportation whenever possible There are many ways to save on gas, but this one might surprise you... Did you know that just by slowing down, you can save on gas?  According to this article on CNNMoney, in a typical family sedan, every 10 miles per hour you drive over 60 is like the price of gasoline going up about 54 cents a gallon. Slow ing down could be the one tip that saves you the most in gas, especially if you spend a lot of time on the highway.  Not to mention all the money you'll save on those speeding tickets ;)
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IRS Will Start Sending Rebates On May 2
2008-03-19 16:00:00
Okay... you know the IRS will start sending out rebate checks in May. But when will you get YOUR check? The first rebate checks will be mailed out starting on May 2, and will be based on the final two digits of your Social Security number, as well as when you file and whether you elected to receive any refund by direct deposit or snail mail. The IRS says most people will get their checks by July 11, but if you want to know exactly when to expect your rebate, here are the details: If you file your 2007 tax return by April 15, and request direct deposit for your refund, then you can expect your rebate according to the following schedule... SSNs ending in 00-20, deposited by May 2SSNs ending in 21-85, deposited by May 9SSNs ending in 76-99, deposited by May 16 Notice that taxpayers who requested direct deposit on their 2007 tax return will receive their rebate by direct deposit as well.If you file your 2007 tax return by April 15, and request a paper check for ...
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Tax Rebate Questions (& Answers)!
2008-03-16 20:28:00
Got questions about the tax rebate?  I have created a comprehensive guide about the 2007 tax rebate, where I answer all of your tax rebate questions, such as... Who qualifies for the tax rebate? How much will I get? When will I receive my check? I've also posted articles about how to get the most out of your rebate check, what you need to do to get your check, and other issues, such as what happens if you owe back taxes, and tax rebate scams to watch out for. This is a free guide... you don't even have to give me your email address! Check it out here... enjoy!
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What to Do With Your Tax Refund or Other "Found Money"
2008-02-26 15:30:00
Garrett Planning Network Provides Thirteen Smart Ideas (Lee's Summit, MO)  February 24, 2008 - After concluding their tax preparation activities, many people will see that they are entitled to a refund from Uncle Sam. "Whether you refund is large or small, you are wise to determine now what you will do when that check arrives," says Sheryl Garrett, CFP®, author of Personal Finance Workbook For Dummies® (Wiley, November 2007) and founder of the Garrett Planning Network (www.GarrettPlanningNetwork.com). "Don't fritter it away or spend it on a whim."  On a recent teleconference, network members brainstormed thirteen ways taxpayers can put this "found money" to work: 1.    Put the entire amount, up to the maximum allowed by law ($4000 for an individual in 2007 unless you are age 50+, then the maximum contribution is $5000; $5000 for an individual in 2008 unless you are age 50+, then the maximum is $6000), into a Roth IRA assuming...
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You Have to File Your Taxes Before You Can Get Your Rebate
2008-02-18 18:13:00
By now you've most likely heard about the tax rebate that was passed by President Bush last week, with the intention of jump-starting the economy. But what you may not know is that you have to file your 2007 tax return before you can get your rebate check. This was not good news to me, because I'm one of those people who waits until October to file (hey, I don't get paid to file my tax return, and paying clients come first!). It also means my workload this tax season will be quite a bit heavier because all of my usual stragglers will be getting their tax info in on time this year to make sure they get their rebate checks (sigh...). Okay, back to the rebate... If you haven't heard the details yet, here they are: The IRS is expecting to start mailing out checks in May.Single filers with AGI below $75,000 will get rebates of as much as $600. Couples with AGI below $150,000 will receive rebates of up to $1,200.  If you are above these income limits, you may still get a reb...
More About: Taxes , File , Rebate

Save Money By Cooking with Crock Pots
2008-02-11 00:08:00
I love cooking with my crock pot, so when I saw Cara's (of TheHouseholdHelper.com) article about how cooking with a crock pot can help save money I just had to share... First introduced in 1971, the Crock-Pot revolutionized the way we cook meals. The word Crock-Pot is actually trademarked by Rival Industries, but is used in every day conversations instead of the term slow cooker. Many recipes for the crock-pot require little preparation. The slow cooker can then safely be left to run unattended, making it a convenient cooking method. Crock-pot meals can not only save you time in the kitchen, but they can also save you money as well.  The reasons are as follows: 1.    It keeps you out of the fast food line.  If you had not loading up the crock-pot with the ingredients this morning you’d likely be in the drive through line at the local fast food restaurant this afternoon after work, grabbing a meal for your family.  The average fast food meal for a famil...
More About: Cooking , Money , Save Money , Save

What will you do with your rebate check?
2008-02-06 16:02:00
By now you've probably heard about the tax rebate plan that is still being hammered out in Congress.  A plan passed by the House would provide rebates of up to $600 for singles and $1,200 for married couples, with an additional $300 per child. The tax rebates would begin phasing out for individuals earning more than $75,000 and married couples making more than $150,000. A Senate version would provide up to $500 for individuals and $1,000 for couples, plus $300 per kid. The rebates would start phasing out at roughly twice the income limits in the House plan. The Senate bill would extend rebates to seniors living on Social Security and disabled veterans. The purpose of the tax rebate is to get consumers spending to stimulate the economy.  Early polls show that most people will pay down debt or save the money rather than spending it. Here are some suggestions from financial planners on how to use your rebate check: Fund your Roth IRA Pay down high interest credit card...
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How to Pay Yourself First
2008-02-04 16:30:00
You've heard it a million times... "pay yourself first".  And every time you hear it you think "I can barely pay my bills, how can I afford to pay myself first?" Many people never start paying themselves first, because they are too concerned that they won't have enough to pay the bills if they put any money in savings. Well, this is one of those things that you just have to do, even if you don't think you can afford to. So how do you pay yourself first when you are worried that you won't be able to pay the bills?  Here's how... 1.  Setup a savings account that you have easy access to.   This can be a savings account with your current bank, or an online savings account (you will probably earn more interest with an online bank). 2.  Transfer 5 or 10 percent of your income every time you get paid to your new savings account. 3.  Eventually, you will get used to saving this money and you won't even miss it in your checki...

Q&A: Do I Need to Collect Sales Tax on my Online Sales?
2008-02-03 22:03:00
Q: Do I collect sales tax on all my sales or just those I sell in my home state? And does this tax money get claimed as income and then expensed as a deduction? A: This is a great question and one that I get often! Currently, online business owners and eBay sellers are not required to collect sales taxes on items that are sold and shipped to customers in another state.  If the state the eBay seller or business is located in has a state or local sales tax, then you are supposed to collect sales tax on items sold and delivered to the same state, but you do not have to collect sales taxes on sales to customers located in another state. Sales tax collected is not income, and sales tax remitted to the state is not an expense.  So for tax purposes, you should not claim the sales tax you collect as income, and likewise, you should not deduct sales taxes remitted to the state as a deduction.  This is just one of many questions that will be answered in my free 'Your ...
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What if I don't receive my W2?
2008-01-31 16:00:00
Employers are required by law to mail all employee W2’s by the end of January each year.  So, January 31st has come and gone and you haven’t yet received your W2. What should you do? First, consider whether or not you’ve allowed enough time for the mailing to reach you.  Employers need only mail the document by the 31st of January, not have it in your hands by that date. Ok, you’ve patiently waited out the normal delivery time frame of your postal service and still no W2; what now?  Your first step at this point should be to contact your employer; normally the Human Resources department.  Most often, it’s as simple as that.  If it’s simply a matter of delivery, your company should be able to easily supply you with another copy.  If you absolutely can't get a W2 from your employer - because they've gone out of business, they don't have good records, etc. - then you can download Form 4852, which is a substitute W2, from the IRS website,...

Dow Breaking New Records, Part 2
2007-07-31 15:00:00
A couple of weeks ago I blogged about the Dow breaking new records when the Dow broke 14,000 for the first time.  Last week, the Dow broke records of a different kind as the market dropped 585 points. So, should you be doing anything different, given last week's brutul drop?  Nope... As I tell clients all the time, what the market does on a day to day basis means very little, when you are investing for long term goals. Here's a great article I found on CNN's Money site, that explains why "a triple digit change in the Dow means... almost nothing". ______________________________ Dow Freakoutby Allan Sloan, Fortune senior editor-at-large NEW YORK (Fortune) -- You've got to love the stock market. Just about 10 days ago - on July 19, to be exact - the Dow Jones industrials closed above 14,000 for the first (and so far only) time and the financial world was full of happy chatter. Then, almost before you could catch your breath (or cash in your profits), we h...
More About: Part , Breaking , Records , Brea , Breakin

New - Mom's Money Podcast
2007-07-30 17:23:00
Kelly McCausey, along with hosts Carrie Lauth, Tishia Lee, Jennifer Gniadecki, and Sarah Zeldman, have started a weekly Internet radio show and podcast called Mom's Money .  On this show, the five moms share about their experiences, good and bad, with money. This week's show, join Kelly as she takes a trip down memory lane and shares how her childhood memories formed the way she thinks about money. http://momsmoney.com/blog/moms-money-7/
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How to Get an Employer Identification Number
2007-07-29 20:07:00
Lately, I've had several clients contact me to say that they had to pay a fee for their Employer Identification Number (EIN).  This was perplexing to me, since applying for an EIN has always been free. So, I did some research, and discovered that if you do a web search for EIN, you may be taken to a company website that charges a fee (average seems to be $150-200) to apply for an EIN. Now, I suppose that if you are in a hurry and need your EIN immediately to apply for a bank loan or if a big client is requesting an EIN before they will hire you, it might be worth it to pay the fee to expedite your application. But if you are applying for an EIN because you are starting a new business, or you are incorporating or chaning your business entity, and you don't need the EIN right away, I don't see any reason to pay up to $200 for an EIN.  So, how do you get your EIN for free?  Just go to the IRS website, at www.irs.gov.  Once at the IRS website, click on SS-4...

Will Having a Roth IRA Hurt My Child's Financial Aid?
2007-07-26 17:00:00
I frequently recommend that parents use Roth IRAs to help save for their children's college education.  If the child has earned income, they could open their own Roth IRA; if they don't have earned income, then the parents could use their own Roth IRAs to help save for college (assuming they qualify to contribute to a Roth). But, can opening a Roth IRA hurt your child's chances for financial aid? "No", says Janet Bodnar of Kiplinger.com.  "Opening a Roth for your child probably won't hurt his chances for financial aid. The federal formula for calculating how much a family can pay doesn't assess retirement accounts -- and that goes for your child's account as well as your own." Even if the college does include Roth IRAs in the financial aid formula (some schools do consider retirement accounts in the financial aid calculation), the impact should be small since your child probably won't have much stashed away in his/her Roth IRA. Click here ...
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Everything You Need to Know About Budgeting
2007-07-25 17:01:00
Whether you're just starting out or already in retirement, keeping close tabs of your money will help you prosper. Here's how. By Cameron Huddleston June 28, 2007 Pop quiz: How much money did you spend last month and on what? Sure, most of us have a rough idea how much we paid for the basics, such as utilities, groceries, rent or mortgage. But do you know how much you spent -- down to the penny -- on little things, such as coffee, dining out, movies or drinks after work? Have you ever taken the time to keep a running tally of everything you shelled out cash for or charged to a credit card in a week, month or even a year? "It's eye opening the first time you do it to see how much you're spending," says Jim Blankenship, a Certified Financial Planner in New Berlin, Ill. But it's also a first step toward greater wealth. If you're just starting out, it's imperative that you create a formal budget to track your expenses. Once you're older and know where your money...
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Another 30 Day Blogging Challenge
2007-07-24 21:13:00
Summer time is here, and I don't know about you, but I get distracted easily by thoughts of a bike ride, a long walk in the park, or just sitting out on the deck reading a book.  Unfortunately, my blog (and other non-essential business activities) gets less and less attention during the summer. To help keep our blogs in shape this summer, Crystal at Happy Mommy Thougths has set up a challenge to post each day for the next 30 days. The following fellow bloggers are taking part in this 30 day blog challenge:  Crystal Misener of Happy Mommy ThoughtsJenni Hunt of Snacks For ToddlersDiana of The Cravings CoachKristine McKinley of Financial Tips For WAHMsMarie Ynami of Mommy CommunityCourtney of Mom Needs A CloneCarrie Lauth with her own Carrie Lauth blog Thanks for keeping us on our toes Crystal!
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Getting Your Free Annual Credit Report
2007-07-23 16:46:00
I ask all of my clients to request their annual free credit report to make sure that there aren't any errors on their credit report, or worse, that they haven't become a fraud or identity theft victim. The website to obtain your free annual credit report is www.annualcreditreport.com. I recently saw an article in the Kansas City Star that addresses common questions or problems that people have when requesting their credit report. Click here for tips on getting your free annual credit report.
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Why You Need Bond Funds
2007-07-22 21:07:00
With the stock market doing so well, you might be wondering... 1.  Why aren't my bond funds performing well?  or2.  Why do I need bond funds in my portfolio? The main purpose of bond funds (or bonds) is to provide diversification for your portfolio.  Diversification reduces the risk that your portfolio will lose money in a market downturn. Bond funds typically go down when the stock market is performing well, and up when the stock market takes a turn down.  So when your stocks and stock funds are performing well, it's normal for your bond funds to have a small or even a negative return.  A balance of stocks and bonds in your portfolio reduces the volatility of your overall portfolio, and reduces your potential losses during market downturns. Still not sure if you need bond funds in your portfolio?  Check out these returns of stocks and bonds during market downturns: Total Returns of Stocks and Bonds During Market Downturns From Decembe...
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Getting out of debt: how to stay motivated
2007-07-19 04:33:00
Getting out of debt is a goal that many Americans would like to achieve.  But, like many New Year's resolutions, this goal is often abandoned shortly after the goal is set.  Why is that? One reason is that getting out of debt often takes a long time, so there are no immediate rewards for paying off debt.  This leads to a lack of motivation to meet this goal.  After all, it's hard to keep with a debt management plan when you may not see the benefits for several years. So, how do you keep motivated when you're trying to get out of debt?  Here are three steps to keep you motivated and on track to getting out of debt: Determine the reason you want to get out of debt.  Is it to reduce stress?  To be able to spend or save the money that you are currently applying towards debt?  To improve your relationship with your spouse or partner? Think about the rewards you will earn by paying off your debt.  Rewards might include a feeling of accom...
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Dow Continues to Break New Records
2007-07-18 05:13:00
The Dow Jones has broken records four days in a row now.  Today it closed just below 14,000, setting yet another record. What does this mean to you and your portfolio? It means it's time to rebalance your portfolio!  It's more important than ever to rebalance your portfolio when the market sets new records every day.  Rebalancing is putting your portfolio back to it's original asset mix, by selling your winners and buying the losers.  If you don't rebalance your portfolio when the stock market is doing well, you take more risk in your portfolio because your stock allocation grows to a larger percentage of your portfolio.  If the market takes a turn for the worse, and your portfolio is heavily weighted in any one asset class (think growth stocks in the late 1990s), you could lose a significant portion of your portfolio. There are two benefits to rebalancing.  First you put your portfolio back to a level of risk that is appropriate for you (ass...
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