Equifax Finance Updates

The Equifax Finance Blog features practical personal finance advice from the most trusted name in credit for over 100 years and some of the best-known experts in the industry on topics like insurance, real estate, tax, retirement and of course, credit.

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Managing your family’s money in today’s tough economic climate is a constant challenge. With the back-to-school season upon us and the end-of-year holidays on the horizon, planning for both expected and unexpected expenses can be a daunting task – especially if you’re trying to do so with less money than you made in recent years.

The Equifax Finance Blog announces today its first Family Money Matters Video Contest, encouraging consumers to share their best money management tips and strategies in video format, then to vote on the videos providing the most helpful information.

One grand prize winner will receive a $1,000 Discover gift card, and all finalists will receive a complimentary full-year subscription to Equifax Complete™ Family Plan, a credit monitoring and identity theft protection product for the entire family.

ENTER THE EQUIFAX FAMILY MONEY MATTERS VIDEO CONTEST HERE

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No one wants to talk about death, but unfortunately far too many people put off discussing life insurance until it is too late. When you have others relying on you and your income, your death can spell disaster for them. The bottom line is that it is imperative to have a good life insurance policy in place to provide for your final expenses and for your loved ones going forward.

Here are four good reasons why it is important to have life insurance.

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You've been responsible with money your entire life, setting some aside for retirement or to build up a rainy day fund. Then something unexpected comes up—a long stretch of unemployment, an illness with major medical bills, or major unanticipated home repairs—and you suddenly find your savings depleted.

I’ve worked with clients who have gone through some of life’s worst struggles, including:

Losing a great paying job only to replace it with one that doesn’t even pay half of the previous wage.

Losing a spouse, the primary breadwinner, unexpectedly and becoming the financial leader of the household.

Encountering an unexpected illness, racking up huge hospital bills, and completely wiping out all savings, making retirement almost a pipe dream.

These types of emergency situations can leave your finances crippled, and you may find yourself asking, “How do I start over?”

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My friend announced that she and 300 co-workers found themselves facing unemployment, as their jobs were outsourced less expensively overseas.

Companies tightening their belts often will eliminate employees and hire contract workers, whether directly (freelancers) or indirectly (overseas). Employees mean payroll taxes, workers compensation insurance, sick days, holidays, vacation days, and other benefits, includinghealth insurance. Because of this, employees cost companies 25 percent to 50 percent over their wages.

Therefore, some employers take shortcuts and only hire freelancers. When that’s the only job available in today’s economy, what are you going to do? You’re going to take it.

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The advancement of technology is providing the opportunity for many parents to work from home. From more traditional jobs that allow telecommuting to full-fledged home businesses, an increasing number of parents are finding it possible to earn money without needing to go into an office to do so.

While working from home sounds good in theory, there are some problems associated with the arrangement. Most of these issues are related to the fact that when you work from home, your work is with you all the time. Whether you telecommute twice a week or work full-time from your home, it’s important to separate work from family.

Create a defined workspace

Your first step is to define a workspace. For example, while I do occasionally sit on the couch and work on my laptop, most of what I do takes place at a desktop computer. My office space is in one portion of a room downstairs in our home. I am near a window and facing a wall, which allows me to enjoy natural light while creating a space that is quite clearly an office.

If you can’t commandeer an entire room or a nook for your home office, you can create a sense that you have a separate area by facing away from the general activity in the room. A desk or table can help, as can a screen. For a long time, I set up plants to one side of me to delineate a work area. The important thing is to mark an area that is clearly for work so that others know that you are conducting business when you are in that situation.

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Summer is here and so are adventures in the great outdoors—jetting around the lake in a boat or flying over hills on a dirt bike.

Driving through open terrain on an ATV may be fun, but the truth is that accidents happen on all types of recreational vehicles and vessels, causing hundreds of deaths, thousands of injuries, and millions of dollars in damage.

“Purchasing insurance for your toys is all about peace of mind,” said Rick Stern, boat product manager at Progressive. “If you don’t want to completely pay to replace something, it’s a good idea to have it insured.”

Insuring recreational vehicles and boats isn’t much different than insuring a car. Recreational vehicle or boat insurance rates are based on similar factors: the type of vehicle or boat, where it is used, your driving or boating history, and your credit score. But there are some specifics to consider.

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Everyone knows that saving money is important, whether it’s for retirement, for emergencies, or just for a rainy day. But if we don’t know why we’re saving money or what we’re saving for, savings strategies become increasingly ineffective. It’s easy to raid your savings when you need extra cash if the money is sitting there without purpose.

“A lot of people put the cart before the horse,” said Jeffrey Strain, owner of SavingAdvice.com. “They know they’re supposed to save, but they don’t know why they’re doing it.”

The first step toward effective savings is simple: figure out why you’re saving.

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If you joined your health plan on or after Sept. 23, 2010, the Affordable Care Act allows you to get many preventive care services for free from a network provider, without a co-payment or co-insurance. Depending on your age, you might have access to free blood pressure, diabetes, and cholesterol tests; mammograms, colonoscopies, and other cancer screenings; flu and pneumonia shots; and well-child visits from newborn to age 21.

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f your retirement strategy includes a 401(k), you need to understand the specifics of your plan’s vesting schedule. If you leave your current job to pursue new career opportunities, you still have the right to access your 401(k). 

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Equifax Mobile

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Identity theft occurs when someone, without your permission, uses your or your child’s personal information such as name, Social Security number, or other identifier to commit fraud or other crimes.

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Finding the Best Credit Card for You

Most people shop around for the best price on clothes, electronics, and airline tickets. But when it comes to finding the best credit card, too often people forget how much they can save by comparison shopping. When it’s time for a new credit card, be sure to look at the costs, terms, and interest rates, which can all make a big difference in how much you pay for the money you charge.

Key factors to consider when shopping for a credit card...