The Amazing Rate

From cash, to debit cards, credit cards, and your driver’s license, your wallet or purse carries the information and money that can cause your financial downturn if found in the wrong hands. So if you lose or misplace your wallet, or are robbed, be quick to take action.

If you’re robbed, call the police. Though you may not recover what’s lost, a police report can be proof that you were quick to protect yourself.

Cancel your credit cards immediately, and call your bank right away about debit or ATM cards. Even though some require a pin number in order to be activated, a smart thief may know these numbers. Other cards, such as credit cards, simply require a signature which is easy to fake.

Notify any of the credit reporting agencies to place a fraud alert on your name and Social Security number. This prevents any person from opening up accounts in your name.

Before any of this happens, it’s a good idea to make a front and back copy of all the cards you carry. Keep this along with your Social Security number in a safe place where you can access them if necessary.

Saving money can be a lot more simple and painless than most people think, and is a must for anyone affected by the tough economy. Following a few simple steps can save you money without making you give up those luxuries you just can’t live without.

If you buy the same magazine every time you find yourself at a newsstand, consider a subscription. Most subscriptions cost no more than fifteen or twenty dollars a year, and can save you some hard earned cash, without having to give up the luxury of your favorite magazine.

Like eating out with friends? Try meeting them for breakfast or lunch instead of dinner, since it’s usually more expensive. Or if dinner is more convenient, split an entrée or take turns cooking for one another at home. It’s cheaper and makes for a better time.

Call your cable or satellite TV provider and tell them you’re shopping around for a new service. If you’re a long time customer, they may make you an offer for a better discounted rate.

Financial advisor Rich Lunsford also suggests making a grocery list. By making a grocery list, you are less tempted to drop impulse items into your cart when shopping. Having a snack beforehand or shopping midday also means you aren’t hungry and are more likely to make less impulse decisions.

Interest rate cuts have many people rushing to refinance their homes. But is now a good time to refinance? Though refinancing can be a budget booster, you must look beyond these cuts when deciding whether refinancing is right for you.

Refinancing your home means that the new refinanced mortgage pays off your existing loan, replacing it with a new one. Though it can mean monthly savings for you, it is also a costly process to go through, so realizing your break-even point is crucial when deciding to refinance.

You want to break even while you still own the home, but the sooner you break even, the better.

To find this point, divide the total cost of refinancing your home by the monthly savings you’ll receive with the new loan amount. This will give you the number of months it’ll take to break even.

If it’s a larger number, but you plan to live in your home for a longer period of time, then that’s ok. Shopping around for the best deal is also important. Gather a number of “good faith” estimates from your top lenders, and make sure that deals on low interest rates don’t end up costing you more due to fees. The benefits of a little time and effort will make the whole process worth it.

Tax season seems far off, but when that April 15 deadline starts approaching, we make begin to worry and stress about our taxes. Get started early by following these simple tax tips from USAA’s financial expert June Walbert.

Organize your receipts and records

Identify a spot where everything should go, then start collecting. Anything from a filing cabinet to a shoebox works great, as long you save everything, especially receipts for big ticket items. Gather unreimbursed business expenses, medical expenses, daycare, charitable donations, and everyday sales tax receipts in this spot, as well as tax guides and the name and phone number of your tax guy. Employer forms are also necessary, such as your W9’s and 1099 forms. Having them all in one place saves you time and stress.

Begin crunching the numbers

Use a tax worksheet or software to start plugging in your estimates. This is a great way to begin looking into deductions that you may otherwise miss, as well as other information, like retirement savings.

These simple tips will boost your chances of filing an accurate return and ease your stress in April.

If you’re worried about securing your retirement, the USAA offers some questions you should answer in order to make the most out of your retirement.

When do you want to retire?

The sooner you plan to stop working can means the less time you have to save, the less time your portfolio has to grow, and the longer you’ll be in retirement. Set a date you’d like to retire and be prepared to postpone that date, because it may take longer for you to acquire sufficient funds.

How long will your retirement last?

Your life expectancy is unclear, and half of all people live beyond their life expectancy so setting that as the target for your retirement is a major mistake. For married couples, chances are that one person will live to be 95, so the USAA suggests planning a retirement that last until at least that age.

How much income will you need?

A rule of thumb is that you’ll need about 80 percent of your pre-retirement income, but it’s best to make your own estimate. Benefits from military pay or Social Security should also be taken into account, but only conservatively given the sustainability of such benefits.

How big is your retirement portfolio?

The more you’ve saved the better. Having a bigger portfolio means a brighter retirement, so make sure you can be confident in the amount of money you’ve accumulated in your portfolio.

How much are you saving?

Ongoing retirement savings are an important part of your retirement future. Factor in the contribution from your employer, but only if you’re planning on staying there long enough to reap the benefits.

Finally, add it all up. Crunch the numbers and use online retirement calculators that can help you discover if your plans are accurate.