This page features articles on how to manage your money, insurance, and other financial planning tips, as well as local resources.

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(MS) — Though the exact number is difficult to pin down, the percentage of single parent homes in the United States is growing. In 2002, the U.S. Census Bureau (USCB) reported that three out of every 10 children being raised in America was living in a single parent home.
With the cost of just about everything on the rise, getting by for many single parents is harder than ever. But while some single parents might feel financial planning is a luxury they simply cannot afford, in fact it’s one they must afford. With no second income to fall back on, single parents could very easily find themselves in a difficult situation in the case of an emergency or accident.
• Secure your earnings. While most single parents are aware of the need for life insurance to provide for their children in the event of the parent’s death, what about in the case of an injury that doesn’t result in death? Relying solely on disability insurance through an employer is a risk many single parents simply cannot afford to take. Typically, such disability insurance only replaces 60 to 70 percent of income — and that’s before taxes.
To put that into perspective, a single mother who makes $5,000 per month before taxes can expect that income to shrink to, at best, $3,500, and more likely closer to $3,000 if she’s forced to go on disability. Taxes will decrease take-home to even less than that. In that light, most single parents without a considerable reserve of cash would admit that a major injury that forces them to go on disability could spell disaster for their family.
To avoid such a fate, single parents should secure their income with an individual disability policy. Such policies can be tax-free and inexpensive. For those with sufficient disability policies through their employer, an additional individual policy to replace 20 to 25 percent of income should be sufficient, and not very expensive.
• Build an emergency cash stash. Particularly for single parents of young children, it’s impossible to predict what lies around the corner. Kids get hurt, need braces, grow out of their clothes — the list goes on and on. To prepare for these “surprises,” sock away any extra cash that surfaces each month in an interest-bearing account.
While many parents fret about the cost of a college education, and do their best to put as much money away for college as possible, this shouldn’t be a chief concern to single parents. Single parents who don’t earn exorbitant salaries should expect their children to receive substantial financial aid packages, reducing the urgency of saving for college. While it’s never a bad idea to save money for college, it’s imperative single parents have access to cash in the inevitable case of emergency, and this should come before saving for college tuition.
• Consult the IRS. While many hear the letters “IRS” and look for the quickest way to run in the opposite direction, the Internal Revenue Service (IRS) is actually an ally to single parents. Numerous tax breaks exist to make things easier on single parents, including credits for day-care, dependent exemptions, and child support breaks. Unfortunately, many single parents are just too busy to even know that these tax breaks exist. To learn more, visit the IRS Web site at www.irs.gov. FP085792

(MS) — Over the last half century, technology has done much to make life easier. From microwave ovens to iPods, electronic technology has affected nearly every aspect of life, be it cooking dinner or how we listen to music.
Though technology has produced many benefits, it’s also left those who rely on it more susceptible to identity theft, a relative non-issue at the beginning of the 20th century that quickly became a genuine concern around the turn of the century. With more and more people paying bills online, which requires entering personal information such as bank account numbers and social security numbers, a large, invisible number of criminals have taken to the Internet. While the concept of having one’s identity stolen is frightening, anyone concerned about identity theft can take steps, both in the virtual world of the Internet and in the real world, to protect themselves from falling victim to this increasingly common crime.
• Beware of spam e-mail. While we’d all like to believe we’re too Internet savvy to fall victim to e-mail campaigns aimed at stealing our identities, these campaigns are still prevalent, and criminals wouldn’t be conducting them if they weren’t paying dividends. These e-mails often offer pre-approved credit limits, and appear as an e-mail you might receive from a bona fide company. However, these e-mails are only interested in extracting person information, such as a social security number, from potential victims. It’s best to avoid solicitations via e-mail, regardless of how legitimate the solicitation might seem. When applying for credit, do so by contacting the company by telephone, and don’t use a number provided through an e-mail.
• Guard your social security number. Very few scenarios require you provide your social security number. Businesses can request but not demand you provide your social security number. Only a government agency or potential creditor (for which you’ll have to fill out a credit application) have the right to have a social security number stipulation. And even in those instances, a privacy notice must accompany the request. If no such notice is provided, and it’s still implied your social security number is demanded, do not provide it under any circumstance.
It’s also important to keep your social security number as well as home telephone number off of any outgoing checks. Once you mail a check, you have no idea who will eventually see that check (and what their intentions might be), particularly if it’s a bill sent to a billing center with many employees. By including your social security or telephone number on outgoing checks, you’re only increasing the amount of people with access to that sensitive information.
• Buy a paper shredder. Identity thieves are nothing if not resourceful, and many identity theft victims have had personal information stolen from them by so-called “dumpster divers” who think nothing of picking through trash cans looking for anything with personal information on it. The best way to avoid this is to purchase a cross-cut paper shredder to shred all important papers. This includes any pre-approved credit applications you might receive in the mail. Even if you didn’t solicit these, your name is still on them, and identity thieves can grab them out of your trash and get cards in your name. With a cross-cut paper shredder, you can easily and effectively destroy these applications, as well as old credit card receipts, bank statements, utility bills, or any other documents that might contain sensitive personal information.
• Cancel cards you don’t use. Open credit is one of the prime targets of identity thieves. If you haven’t used a card in several months, and the balance is zero, you’re more apt to ignore statements in the mail, figuring there’s nothing to see on the statements anyway. Identity thieves are well aware of this and target open credit as a result. If you don’t use a card anymore, simply cancel it.
• Don’t have mail delivered when traveling. If traveling, have mail held at the post office or arrange for a trusted neighbor, friend or relative to come over and pick up your mail each day you’re not home. A mailbox filled with letters and bills invites identity thieves to come pick through the mail, as it gives the impression no one is or will be home anytime soon.
Even if you’re not traveling but live in an apartment complex with an open mailbox, consider getting a P.O. box and using that as your mailing address instead. Open mailboxes invite thieves, and a P.O. box will eliminate this potential avenue for thieves to steal your identity.
• Be careful when paying bills and buying items online. Online shopping and bill paying have done much to make life easier, as many banks now provide ways to pay all monthly bills at once. While these sites are convenient, be sure they provide significant online protection from hackers. When setting up an online bill paying account with your bank, do so in person, inquiring as to what protection is offered and how successful it’s proven in the past. When shopping online, do so only from Web sites offering security. If any personal information must be provided beyond a method of payment, cancel the purchase and shop elsewhere.
For more information on identity theft, visit the United States Department of Justice Web site at www.usdoj.gov. TF085776