Knowing When to
Call In a Financial Fitness Expert
By now, most everyone has
the good or bad news about their taxes, and refunds are probably
long-since spent. But, now is the perfect time to think about what went
right or wrong in 2004, and plan for the 2005 tax year.
"After doing our taxes, we
have a pretty good idea how we are doing financially and if we need
professional help to dig ourselves out of a financial hole," said Jody
Anderson, director of LSS Housing and Financial Counseling for Lutheran
Social Service. "There are also some warning signs that can help us
determine if we need to call in a financial fitness expert."
According to Anderson, here
are a few of those warning signs:
-
Using credit cards instead
of cash, even when the purchase is small and you have the money.
-
Racing the clock to get your
paycheck to the bank before the checks you've written have cleared.
-
Dropping contributions to
your savings or retirement plan.
-
Running out of money before
payday.
-
Feeling depressed about your
finances.
-
Charging at the maximum
limit on your credit cards, or making only minimum monthly payments.
If these warning signs apply
to you or your family, you may want to seek help from an accredited
professional credit counselor.
Lutheran Social Service
offers free budget counseling, financial education and confidential debt
management planning via in-office appointments, phone counseling or the
Internet. Lutheran Social Service is a member of the National Foundation
for Credit Counseling (NFCC).
What is Anderson's advice on
the tax season? "If this tax season found you in the position of owing
taxes and being unable to pay, it's critical to set up a plan to get those
taxes paid. And, if you haven't filed, do it soon. It's never too late to
file or to pay what you owe. But the longer you wait, the more penalties
and interest you'll pay."
For more information, call
the LSS Financial Counseling Service at 1-888-577-2227 or visit
www.lssmn.org/debt
