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Resolutions toward simplying family finances
Are you spending too much time
on family finances? Are you willing to
make 1999 the year you put your
financial life in order? Commit to the
following resolutions suggested by the
Georgia Society of CPAs and you’ll
find you have more time and money
for the things you really enjoy.
Resolve to simplify
checking account
Stick to one checking account.
Maintaining multiple checking
accounts requires extra effort and
costs more in service fees. If your
bank offers check imaging, give it a
try. Instead of getting your actual
checks returned, you get pages with
reduced copies of your checks. The
pages can be filed easily in a loose
leaf binder and the bank will pro
vide a copy of a paid check should
you need it.
Want to skip the nuisance and
embarrassment of bounced checks?
Sign up for overdraft checking. If
you accidentally write a check that
exceeds your balance, the bank
lends you the money and pays the
check.
Resolve to consolidate
accounts, investments
Many banks now offer relation
ship accounts that combine your
checking, savings, and retirement
accounts as well as certificates of
deposit. You receive one monthly
statement showing all your transac
tions and all your balances. Better
yet, consider a central brokerage
account where you can manage your
investing, savings, borrowing and
spending, all in a single account.
Some brokerage firms even supply
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nient access to your money.
Resolve to arrange
for automatic bill paying
You can arrange to have your
bank pay certain bills, such as your
mortgage, utilities and insurance,
automatically from your checking
account on the payment date you
select. You save time writing checks
and avoid fees for late payment
Resolve to consolidate
mutual funds
When you buy all your funds
from one fund family, you receive a
single consolidated statement that
makes it easier to keep track of your
investments. Many of the fund fami
lies offer a wide selection of funds
and allow you to transfer by phone
from one fund to another.
Resolve to automate
my investing strategy
Many mutual fund companies
will be glad to set up an automatic
monthly investment plan that simpli
fies your financial life. Each month,
the fund company takes the amount
you specify from your bank account
and invests it in the fund(s) of your
choice.
You’ll be spared the bother of
writing checks, plus you’ll be mak
ing regular investments.
Resolve to sign up
for direct deposit
As of the end of 1998, all Social
Security checks and most other fed
eral benefits you are entitled to
receive must be deposited directly
into your bank account. You can
save trips to the bank and concerns
about possible mail delays by also
WOMEN OF FORSYTH
having your paycheck, pension, div
idend payments or other recurring
payments deposited automatically.
Try to make it a habit to check your
bank statements regularly to see that
all the deposits are credited accu
rately.
Resolve to organize
out-of-pocket expenses
Your timely submission of
receipts and documentation for out
of-pocket costs for insured expenses
will speed up reimbursement from
medical, automobile, homeowners,
and other insurance carriers.
Resolve to buy insurance
through one agent
You may get a discount for hav
ing your home, auto, life and per
sonal liability insurance in one
place, and you’ll have one less
salesperson to deal with. If you can
afford to do so, pay for the full
year’s premium at once and get rid
of time-consuming monthly check
writing.
Resolve to store
securities with broker
To save yourself the trouble of
delivering stocks and bonds to your
broker each time you’re ready to sell
an investment, have your broker
hold your securities in the firm’s
street name. Then, when you’re
ready to sell, just call your broker.
The Securities Investors Protection
Corp, insures securities held with a
broker for up to $500,000.
Resolve to organize
tax records
Keeping organized records can
ensure that you don’t overlook
deductions at filing time. Expenses
kMSYTH COUNTY NEWS - SuMay, Jmiaiy A J tote! -1
as diverse as professional society
dues and job-related moving costs
may be deductible if you keep good
tax records.
CPAs suggest you resolve to
spend an hour or two a month orga
nizing your receipts, canceled
checks, and other documentation
you’ll need to substantiate your
deductions. This may help lower
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your tax bill and keep your tax’
return preparation fees to a mini- (
mum.
Need a CPA? The Georgia
Society’s CPA Referral Service is a
free public service. You can locate a
CPA by geographical area, specialty
and firm size online at
www.gscpa.org. Or you may call
(404) 231-8676, ext. 504. *
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