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The Advantage Advisor

Advantage Advisor

Volume 2, Issue 1, 2007

Advantage receives grant from Bank Of America

We are pleased to announce we have been awarded a grant from Bank of America. We plan to use this grant to help offset the cost of educating and counseling consumers about budgeting, personal financial management and the responsible use of credit.

In 2005, ACCS worked with more than 12,000 individuals who were experiencing financial difficulties. We have already seen a ten percent increase in demand for our services this year.

“This grant from Bank of America will allow Advantage to continue to reach out to those most in need, and will enable us to help even more financially challenged individuals” said Stephen Piotrowski, ACCS President and CEO.

Financial fitness

Tips For Managing Your ACH (automatic withdrawal from your checking account)

Getting Ready For Winter...

Remember to record your ACH deduction from your checkbook on your withdrawal date. IMPORTANT: Make sure funds are available on your withdrawal date as they are deducted that same day.
Please keep in mind that if your ACH withdrawal date falls on a weekend or a bank holiday, your payment will be withdrawn the next business day.
Any requested changes to your ACH amount, withdrawal date or checking account information needs to be submitted in writing by e-mail, fax or mail.
E-mail: clientservice@advantageccs.org
Fax: 412-390-1336
Mailing address: 2403 Sidney Street, Suite 400, Pittsburgh PA 15203

We require that you contact our Client Services Department at 1-888-599-2227 to confirm that we have received your requested change.

If you currently participate in ACH, please disregard the pink envelope that is included with your monthly statement.

If you are not currently enrolled in ACH and would like to learn more about it, please contact our Client Services Department at 1-888-599-2227.

Reduce winter utility bills

As the weather begins to cool down, many of us are facing large utility bills for electric, gas or fuel oil. There are several preventative measures consumers can take to help reduce heating costs.

Weatherize your home with plastic window and door coverings. These can usually be purchased in a roll or package at your local hardware store.
Apply caulk or weather stripping around drafty windows, doors, and cracks in walls, both in and outside the home. Don’t forget to check the garage door, too.
Install new filters in the furnace as needed.
Check heating ducts for cracks, holes or separation at joints. This is especially important where ducts pass through unheated garages, attics or crawl spaces. Repair leaks with adhesive duct tape.
Keep your thermostat at the lowest possible comfortable setting during the day and set it back at night. Setting the thermostat back at night for 8+ hours will reduce heating consumption by about 1% for each degree below the daytime setting.
On sunny days, open your shades, curtains or blinds to let the sun help heat your home naturally.
Close all vents and registers in unused rooms.
If your house has radiators, vacuum or dust all surfaces including hard-to-reach areas at least once a month. Never use your radiators as shelves. This is a fire hazard.
Arrange your household furniture with your heating system in mind. Don’t restrict the air flow from registers or cold air returns. Position your furniture away from high draft areas.

Using these helpful hints on this list, you may be able to save anywhere from 12-22% on your energy bill(s).

Keep in mind that there is help for individuals and families who need further assistance with their energy bills. These programs are income based. For example: a family of four can earn up to $30,000 annually and still be eligible for assistance.

There are a wide variety of energy assistance programs that receive local, state and federal funding. Contact your utility company or your local county assistance office for more information.

Information courtesy of Dominion Peoples Gas Company, www.dom.com

Mission: Establish a budget for 2007

One of the most important things that we can do to stay in control of our finances is to follow a budget every month.

There are four easy steps in the budgeting process.

1. Find out where your money goes:

Track your daily expenses—for at least 30 days
Based on the information you collected, identify areas where you can reduce spending
Project your everyday expenses
Keep a pocket-sized notebook with you to record all purchases
Ask for receipts for every purchase
Record every expense, no matter how small (the small purchases add up quickly)

2. Plan for periodic expenses:

Periodic expenses are bills that are not due every month. Typically, they are due quarterly or semiannually.

Since periodic expenses can be large, you need to set aside a certain amount every month to cover these bills. This ensures that the money will be there when it is needed. The easiest way to save for periodic expenses is to calculate the annual cost, divide by 12 months, and save that amount every month in a designated savings or checking account.

3. Add up monthly expenses:

List all fixed expenses (rent, mortgage, car loan, installment loans, etc.)
List all variable expenses (food, clothing, entertainment, utility payments, medical co-pays, etc.)
List all periodic expenses (gifts, car repairs, quarterly taxes, insurance, etc.)
Use your checkbook register, billing statements and what you learned from tracking your daily expenses to help you determine your monthly expenses.

4. Compute your income:

Count your regular income from all sources. Don’t forget to include income from sources such as: child support, pensions and social security in addition to your take home pay.
If you are paid weekly or bi-weekly, you will receive extra paychecks during some months because of the way the calendar falls. Deposit these extra paychecks into savings. Don’t base your budget on them.
If you are self-employed, take an average of the last three years of your net earnings and use it as your income.

5. Analyze your spending versus income:

To analyze your monthly budget, compare the total outlay of your expenses with your total income.

If your expenses equal or are less than your income, that’s great. Continue to monitor your spending from time to time, and adjust to suit your financial goals.

If your expenses exceed your income, you will need to take action.

Contact Advantage Credit Counseling Service for assistance: 1-888-511-2227

How To Obtain A Free Credit Report

Consumers are entitled to one free credit report every twelve months from each of the three credit bureaus. The three bureaus that collect credit data on consumers are: Equifax, Experian and Trans Union.

All three copies of the credit reports may be ordered at the same time or staggered. Ordering the reports simultaneously may be beneficial as they can be compared. Staggering the reports allows a consumer to track new information or changes in the credit report. It is important to keep in mind that not all creditors report to all three credit bureaus.

Credit reports can be ordered on-line at www.annualcreditreport.com, by phone at 1-877-322-8228 or by filling out a request form (obtained through the above website) and mailing it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281

Definitions

Credit Score

A score that lenders use to help determine the risk associated with lending to a potential borrower. The most commonly used score is called FICO (Fair Isaac Company). The FICO score ranges from 300 to 850 and is derived from information in a borrower’s credit report. It is a snapshot of credit risk at a particular point in time thus it can change whenever information in a credit report changes. Most lenders view a score of 700 or better as a sign that the borrower handles credit well.

For more information on credit scores or to purchase your credit score, visit www.myfico.com.

Earned Income Tax Credit (EITC)

The EITC is a special federal income tax credit for certain low to moderate-income workers. Families who earned less than $38,348 and individuals who earned less than $12,120 in 2006 may qualify. They EITC may reduce taxes and can also mean a refund of up to $4,536. For more information or to see if you qualify for the earned income tax credit, call toll-free 1-800-829-1040 or visit www.irs.gov/eitc.

Volunteer Income Tax Assistance Program (VITA)

The VITA Program offers free tax help to low- to moderate-income (generally, $39,000 and below) individuals who have questions or need assistance with preparing their federal tax returns. VITA sites are generally located at community and neighborhood centers, libraries, schools, shopping malls and other convenient locations. To locate the nearest VITA site, call toll-free 1-800-829-1040 or visit www.irs.gov/taxtopics/tc101.html for more information.

Media spotlight

Pittsburgh – Tribune Review Newspaper – “Payday Lending Lawsuit” (2006)
Erie – Erie Times News Newspaper – “Savings Tips” (September 10, 2006)
Erie – WJET TV – “Identity Theft” (October 2, 2006)
York – York Dispatch Newspaper – “Wal-Mart Ends Layaway Program” (October 9, 2006)
Erie – Erie Times News Newspaper – “Wal-Mart Ends Layaway Program” (October 9, 2006)
Pittsburgh – Tribune Review Newspaper – “Department Store Credit Cards” (October 10, 2006)
Pittsburgh – Star 100.7 FM Radio – “College Students and Debt” (October 15, 2006)
Pittsburgh – KDKA Radio – “Disputing Items on Your Credit Report” (November 6, 2006)
Pittsburgh – Tribune Review Newspaper – “Bankruptcy Claims Fall Under New Reforms” (November 12, 2006)
Erie – WJET TV – “Change in Law Regarding Gifting and Nursing Homes” (November 13, 2006)
Pittsburgh – KDKA Radio – “Debt Management Tips” (November 23, 2006)
York – WSBA AM – “Holiday Shopping Tips To Keep You Free of Debt Stress” (November 24, 2006)
Pittsburgh – Y108 FM Public Affairs Show – “Pros and Cons of Debit Cards” (November 26, 2006)

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