“The only way not to think about money is to have a great deal of it.” — Edith Wharton
Did you break into a sweat meeting the tax deadline last week or, like me, did you have to request a postponement? (Taxes were formerly Val’s area of responsibility).
Although for some time there have been volunteers available to help in preparing taxes, organizing finances and check-paying during the year has remained a problem for many seniors. A new money-management program from RSVP of South Central Connecticut, using the AARP Foundation Money Management Program, has come to the rescue and is available in many towns throughout the state.
The program recruits and trains volunteers to provide assistance to seniors and adults with disabilities who can make responsible decisions, but need some help. Working at the client’s home, the AARP Foundation provides the program materials and, very importantly, financial protection of the client’s funds.
Typically, a volunteer spends several hours, at least once a month, to assist in budgeting, organizing and sending out mail, check writing (but signing is done only by the client) and balancing the checkbook. Volunteers are at least 55 years old and undergo a thorough background check. They submit monthly financial reports and are supervised by Josephine Lifrieri, the program director.
Eligibility guidelines for the program are:
Income and asset limits (2012): single person, $45,500; two-person household, $52,000. Liquid assets: amount equal to the annual income limit.
For information, call Lifrieri at 203-752-3059. RSVP is a program of the South Central Connecticut Agency on Aging.
If you don’t qualify for volunteer help, there are private money managers to help get us organized so next year’s tax preparation and the monthly bill-paying will be greatly simplified.
Consumer Reports publishes its monthly Money Advisor magazine ($29 for a one-year subscription) that, like other CR publications, is chock-full of helpful advice on managing your financial affairs.
-Insurance: Compare prices for auto, home, health and life insurance. Sometimes, consolidating at one company can lower costs. Make sure you are receiving all available discounts.
-Financial fees: Look for free checking and online statements and no charge for use of ATM machines.
-Phone and cable TV: Check out special cellphone rates, satellite television rates and “bundling” of services.
-Utility bills: You can sometimes get a better price on your energy needs, and make an effort to conserve electricity and water.
-Refinance or move: Current interest rates are really low; if you plan to stay put, it might make sense to refinance. If the family has left and you are still in a big house, but hardly use most of the space, it’s time to simplify and look for smaller, more suitable and less expensive housing.
