Financial Organization:

Are You Ready For ‘Change’?

Personal Finance: Are You Ready For ‘Change’? Get on the road to success and achieve Your Financial Goals

Perhaps you have a highly organized system of recording your daily work meetings and social appointments. But how organized are you when it comes to your financial life? If your finances are controlling you, here are a few tips to get back in the driver’s seat!

Consider your financial goals. What do you want to achieve financially? It may be a good idea to write your goals down on several sheets of paper. Try posting your goals in places where you can see them often (you may use the one below for your convenience and place it in your purse). When you see something you want, try to stay focused and consider your goals. Is the purchase you are considering something that you really need to spend money on?

Consider your income. Some people spend more than they actually make and which can lead to feelings of tremendous stress. You might want to ask yourself if you live within your means. Sticking to a budget can be enlightening. If you receive a raise, an inheritance or some other ‘extra’ amount of money, consider putting those funds toward your settlement company account instead of purchasing something that you do not need.

Budget, Budget, Budget: Once you have your financial goals defined and consider your income, it may be a good idea to create a budget. Kiplinger suggests using Microsoft Excel, Microsoft Money or Quicken to organize your finances. An inexpensive ledger or check register might also work for you. What expenses could be eliminated or cut back on for you to achieve your financial goals? For example, taking lunch to work more often and dining out less might save you a lot of money. Think about tracking your expenses. Just knowing you have a budget might help you feel less financially stressed and more in control. If you have debt, try working with your settlement company and take time each month to evaluate your progress.

Create a financial ‘To Do’ list. If you keep track of your daily appointments, try doing the same thing for your finances. One idea could be to make a list of goals and mark them ‘High Priority’ ‘Medium Priority’ and ‘Low Priority’. Try to focus on your high priorities and needs first just as you do with your daily appointments. Review your priorities daily.

Create a filing system. Try looking at garage sales, flea markets or thrift stores for a small filing cabinet where you can keep all receipts, financial statements and documents safely filed, labeled and organized. Doing this may help you find documents and records quickly when you need them. Organize your information according to your need. For example, you could label individual folders to hold tax returns, bank and other account statements, insurance forms and policy information and ownership documents. You might also want to file other information such as warranties or service contracts as well as instruction manuals for items in your home. Kiplinger.com reminds consumers that tax records should be kept for three years for individuals and six years for those who are self employed. If you have trouble remembering when your bills are du e, perhaps it would help to get a calendar and highlight all bills and due dates. You could keep the calendar in a place where it catches your attention.

A Family Affair. Do you have friends who can help If you are married or in a relationship, think about talking with your significant other. If you keep your finances separate, could help you organize things better. Even if you are single, do you have a helpful trustworthy friend or family member who could help you organize? Involving the entire family will also foster financial learning in children and will hopefully offer you more support.

Spare Change

Buyers Beware of Skimming at the pump

CreditCards.com reports that consumers who pay for gas at the pump using a debit card should be on alert. Reports of ‘skimming’ are on the rise.

Thieves are able to place an inconspicuous electronic card reading device inside or outside of a gas pump. When a customer inserts a debit or credit card and enters a required personal identification number (PIN), the portable device ‘skims’ personal data, as well as a customer’s PIN number from the card’s magnetic strip. The information is then readily available for dishonest people to view on the Internet. AARP reports that some skimmers have also used small remote cameras to capture PIN numbers of debit card users who enter their information at the pump.

To help diminish the chances of being skimmed, AARP suggests carrying out all transactions inside the gas station rather than at the pump itself. You may also want to sign all credit card receipts. If you must pay at the pump, it may be a good idea to choose the ‘credit’ screen prompt instead of ‘debit’ so you don’t have to enter a PIN number. You may also want to monitor your statements and accounts. If you notice any discrepancies, you should report those concerns to your bank and law enforcement as soon as possible.

Missing Manuals?

Missing user’s manuals cause frustration to bargain hunters who have purchased used electronic devices or appliances at online auctions, swap meets, garage sales or thrift shops. In some cases, owner’s manuals may be missing from the box even when a product is purchased new.

Of course, you could try to contact the manufacturer for a replacement manual first, but they may charge a fee. Before you purchase an owner’s manual, you may want to check some online sites which could offer the manual you are seeking for free.

Some sites to try include Retrevo.com, where manuals are available for approximately 100,000 products from a variety of manufacturers. You can also visit www.manualsonline.com, www.free-service-manuals.com and www.usersmanualguide.com.

UCAN Corner

Apex Law Group LLC (Apex) and the United Consumer Advocacy Network LLC (UCAN) recently announced a victory in a debt collection abuse matter. As a result, a Pennsylvania consumer, who was enrolled in a debt settlement program which included the UCAN consumer advocacy service, received a favorable settlement in a federal court judgment.

The client became the subject of harassment from a collection agency trying to collect a credit card debt. Harassment included phone calls to the client’s home and place of employment in an attempt to embarrass and humiliate the consumer.

Examples of the collection agency’s questionable conduct include:

• False statements that the collector was from a law firm

• False statements that a lawsuit was being filed against the individual

• False statements that they were going to serve the individual at his place of employment

• Misrepresenting the amount allegedly owed

• False threats of wage garnishment and bank levies

• Use of threatening language

Upon receiving these threatening messages, the consumer checked with the local courts to see if a lawsuit in fact had been filed against him since he did not recall being served with a summons, let alone a judgment. Much to the client’s surprise and anger, no such lawsuit had been filed. The consumer promptly contacted UCAN.

Upon receiving and reviewing the consumer’s complaint, a UCAN representative forwarded the matter to Apex Law Group for possible placement with a Fair Debt Collections Practice Act (FDCPA) attorney located in the consumer’s local area.

The matter was then referred to an Apex Network Attorney, located in Pennsylvania, with experience in debt collection abuse matters.

From the voice recordings and other evidence collected by the client, the attorney was convinced that the collection agency’s actions went beyond what the FDCPA allowed, and agreed to take the case on a contingency basis (i.e. the consumer did not have to pay any money to the attorney).

In addition, the attorney found that the collection agency’s actions violated state and local laws designed to protect consumers against heavy-handed debt collection tactics.

The Apex Network Attorney was involved with several previous successful lawsuits against the collection agency in question for similar harassment issues.

In typical matters such as this example, FDCPA attorneys generally alert the original creditor to the situation, hopefully encouraging creditors to more closely monitor actions of the debt collection agencies with which they work.

As this case study shows, it is crucial for debt settlement clients to be proactive in their programs, actively collecting information, such as voice recordings, from collectors that seem to be crossing the line. With that information and the assistance of UCAN, Apex and the network attorneys, many more clients may be able to turn a negative and stressful collection experience into a positive one.

For any questions about collector calls that you receive, contact us at 1-877-462-8226 or email UCAN at info@ucan.net. Business hours are Monday through Thursday, 9 a.m. to 7 p.m. EST and Friday 9 a.m. to 5 p.m. EST.

Your Financial Future:

Making The Transition

Things to consider before your financial transition: Establishing Your Financial Future After the Military

Various financial challenges face military families and individuals. If you are a transitioning military, perhaps you are concerned with building a strong financial foundation. There are things you can do to help with your transition, whether you are still on base or just made the transition. If you know someone currently deployed, share this information as a ‘thank you’ for their brave service.

Plan early. If you are still on base, consider all of your benefits and assistance. Think about how your military community can help you plan for financial success. If you know someone who is still on base, encourage them to find support early.

Get advice. You may already be aware that all branches of the military offer support and assistance, including pre-separation counseling. Think about utilizing these services, but also take control of your own future by talking with someone who has already left the military. Ask him/her about unexpected expenses, lost benefits, tax changes or about other financial matters that you may face once you are back into civilian life.

Consider financial goals. You should want to avoid debt as much as possible. Militarymoney.com suggests that you review and re-evaluate your financial goals. What was important to you financially before you deployed? Have your priorities changed? Consider creating a budget that you can maintain without getting overwhelmed. If you already have debt you should include that in your budget. Maintaining insurance coverage and retirement accounts and making the right tax decisions may also be important to add to your budget.

Credit. Do you know what your credit, or FICO, score is? Future employers, landlords and even insurance companies may look at your credit score before they decide to do business with you. By law, all United States residents can review their credit report for free once a year. Visit http://www.annualcreditreport.com/ to request your report. Once you know where you stand, perhaps it will be easier to know where you need to focus to improve your score. If you leave the service with little or no credit history, you can always build one. Once you make the transition, try to pay all bills on time every month since on-time payments are the top factor in determining a credit score.

Employment. Check with your military community-service office on your base or the Army Career and Alumni Program (www.acap.army.mil). Both sources could get you on your way to tackling important employment issues. Once you return to civilian life, you may want to take advantage of your tuition assistance and further your education in some way. You may want to begin thinking of ways to update your resume with the skills and abilities you acquired throughout your military service. Networking can be a major key to finding employment so you may want to discuss your goals with family and friends who could help you get in contact with people who may be hiring. If you use social networking, such as LindkedIn and Facebook, it is a good idea to be as professional as possible at all times since potential employers often check the pages of their applicants.

Try to remember that it is never too early or too late to get help. If you are on base, you might consider your military support office and your family support center. If you have already made the transition, check your local listings for military support offices. The internet offers access to information, jobs and tools for today’s separating military. Just a few sites include Military.com, Transition Assistance Online at TAOnline.com, and militarymoney.com.

Credit Corner

As you strive to settle your debts, most of you have made a commitment to rely on cash instead of credit cards. After you complete your debt negotiation program, you will probably want to re-establish your credit. As you probably know, credit cards can cause serious financial problems if they are not used properly. Periodically, this column will discuss a credit card issues and offer tips on responsible credit card use. This month’s topic is Debit or Credit: Which is right for you?

A recent article by Kiplinger revealed that Americans used their debit cards 28.4 billion times last year, compared with 21 billion credit-card purchases. The Federal Reserve has also recognized the rise in debit card usage, which has reportedly been growing steadily in recent years. Whether you are considering debit or credit, it may be wise to first check with your bank regarding the particular fees, regulations and conditions attached to each.

The Debit Decision

Debit cards possessing a major bank logo can usually be used at the same places that accept credit cards. For debit purchases, funds are taken directly out of a customer’s bank account as if they were making a typical ATM transaction.

If used responsibly, debit cards could be a good money management tool for those who want to break themselves of bad spending habits, including the ‘buy it now pay later’ attitude that sometimes accompanies credit card usage. If purchasing with debit, you should learn to always be aware of exactly how much money you have in your bank account. AARP suggests tracking all expenditures and making immediate notations of all transactions to avoid costly overdrawn fees and penalties.

Purchases on debit cards do not acquire interest – in essence, a consumer is basically using plastic to pay cash. While this may be considered a benefit for some, be aware it can be a costly drawback to those who are not financially organized.

If you do use debit, it may be a good idea to keep all receipts until you check your account balance and financial statements. Consumerreports.org reminds consumers that some retailers and merchants such as gas stations, hotels and car rentals, can use ‘blocking’ for debit card purchases. For example, if you purchase $10 worth of gas, an outlet may put a hold on $50 of your funds, causing an overdraft if you don’t have that amount in your bank account. The block is eventually lifted, but length of time depends on merchant.

Also Bankrate.com reports that PIN-based debit cards should provide better protection against identity theft. Try to be aware of your debit card regulations if your account is compromised. Reportedly, consumers have some federal protections if a dishonest person gets access to their debit card however the key is in acting fast. AARP suggests contacting your bank immediately if your card is lost or stolen or if you suspect it is being used without your knowledge. I would be a good idea to close account and ask your bank for a new account number and PIN.

A Case For Credit

Credit cards also require responsible usage and financial discipline. If you choose to pay for a purchase using a credit card, try to keep in mind that you are ‘borrowing’ money which needs to be paid back. Try not to charge anything that you do not need or cannot afford to pay off as soon as possible. Keep in mind that unpaid credit card balances will accrue interest monthly.

Credit card purchases, unlike those made with debit cards, are usually protected by the Fair Credit Billing Act. If you have a problem with an unauthorized charge or a defective item that was purchased with a credit card, the Fair Credit Billing Act could provide additional support.

Walk Down The Aisle Without Budget Worries: Try These Tips!

Don’t let going to the alter make your finances falter

Planning your special day doesn’t have to drain your finances. If you are among the soon-to-be-married, some of these tips could help make your wedding special while saving your budget.

Details

Pick the date. Think about having your wedding in the off-season between November and April. Since Saturdays are usually more costly and the most popular choice for weddings, you might also consider holding the ceremony on a Friday evening. However, if you have your mind set on Saturday, try checking into rates for morning or early afternoon nuptials.

Do you and your fiancé have a special interest? For example, if you are interested in medieval, Civil War or World War II history, consider a theme wedding. A small, simple wedding at a renaissance festival, for example, could add a touch of fun to your festivities – you will be surrounded by others who enjoy your passion and you could even dress in historically accurate clothing.

Guests. Smaller guest lists can make a wedding even more intimate.

Decorations

Happy Holidays. Décor can eat up a large part of your wedding budget. You and your fiancée might consider exchanging your vows close to your favorite holiday at a special locale such as a historic site or restaurant. Think of sites that you both enjoy that may already be decorated beautifully for the holiday.

Flower Power. If you definitely want flowers, a garden or park might be the perfect setting. Depending on size and accommodations, you might save more money if you hold your reception at the same site. Also, you may want to use locally sourced food and flowers during your reception which may cut costs. Also, you could always try doing your own flowers with in-season choices. Choosing one type of flower rather than arrangements might also save you money.

Candles. You might opt for candles instead of flowers. Candles should be less expensive then flowers and might add a romantic touch to your event.

Attire

Crafty idea. Try searching dress and accessory galleries and craft stores for ideas. Be your own wedding planner! You may save money by doing your own research, using the Internet to find do-it-yourself tips. You might also be able to get advice from other brides on blogs and online forums.

Pretty. Look to cosmetology schools or students for discounted hair and makeup appointments.

Dress. Try to avoid pricey designer names opt instead for affordable, yet fashionable, styles that won't break the bank. Consider choosing a white bridesmaid’s dress rather than a bridal ‘gown.’ You don’t need to feel like you’re compromising style to save a few dollars. A simple, silky, smooth A-line dress can be as beautiful and elegant as a pricey gown.

Rent wedding attire rather than purchase.

Food And Drinks

Food For Thought. Food and Drinks can also make a dent in your budget. A simple cocktail party, brunch, tea party or lunch reception might be less costly for food and beverages.

Lucky Love. A potluck might be a good way to make your guests feel a part of the wedding.

Let Them Eat Cake. Consider using a small cake for display and buying a sheet cake to serve your guests. In addition, consider checking out culinary art schools for inexpensive cakes.