The 5 Financial tips for the last week of February are given below:
Tip no 1 - Take advantage of alternative work schedules such as flextime and telecommuting when you're a single parent.
If you're a single mom or dad, then it might be hard for you to manage your office and children. Your job helps you earn your bread and butter. On the other hand, your children are your life. You can't leave or ignore them. You need to devote extra time to them. This is why it is better to take advantage of alternative work schedules such as flextime and telecommuting. You can look after your child's studies while telecommuting with your co-workers. Your work won't suffer just for staying with your children at home.
Tip no 2 - Know the FDCPA in order to save yourself from harassment by debt collectors.
The job of the debt collectors is to collect money from the consumers. They can do anything to do their job. They can bully you to get their job done. However, this does mean that you'll have to put up with their illegal tactics. You can go through the FDCPA (Fair Debt Collection Practices Act) laws to know about the collection laws. The debt collectors are required to follow these laws while collecting money from the consumers. If you find that the collectors are intentionally or unintentionally breaking the laws, then all you need to do is report the matter to the FTC.
Tip no 3 - Give a reply to the summons within the next 20 days.
Have you been served with summons for not making payments on your debts? If yes, then you need to give a reply to the summons within the next 20 days. If you don't give a reply to the summons, then the creditor will be able to win the case easily. The case will go in favor of your creditor and judgment will be issued against you. Remember, if the judgment is issued against you, then the creditor will able to garnish your wage or impose a lien on your property.
Tip no 4 - Check the Standard & Poor's financial rating of the insurer before you buy auto insurance.
If you're planning to purchase an auto insurance policy, then it is better to purchase it from a good insurance company. Check the Standard & Poor's financial rating of the insurance company before signing any contract. This will help you know about the financial status of the insurance company. If the financial status of the company is not good, then there is a high chance of not getting any money after making a claim. So, purchase a policy for an insurer who has received good financial rating from the Standard & Poor's.
Tip no 5 - Pursue tax breaks and qualify for the child-care tax credit as a working parent.
Child care has become very expensive nowadays. Parents need to pay around $4000-$6000 to raise a 4 year old kid. Imagine how much parents have to pay for taking care of grown up children. If you're a working parent and you take care of your kid, then you may qualify for a child-care tax credit. You may be surprised to know that you can get as much as 35% tax credit on the child care cost. However, the tax credit percentage will vary as per your income and child care cost.