A Financial Check-up by Dane Smith

Whether by choice or circumstance, people are finding they have more time and more need to ponder finances these days. Very few people are making their way out of this recession completely unscathed and most are trying to be a little wiser about money in the process. In these times of layoffs and pay cuts, giving yourself a financial check-up is a good way to save money and perhaps change some bad habits.



Accounts

Take a look at all of your accounts, starting with the savings account. Either through past paper statements or online, take some time to check balances, interest rates and make a savings goal. If the savings account is near empty, make a goal to save $1000 over the next six months, or perhaps start a new monthly savings goal, say $150 a month. Many financial counselors recommend having as much as six-months' worth of expenses saved. Job uncertainty is high these days and having a just-in-case cushion is not a bad idea.



Whatever the amount in a savings account or individual savings goals, it's important to check interest rates. New York Times financial columnist Ron Lieber recommends looking into Internet savings account that offers better-than-average interest rates. Compare interest rates at banks and other savings sites. If the savings goal is very long term, then money should be put into a different kind of account with a higher rate of return (although there are usually penalties for withdrawals, so make sure the money is not needed in the short term).



Next, take a look at checking and other accounts to assess the fees. Banks can charge different fees for different types of accounts, as well as penalty fees for overdrafts or ATM withdrawals. If the fees seem excessive, talk to someone at the bank about how to restructure the accounts to avoid fees. The same goes with credit card fees and interest rates. Be sure to read the fine print and make payments on time to avoid fees, which can add up very quickly.



Another way to get your accounts to work for you are cash-back credit cards and bank savings plans like keep-the-change. Doing some web research will garner all kinds of offers for credit cards with perks. Start with the companies of the cards in your wallet and see what kind of cash back incentive programs they have. Also, banks offer ways to bolster your savings by automatically depositing the "change" from any debit card transaction into a savings account.



Insurance

An important part of the overall financial health picture is insurance coverage. Look at the deductibles on all forms of insurance coverage: car, homeowners, health, etc. Consider how the insurance was used in the last year, i.e. did you have a car accident or hospitalization. If insurance coverage is used minimally, consider raising deductibles and lowering monthly payments. Also, check into good-driver discounts and other ways to get a better deal, which are usually not offered unless asked for.



Will

If you haven't written a will, especially if children are involved, get one done. Start by pricing lawyers and getting recommendations from friends. It is a relatively easy process and could save headaches and heartaches down the line. Also consider putting in advance directives for future major health decisions.



Gift cards

The last part of your financial check up is fun. Spending gift cards is one of those things that people mean to do and then forget. The cards sit around, sometimes losing value, and more often than not accidentally get tossed out. Take some time to find the cards and then go have some fun spending them.


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Article Source: A Financial Check-up

Beware of sophisticated credit card scams, consumers advised by Sam Gooch

As scammers use increasingly sophisticated ways of targeting people, Aussies are urged to take preventative measures in protecting their finances.



Consumers need to be vigilant in ensuring that their credit card details and other pieces of financial information do not fall into the wrong hands.



The Australian Competition and Consumer Commission (ACCC) stated that 2008 saw a 60 per cent rise in the number of scams reported - with this year thus far recording a similar increase.



And although people are spotting instances of where fraudsters target their bank accounts and credit cards more often, keeping out a careful eye for scams was advised.



"What we're finding is that the way in which the scams are constructed is increasingly sophisticated and fast-moving. The scams look more professional and can be very clever in the way they seek to separate people from their money or personal details," Peter Kell, deputy chair of the ACCC, told News Limited newspapers.



Mr Kell, who is also chair of the Australasian Consumer Fraud Taskforce, added that current attempts at identity theft include offering non-existent jobs as criminals looking to expand "into areas that consumers don't expect to be the source of scams".



He went on to point out that emails relating to the recent deaths of Michael Jackson and Patrick Swayze and those offering cash rewards in return for filling out credit card details on a bogus Visa study are other popular ways that cybercriminals look to defraud people.



But it is not just email messages that consumers should be wary of.



Delia Rickard, senior executive leader for financial literacy and consumers at the Australian Securities and Investments Commission, stated that people should avoid giving out personal information to unsolicited telephone callers.



Indeed, those who receive a phone call in which they are asked about their financial details are advised to hang up immediately and get in touch with their bank.



Such Australian banking guidance comes as commissioner Bob Atkinson of the Queensland Police Service recently advised that people take steps to protect their transaction accounts and other financial products from fraudsters "in the ever-changing world of technology".


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Article Source: Beware of sophisticated credit card scams, consumers advised