April Money Management

APRIL 7, 2008 
CUT YOUR ENERGY COSTS
The average American household spends $1,900 a year on energy bills. But the Georgia Society of CPAs say there are many practical ways to cut down on these expenses. One way is to conduct a home energy audit. A home energy audit can help you identify problems that could be costing you money, such as drafts that let in cold air; insufficient insulation; poorly maintained heating and cooling equipment; or inefficient lighting. Another smart step is to choose energy efficient products that carry the government’s ENERGY STAR label. These products are not made by any one manufacturer, but they have all met energy-efficiency specifications set by federal government agencies. Another idea is to unplug appliances when not in use. Believe it or not, some appliances draw energy even when they are turned off. For more money-savvy ideas to make the most of your hard-earned dollars, be sure to contact your local CPA. CPAs have the expertise to help you make the most of all your financial decisions.

APRIL 14, 2008
MANAGE YOUR DEBT WISELY
Is debt 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. But having too much debt—and failing to manage your outstanding balances wisely—can be costly mistakes, according to the Georgia Society of CPAs. If you have allowed your debt to get out of control, there are smart steps you can take to remedy the problem. These include consolidating all of your outstanding balances into one less costly loan or finding credit cards with lower interest rates. It’s important, too, to ensure that you don’t slide into debt again. Sometimes people pile up debt because of an emergency, such as an illness or loss of a job, but often day-to-day overspending is the culprit. Now is a good time to consider how you got your outstanding balances and whether you need to change your spending habits to avoid taking on more debt. Your local CPA can help you assess your options and provide advice on how to create a budget so that you can live within your income. Contact your CPA today for advice on questions about managing your debt and any other financial issues.

APRIL 21, 2008
MEDICAL IDENTITY THEFT: DON’T BE A VICTIM
Have you ever received correspondence from your health care insurer or a bill from a physician that refers to an unfamiliar medical visit or service? Have you gotten notices demanding payments for medical services that you never actually received? If so, you may be the victim of medical identity theft, a new and potentially dangerous variation of identity theft. The Georgia Society of CPAs notes that there are steps you can take to avoid becoming a victim. Medical identity thieves use stolen personal data, such as your insurance information or Social Security number, to file false insurance claims or to receive medical services or medications. If you receive any health care bills or records of service that don’t make sense, contact the insurance company or physician immediately to check into them. You can also ask your insurer for a listing of benefits paid in your name and request a copy of your current medical files. And if you have further concerns about potential fraud risks facing your family, consult your local CPA. He or she can help with any questions you have on these and other financial issues.

APRIL 28, 2008
STOPPING CHILD IDENTITY THEFT
Is someone using your child’s Social Security number or other personal information to commit fraud? Unfortunately, the number of cases of identity theft committed against children is on the rise, according to the Federal Trade Commission. And sometimes parents are completely unaware of the theft until the child is denied a driver’s license or a college tuition loan because of the bad record that an identity thief has created in the child’s name.

According to the Georgia Society of CPAs, there are warning signs that send a red flag that your child might be a victim. One indication that your child’s identity has been stolen appears when he or she begins to receive solicitations in the mail to open credit card accounts. These offers are usually only sent to people who have established credit records. If your child does not have any outstanding debt, then you should question why credit card issuers would have his or her name. It may be a sign that someone else is running up debt using your child’s identity. Your local CPA can offer advice on how to prevent anyone in your family from becoming a victim of fraud. Consult him or her with all of your important financial questions.

For more information contact Calvin Wong at 404-231-8676, Opt. 5.