Over the last year, we have experienced tremendous growth and have expanded our team yet again. Saldutti, LLC is proud to introduce four new members of our growing firm, Chris D’Amore, an associate attorney, Franklin Davis and John Fratantoro, who are litigation collectors, and Erin Hart, who works in litigation support. All of our new employees will bring valuable experience and new outlooks to the firm.
Chris D’Amore is a magna cum laude graduate of The College of New Jersey located in Ewing, NJ. Afterwards, Chris furthered his education at Rutgers University School of Law. While at Rutgers, he served as Associate Managing Editor of the Rutgers Journal of Law and Religion. Additionally, Chris was a 2009 recipient of the Lisa and Kolin Pimental Award for Excellence in the Study of Domestic Violence Law and was recognized as a Dean’s Scholar.
Chris received his Juris Doctorate degree in 2009 and was admitted to both the Commonwealth of Pennsylvania Bar and the New Jersey State Bar in 2010. He also obtained a prestigious judicial clerkship serving as Law Clerk to the Honorable Evan H.C. Crook, J.S.C. of the Superior Court of New Jersey. Prior to joining the Saldutti, LLC team, he was an associate attorney at Alterman & Associates, based in Marlton, New Jersey. Today, Chris resides in Philadelphia and is a certified USA Olympic Weightlifting Coach as well as a certified trainer at CrossFit South Philly.
Franklin Davis, who joins our long list of military veterans, is originally from Columbus, Ohio but spent 9 years in Atlanta, Georgia before moving to his home in Cherry Hill. He has over 24 years experience in the collections industry. Prior to joining Saldutti, LLC, he worked in the recovery department of Bank One (now Chase Bank). While serving in the Army as a supply clerk, Franklin accomplished three of his goals – he traveled overseas, drove every land vehicle, and fired every military weapon.
John Fratantoro, an Air Force veteran, also joins the Saldutti team as a litigation collector. He brings extensive experience in the collections area, previously heading up the accounts receivable department at Silver Care Center. He holds an accounting degree from Glassboro State College (now Rowan University).
Erin Hart, graduated from Boston College with a B.A. biology. She is currently studying at Temple University to acquire a Masters degree in speech language and pathology. During her spare time she enjoys volunteering at her local hospital. She also is a coach for girl’s basketball and field hockey for middle school students.
~ Sara Knopsnyder
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By admin
– February 9, 2012
Does the thought of tax season make you break out in hives? Fear no more! Dave Ramsey, a syndicated radio host and author of best-selling books, Financial Peace and Total Money Makeover, has created this easy, step-by-step guide to help you prepare for taxes without even breaking a sweat! Preparing for taxes can actually be a simple, no-stress process if you do a little work on the front end. All it takes is some organization and time.
Step 1: Gather Documents – To get started, you need to collect all of your tax documents. This includes your W-2s, 1099s, mortgage interest statements and charitable giving receipts. Don’t forget any receipts for other deductions like childcare, education costs and home improvements. If in doubt, keep the document or receipt on file until it’s tax time. You’ll be glad to have these documents on hand in case you discover that you can use them when filing your taxes.
Step 2: Know Dates – You must file your taxes by April 17 (since April 15 is a Sunday and April 16 is a Washington D.C. holiday). Income and investment interest forms are mailed to you by January 31. Keep an eye on the calendar. If you don’t receive your tax statements, call the necessary people to be sure you receive your paperwork in plenty of time to get your taxes done.
Step 3: Organize Papers – Purchase a few manila folders, an accordion file, or a filing system that will hold your tax documents. In one folder, put all paperwork dealing with income—W-2s, 1099s and investment interest statements. In another folder, file paperwork for your deductions such as mortgage interest, property taxes, charitable giving and student loan interest. Create a third folder to file receipts for deductions that aren’t in the form of statements, such as medical and home improvement expenses.
Step 4: File Taxes - Once you have all your tax documents organized, you’re ready to file your taxes! If you’re young, single and don’t own a home, your return could be simple enough to file yourself, especially if you plan to take the standard, no-questions-asked deduction. If you have a more detailed return, or you’re a little uneasy about doing the paperwork yourself, you will need to locate a tax services professional. They’ll do the work for you – all you have to do is organize your documents. Either way, make sure you feel comfortable with your decision, and then file away!
Step 5: Relax! – Your taxes have been filed, and you no longer have to worry about hitting that April 17 deadline. Thanks to your new organizational system, next year’s taxes will be a breeze. Remember to promptly file any tax documents when you receive them so you don’t have to search the house for them next year. Once you’ve filed your taxes, save the documents for seven years.
Step 6: Find a Professional You Can Trust – DaveRamsey.com offers a free list of local certified tax experts on their web site. These Endorsed Local Providers (ELPs) are professionals who will take the time to explain your taxes and make sure you get every deduction you’re eligible to receive. Don’t wait until the tax crunch. Contact your tax ELP today!
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By admin
– February 7, 2012
Tax season is upon us, with most Americans putting together the materials they need to file their returns, gathering receipts, and searching for other tax deductions to maximize the amount they get back from the federal government.
But some people go too far in searching for tax advantages. Perhaps they take a deduction that they aren’t eligible for, or claim a few extra dollars on a charitable donation. If the IRS begins to suspect that a tax return isn’t entirely truthful, the filer might be in for an audit.
U.S. News spoke with two tax experts about how to avoid an audit, red flags that can prompt a second look from the IRS, and what to do if you’re targeted by the IRS. According to these experts, while an audit is an unpleasant experience, taxpayers do have rights and can take steps to make the experience more palatable.
Who gets audited?
According to Michael Rozbruch, CEO of Tax Resolution Services, few Americans are subject to a second look from the IRS. In fact, audits are one of the few times that having an average salary is an advantage. “Only about 1.1% of people who file a 1040 [the most common tax return] for the 2010 tax year were audited (about 1.5 million),” says Rozbruch. “However, the audit rate is 12.5% for people earning $1 million or more in 2010. This is up by 100% from 2009 levels! The IRS is aggressively going after this segment of the population.”
What sets off an audit?
Karen Reed, a director at TaxResouces Incorporated, says audits are most often triggered by the kind and amount of deductions taken. These include “charitable contributions, employee business expenses, and vehicle expenses. Business and rental schedules with high deductions but no reported income are also common audit triggers,” Reed says.
She adds that the IRS is often curious about tax returns that don’t appear to support the lifestyle of the person filing the return.
Simple errors in data input can catch the attention of an IRS inspector. It’s important to check every item on your tax return. In reporting income and withholding, a mistake in just one digit can lead to disastrous results.
What do you do if you get audited?
Both Reed and Rozbruch recommend contacting an expert if an audit is ordered. “If the dollar amount of exposure is $20,000 or more, you should retain the services of a certified tax-resolution specialist, who is expert in defending their clients in an audit because they do this day-in, day-out, for a living,” Rozbruch says.
Reed, however, believes a professional should be hired in all audit cases. “The advice we give to everyone is, ‘Do not represent yourself in a tax audit,’” she says.
Are there certain types of write-offs that raise red flags with IRS agents?
Certain deductions raise alarms with the IRS, Reed says. Because these credits can be abused, the IRS will look closely at taxpayers who claimed the First-Time Homebuyer Credit, the Earned Income Credit and the Adoption Credit.
Reed adds that many Americans actually cheat themselves out of deductions because they fail to keep accurate records. It is vital to keep receipts for charity contributions and maintain mileage logs. “In the absence of good records, the deductions are disallowed when audited.”
If you’re found during an audit to have made mistakes on your taxes, how do you square things with the IRS?
The best track to take when an audit begins is to attempt to make things right immediately. “If mistakes are found during the audit, you can come ‘clean’ at that time,” Rozbruch says. “If you are aren’t going through an audit and want to correct a mistake, you can do so by filing an amended return by filing a 1040X within three years of the originally filed return.”
Reed adds that if the taxpayer is not maliciously trying to cheat the government, the IRS can be lenient. “In many cases, the IRS will abate penalties when a strong case can be made that the taxpayer made an innocent mistake,” she says, adding that making things right “usually just involves paying the amount owed.”
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By admin
– January 31, 2012
Many folks believe that the safest place to store valuable items is in a bank safe deposit box. After all, banks have the best 24-hour security and alarm systems. But the contents of a safe deposit box are rarely insured, while items in your home are typically covered by your homeowner’s or renter’s insurance policy. Also, don’t think your cash in a safe deposit box is covered under FDIC insurance. The FDIC only insures the deposits in accounts held in banks, but not the contents of their safe deposit boxes.
Finally, it’s not a good idea to store original copies of documents that you require immediate access to, such as passports, spare keys, wills, funerary directives, etc. in a safe deposit box. Bank safe deposit boxes are only accessible during branch operating hours and the boxes are typically sealed when the bank receives a death notice. To open a sealed safe deposit box, estate representatives are required to provide court papers to the bank.
For these reasons it’s good idea to buy a fireproof safe in your home. What should you keep in it? Here are a dozen suggestions from MoneyWatch:
- Property insurance policies and agent contact information - You’ll need this information right away if your house suffers damage and you need to know how to file a claim.
- Passports and original birth certificates – These can be a hassle to replace and will come in handy to establish identity when traveling with children.
- A list of family doctors, prescription medications, and contact information for all pharmacies you use – You may need these to get new supplies of medications you use on a regular basis.
- CDs or an external hard drive containing digital copies of all family photos – It’s a good idea to scan all older family photos and keep a digital copy of them as well. Your family memories in photographs are irreplaceable.
- Safe deposit box keys – If you store valuables in a bank safe deposit box, you’ll want to make sure you keep the keys to it in a safe place.
- Important papers related to investments, retirement plans, bank accounts, and associated contact information – You may also want to keep some cash on hand for ready access in an emergency.
- Information on your outstanding debts, due dates, and contact information – It’s important to keep tabs on your finances and protect your credit, in the event you’re displaced by a fire.
- Original Social Security cards – These can take time to replace and may be needed to establish eligibility for benefits.
- Copies of your important legal documents, including powers of attorney, living wills, and health care proxies – This applies to yourself and for anyone else for whom you are designated attorney-in-fact or health care surrogate. Having access to these can help ensure the protection they were created to provide.
- Copy of wills and all wills in which you are designated the executor – It’s important to have access to these as safe deposit boxes are typically sealed upon notification of the box owner’s death.
- Valuables – Jewelry, coins, cash, etc. that you may want access to from time to time.
- Spare keys and titles to all vehicles – It helps to know where copies are in the case that you need them.
Of course, exactly what you choose to store in your fireproof safe will depend on your personal circumstances and the size and location of the safe.
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By admin
– January 24, 2012
While economies can collapse seemingly without warning, a personal debt crisis doesn’t happen overnight. Most of the time any foreclosure or a personal bankruptcy is years in the making. Unfortunately, people often don’t see the warning signs that could stop – or at least slow down – the problem before it hits critical mass.
According to the Federal Reserve Bank of New York, as of the fourth quarter of 2010 approximately 2.8 million U.S. homes have gone through foreclosure, and another 2 million homes are in the process. Bankruptcy numbers aren’t much better, either, even if they are trending in the right direction. The American Bankruptcy Institute reports that the total number of U.S. bankruptcies filed from September 2010 to September 2011 reached 1.47 million, down from 1.60 million in the previous year.
How can you avoid become a statistic in either group? With a built-in “radar” system that warns you when your financial picture is starting to spin out of control. Here are five “red flags” that you can use to build that warning system, from MainStreet.com:
- You keep overdrawing your checking account – If you’re constantly overdrawing your bank checking account – even once a month is a serious sign if it happens repeatedly – you need to get your financial act together. You’re likely spending too much money and possibly accumulating too much debt, or your income simply does not meet your expenses, in which case there are other forms of assistance to consider. Fix the problem by building a monthly budget and sticking to it.
- Your credit card payments are dwindling – If you can only afford to make the minimum payments on your monthly credit card bill (if that), you’ve got a borrowing problem. Credit card users keep paying interest on that big outstanding balance, and within a few months a $5,000 credit card tab can climb to $7,500. The solution? Use your card less (ideally, only for emergencies) and pay at least twice your minimum card payment. That should keep you out of credit card trouble.
- Your emergency fund reads “zero” – If you don’t have an emergency fund, or the one you have is on life support, you’re courting big financial trouble. Experts historically say you should have at least six months’ worth of income stashed away in a savings fund, but it’s better to aim even higher. Build a 12-month cushion in case you lose your job or suffer from a major illness or injury. Most bankruptcies occur after a job loss or a serious health issue, so a proper emergency fund can save the day in that regard.
- You have to choose which bills to pay – If two bills come in the mail and you can’t afford to pay both, you’re overstretched financially. If this happens once, no worries – it’s a tough economy and most people have problems with a bill at one time or another. But if it’s a monthly occurrence then you’re in “red flag” territory and need to revisit that budget and see where you can cut some meat off the bone (or take a second job to earn more income).
- Your credit score is below 620 – If your FICO score is heading south faster than a Canadian goose in December, that’s obviously a big red flag. The lower your score, the more expensive it becomes for you to get credit (creditors charge higher interest to give credit to consumers with low credit scores – if they grant them a loan at all). Read your credit report at least twice a year and directly address any problems right away.
If you find that you meet at least two of these red flags, you could be heading toward financial peril. But if you pay attention to the warning signs you could help to avoid or reduce the impact of a potential financial Armageddon.
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By admin
– January 19, 2012
Unless your idea of “streamlined” finances is having eight credit cards in your wallet (that’s about how many the average card-carrying U.S. citizen hauls around), you’ve probably considered canceling some of credit cards you don’t use often. But before you dash off “Dear John” letters to your lenders, make sure you’re not doing more harm than good by parting ways.
The Motley Fool clears up some common misconceptions:
Closing accounts will not undo anything – Once a credit card is in play, there’s no denying its existence. It’s on your permanent record (your credit report) for at least 7 years even if you cancel the card the next day. Same goes for any red marks (late payments, charge-offs, overspending) associated with your accounts. You simply can’t deny your past but it will fade away and, for most negative entries, fall off your report in seven years.
Why deny the good? Removing old closed accounts that have no negative items is a bad idea because you benefit from a long credit history, and those accounts speak to that history. (Good entries can remain on your report forever.) Remember, 15% of your credit score is determined by how long you’ve been borrowing.
Closing accounts might hurt your FICO score – Lenders take a hard look at the ratio between the balances on your revolving accounts and your total available credit. If you do have debt, try to keep it to less than 30% of your available credit. (The ideal number is 0%.) Keep those lines of credit open, but don’t be tempted by untouched lines. When you close out open accounts, those credit lines are no longer factored into your ratio. Thus, your debt as a percentage of available credit will increase.
Why cancel cards at all? It may sound like the lending industry loves customers who have gobs of plastic, but as with most things, it’s best not to binge. According to Fair Isaac, once you acquire more than seven revolving debt accounts, your FICO credit score begins to suffer a little. And while simply closing accounts won’t necessarily have an immediate positive effect, over time it could boost your credit score.
So let’s see if it’s time to break up with some of your banks …
Keep the oldies – Commitment counts and lenders see long-held accounts as proof that you are the responsible citizen that we know you are. So, if it’s the choice between parting ways with that dashing new sliver of plastic in your wallet or the faded alumni credit card you got when you still had hair, keep the latter.
And the goodies – If you get points, miles, cash back, good karma from using a credit card, and you actually take advantage of the goodies that come with membership, keep the card in play. It’s good to know, however, that credit cards with rewards programs are really common. So if the card carries an annual fee, call and ask if it can be waived. If you don’t get back what you pay annually to use it, consider canceling.
Dump the flighty ones – Just because your credit boasted a single-digit interest rate when you got it doesn’t mean it will do so indefinitely. Nothing’s uglier than paying for a new transmission at a 23.9% interest rate. Those credit cards that have ever-shifting rules and rates require an eagle eye be kept on all those leaflets that come in the mail. If you’re not the type to keep your eye on the dealer, this card may be a lot more trouble than it’s worth to keep in play.
Keep the ones that stood by you in bad times – If debt was a problem in the past and may become one in the future, keep open those accounts where you have a decent track record – meaning no or very few bloopers (like late payments or overages) – and a longstanding relationship. If the low-interest offers dry up, your room for negotiating a better deal is best with a lender that has fond long-term memories of your time together.
Hold on to your single days - If you’re married, don’t give up your identity entirely. Simply being an authorized user on your sweetheart’s credit cards won’t help you establish credit or keep your reputation intact. You must keep at least one line of credit from your single days open and active, and in your name only. If you don’t occasionally use the card your file will go dormant and become unscoreable.
In addition to using the nuts and bolts of your credit card program, other factors may play a role in reviewing your lending relationships. Customer service is a biggie for some, and it’s usually not an issue until something goes wrong.
The right way to close a credit card account – Simply cutting up the card and calling it quits doesn’t count. An unused card is still an active account (until expiration), so while you might not be getting a bill in the mail, the bank still counts you as a customer. If your number gets in the wrong hands, you might not notice until it’s too late. To end your relationship with your lender for real, call the 800 number on your card statement and find your way to a live operator. Specify that you want the account closed – and this is important – “at the cardholder’s request.” It’s a minor point, but it looks better on your credit report if the account was terminated by the user and not the lender.
Know when to hold them, when to fold them – It’s tempting to do a major spring cleaning and dump all the dusty cards from your wallet at one time. However, cutting off too many lines of credit at once can give the wrong impression on your credit score. Again, the level of “acceptable credit” depends on your income. Too high, and you’re a risk. Too low, and your banker may wonder why you don’t qualify for more. Still, with responsible credit usage — paying your bills on time, every time — any short-term blip will be history in no time.
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By admin
– January 17, 2012
In an increasingly competitive global market, education is becoming more important. But many families find the cost of education to be outside their grasp. According to a study commissioned by the US Department of Education, from the 2001-02 to the 2010-11 academic year, the cost of attending a 4-year undergraduate in-state school rose by 47.3%.
With ever-increasing education expenses, many families are accumulating significant debt, putting students further behind. However, with planning and financial management, students can control their finances. Here are some tips for parents of soon-to-be college students.
- Start the conversation - Talk with other parents, teachers and guidance counselors about the cost of education. Make contact with the student financial aid offices of the colleges on your child’s list and get an accurate estimate of the cost of each institute. Most importantly, talk with your child. It is imperative your child learns the budgeting process as they will soon be managing their finances away from home.
- Set the budget and stick to it – Once you have a set budget, add wiggle room for other unforeseeable expenses. Make sure you set this budget realistically. Calculating the cost of pens and pencils may seem ludicrous, but if you’re on a tight budget, every expense counts.
- Get connected – Tracking your financial spending is easier than ever. From smart phone apps to free financial planning software, you can get an accurate financial report at any time. Research banks to determine which ones offer services to help you can stay on top of your budget. Also, consider linking your banking account with your child’s, to easily transfer funds online.
- Make a plan – When taking on debt, it is important to have a plan for paying it off. Calculate the monthly payments and time it will take your child to pay off the debt. Research salary ranges for the field in which your child plans to pursue a career to understand the debt they can realistically carry. Find more information and calculators to help determine payment schedules and interest rates at www.direct.ed.gov.
- Do your research – Before taking out a student loan, look to other options, such as financial aid and scholarships. While some scholarships are awarded on academic merit, others are given based upon both academic performance and community service.
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By admin
– January 13, 2012
Trimming the fat may be the most popular New Year’s resolution out there, but trimming your debt is not far behind for a lot of people. “Getting out of debt is more strategic than simply writing a check to your creditors,” said John Ulzheimer, President of Consumer Education with SmartCredit.com. You can save hundreds or thousands of dollars by prioritizing your debts. You can also get the benefit of a higher credit score by being smart about what you pay first.
Ulzheimer recommends these ground rules for those who are serious about reducing their debt in 2012:
REMEMBER THE BASICS – Make sure you make your minimum payments to ALL of your creditors… on time… each month. If you can pay more, you should. But skipping a payment or paying late is a big no-no.
RETAILER CARDS FIRST – Choose your retailer credit cards (i.e. Macy’s, Gap, etc.) as the ones you pay off first and be aggressive. On average, the interest rate on these cards is about 10-12-percentage points higher than general use credit cards like Visa and MasterCard. You should be able to knock them out faster because the balances on these cards are usually lower. Also, by paying off retail cards, you’ll improve your credit score because you’ve lowered the number of cards with a balance and the infamous “debt utilization” percentage – both of which are very important in your FICO scores.
SOCK LESS AWAY FOR NOW – Ulzheimer said you may also want to stop contributing to your 401K and IRA until you’ve paid off your credit card debt. The amount you are earning in “gain” is probably not as much as you are paying in interest. “That means you’re losing money each month you have credit card debt.” Said Ulzheimer.
INSTALLMENT DEBT VS. CREDIT CARD DEBT – Don’t put installment debt in front of credit card debt. Rates on cars, houses, student loans are much lower than those on plastic. And you are probably getting tax advantages on your mortgage and student loans.
KNOW WHEN TO SETTLE – If your debt is in default or being handled by a collection agency, then you need to offer what’s referred to as a “settlement.” “I never advise this unless you’re dealing with collection agencies,” said Ulzheimer. Agencies normally acquire the debt for pennies on the dollar so your former $1,000 debt isn’t really what you owe the collector. Ulzheimer recommends starting your offer at 10% of what they say you owe and work with them until a satisfactory settlement has been reached.
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By admin
– January 10, 2012
Want to start the New Year off right? Will 2012 be the year that you get your finances in order? New York City’s Department of Consumer Affairs (DCA) provides tips that can help you save money and become an educated consumer in 2012. The DCA urges all consumers to take advantage of the helpful financial empowerment tips to secure a stronger financial future.
Financial Empowerment Resolutions for 2012:
- Do Your Taxes Early and File for Free or at a Very Low Cost to Get Your Refund - Did you know that the Earned Income Tax Credit (EITC) refund may be the single largest check that many families receive all year? If you make $57,000 or less you qualify to file your taxes for free or low cost. You can prepare your own taxes for free online or you can have them prepared for you at a free tax prep site (a Volunteer Income Tax Assistance (VITA) site.
- Save for the Unexpected … Even Just a Little – Unexpected emergencies like health problems or job loss can jeopardize a tight budget. Resolve to start saving on a regular basis in 2012, even just a small amount. Try an automatic savings plan that helps you effortlessly save every payday using direct deposit or automated transfers. or call 311 for more information.
- Find Easy Ways to Cut Down on Your Expenses – The start of the new year is a great time to cut out those unnoticed expenses that really add up. Did you know the cup of coffee that you buy on your way to work can cost you $800 a year? Buying a $10 lunch, five days a week, means that in a year you’re spending $2,600. In 2012, you can brew your own coffee; make lunch and take it with you; open a safe banking account and withdraw money only from ATMs at your bank … and watch your savings grow!
- Make a Plan to Pay Down Your Debt – One of the best ways to take control of your finances and start to pay down your debt in 2012 is to get professional financial counseling. Counselors can help you negotiate with creditors and debt collectors, consolidate payments, or create a payment plan and a 2012 budget.
- Check Your Credit Report and Protect Your Identity – Make it a New Year’s resolution to safeguard your personal information. Start the new year by checking your credit report and clearing up any inaccuracies. Throughout the year, be sure to shred all documents with personal information like account numbers and Social Security information to avoid becoming a victim of identity theft. If you’ve been a victim of identity theft, place an alert on your credit report, file a police report, and file a complaint with the Federal Trade Commission.
- Open a Bank Account – If you don’t have a bank account, start the new year by opening one that’s safe and right for your needs. Safe and affordable banking does exist. Look for a bank account with an ATM card, no overdraft fees, and no monthly fees if you have a minimum balance of only $25 or in some cases even less.
- Don’t Let Debt Collectors Push You Around – Protect yourself in 2012: Debt collectors must be licensed by the Department of Consumer Affairs (DCA), provide you with proof of debts, and cannot harass you even if you do owe money. If you are contacted by a debt collector, check immediately if the business is licensed and demand proof of the debt in writing.
- Claim Every Public Benefit for Which You Qualify – Make 2012 the year you find out what programs and services are available that can earn or save you money. Visit your state and government web sites to identify whether you qualify for benefits, including Food Stamps and child care assistance, health insurance, housing or employment, and much more. Ask your employer about pre-tax transit and medical cost programs, and college and retirement savings programs.
- Shop Smart – If something sounds too good to be true, it probably isn’t true. If you’re considering debt consolidation, debt settlement, or mortgage loan modification or using an employment agency, do not pay fees before you receive services. Get contracts that are clearly written, make sure you understand them before signing, and keep all receipts from your transactions. Looking to fix up your home? Get quotes, shop around, and get references before making your choice, and check with your state Department of Consumer Affairs to find out if the home improvement contractor you’re considering is licensed. Looking to buy a second hand car? DCA licenses and inspects second hand auto dealers.
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By admin
– January 5, 2012
Every January, you plan to make changes – you really do. This time, though, succeeding at some of the items on your resolutions list is imperative, not just for bragging rights but for your financial well being. To give you a jump-start, DailyFinance.com asked experts to weigh in on what our personal finance priorities ought to be in 2012. With economic uncertainty still the order of the day, your best strategy for financial health is to control the things you can control.
So, under the heading of “small changes that can add up to big savings,” here are 7 financial moves to make in the New Year.
- Trim Your Waistline — and Your Insurance Premiums - Two ever-popular resolutions are to lose weight and quit smoking. Those are good ideas not just for your health, but for your wallet, too. According to research from eHealthInsurance, smokers pay an average monthly health insurance premium that’s 14% higher than for nonsmokers. Being heavy costs big too: Obese policyholders pay 22.6% more on average than their normal-weight counterparts. As an added incentive, some employers and insurers are offering rewards in the form of gift cards or discounted deductibles for employees with healthy habits and fewer sick visits to the doctor.
- Become a Smarter Shopper – Try to stay one step ahead of the retailers who are forever luring us with clever marketing strategies. “BOGO” sales (Buy-One-Get-One) only save you money if you actually want the second item. Ditto for “loss leaders” (items the store under-prices so far that it loses money on them) in the hope that once you’re there to buy them, you’ll also pick up some higher-margin items that will allow them to turn a profit on you. Use special promotions and loss leaders only when they can really supercharge your savings. Take advantage of the power of group buying sites, like Groupon and LivingSocial that offer deep discounts, and special promotions from social sites like foursquare.
- Simplify Your Day-to-Day Finances – What’s complex can be intimidating, and therefore tempting to ignore. Vow to simplify your financial life. For starters, put bill-paying on auto-pilot. If you’re still writing and mailing checks, set up online accounts so that bills are paid automatically. In addition to giving you easy access to your bank and credit-card accounts and spending history, going paperless has an unexpected benefit: People who pay bills online are happier.
Automate savings too. To the extent your cash-flow permits, max out your contributions to tax-advantaged savings vehicles – 401(k)s, traditional or Roth IRAs, and 529 plans for college savings. Also, reduce the number of retirement accounts you have by consolidating 401(k)s from former employers and any other traditional IRAs into one rollover IRA.
- Increase Your Financial Literacy – If the last few years have taught us only one thing, it’s that you can’t afford to be in the dark about money matters. Make 2012 the year to focus on your financial education. The more knowledgeable you are, the more active you’ll be in planning to reach your financial goals, says Bob Stammers, director of investor education at the CFA Institute, a nonprofit organization of investment professionals. Consider joining an investment club, or take advantage of any investing help that may be offered by your employer, such as one-on-one professional advice or educational workshops.
- Expect the Unexpected – For most of us, it’s less a matter of if an emergency will arise than when. And anyone who’s been out of work for any length of time at all knows how quickly you can deplete your resources. Start an emergency fund if you don’t already have one. According to most experts, your emergency fund should have enough cash to cover at least three to six months of basic expenses.
It make take a while to reach that goal, but keeping track of where you spend your money even for a week can help you identify ways to cut back and start saving. Put all your change in a bucket for a month to see just how much money you could be saving rather painlessly. Consider using that spare change to build or add to an emergency fund. If you’re paying someone to mow your grass or wash your car, do it yourself and stash the extra cash. Not only will having a safety cushion help you when personal emergencies arise, it will also help you feel more comfortable during ups and downs in the economy.
- Pay Down Debt – Here’s a risk-free place to put your money with a surefire return on investment of well over 10%: Pay off your high interest debt. If you’re getting charged 12.99% on your Visa account balance, and you’re earning 1% on your money market account, take money out of the money market to pay off the credit card — you’ll end up with an 11.99% return.
Try to pay more than the minimum each month. Bankrate.com’s credit card minimum payment calculator can show you how paying just a little more each month can dramatically reduce overall payback time.
- Do a Basic Budget – One key to getting financially fit is a creating a household budget. You don’t have to get too granular, so skip the complicated categories and subcategories. While having all those details may seem like a great way to help you understand your spending, a budget designed that way is unrealistic to maintain for the long term.
- Automate the tracking process as much as possible. Look for budgeting tools that do the work for you – aggregating disparate accounts into one place, downloading data nightly, categorizing/memorizing transactions and more.
- Monitor your progress. No one gets it right on the first try, so check in regularly to make sure you have a clear understanding of how much money you have spent or have left, and adjust your budget accordingly.
- Be transparent. A household budget isn’t a state secret. Keep your spouse or significant other up to date on spending, remaining funds and what the priority expenses are to ensure you’re on the same page.
The New Year is a fresh start. Learn from last year’s mistakes and move on. As for this year’s resolutions, don’t mean to change, do change
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– January 3, 2012
Over the last year, we have experienced tremendous growth and have expanded our team yet again. Saldutti, LLC is proud to introduce four new members of our growing firm, Chris D’Amore, an associate attorney, Franklin Davis and John Fratantoro, who are litigation collectors, and Erin Hart, who works in litigation support. All of our new employees will bring valuable experience and new outlooks to the firm. 
