February 9, 2010

Is Using Personal Finance Software Safe?

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Advantages of Using Personal Financial Software

One of the major challenges we faced these days is keeping track of how much we are spending and where we are spending our money.  You have several options available.

  • You can set up a spreadsheet in like Excel.
  • You can purchase personal finance software like Quicken or Budget Pro or
  • You can use an online option like Mint.

Using a financial software package offers you many advantages.  With it you will be able get an overall view our your actual financial status.  It is easy to get caught up in the day to day transactions and miss the big picture.   With almost all of the financial software packages you just enter the day to day transactions but then are able to get quick, dynamic reports and analysis of those transactions.

Using a tracking application, either software or online, is also likely to eliminate mistakes and assure us better accuracy.

Personal Finance Software Only Works if You Do

Whichever method of record keeping you choose, the key to success is to use it faithfully.  It is often easier to put off entering that check or just snag a quick cash withdrawal from the ATM and neglect making note or an entry of what we spent the money on.  Holding ourselves accountable to keep records will open up our eyes to some surprising trends in our spending habits.

Protect Your Financial Data

If you choose to use an online application for keeping track of your personal or business finances be sure to exercise extreme caution.  There is a danger that in putting your information out there in the cyber world that you could be the victim of identity theft or cyber hackers however this danger exists if you carry a credit card on your person or use an ATM machine at the bank also.

Take the proper precautions to protect your passwords and keep your personal data safe.

Read and pay attention to security warnings given by your bank or software manufacturer.  Something as basic as responding to a bogus email that claims to be from your bank, credit card or software manufacturer can put your entire life’s savings at risk.

Don’t Fall Victim to Cyber Thieves

It not uncommon for cyber-thieves to send out links to copy-cat pages that look just like your bank or lending institution’s web site.  These phony websites will ask for your user name and passwords and often even simulate a log-in failure in order to get you to enter even more personal information, like your social security number or birth dates.

NEVER respond directly to emails claiming to be from your bank or credit card company.

If you get something like this, call the number on your paper statement or the back of your credit card or enter the website URL directly.  If you are accustomed to accessing your bank or credit company online, keep their web address saved in your favorties and use that link to contact them about the email inquiry.

There are a great many pros and cons to online banking and using personal finance software and if you are like me you will probably the pros out weigh the cons.  If so, do so with care and use the tracking software to your advantage to improve your money management and learn to live more frugally.

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February 8, 2010

My Notes – February 8, 2010

Cheaper Living Add Comment »
  • Make More Money: How to Use Your Other 8 Hours

    • February 3, 2010 – This is good reading and excellent advise. I recently watched a video (sorry I forget where) in which an group of people shared how losing their job changed their lives for the better because they used that opportunity to start doing something they loved. Pagliarini points out that you don’t have to wait until you are unemployed to start exploring your talents and passions. I give it a 9!

  • Financial Literacy: Kids Get New Money Lessons

    • February 3, 2010 – This is long overdue! Nothing irritated me more than to watch my friends’ kids spend money on foolish things and not have a clue where that money came from.

  • Retirement Planning: Cut Your Debt Before You Quit

    • February 3, 2010 – I really blew this one…instead of paying everything off I went out and bought a new car the year before I retired so I’m stuck with payments for another three years. Told myself it would be like getting a raise at the end of the contract when I no longer had that payment. I also ‘borrowed’ to buy an additional year of service credit for my retirement fund. This however almost balances out as the increase in monthly income ALMOST covers the amount deducted to pay for added time. Again, in four years time I will give myself a ‘raise’ because this will be paid off and I will get the full benefit added into my monthly check.

    I did do well with the credit card issue though. I only use credit cards for expenses I can pay in full at the end of the month or purchases that come with a no interest for 12 months option. I find that using a card gives me a more visual handled on what I am spending and helps me keep it in check.

  • Chris Farrell: Dumb Debt vs. Smart Debt

    • February 3, 2010 – Must read for the frugal minded! I do take offense that Farrell says no one wants to be known as cheap! A rose by any other name….

    I highly recommend putting CBS MoneyWatch RSS into your feed.

February 1, 2010

My Notes – February 1, 2010

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February 1, 2010

Low Income Health Insurance for Uninsured Children.

Health Care Options 3 Comments »

CHIPRA Funds Increased to Provide Health Insurance for Low Income Families

With unemployment in the double digits more and more families are finding themselves without health insurance, which in the past had been provided by their employer. Even those who still have jobs do not always have health insurance benefits

with those jobs.  88% of the uninsured children in the United States are in families which have at least one working parent.

Now on the anniversary of the signing of the Children’s Health Insurance Program Reauthorization Act of 2009 (CHIPRA) we are told that 1 out of  9 children in the United States  still has no health insurance.

The good news is that according to CHIPRA’s own studies 5 million of these 8 million children, could now qualify for Federal and State programs under Medicaid or the Children’s Health Insurance Program (CHIP).  Under the Children’s Health Insurance Program Reauthorization Act of 2009 (CHIPRA), signed by President Obama one year ago today on February 4, 2009, an additional CHIPRA an additional $33 billion in federal funds have been designated to provide medical coverage for children over the next four and one-half years (2009 – 2013). CHIPRA’s mission indicates it was “designed to provide coverage to uninsured children and make sure they stay enrolled and have access to high quality care.”

Even though this bill was passed nearly a year ago, many parents are still unaware that because of this increase in federal funds their children may now be qualified for low income health insurance.

As a single mother in the 80′s and 90′s, I was fortunate through most of that time to have an employer based health program, however my daughter has not been so fortunate.  Through most of my grandchild’s life, my daughter and her husband were self-employed and usually assumed they would not be qualified for state sponsored medical programs.

People often believe they would not qualify for state medical aid because one or more of the parents are working.  It is a common misconception that one must be receiving a Welfare check to get Medicaid however that is not necessarily the case.  Even though each state sets up their own aid programs and the names of the state program and exact qualifications may vary,  in most states a family of four earning less than $44,000/year would be qualified for low income health insurance through  a CHIPRA funded program.

If you or someone you know has minor children who are uninsured they can learn more about this program at the InsureKidsNow or go directly to their State’s web page for more information about low income health insurance programs in their State.

Watch the video below to see how CHIP has made a difference for one young girl.

If you don’t qualify for the CHIP programs in your state then be sure to do your research and get multiple health insurance quotes before selecting a health insurance company. There are many online services that will help you comparison shop your insurance options.


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