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Home > Consumer Focus Archive > Tax Season 2006
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Consumer Focus: Tax Season
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Don't Put Off a Personal Files Check Up
What have you been putting off? Putting off what's
perceived to be an unpleasant task is human nature. But procrastinating too
long, especially when it involves financial matters, can lead unpleasant
consequences. Here are some tips to help you tame your financial
paper tiger.
Posted: February 16, 2007
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Get It Organized
Disorganization
around the house or in your financial affairs can be annoying and time
wasting. Has household clutter gotten to the point that it distracts you
from focusing on your paperwork? Before you trip over one more pile,
resolve to get your clutter under control by following such
easy steps as
starting slow, doing a little every day, scheduling clean-up times, and
making a commitment to yourself to stay clutter-free.
Having your personal and financial papers in
disarray can be particularly worrisome. Check out our
March
2006 Focus on Preparing Your Household Records for tips and information
on getting your household papers and documents under control. Even if you
think that your situation is beyond help, don't worry! A
professional
organizer just may be able to help you get your papers, your basement,
etc. in order.
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Financial Check Up
Now's a good time to get a copy of your
free credit report. You are entitled to receive one free credit report
every 12 months from each of the nationwide consumer credit reporting
companies. It's your choice whether you order all three credit reports at
the same time or order one now and others later. The advantage of ordering
all three at the same time is that you can compare them. On the other hand,
the advantage of ordering one now and others later (for example, one credit
report every four months) is that you can keep track of any changes or new
information that may appear on your credit report. While you're at it,
don't forget to check on the details involving
your will, advance directive, and power of
attorney, as well as your estate.
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Insurance Check Up
It's easy to get distracted by the details
associated with a life-altering change such as a new baby, a divorce, home
remodeling, etc. and forget to ensure that your insurance coverage has kept
up. Don't assume that your insurance coverage changes just because your
life has! Periodically review your life, homeowners, and car for adequate
coverage. Inventory your household belongings and
check with your insurance company about whether you need specific additional
coverage for that new computer or big-screen TV. Also verify that your
level of coverage has kept up with property values. Although the residential
real estate market has cooled down a bit, your home may still be worth
significantly more than it was five years ago.
Don't forget the car insurance. The general rule of
thumb is that it's not worth paying for collision and/or comprehensive
coverage on cars worth less than 10 times the amount you would pay for the
coverage. You also may save money on your car insurance by
checking if you can insure your car with the same company that insures
your home.
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Other
Resources
This is just a brief overview. For more information,
check out these resources:
Read these publications online or
order them from FCIC.
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Publications available for ordering from our Money Page.
Websites*:
* Names of resources and organizations included in this online article
are provided as examples only, and their inclusion does not mean that they
are endorsed by the Federal Citizen Information Center or any other
Government agency. Also, if a particular resource or organization is not
mentioned, this does not mean or imply that it is unsatisfactory.
*If you click on these links, you are leaving FCIC's website.
Please bookmark us before you leave so you can return easily. FCIC is not
responsible for the content of these websites.
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We will not retain or use this
information for any other purpose.
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For
more information on other popular consumer issues check out
FCIC's Consumer
Focus Archive.
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