Finance Matters December 2012
Tax Mind-ful-ness
by Janet Fulton, Director of Programs
I am starting a new New Year's Day tradition on January 1st this year. I heard it from a friend of mine last year and have taken it to heart. Use New Years Day between the parades, football games and family festivities to gather your tax information for 2012. That begins a great forward action for getting your finances in order to zip through the tax season. If accountants start early shouldn't you? I'm really looking forward to engaging my mind for this new tax year action. I can already feel the energy I am gaining by placing this task at the beginning of my 2013 New Year.
Safe Practices Makes for Joyful Celebrations
I remember working as a package car driver years ago while living in Texas. Yes, you read that right, a female delivery driver! I was hired as a temporary full-time driver for the Christmas and holiday season. Talk about a busy time of year! It was the season of gift giving and gift delivery…on steroids. And, it still is today thanks to the ever-growing world of online shopping.
Now that the delivery trucks are amped up and populating our roads with greater frequency I am thinking about one morning at a daily pre-drive meeting. The tone was different. It was sharp. It got my attention. We were warned about following an important, little, but simple procedure. "Whenever you leave your package car lock all your doors at all times no matter how close you are to the delivery site," the base manager said. Why? It is because this was, and still is, a time of year when the practice of some individuals is to steal. That is their work. We were reminded that morning that not following this procedure could land us in a very dangerous situation. We might finish a home delivery only to discover that arriving at the package car door that was left unlocked that we served as the only route to freedom for a thief inside. This is an experience no one wants to have.
Financial Plastic
A similar safety concern applies to our financial plastic especially in the holiday season. Throughout the year I regularly teach Women 4 Women's signature financial education classes called Finance 4 Her™. In this role I am always on the lookout for good, safe and wise financial practices that contribute to our personal and financial health. In a workshop I recently attended on credit and identity theft issues I was reminded of these simple and important financial procedures. I hope they help stimulate your safe financial practices this December and beyond.
- Check your account balances…daily. If you do online banking check your account activity at least every other day. Stay in touch with your account and you will easily spot unauthorized purchases or deductions on your account. Remember, a touch a day keeps the financial hospital from becoming your place of residence.
- Pay cash, in as much as is possible at restaurants. It keeps you on a successful spending plan while taking away the risk that your card and identity could be stolen. I noticed that there are a growing number of card reader machines popping up at restaurant tables. I appreciate the added personal financial protection that affords customers. Thank the restaurant owners for that level of customer care. Or, ask them to consider installing card readers at their tables.
- Never give your debit card to a server to process, always use a credit card. Why? You can dispute a credit card charge but if you use a debit card, the amount is deducted immediately, making it much harder to get the funds returned to your card.
- Report lost/stolen credit/debit cards immediately. Here's a great tip. In addition to carrying your credit card company phone numbers in your smart phone….add the three credit reporting agencies. Call them immediately to report lost/stolen credit cards. Experian 1-888-397-3742; Equifax 1-800-525-6285; TransUnion 1-800-680-7289.
- Run your debit card as a credit. This practice affords you greater protection on your purchase. It protects you from a skilled onlooker who just waits for you to put your Pin number into the card reader machine. If you choose the debit purchasing option protect yourself. Claim your personal space. Use your body to shield your pin pad entry from skilled "shoulder surfers". Remember, a debit swipe means your money is deducted from your account almost immediately. There is no time to recover if you don't have finds in your account to cover the transaction. Close accounts that have been tampered with or opened fraudulently.
- Finally, if you are traveling this holiday season let your banking institutions in on your travel plans. Adjust your credit limits. Reduce them to protect yourself in case of theft. Raise them in the event that you need to spend more. Identify the states where you will be traveling so your purchases won't be flagged as alerts on your account. Keep a great relationship with your banking institutions and they will have the opportunity to better serve and protect you with their services.
Simple, basic financial practices and procedures can help you travel through this holiday with safety and joy. Keep your financial plastic safe and your accounts tied up with daily balance checks. And use your carefully crafted spending plan to create a debt free season!
Protect yourself by knowing and using the best procedures and practices to keep your financial plastic and accounts safe this December.
Focus. Act. Live well.
