Check Your Credit Report

Periodically, you should check your credit report. The three big credit reporting agencies (Experian, Equifax, and Transunion) are required to give you information about what they have in your credit report once per year. They are not required to give you your credit score. However, checking the rest of the information in your file is helpful -- you should check it to make sure that the information is accurate and to make sure that no one has stolen your identity to get credit using your name and information. One way to maximize your ability to check your information more frequently is to pick one of the agencies, say Experian, and get your info. Then, four months later, try Equifax. Then four months later, try Transunion. This way, you won't have to wait a full year to potentially catch a problem. (Generally all three agencies have the same info, with slight variations). Generally, when you go to get your report, the agency will try to sell you your credit score, and other services. I say, save the money and just get the free report. Go to the following website to get started:

www.annualcreditreport.com

Filing Your Tax Return

If you pay someone to prepare your tax return, avoid taking out refund anticipation loan. A refund anticipation loan is where you get your tax refund very rapidly, usually within one to two days of filing. You are actually taking out a loan, with your tax refund from the IRS as the collateral. While it is nice to have your money quickly, the fees and interest make these loans a bad deal.

You will be better off making adjustments to your W-4 with your employer so that you get more money throughout the year. Obviously you will get a smaller refund, but you will have your money in your own hands sooner, without paying interest or fees. Go to www.irs.gov to make out a new W-4, which will adjust your federal withholding. You can also adjust your state withholding as well.

How To Pick A Bank

There are a lot of bank options, so don't get overwhelmed.

My suggestion is to find a bank with lots of ATMs in your area, or at least with ATMs that are convenient for you to access. Generally, your bank will not charge you for using its own ATM (but check to make sure before opening your account), but using another bank's ATM can be costly. First, the owner of the ATM will likely charge you a fee, and your home bank may charge a fee as well. The safest way to keep fees down is to make transactions at your home bank's ATMs.

Hopefully, you will have several good candidate banks to consider, with ATMs and/or branch offices that are convenient for you. Stop by these banks and ask for literature about their basic checking account options. The banks will probably offer special deals (i.e. lower fees, more benefits, etc) if you can maintain a certain minimum balance. If you don't think that you can maintain the minimum balance, that's okay. Even if the best account that you can find has a $10 per month fee, that is still better than $500 or so per year that you may be paying in check cashing and money order fees.

One other thing to consider -- based on where you live or work, you may be eligible to join a credit union. Credit unions are a good altermative to banks, often with lower fees.

Start getting your financial life in order ... if you don't have a bank account, get one opened right away. Arrange to have your paycheck directly deposited in your account, and you will immediately realize the conveniences of banking. Having a bank account will also help you get your tax refund more quickly and more securely ... but more on that in a future entry.