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900 N. Kings Highway, Cherry Hill, New Jersey 08034 856.667.4100 · 215.563.0276 · Fax: 856.667.3652 Money Management is a weekly column on personal finance distributed by NJSCPA. 2008 Money Management Archive Archives View past Money Management articles: View past Money Management articles: 2007 2006 · 2005 2004 · 2003 2002 · 2001 2000 · 1999   Other Tips Tax Tips Business Tips Financial Planning Tips Online Advisor Search Looking for something specific? Enter one or more keywords and search our entire site. December Questions to Ask About Service Contracts Is it a good idea to buy a service contract when you are making an important purchase? According to the Federal Trade Commission, roughly 50 percent of the people who buy new or used cars or major appliances purchase service contracts. December 1st How to Set — and Keep — Your Financial Goals What’s on your wish list for the future? Do you dream about taking a special vacation, buying a home or retiring to a dream location? With the proper planning, it’s possible to reach many or all of your goals. The New Jersey Society of Certified Public Accountants (NJSCPA) offers the following tips on how: December 8th Inexpensive Holiday Gift Ideas The holidays are a fun and exciting time of year, but they are also a time when you can end up spending more than you expected. You don’t have to bust your budget in order to show how much you care. The New Jersey Society of Certified Public Accountants (NJSCPA) offers the following tips for reining in spending while partaking in the generous spirit of the season: December 15th Smart Tips About Gift Cards Many people find gift cards to be a convenient and thoughtful way to allow friends and family to choose their own presents at the holidays. While this may be true, the New Jersey Society of Certified Public Accountants (NJSCPA) warns of some potential pitfalls when giving or receiving a gift card. December 22nd Last Minute Financial Planning Tips Although April 15 may seem a long way off, this is a good time to look at your personal finances and make adjustments to help your tax picture for this year. You may also consider making some changes, in light of the current economy, that will be helpful in the year ahead. December 29th November Making the Most of Student Loans This is the time of year many high school seniors are finalizing their decisions about which colleges they will apply to. That means it's time for their parents to give serious consideration to how they are going to pay for that college education. The New Jersey Society of Certified Public Accountants (NJSCPA) provides the following smart financing ideas to follow: November 3rd Making the Most of College Tax Breaks Some parents spend years saving for their children's college education, while others scramble to find last-minute scholarships and loans. No matter your approach, there are a number of tax breaks available for qualifying taxpayers paying education bills advises the New Jersey Society of Certified Public Accountants (NJSCPA). Don't miss out on this opportunity to offset your education costs. November 10th Legal Documents You Need to Have It's a good idea for everyone to take steps to ensure that their wishes are carried out in case of illness or death. According to the New Jersey Society of Certified Public Accountants (NJSCPA), there are a number of legal documents that can communicate your wishes and make life easier for your loved ones. November 17th Five Steps to Help Keep More Money in Your Pocket Skyrocketing gas prices have gotten a lot of media attention this year, but most consumers have noticed that the costs of many basic goods have also crept higher, taking a noticeable toll on their monthly budgets. The New Jersey Society of Certified Public Accountants (NJSCPA) offers these suggestions on ways to boost the cash in your pocket: November 24th October Preparation Can Make All the Difference Between Inconvenience and Disaster Natural or manmade disasters can strike at any time, and protecting your family’s health and security are the most urgent considerations. However, the steps you take before a disaster strikes may make the difference between dealing with an inconvenience or trying to survive a nightmare. October 6th Being Prepared Financially After a Death in the Family What would happen to your family’s finances if you or your spouse were to die unexpectedly? Would it be easy for the surviving loved ones to get back on their feet financially? The New Jersey Society of Certified Public Accountants (NJSCPA) offers tips to ensure that your family is financially prepared to cope with a death in the family. October 13th Don’t Be a Victim of Consumer Fraud Consumer fraud is big business. An estimated 13.5 percent of American adults were identified as fraud victims in one study by the Federal Trade Commission (FTC). There are many different types of crimes involved, including tax refund scams, fraudulent weight-loss programs, phony lottery or prize schemes and bogus work-at-home scams. October 20th   Ideas for Cutting Your Heating Bills Home heating prices have skyrocketed in recent years, leaving people scrambling to find ways to cut their energy expenses. Given the soaring cost of fuel in recent months, there’s good reason to believe that this year will be another expensive one. October 27th September Writing a Successful Business Plan Many thriving businesses begin with someone’s great idea for a product or service. While that first inspiration is critical to any successful company, the New Jersey Society of Certified Public Accountants (NJSCPA) also advises you to have a solid roadmap for the future. September 1st Common Challenges for Family Businesses A family business can be a very rewarding — and challenging — enterprise. According to the Family Firm Institute, family businesses are a major contributor to the overall economy, employing more than 60 percent of the U.S. workforce. September 8th Financing Your New Business You have a great idea for a new product or service and you want to turn it into a winning business. Or maybe you’ve seen a “for rent” sign in a busy location and that’s where you’d like to open your own business. According to the U.S. Department of Commerce, more than 600,000 new businesses are launched in the United States each year. September 15th Entering International Markets Global markets offer tremendous business opportunity, and a growing number of small businesses are taking advantage of them. Based on statistics from the U.S. Small Business Administration (SBA), about 97 percent of the exporters in the United States are small companies. September 22nd Creating Your Small Business Exit Strategy What will happen to your business when you retire? Many small business owners need to spend their time thinking about the here and now, and not so much on what will happen perhaps decades from now.. But your company’s long-term survival — and your own retirement security — may depend on establishing a viable exit strategy. September 29th August How Long Should You Retain Financial Records? Every year, taxpayers wade through piles of financial documents to find the information they need to file their taxes. But what happens to all that paperwork once you’ve mailed your return?  August 4th When Should You Begin Taking Social Security Payments? According to the New Jersey Society of Certified Public Accountants (NJSCPA), choosing when to retire and start drawing Social Security benefits is an important decision — one that is unique to each individual.  August 18th How to Protect Your Financial Privacy The Internet has changed everything with respect to personal privacy. "Ten years ago, most Americans wouldn’t think of giving out their Social Security number or credit card number to anyone they didn't know," says Paul C. Brush, CPA, of Toms River.  August 25th July Tips for Getting a Raise Are you earning the salary you deserve? In a tight economy, many people are finding that they aren’t receiving impressive increases when evaluation time rolls around. Don’t despair. According to the New Jersey Society of Certified Public Accountants (NJSCPA), there are some steps you can take to maximize your chances for a larger paycheck: July 7th Is Your Credit Score Costing You Money? In these uncertain financial times, even those with excellent credit histories may have trouble getting a mortgage or other type of loan. That’s why it’s important to know your credit score and the effect it may have on your checkbook, advises the New Jersey Society of Certified Public Accountants (NJSCPA). July 14th Smart Steps to Repair Your Credit Score Do you know your credit score? A low credit score could be costing you money. People with poor scores usually pay higher interest rates, which translates into larger monthly payments for a mortgage or an auto or student loan. Poor scores can also cause you problems when renting an apartment, signing up for a cell phone plan or even getting the job you want. Luckily, according to the New Jersey Society of Certified Public Accountants (NJSCPA), there are steps you can take to try to improve your score: July 21st What You Need to Know about Your Spouse’s Finances Failure to Share Information Can Magnify Problems in a Crisis Are you and your spouse completely familiar with each other’s financial situation? Are critical documents up to date? Are you prepared if a spouse is incapacitated or dies? July 28th June Don’t Get Swamped by Student Loan Debt Are you or is someone in your family facing heavy student loan debt? According to a study by the Project on Student Debt, recent graduates left college with an average of $19,646 in student loan obligations. June 2nd Money-Wise Advice for New Grads At this time of year, many recent graduates are leaving collegiate life behind and embarking on their first “real” career. It’s an exciting time, but it’s also a time of new financial responsibilities. June 9th Avoid Money Mishaps When Children Move Back into the Nest It’s graduation time, and many college graduates are returning home to live for the first time in several years. Once upon a time, many of these graduates quickly moved into their own digs, but today that trend is changing. June 16th Newlyweds and Money June is a popular time for weddings, and it’s important that newlyweds get off on the right foot as far as their finances are concerned. According to a Money magazine survey, a total of 84 percent of couples said that money causes arguments in their marriages.  June 23rd Tackling Money Concerns in Remarriage Roughly 75 percent of those who have been divorced will ultimately remarry, according to government statistics. Money can be a source of tension in any relationship, but that there are steps that couples who are remarrying can take to preserve harmony, advises the New Jersey Society of Certified Public Accountants (NJSCPA): June 30th May Teaching Children Money Smarts An Important and Frequently Overlooked Part of a Child's Education Do your children understand the value of a dollar? For today's children, learning how to manage money early is a lesson that will be important to them throughout their lives. May 5th How to Avoid Scams When Searching for Scholarships Tuition and fees can add up to more than $30,000 at some universities. Many parents hope their children can secure a scholarship so that they can further their education without exhausting the family’s savings. With scholarship dollars often hard to come by, and parents anxious to get them, it’s no surprise that “scholarship fraud” is on the rise. May 12th Planning an Affordable Family Vacation With the end of the school year fast approaching, many families are planning their summer vacations. Travel expenses can take a big bite out of your budget, but the New Jersey Society of Certified Public Accountants (NJSCPA) advises that there are many ways to make your vacation dollar go further: May 19th Don’t Let Your Teen Get Caught in a Credit Crunch When is it best to teach your children about using credit and borrowing money wisely? The New Jersey Society of Certified Public Accountants (NJSCPA) advises that the teen years are a great time to introduce children to the rules for managing debt. May 26th April Think Green to Save the Environment And Help Your Bottom Line Rising energy costs combined with concerns about global warming have spotlighted "green" issues. The average American household spends $2,200 on home energy, according to the Alliance to Save Energy. April 7th Smart Tips to Help Manage Your Debt Debt is not always a bad thing. Taking out a loan can make it possible to buy a home, purchase a new car or send your child to college. However, building up too much debt — and failing to manage your outstanding balances wisely — can be costly mistakes, according to the New Jersey Society of Certified Public Accountants (NJSCPA). Many American families have allowed their debt to get out of control, but there are smart steps you can take to remedy the problem: April 14th Don’t Be a Victim of Medical Identity Theft Many people are familiar with identity theft, in which con artists use another person’s personal information to commit fraud. Identity theft encompasses a range of crimes, from using a stolen credit card to make an illegal purchase to employing a pilfered Social Security number to establish a new identity. April 21st Protecting Your Child Against Identity Theft Is someone using your child’s Social Security number or other personal information to commit fraud? According to the Federal Trade Commission, the number of cases of identity theft committed against children is on the rise, and parents may be completely unaware until the child is denied a driver’s license or a college tuition loan because of the bad record that an identity thief has built in the child’s name. The New Jersey Society of Certified Public Accountants (NJSCPA) offers the following steps you can take to prevent your child from becoming a victim: April 28th March The Smartest Way To Spend Your Income Tax Refund Getting a tax refund? Great. Now, think before you spend it. Put your hard-earned money to the best possible use. March 3rd Answers to Frequently Asked Tax Questions When you think about filing your tax return, do you have more questions than answers? The entire process can be confusing and frustrating, but a little information can make the experience much more bearable. Here are some common tax-season questions, along with practical answers, from the New Jersey Society of Certified Public Accountants (NJSCPA): March 10th Tax Tips for Members of the Military At this time of year, people are organizing their records in preparation for filing their tax returns. This is often a challenging task, and that may be particularly true for those who are serving in the armed forces. That’s why the New Jersey Society of Certified Public Accountants (NJSCPA) advises that anyone who is in the military or has family members that serve our country to be aware of some of the special tax breaks and programs available to them. March 17th Tips for First-Time Home Buyers Given the volatility in real estate prices lately, many first-time buyers may be wondering if this is a good time to enter that market. Purchasing a home can be an excellent investment, according to the New Jersey Society of Certified Public Accountants (NJSCPA), but there are some important issues to consider first: March 24th Savvy Mortgage Shopping What’s the best advice for people who are buying or refinancing a home? Get the best mortgage. According to the New Jersey Society of Certified Public Accountants (NJSCPA), shopping around for the best mortgage and being informed about the right questions to ask mortgage lenders can be the most important things you do. March 31st February Tips for Coping with Rising Healthcare Costs The average employee contribution for health insurance has soared over 143 percent since 2000. Deductibles, prescription co-payments and co-insurance for doctor and hospital visits, the typical out-of-pocket expenses that consumers pay for, have jumped 115 percent during the same period, based on facts compiled by the National Coalition on Health Care. February 4th Five Signs Your Finances Are in Trouble The loss of a job, a sudden illness or another crisis can spell financial trouble for any family. Sometimes, however, people make small mistakes that add up over time to create big problems for their finances, according to the New Jersey Society of Certified Public Accountants (NJSCPA). CPAs recommend that you watch out for these warning signs that can signal potential financial pitfalls: February 11th Financial Advice for the “Sandwich Generation” Many Baby Boomers are trying to balance supporting a parent while also raising a youngster or providing financial help to an adult child, according to the Pew Research Center. Several factors make it likely that this trend will continue. People are living longer, so there’s a greater chance that our parents will need our help as they age.  February 18th Understanding Medicare Advantage Plans Are you or a loved one enrolled in Medicare? This government health insurance program for older Americans offers many choices in terms of coverage and available plans. Given this wide range of options, the New Jersey Society of Certified Public Accountants (NJSCPA) recommends that those enrolled in Medicare understand the options available to them: February 25th January Keep Your Financial Resolutions this Year Paying off debt and saving money are among the most popular New Year’s resolutions. And the New Jersey Society of Certified Public Accountants (NJSCPA) has some helpful tips for those who want to meet their financial objectives in the coming months: January 7th Sure-Fire Steps to Achieve Your Financial Goals What are your financial aspirations for the coming year? Would you like to pay off some high-interest debt? Step up your retirement savings? Set aside enough for an exciting vacation? The New Jersey Society of Certified Public Accountants (NJSCPA) recommends that you take several wise steps to turn your financial dreams into realistic goals: January 14th Tax-Deductible Donations: What You Need to Know Americans donated an estimated $295 billion to different charities in 2006, a new record, according to “Giving USA 2007,” a report from the Giving USA Foundation. Our generosity allows us to make a difference to a wide range of worthy causes. January 21st Tax-Smart Retirement Planning In the past, companies supplied retirement funds for their employees through defined-benefit pension plans that paid a set amount to retirees. Today, those plans are rare, and employers are increasingly shifting the responsibility for retirement savings to the employee. That means that workers must take an active role in planning — and saving — for their retirement. 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