Are you ready to join us on a journey toward financial wellness?
Each month, IRFCU will focus on one step of a journey of financial wellness. We’ll tackle the topic in detail and help you learn all you need to know about this step. Follow along, and at the end of the year, you’ll have mastered the tools for a life of financial wellness. Tracking your spending is the first step toward greater financial awareness and, ultimately, toward financial health. However, mastering this skill is easier said than done. How can you track every dollar you spend when you make multiple purchases each day? We’ve outlined how to track your spending in 3 easy steps. 1. Choose your tools Tracing every dollar’s journey isn’t easy, but with the right tools, you can make it quick and simple. Choose from one of the following money-tracking techniques:
2. Review your checking account and credit card statements carefully Along with one of the tools listed above, you can track the purchases you make using plastic by reviewing your monthly checking account and credit card statements at the end of the month. You may receive these in the mail, or you can access them online by logging into your account and downloading. 3. Review and categorize your purchases At the end of the month, use your chosen tool to review all the purchases you’ve made throughout the month. If you’ve used an app or a spreadsheet, adding your purchases to find the total amount of money spent will be simple. The app or spreadsheet may have already helped you divide the money spent into separate categories as well. Similarly, if you’ve used the envelope system, you should know how much you spent on each kind of purchase this month. However, if you’ve chosen another method to track your spending, you’ll need to crunch some numbers to get an accurate picture of your spending habits. When completing this step, don’t forget to include any automated payments you may rarely think about, such as subscription fees and insurance premiums. Tracking your spending and identifying your money drains is the first step toward greater financial awareness and responsibility. Use the tips outlined here to successfully master the skill of tracking your spending. Your Turn: How do you track your spending? Share your tips with us in the comments.
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It’s tax season, and while that may mean you’re drowning in forms and paperwork, for scammers it means millions of taxpayers they can potentially dupe out of refunds or scare into making irrational moves. Here’s what you need to know about tax return scams and how to avoid them.
How the scams play out In a tax return scam, a fraudster steals a taxpayer’s personal information and files a fake tax return on their behalf. The scammer will direct the refund to be deposited into the taxpayer’s checking account. After the refund is deposited, the scammer will call the victim, impersonating the IRS and claiming the refund was mistakenly inflated. They’ll instruct the victim to return the alleged extra funds via gift card or wire transfer. Of course, this money will go directly into the scammer’s pockets. In another variation of a tax return scam, a fraudster steals a taxpayer’s personal information and files a fake tax return on their behalf, as described in the first scenario. However, instead of directing the refund to be deposited into the victim’s account, the scammer has the funds deposited into their own account. When the taxpayer tries to file a legitimate return, the IRS will inform them they’ve already filed one – and collected the refund. Unfortunately, tax return scams are relatively easy to pull off. Scammers need only to get their hands onto a victim’s name, Social Security number and date of birth. All other information, including income and employment details, can be fabricated. Often, scammers get the information they need for the scam from employees who work at the same company as the target and are willing to sell information about their co-workers to fraudsters. Protect yourself Fortunately, there are steps you can take to limit your vulnerability to tax return scams. Here’s how to keep your money and your information safe this tax season:
It’s also important to be aware of the following information to help you identify possible scams:
If you’ve been targeted If you receive a phone call or letter from someone claiming to represent the IRS and informing you that you owe tax money, you can verify the claim by calling 1-800-829-1040. Emails allegedly sent by the IRS are scams, as the IRS does not reach out to taxpayers via email. If you haven’t received your tax refund within one month of filing, you can check your refund’s status on the IRS webpage. If the site shows that your refund was issued but you haven’t received it, you may be the victim of a tax return scam and identity theft. Alert the IRS at 1-800-908-4490. Stay alert this tax season, and stay safe! Your Turn: Have you been targeted by a tax return scam? Tell us about it in the comments. |
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