IQ

Certain Improvements Qualify for New Federal Tax Credits

January 2010

Even though the economy is showing signs of improvement, most consumers are still looking for ways to save money. Making improvements to save energy around your home may cost some money now but produce savings now and in the long-term. This month we’ll look at various ways to improve the energy efficiency of your home, ranging from simple, low-cost strategies to more extensive improvements. Some improvements may qualify for tax credits and help you save even more.

Where Is Your Home Losing or Using Energy?

Where is air likely leaking out of (or into) your home? Is there adequate insulation in your attic or crawl space? Can you feel drafts around your doors or windows or see cracks of daylight? How old or efficient is your furnace or air-conditioning system? Making a home energy audit to answer these questions and more is the first step in planning the most effective improvements for your home. You can do a simple energy audit yourself using the energy audit instructions from the U.S. Department of Energy (DOE). Some utility companies also offer home energy audits for free or at low cost.

November 2009

Overall in 2009, we Americans are saving more money. That’s one positive thing, at least, that the current recession has prompted us to do. According to the latest figures from the U.S. Bureau of Economic Analysis, the savings rate is over 4% (as a percentage of disposable income). A few years ago our relative savings rate was essentially zero. So this is a great trend—a positive for personal finances that I hope everyone will continue to do even after the economy recovers.

Getting in the habit of saving regularly, however, is not easy for most people. There are so many temptations to spend. It’s a little like resolving to eat in more healthful ways—you do great for a couple of days until a co-worker brings in delicious sweet treats for the break room. Nevertheless, you are determined to start saving and build up at least the recommended emergency fund equivalent to six months’ living expenses. A worthy goal.

October 2009

Late August 2009 saw the launch of the first of the new credit card rules designed to protect consumers. They are part of the Credit Card Accountability, Responsibility and Disclosure Act of 2009, often called the Credit Card Act 2009. The remaining regulations take effect in February 2010. The goal of this legislation is to provide new protections for consumers by providing for better disclosures about credit card terms and curbing some of the worst practices of the credit card industry. Meanwhile, many credit card issuers are busy making changes to protect their interests and profits before the new rules take effect. What do the new regulations and card issuers’ actions mean for you and your use of credit and credit cards? This report gives you a preview.

September 2009

The economic fallout from the national credit crisis and recession has been hitting hard at personal finances in recent months. Many consumers are facing tightened credit availability as they seek credit for a mortgage or car loan, for instance. Credit card companies have been lowering credit limits and closing accounts at record levels, even for customers with good credit, in an effort to recover from past losses and reduce future risk exposure. Meanwhile, layoffs continue and our collective sense of job security is lower. Even though some recent economic indicators have been positive, economic recovery is still a ways off. Smart consumers know that protecting their credit and credit score in this uncertain climate is very important. In this report, we’ll look at some expert recommendations for achieving that goal.

August 2009

Today’s recession has made for a tight job market. In addition, high unemployment rates add more pressure. This stressed climate in the job market attracts scams and fraudsters seeking to take advantage of people anxious to land a job. Because so many job search activities have moved online, many of the scams also come to you online. This month’s report describes some of the most popular frauds and offers tips to help you avoid these traps.