Whether you’ll be sending more to Uncle Sam or getting a sweet refund, no one wants to pay more for their tax filing than they have to.  But, on the other side, you also don’t want to skimp and possibly miss claiming additional deductions that can help your bottom line.

If you can’t decide between going it alone or hiring a pro this tax season, we’re here to help.  It’s easier than ever to take a do-it-yourself approach to your taxes, but is it really more beneficial just because you can?  IRS.gov has resources and forms, but do you have the energy and expertise to go it alone?  Plus, there’s always the issue of time.  Letting a professional do your taxes can save you there, but how much time will you need to get all of your information organized?

If these kinds of questions have been going through your mind, check out these go-to guidelines for each situation:

Consider hiring a professional if you

• Purchased or sold a home this year
• Own multiple properties
• Are self employed
• Own a business and have multiple returns
• Are going through a major life change like retirement or a divorce
• Have a number of bank, credit union or investment accounts and trade frequently
• Have no interest in doing your own taxes – and you don’t mind paying someone else to do them for you.

Feel confident doing your own taxes if you:

• Didn’t relate to any of the above questions
• Get a W-2 from your employer
• Have standard deductions such as mortgage interest child care expenses
• Haven’t made any real estate changes this year
• Feel confident using tax software (like TurboTax through Connexus)
• Are willing to devote the time needed (often several hours) to file accurately

If you have any questions about what option is right for you, we encourage you to reach out to a tax advisor for more advice and direction.

Happy filing!

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I love my dog.

If you feel the same kind of love and loyalty from your pet, chances are that you’ll do whatever you can to keep him healthy. But sometimes that “whatever” comes with a big price tag. And thinking about choosing between your pet’s health and a huge bill is every pet-lover’s nightmare.

One way to be prepared for a large expense is by having pet insurance. However, pet insurance isn’t for everyone and the following will help you better evaluate if it’s the right option for you.

Cost: The average pet insurance plan costs between $25 and $50 per month. This means that you could easily pay $6,000 or more on insurance during the life of your pet. And, like your own health insurance, you’re buying it to have the peace of mind of knowing you’ll be able to pay for a major medical expense if one should arise. And that’s where the risk comes in – with the word “if.” It’s a good idea to talk to your veterinarian about what kind of illnesses are likely for your breed of pet, and what the corresponding procedures cost. While you’ll never know for sure what the future holds for your pet, your vet can provide you with some common scenarios.

Did you know…one of the most common surgeries for cats or dogs is to remove a foreign body that has been ingested. The average cost for this procedure? $1,600 The most common items ingested? Socks, underwear, pantyhose and rocks.

Age: Just like life insurance plans for people, the cost for pet insurance usually increases the older your pet gets. Of course, older pets require more health care, but make sure that the cost is reasonable considering the most likely ailments (see above about talking to your vet).

Did you know…Nearly 40% of small breed dogs live longer than 10 years, but only 13% of giant breed dogs live that long. The average 50-pound dog will live 10-12 years. But giant breeds such as great Danes or deerhounds are elderly at 6-8 years. (Courtesy of WebMD)

You: Although pet insurance is meant to be for your pet, it’s really for you as well. After all, you’re the one making the decisions. Before considering pet insurance, you need to ask yourself what kind of pet owner you are. If you would do anything to save your pet – even if it meant a costly surgery or procedure with no guarantee – then the cost of pet insurance might make sense for you.

Did you know… There are approximately 77.5 million owned dogs and 93.6 million owned cats in the United States per the American Pet Products Manufacturers Association 2009-2010 Survey, and only 3% of dogs and 1% of cats are insured.

An Alternative: Having a pet can be expensive – even without major medical issues. Food, normal vet checkups, vaccinations, and occasional boarding can really add up. A good alternative to pet insurance – and probably a good idea for all pet owners – is to have some of your monthly budget allocated for “normal” needs as well as some extra to put in a savings for emergency needs.

If you decide pet insurance is worth looking into, do your homework. Not all policies are created equal. Each has different deductibles, exclusions and coverages – not to mention price tag – and you’ll want to pick the plan that best meets your needs.

If you have any thoughts on pet insurance, comment and let us know!

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From the rise of mobile payments to the introduction of TVs with voice recognition to a boom in do-it-yourself health, we’ll tell you all about the trends that you should watch for 2012.

Each is predicted to make life simpler, but which ones will have the biggest impact on YOUR life?

1. Mobile Payments.   Think of what your smart phone has already replaced – your calculator, alarm clock, camera, landline and more.  Next, it’s going to replace your wallet.  Following the introduction of Google Wallet last year, other companies including MasterCard, PayPal, Visa – and, of course, Apple – will enter the mobile payment arena and make it possible for you to not only pay for items using your phone but also give you access to exclusive discounts.  Tap. Pay. Save.
2. Voice Recognition for TVs.  Voice recognition technology is going to be big in 2012.  When Apple introduced “Siri” last fall, a major step was taken to make this technology mainstream.  What’s next?  TVs.  Rumor is that Apple has it on their horizon, but speech recognition companies like Nuance are creating technology this very moment to enable TV viewers to use their voice to conduct searches, send messages as well as use their mobile device as a remote control.
3. Facebook Timeline.  Last fall, Facebook introduced their latest enhancement – Facebook Timeline.  In what’s been called one of the most extreme redesigns so far, Facebook Timeline gives your profile page a whole new look and can provide a complete summary of your entire life since birth.  Status updates, videos, photos, and all of the places you’ve visited can be included – and you are encouraged to add life events that occurred before you joined Facebook.  Looking for an easy way to let people know all about you?  This seems to be it.
4. Do It Yourself Health.  Yep, there’s an app for that.  Make that 9,000 apps – for just Apple alone.  If you’re looking for a way to easily and discreetly manage and track your health – and be alerted to changes or causes for concern – 2012 will be the year mobile health apps explode toward the estimated $4.1 billion market it’s expected to reach by 2014.  Definitely simpler, but only smarter and better if you still call in the pros when you know you should.
5. Personal Financial Management.  Personal Financial Management Tools (or PFMs, as they’re more commonly called) are one of the hottest new trends in the financial services industry.  Previously only offered through independent websites like Mint.com, now financial institutions are starting to roll out their own PFM solutions.  By using PFM tools, users can track spending, build budgets, set goals and categorize all of their financial transactions in one place.  Early adopters of PFM tools claim they now better understand their finances and don’t have as many overdrafts or late payments.  Fantastic!
6. Women-Only Floors in Hotels. Hotels want to make it easy for women to feel safe during their visit.  And thus, the trend toward “women-only floors” at major hotels has begun.  Hotels are going beyond advertising the safety benefit to improving female travelers’ entire experience through upgraded amenities and female-only networking events.  Crown Plaza hotels are leading the way in the US by featuring women-only floors in their New York and Minnesota locations, and other hotels will likely follow suit.
7. On-The-Job Fitness.  For years, employers have been contributing toward gym memberships for employees as well as online health resources.  In 2012, the trend will be to move from this somewhat passive approach to a more active one and make it even easier for employees to get the exercise they need to be healthy and productive.  Companies will replace chairs with balance balls, bring in yoga instructors during lunch, and even replace traditional desks with treadmill desks!
8. Healthy Vending Machines.  If you’re hungry for a snack and your only option is the vending machine down the hall, you’re usually out of luck if you want anything healthy.  However, your luck is starting to change.  It’s now becoming easier to find healthy options in vending machines.  Schools – where nutritional standards are high – have led the way, and businesses are following with options like yogurt, fruit and veggies, and vegan pudding.  If your workplace offers healthy or organic vending options, comment and let us know!
9. Fashion and Beauty.  OK, so we had to end with something fun.  When it comes to fashion and beauty trends for 2012, we’ll make it simple for you to be “in”.  Just put your hair in a bouncy ponytail, paint your nails super bright, wear shocking lipstick, and dress yourself in matte satin, pastels or bird prints, and be sure to show your midsection.

Want to make your own predictions for 2012?  Comment and add them to the list!  Then, watch for our follow-up post at the end of 2012 to see if these predictions came true!

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In October, the Joint Committee on Deficit Reduction (a congressional super committee) considered a proposal to phase out the $1 bill and replace it with the $1 coin.  According to the Government Accountability Office (GAO), this change would save the government an estimated $5.6 billion over the next 30 years.  The biggest reasons for the cost savings?  Longevity.  Coins can remain in circulation for decades while bills are around for only a few years.

While the super committee failed to agree on a recommendation, their consideration of replacing the dollar bill with the dollar coin caused many people to begin analyzing (again) the pros and cons making such a change.  According to ABC News, those in the mining industry, vending companies, and mass transit agencies support the coin.  Paper and ink producers, some small retailers, and the armored car industry oppose the coin.

But what about the consumer?  Although the dollar coin has been around since our country has been founded, the vast majority of Americans choose the bill over the coin.  And, despite Congress’s introduction of the $1 presidential coin program in 2007 – in an attempt to get more coins in to circulation – the Federal Reserve is still storing about 40% of those coins – unused – in their vaults.

How many of you have dollar coins in your purse or wallet?  Me neither.

Given that, I guess we can’t be too surprised that on December 13, Vice President Joe Biden announced that the US Mint will cease production of $1 coins for general circulation, citing that it will save “at least $50 million annually over the next several years.”  (Our condolences to Chester A. Arthur fans – he was next to be memorialized on a coin.)

But wait.  Let’s compare.  $50 million annually over the next several years vs. $5.6 billion dollars (that’s $184 million annually) over the next 30 years.  Hmmmmm.

Maybe the change just doesn’t carry enough weight.  Or perhaps it carries too much.

What do you think?

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But all you have time to think about is getting to work on time, chauffeuring your kids to basketball practice, and what you’re going to have for dinner tonight.

We understand.  That’s why we’re committed to making your life Simpler. Smarter. Better. 

In that spirit, we’d like to introduce a strong, new direction for our blog in 2012.  Past blog posts have covered everything from Connexus events to new products to financial information.  From this moment forward, the focus of the blog will be more concise.  Our new direction will be

To provide you with straightforward, common-sense information on how current events and financial decisions affect you.

That way, when you hear about something on the news or see an ad, you can more quickly answer the “does this affect me?” or “should I care” questions that pop into your head.

For example, this Thursday, we’ll help you sort out what’s going on lately with the debate between the $1 bill and the $1 coin.  In January, you’ll get simple, straightforward information on how the 2012 tax changes affect you as well as quick and easy ways to decide if it makes sense for you to refinance your auto loan.

We’re excited about the changes to our blog and our pledge to make your life:

• Simpler:  How can I know if I should buy pet insurance?
• Smarter:  Would it be a smart move to switch my checking to another financial?
• Better:  I want the biggest tax return possible.  How can I make sure I don’t miss any deductions?

If you have any ideas for future blog topics or feedback on the new posts you’ll see from now on, let us know – we’d love to hear from you!

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Christmas is a time for family and a time for joy. 

Whether we’ve helped you grow your savings, reduce your debt, purchase a car or a home, or just make your finances more convenient this year, we’re glad to be the ones you turn to.  After all, that’s what family is for, right?

As we approach 2012, we look forward to continuing to make your financial life Simpler, Smarter, Better by anticipating your needs and exceeding your expectations.  We exist to serve you, and Connexus wouldn’t be the strong, thriving organization it is today without your support.

From all of us to you and yours, we wish you a very Merry Christmas and a joyous New Year.

Your Connexus Family

Moving your money isn’t easy, so you’ll want to make sure you have a good reason (or reasons) if you do.  Here are three of the best:

Fed Up With Fees:  Research has shown that the bigger the financial institution, the bigger the fees – such as for overdrafts, NSFs, and stop payments.  Plus, even though most banks have abandoned their plan to charge for debit card usage, consumers need to be aware of new incidental charges that are being implemented – such as for replacement cards, wires, and monthly fees for checking accounts below a certain balance.  Bottom line – be informed.  Ask your bank for their most up-to-date list of fees and consider how many of them may affect you.

Less-Than-Desirable Rates:  While rates do vary greatly among financial institutions, credit unions consistently deliver lower loan rates and higher savings rates than banks.  In fact, research done by Bankrate shows credit union CD rates are three times higher than bank rates, and the average credit union HELOC rate is 2 percentage points lower.  If you’re in the market for a new loan or investment product, don’t assume that rates are the same everywhere.  Shop around, and earn as much – or save as much – as you can.

Lack of Service:  If you find yourself lost in a phone tree, unable to get an issue resolved, or just not satisfied with the type of service you receive, then it’s time to make a change.  For the past 16 consecutive years, credit union members have reported higher satisfaction with their service than customers of banks do – according to an annual survey conducted by American Banker Magazine.  As such, if you feel like your bank doesn’t value your business, there are many other financials ready to treat you like a person and not a number.

If you’d like to make a change but are unsure where to start, please give us a call at 800-845-5025 or visit www.moveyourmoneyproject.org. 

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Tony:  Do you do layaway?

Shopkeeper:  If it doesn’t turn into a 20-year mortgage.

Tony:  Here’s $5 for the blue shirt in the window.  Hold it for me.

OK, so today’s layaway might not work exactly the same way as it did for Tony Manero in Saturday Night Fever, but it’s still just as cool.

Layaway – a way to purchase an item in installments rather than paying the entire cost at once – first appeared during the Great Depression when both cash and credit were scarce.  It took off again in the 1970s before the big credit card boom of the 80s, and now – during yet another challenging economic decade – it’s back.

But coolness aside, when does it make sense to use layaway instead of pulling out one of the credit cards in your wallet?

Whether to use layaway or credit cards is really more of a matter of your personal purchasing style than anything.  To help you decide which method of payment is right for you, here are some things to consider as you decide how you want to pay.

When do you need the item?

If you need the item tomorrow, then layaway isn’t the right choice for you.  Most layaway programs, such as those at Kmart and Sears have standard 8-week plans, which allow you to make affordable payments over time.  However, when you use layaway, you don’t get the item until you have paid for it in full.

What do you want to buy?

Only a handful of stores offer layaway, and some stores like Walmart only offer layaway on certain items.  However, if you enjoy shopping online, you can find an excellent selection of items through elayaway.com – which also offers an easy way to pay.

How’s your credit?

If you default on your layaway payment, it will not affect your credit score.  On the other side, though, making timely payments will not help your credit score.  If one of your financial goals is to not add any more debt to your credit cards or be more aggressive about paying them off, then layaway can be a good choice.

So what about those payments?

When you put an item on layaway, you typically pay a service fee of $5 – $10 for the privilege of putting an item on hold.  If you pay by credit card and don’t pay off your balance right away, you pay whatever monthly rate your card assesses.

According to LaToya Irby in the About.com Guide to Layaway, when you compare the service fee vs. the credit card’s APR, “in nearly every case, a credit card is the less expensive option when you pay off the balance in the same amount of time as you’d pay the layaway.”  However, if you’re not disciplined to – or able to – make the same kind of payments on your card as you’ll be required to make through layaway, the interest you’ll pay on your credit card will exceed the fees you paid for layaway.

A matter of control…

We live in a time where instant gratification is an available and attractive option when making purchases.  However, being able to buy something instantly with a credit card can have two pitfalls.  (1) It can make it easy to purchase something you simply cannot afford and (2) It doesn’t give you any time to consider a purchase and decide if it’s right for you.

Let’s wrap it all up.  If you:

• Can make the same payments on your credit card as you could through layaway, then it’s cheaper to use your credit card.
• Are prone to impulse buys, then layaway may help you achieve some spending control.
• Have a high interest rate on your credit card (over 20%), it works out better financially to put items on layaway rather than pay interest on the item for a couple months.
• Have committed to getting your credit card debt under control, layaway is an excellent way to still be able make installment payments without adding to the amount on your credit card statement each month.

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Don’t panic.  You still have 19 shopping days left before the big day, and if you follow these tips, you can get all of your shopping done without emptying your wallet or maxing out your credit cards.

1. Pay Cash.  That’s right, we said it.  The joy that you’ll feel when you give gifts purchased with plastic will disappear quickly when you get your credit card bills in January.
2. Order Online – Get Free Shipping.  An amazing number of retailers have jumped on the “free shipping” bandwagon, and we love that!  The biggest players right now are LL Bean, Toys R Us, Nordstrom, and Best Buy who all offer free shipping with NO MINIMUM purchase.
3. Insist on Lists.  This is especially important for those finicky friends and loved ones.  Going into a store and knowing you need to get someone a gift, but having NO idea what to give them is a nightmare.  Especially a few weeks before Christmas.  If the recipient is someone who is always on your gift list, it makes total sense to ASK THEM what they might want or be interested in.
4. Think Experiences.  Most of us have enough “stuff.”  But doesn’t a night out at a restaurant or tickets to a game sound fun?  If it sounds fun to you, it’ll probably sound fun to others.  Especially if you’re buying gifts for a couple.  And, if the couple has small children, throw in an offer to babysit!
5. Avoid Crowds.  Even if you find yourself shopping online or giving the gift of experiences, you’ll probably find yourself in a department store or mall sometime for someone.  While it’s difficult to do, try to find a time where the crowds are at a minimum.  If that means taking the morning off from work or heading out after the kids have gone to bed – do it.  Your blood pressure will thank you!

What are your best last-minute shopping tips?

Giving feels good.  Giving AND giving back feels great.

Here are our 10 favorite “gifts that give back” ideas for everyone on your shopping list.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Beautiful, Beneficial Silk Scarves:  Be fashionable and help women in need at the same time.  Purchase a scarf through bluesilk.org and all proceeds will directly benefit the Stung Treng Women’s Development Center in Cambodia, an organization that gives people in poverty-stricken areas access to health care, child care, and literacy services.

iGive iPods:  When you choose (PRODUCT) RED special edition iPod models and iTunes gift cards, Apple will give a portion of the purchase price to the Global Fund to fight AIDS in Africa.

Give a Tie, Save a Life:  “A neckware company dedicated to fashion and funding cancer research & prevention” is how The Life Tie Project defines itself.  More than 25% of proceeds are donated to anti-cancer groups in hopes that the organization can realize the vision of seeing at least a 10% reduction in cancer deaths over the next 10 years.

Going Over and Above the Underdog:  If you’re an animal lover, you won’t be able to resist this website, or the furry faces it displays.  Greeting cards featuring pictures of dogs and cats up for adoption at shelters are available through hoorayfortheunderdog.com, and 10% of the proceeds from card purchases will go to animal welfare groups and shelters.

Nourish Your Skin and Your Soul:  Bloomingdale’s features the Clarins FEED Set, a gift set that includes upscale skin products as well as the promise that 25 school meals will be provided through the United Nations World Food Programme (WFP).

A Worldly Way to Say Thank You:  Support UNICEF by purchasing attractive thank you cards in the six official UN languages: English, French, Russian, Chinese, Spanish and Arabic.  Use these cards to extend your thanks for gifts received or give them as gifts and make it easy for others to express their gratitude.

Just What the Doctor Ordered:  Art is not frequently thought of as a prescription, but that’s just how RxArt operates (pardon the pun).  A non-profit organization dedicated to changing the visual landscape of American hospitals through the installation of original, contemporary fine art, this group raises a portion of its funds through the sale of art books, coloring books, t-shirts and more.

A Pair and a Spare:  Treat the shoe-lover in your family to a pair of TOMS Shoes, and TOMS will donate an additional pair of shoes to a child in need.  TOMS has given over 1,000,000 pairs of shoes to children in 20 countries worldwide and has also extended their “one to one” commitment by providing eyewear to those in need as well.

Fresh Water – Fresh Gift Idea:  Purchase a CamelBak Groove Bottle through water.org and you’ll be able to give an environmentally friendly gift while supporting an organization that brings safe drinking water and sanitation to people in developing countries.

Brighten the Lives of Others:  This year, Pottery Barn is donating 50% of the proceeds to St. Jude Children’s Research Hospital from the sale of each Etched Mercury Glass Candle Pot.  By giving this gift you’ll also give the gift of hope to the children who are benefiting from the research and treatment provided by St. Jude.

Happy Shopping!

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