This is a guest post by Teena Celis.  Although it applies to US citizens, citizens in most other countries will find the ideas useful.

The rising costs of everyday commodities are causing people all over the world to cut back on their expenses. Disposable incomes are getting limited; it’s getting tougher for people to make ends meet. 59% of available senior income is going towards housing and health care. This means there’s not much left over for food, transportation and other needs. How does a senior person save money in this kind of scenario?

Look For Senior Discounts

1. Don’t be afraid to ask for senior discounts for airline, bus, train, boat and other fares. Check online on the transport website for discounts.
2. Apply for an AARP card (http://www.aarp.org/benefits-discounts/) to become automatically eligible for accommodation discounts.
3. Check with credit card companies if you can get 50% off on interest rates, with no annual fees for your age.
4. Call your power company to ask for discounts for turning up the heat, adding insulation, and weather stripping, free energy assessment and so on.
5. Check for local grants for home improvements, infrared heaters and space heaters to keep your home warm.
6. Combine home and auto insurance with the same agent to obtain lower rates and ask for a senior discount on top of it.
7. Buy your fluorescent bulbs from Home Depot and Costco to enjoy rebates and a 6 pack for the cost of 2 bulbs.
8. Many stores and restaurants offer special discounts for seniors on certain days of the week; be sure to check.
9. Offer to pay your bill for 6 months at a time and obtain discounts for services such as your phone, cable and internet bills.
10. Take a defensive driving course and check with your auto insurance company if you can raise your deductibles.
    

    Save On Medical expenses

11. Medicines cost similar rates for dosages that are close, such as 5 mg and 10 mg. Invest in a pill splitter and split higher dosage meds in half and save money every month.
12. Buy diabetic and specialty supplies online to save money. Check auction sites for better rates when it comes to medical equipment.
13. In case your medical insurance does not cover certain expenses, ask your doctor if you can get a discount for paying in cash.
14. Check your insurance plan to see if you can avail discounts by ordering six months’ worth of routine medications at once by mail.
15. If you are not medically insured and are not eligible for Medicare, check if you are eligible for state-administered Medicaid programs. See http://www.cms.hhs.gov/MedicaidGenInfo for more information.
    

    Leverage Government Discounts and Assistance

16. The U.S. Department of Housing and Urban Development helps seniors and low income families pay their rents. See http://www.hud.gov/renting/index.cfm for details.
17. You can obtain help from SNAP, the USDA’s Supplemental Nutrition Assistance Program to buy nutritious food every month. Check for details on their website: http://www.fns.usda.gov/snap for qualification requirements.
18. The Low Income Home Energy Assistance Program, (LIHEAP) helps pay heating bills, provides energy-related home repairs and weatherization assistance for free. Check their website here http://www.acf.hhs.gov/programs/ocs/liheap.
19. To know about other senior citizen and low income group aid programs, visit http://www.usa.gov/Citizen/Topics/Benefits.shtml.
20. If you limited income, the Medicare Savings Programs (http://www.medicare.gov/contacts/staticpages/msps.aspx can help you increase your Social Security payment and minimize your medical insurance premiums.
21. Based on your eligibility criteria, you can cut back medicine costs via Medicare’s Extra Help and local prescription drug assistance programs.
22. The IRS helps senior citizens reduce $500 to $2000 from their annual tax  through local abatement, circuit rider and work-off programs. See http://www.irs.gov/individuals/retirees/index.html for more information.
23. Check with your state department if you qualify for a free cell phone plan. Each state has its own rules with regard to eligibility criteria.
24. Visit your local U.S. Department of Health & Human Services Eldercare Locator to find out what public benefits you’re eligible for. You can also get your eligibility screened online for free through NCOA’s BenefitsCheckUp® service.
    

    General Tips And Assistance

25. Look up senior citizen specific personal financial management tips and tools by Visa, at http://www.practicalmoneyskills.com/retirement.
26. Look up AARP insurance recommendations if you’re over 50 years of age, for home and car insurance. You can successfully save more than 25% by increasing your insurance deductibles
27. Sign up for AAA, AARP affiliate programs and leverage member discounts for various things. You can do the same with credit card issuers as well. Keep checking their websites for the latest offers.
28. Many stores offer free customer rewards programs; be sure to sign up for these. You’ll get a store loyalty card and some coupons and discounts as well.
29. Clip store coupons from your Sunday papers, or browse coupon sites online. Through clever couponing, you can reduce your expense burden a great deal.
30. Check your community calendar for free events. You can get free entertainment, free meals and free stuff as well.

Author Bio:  Teena Celis is a freelance writer working for Adrenalin, a gift ideas company from Australia.

Post from: Senior Money Memos

30 Money Saving Tips for Senior Citizens

Technorati Tags: AARP, coupons, discounts, government

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Watch your wallet, three of the most important words of advice you may ever hear.  You ignore them at your peril, since the consequences may be very serious in a number of different ways.

Beware Pickpockets

In many large cities, you will still see in public places signs encouraging you to watch your wallet and be wary of pickpockets.  Since professional pickpockets now may often work in teams, this is not something to be taken lightly.  One of the team may distract you while another light-fingered colleague may part you from your wallet without you ever being aware of the theft.  If by chance you only become aware of your loss some hours later, you may find you have lost not only your wallet but also your identity.

Safeguard Your Wallet And Your Identity

The problem is that so many of us carry all our chief proofs of identity with us in our wallets.  Professional thieves can easily use these to establish links with your financial services.  This may not only result in your savings being lost, but in some cases could mean that charges for other services are billed to you.  Although most financial institutions will work with you to correct these fraudulent transactions, the disruption to your life can be significant and time consuming.  As a victim of identity theft, I can assure you that whatever efforts you put in to avoid this are time very well spent.   The RCMP has very useful information on the situation in Canada with respect to Identity Theft and Identity Fraud.

A Fat Wallet Makes You Spend More

Of course you watch your wallet not only to ensure that no one steals it but also to carefully monitor what you may be spending.  It can be far too easy to make impulse purchases if your wallet allows you to do so.  As a recent article suggests, A Fat Wallet Makes You Spend More.

Here, on the posterior of many an American professional, lies one of the more unexpected twists in the evolution of personal finance. At a time when people seem increasingly reliant on their smartphones for all manner of interactions with the world, that oldest of handheld devices — the wallet — has remained a surprisingly enduring accessory. Indeed, for some people, the wallet is not only not disappearing, it’s getting fatter — with many Americans now hauling around so much stuff in their pockets that their billfolds have become, in the apt phrasing of one longtime lugger, "roving file cabinets." Even wallet makers, who have been pushing slimmer models for years, seem flummoxed by the trend: That plump bi-fold behemoth "is still our best seller," says a spokesperson for Wilsons Leather, one of the nation’s oldest wallet specialists.

The best advice, financial experts agree, is to find a free moment one Saturday afternoon, empty the entire contents of your wallet onto the living room rug and do a gentle purge. You should be targeting to cut your wallet contents by half.  Financial pros say the vast majority of consumers can get by with two or three credit cards, chosen in part according to their rewards programs (one card, for instance, that offers better mileage deals for airline tickets; another that pays more generous rebates for, say, gas, groceries or something else you purchase week to week). As for the loyalty cards, feel free to get rid of them. Most businesses have the ability to identify a customer with other information, such as their name and phone number.

If you think you are likely to lose your wallet by accident, then the article has a rather cute way of reducing the risk you will never see your wallet again:

According to a 2009 study by psychologists in Edinburgh, Scotland, a lost wallet is far more likely to be returned if it has a picture or two inside. The return rates were highest (88 percent) for wallets that included a baby photo. (Just about one in two wallets with a pic of a puppy were returned.) Those without kids, though, need not worry. Says Richard Wiseman, the author of the Edinburgh study: Get a photo of the "cutest baby you can find" and make sure it’s prominently displayed.

Lost Wallet Checklist

A cute baby picture is not the only measure you should take to cover the possibility of losing your wallet.  Service Canada has a useful checklist of the actions you should take to limit your problems if you lose your wallet.

In this event, make sure that you cancel and replace all of your important cards. Service Canada has prepared a list to help you through this process so that you replace your cards and identification in the right order:

1. Contact Your Bank(s) or Financial Institution(s) – re your missing bank and/or credit cards.
2. Contact Your Local Police – Report that your wallet has been lost, in case it is turned in.
3. Cancel Other Credit Cards – immediately notify the Customer Service or Credit Department of all retail companies where you have credit cards.
4. Replace Your Driver’s Licence
5. Replace Your Birth Certificate – Identification is required to pick up your birth certificate. A driver’s licence is an acceptable form of identification.
6. Replace Your Citizenship Certificate – Two pieces of personal identification are required when applying for a citizenship certificate.
7. Replace Your Health Card – Two or more pieces of personal identification may be required to apply for your replacement health insurance card.
8. Replace Your Passport

When you have all your replacement documentation, it is a good idea to photocopy them and keep them in a safe place. Having photocopies available will help in the replacement process should you lose any of your identification in the future

Post from: Senior Money Memos

Watch Your Wallet

Other Posts From The Archives

• April 12, 2009 -- Money Management Made Easy (0)
• March 29, 2010 -- Forever Young But Too Old To Rent A Car (0)
• February 9, 2012 -- 15 Tips For Choosing The Right Retirement Annuity (0)
• April 15, 2009 -- Seniors Search Service In China (0)
• February 23, 2009 -- Recession Perspective (0)

This is a guest post by Chris Johnson.

Thanks to the rising costs of almost anything and the bad state of the economy in general, more and more people are finding it tough to pay their bills. That’s to say nothing of being able to save money for a “rainy day”. Seniors are especially susceptible to those issues because most senior citizens are on a fixed income. Let’s face some facts. Costs are going up. However, the fixed income that seniors are receiving is not. So, whether you are a senior citizen yourself or you are just caring for one, you need to take action. Luckily, there are plenty of things that you can do to cut down your energy bills.

In Winter Months:

In the winter months, your primary objective should be to keep the house draft-free. Your heating system is going to be working hard as it is. You don’t need to make its job more difficult. Some simple ideas include:

• Check to see that your heating system is functioning properly before winter hits.
• Change air filters when they need to be changed.
• Caulk around all of your doors and windows.
• Purchase Energy Star windows, storm doors and storm windows.

Storm windows can actually reduce your energy/heat loss by up to half. That can make a huge dent in your energy bills and keep your heating units from having to work extra hard. So, that is definitely an important step in making your home energy efficient.

The thermostat is also important. Make sure that you get a programmable thermostat. These days, you can even set your thermostat to lower the temperature at times when you aren’t home. Also, be sure that your thermostat is not located near any heating ducts, doors, windows or appliances. Otherwise, heat or drafts could influence when the thermostat triggers.

Water Heating Tips:

Another area where you can save in the winter months is water heating. Your water does not always have to be hot. You can use cold water for things like dishes and laundry. You can also get a cover of sorts, which some people refer to as a “jacket” for your hot water heater. That will keep it insulated and make it more energy efficient.

In Summer Months:

In the summer months, your primary concern is keeping your house cool. There are a number of ways to do that.

First of all, you need to make sure that your air conditioning ducts are in working order and your filters are changed regularly. Any leaks or clogged filters could add to your energy consumption by 20% or more.

It’s also important to remember that you don’t need to cool your house when you aren’t home. So, always put your thermostat up to a high number, such as 85, when you go out. Then, when you come home, put it back to a temperature you feel comfortable with.

You also need to be careful of how you cook in the summertime. Any cooking at all can really heat your house up, but obviously you do have to eat. So, one option is to simply grill outside. An outdoor barbecue can be fun for the whole family and much more energy efficient than using your oven.

Finally, another good option, if you happen to own a toaster oven, is to use it more often in the summer. A toaster oven can do a lot of things that a regular oven can do, but in under half the time and with a lot less energy spent. Also, it is much easier to clean your toaster oven than to try to clean your regular oven.

Author Bio:

Chris Johnson is an avid energy conservationist and writer. He is also the publisher of Toasterovenguide.com, which is a website devoted to helping consumers save energy, especially using small kitchen appliances, such as toaster ovens. Toasterovenguide.com allows consumers to compare prices and features on anything from the best toaster ovens like Delonghi toaster ovens to Black and Decker toaster oven models. Chris’s mission is to help consumers make great choices and save both energy and money. In his spare time Chris enjoys spending quality time with his family and finding new ways to preserve the planet for his children and future generations.

Post from: Senior Money Memos

Senior Savings Tips – Cut Back On Energy And Save Money

Other Posts From The Archives

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• January 29, 2009 -- Cash For Clunkers From Uncle Sam (1)
• February 26, 2009 -- Scams in Canada (0)
• January 2, 2009 -- TFSA (Tax-free savings accounts) for seniors in Canada (0)
• August 11, 2009 -- The Right Credit Card (0)

Most seniors look forward to a good life in retirement.  However there are now two key changes that mean that this only comes through careful financial planning for your retirement. 

• Seniors are living longer
• The major recession has depleted the funds they may have accumulated to cover their retirement.

In other words, you may have to trim your spending to make your savings last.  Just consider one of the examples quoted in the Star news item:

When Janet and Bob retired at age 55, they were earning a joint income of $400,000. Both were senior executives in the corporate world.  Now in their late 60s, they live more frugally. No longer do they own a cottage up north, buy new cars, eat in restaurants or rent condos in Florida with friends.  They live on a budget of $60,000 to $70,000 a year, which doesn’t include debt, to make their savings last.

Statistics Canada published a report in 2005, which detailed the spending patterns of older people:

• Households age 75+ spent 73 cents of each income dollar on personal consumption.
• Food, shelter and transportation made up the lion’s share (61 to 68 cents) of each consumption dollar.
• Households pay more for government and private health insurance plans than 20 years ago.  There are higher out-of-pocket expenses for health costs not covered by insurance, such as prescription drugs, other medical equipment, dental services and eye care.

Here are some of the ways you can stretch your savings.

• Live frugally and cut out unnecessary expenses
• Stay healthy and vigorous
• Give up the automobile and walk, take public transport or taxis as needed.  You’ll be much better off
• Keep working part-time or make money out of your hobby
• Use senior discounts to the maximum
• Sell items on EBay
• Learn to cook and cut down on prepared meals
• Grow fruit and vegetables in your garden
• Invite people to your home instead of dining out.
• Buy any needed items on Craigslist or at Value Village
• Sell unwanted belongings on Craigslist.
• Have a financial planner and meet say twice a year to see if  you are still on track

As a retiree, you have fewer work-related expenses, you pay less in personal income tax and you contribute less to public benefit programs.  Since there is no need to leave an estate, with careful living you can enjoy what you have to the maximum and hope to die when your time comes just a little better than broke.

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Post from: Senior Money Memos

Good Retirement Planning

Technorati Tags: Financial plan, Health insurance, Income tax

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If we were only talking about the book, there would be little hardship involved. Unfortunately it could be used to label the latest Ponzi scheme in Canada as we read that Businessman missing as Dutch Canadians out millions.

At least 80 elderly Dutch Canadians trusted Harry Snoek Jr. with their life savings. But the money is gone. And so is Harry, possibly back in the Netherlands or maybe Qatar, leaving a trail of empty promises and despair in his wake.

By the latest tally of those who have come forward and who are trying in Ontario courts to recoup their losses, Snoek has absconded with more than $34 million. The total number of affected investors may be as high as 200.

Promissory notes and court documents obtained as part of a Toronto Star investigation, as well as interviews of investors and business partners, suggest Snoek ran a Ponzi scheme, where early investors are paid off from the contributions of later ones. The RCMP is looking into the case.

Troubling payment delays from Snoek started in 2007 with Snoek exploiting shared ties to motherland and church to ease anxieties and keep their money just a few months more, and then another few months more.

In a lawsuit filed in Brantford, a receiver was appointed who is combing through Snoek company files. The receiver may try to sell Snoek properties in Milton and spread the proceeds to investors. But it is believed that the land will fetch only a fraction of what Snoek owes.

Unfortunately paradise will not be regained.

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Post from: Senior Money Memos

Paradise Lost, Milton

Technorati Tags: Brantford, Harry Snoek, Milton, Netherlands, paradise, Ponzi scheme

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If you have income, then you must pay taxes. That is true even when that income may be only what a Ponzi schemer may have reported to you. That is unfortunately the situation in which the Montréal victims of Earl Jones now find themselves.

Apparently the Quebec tax authorities will try to lighten the tax burden on Jones’s victims even though many should have no tax burden since the income was illusory.

Victims of financial fraudster Earl Jones won’t have to pay taxes on investment income they didn’t actually earn, Quebec Revenue Minister Robert Dutil announced. Jones’s victims will also be able claim a deduction for lost revenues, Dutil said in a statement. “I sympathize with these people who are going through a deplorable situation, and I want to clarify this to help avoid all confusion for these victims,” he said.

When someone is in a precarious financial situation and unable to meet their obligations, the agency follows their case closely in line with the information available.

Some of the fraudster’s victims are finding at the federal level that things are moving more slowly and there are delays in getting some relief for taxes they paid on fictitious income.

Kevin Curran, a member of the Earl Jones Victims Organizing Committee, says the government told victims last summer to file adjusted tax returns for previous years stating that the fake income provided to them by Mr. Jones was erroneously reported, at which point they would receive tax refunds. Many of the more than 150 victims did so, but despite a promise to move swiftly, they are still waiting for their tax returns. Some of these people are struggling to afford daily living expenses. Furthermore, a handful of the victims that would qualify for increased government pensions cannot get them because their income is still wrongly pegged as being too high.

Last year in the United States, the Ponzi Scheme victims of Bernie Madoff received somewhat faster tax breaks although the public resentment about the support the troubled banks were getting may have created a more favorable climate for speedy action.

The Internal Revenue Service announced unprecedented tax relief for victims of Ponzi schemes, saying many of those affected could deduct up to 95% of their losses immediately. The move represents a significant relaxation of longstanding limits on tax relief for victims of investment scams. It reflects the pressure officials are feeling to help individuals who have been hurt in the current financial crisis, when public resentment is growing over the billions of dollars the government is directing into troubled banks and other big corporations.

Meanwhile it is good to see that vigorous action is being taken to prosecute those who perpetrated these dreadful schemes. The Feds are targeting Bernie Madoff’s brother and sons for Tax Fraud.

Last summer, prosecutors essentially made clear they wouldn’t go after Bernie’s wife, Ruth. But that’s not the case in regard to his brother, Peter, or his sons, Mark and Andrew. It is reported that federal tax-fraud prosecutors in Manhattan are pursuing cases against Bernard Madoff’s brother and sons.

To add to this sorry tale of woe, it now appears that there is a Bogus Web Site Reportedly Trying to Rip Off Madoff Victims

A bogus Web site is targeting victims of Bernard Madoff’s record Ponzi scheme in an apparent identity-theft scam, the Securities Investor Protection Corp warned today, The New York Post reported. The site claims that $1.3 billion in Madoff money was recently found hidden in Malaysia, and displays photos of huge stacks of cash allegedly stashed by the mega-crook. The so-called “International Securities Investor Protection Corporation” urges burned investors to submit claims by filling out an online form and mailing in a copy of “your most recent brokerage account statement.”

The site rips off design elements of the real SIPC site. The SIPC wants to be as clear as possible that Madoff victims and other investors should not share any personal financial information via this Web site or rely upon it as an information source.

One would hope that these poor victims have gone through enough to realize that once bitten requires them to be twice shy.

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Post from: Senior Money Memos

Taxes Add Insult To Injury For Ponzi Victims

Technorati Tags: Bernard Madoff, Earl Jones, Internal Revenue Service, Montreal, Ponzi scheme

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.. and if not now, will your retirement plan be going into the red.  According to Jonathan Chevreau, Most Boomers’ retirement plans ‘going nowhere’. 

He is featuring the concepts that financial planner Jim Otar lays out in his forthcoming book, Unveiling the Retirement Myth.   In his opinion, most Baby Boomers have not saved enough to retire comfortably and should plan to remain in the workforce longer.

Otar describes three “zones” of retirement preparedness.

• Green: good to go
• Orange: (or as Otar calls it the grey zone) where extreme caution is appropriate
• Red: where retirement plans are completely inadequate

His views might be described as depressing but reflects the dual reality that investments have not been performing well and that people are living longer.  His advice is that you should plan for the worst because unfortunately that may be what happens.

He has particular concern for those who are in the grey zone who may or  may not make it, depending on how lucky they are and the timing of their retirement.  For him, when you are within five years of retirement you are in the dreaded Retirement Risk Zone.  This is a dangerous period when investment returns may determine success or failure of one’s plans. Retiring into a vicious bear market may torpedo a retirement, while retiring into a bull market is more fortuitous.

Otar’s website has much more to offer on retirement planning.  His 500-page book will be available in the fall, but an unprintable “green” version is available for $3.99.  It probably should be required reading, particularly for those who are in that Retirement Risk Zone.

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Post from: Senior Money Memos

Is Your Retirement Plan In The Red

Technorati Tags: Baby Boomer, grey zone, investment, retirement, risk

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One meaning of currency is general acceptance or use.  Plastic is taking a bit of a beating recently so perhaps it is better to go back to paper.  Bank notes are of course generally accepted for what they are worth. If you are into bank note collecting, you may even be willing to pay more for attractive world paper money or rare United States currency.  What about something printed up by your neighbour?

Well apparently communities are now printing their own currency in order to keep cash flowing.  It’s a Depression-era idea that aims to help consumers make ends meet and support struggling local businesses.

It works like this: Businesses and individuals form a network to print currency. Shoppers buy it at a discount — say, 95 cents for $1 value — and spend the full value at local stores that accept the currency.  Here are some of these paper money currencies you may be aware of in the USA:

• Detroit Cheers
• Ithaca Hours in New York
• Plenty in Pittsboro, North Carolina and
• BerkShares in Massachusetts.

The BerkShares system started in 2006 and is the largest of its kind in the country with $2.3 million worth of BerkShares in circulation.

There are an estimated 75 local currency systems that have sprung up recently in the U.S., according to Michael Shuman, author of “The Small-Mart Revolution: How Local Businesses Are Beating the Global Competition”

Such paper money currencies are not found only in the USA.  In England you have the Lewes Pound.  Again it is a complementary currency, redeemable for goods or services with local traders. It is certainly not intended to replace sterling, but it raises awareness of the importance of shopping locally.  It can be bought or redeemed for sterling at any of the issuing points in Lewes, which is located in East Sussex.

In Magdeburg, Germany, they are also very proud of their local currency.  It is called the Urstromtaler and is used alongside the normal currency, which is the euro. Even two years ago there were more than 200 businesses using the regional currency, including shops, bakeries, florists, restaurants. There was even a cinema that accepted Urstromtaler.

Of course the grand-daddy of them all is to be found in Switzerland.  It’s the WIR, now over 75 years old.  For an explanation in English, you can check out the WIR Economic Circle Cooperative. It notes that the WIR is a successful Swiss local currency for business to business transactions based on mutual credit:

The WIR credit clearing association, now called the WIR Bank, also provides conventional banking services. WIR is an important case for monetary reformers and free exchange advocates to study. While there may yet be some deficiencies in its operating policies, WIR has proven over a long period of time the effectiveness of direct clearing of credits between buyers and sellers as an alternative to conventional bank-created debt-money.

Clearly something that has achieved general acceptance and use for 75 years has earned the right to be called a currency.  Let’s hope the Cheers, Hours and Plenty earn their place in the paper money currency Hall of Fame.

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Post from: Senior Money Memos

Paper Money Currency – Urstromtaler, Cheers Or Plenty – Take Your Pick

Technorati Tags: Banknote, BerkShares, Currency, Lewes Pound, Urstromtaler, WIR Bank

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To help handle personal finances in the best way during a tough recession like this, many people turn to Personal Finance software. As a result, there is a plethora of personal finance software programs to consider. The right choice is always a very personal matter given particular needs. However everyone wants a good user experience. In other words it should be a pleasure to use and it should do the job.

If you have this software choice dilemma, you may find the reviews at Personal Finance Software a good place to start your exploration.

Of course everyone and particularly seniors is looking for something that is easy to use and install. So we list below the Top Ten choices in descending order of attractiveness. In each case, the comments on Ease of Use and Installation from the review site are displayed. By clicking on the link, you can see the full review, which clearly you should do before homing in on the choice that works for you.

Personal Finance Software – Top Ten Reviews

with Ease of Use/Install Comments

Quicken Starter Edition – Gold Award
Quicken Starter Edition was easy to install, and easy to use. It’s not packed with a bunch of clutter, so finding what you need and figuring out how to use features is a snap.
Microsoft Money Essentials – Silver Award
Microsoft Money was easy to install, and very easy to use. We found it had a little more of a polished interface compared to Quicken Starter Edition and Moneydance. The update process was simple, and Money’s home page provides a great at-a-glance summary of your finances.
Moneydance – Bronze Award
The main page of Moneydance is visually simple, which is one of its strengths. The navigation bar and buttons can get you to any section, and the main content area neatly summarizes your accounts, even displaying bill reminders and a tidy calendar. Adding new accounts is a snap as well, and Moneydance 2009 connects to a large number of banks and credit unions the world over.
AceMoney
AceMoney was easy to install, and even easier to use. It’s not difficult to figure out what you need to do to access your portfolio, schedule bills and deposits, or run reports, to name a few. AceMoney also supports importing data in a large number of formats, including qif, ofx, ofc, qfx, and xml, so even if AceMoney can’t automatically update your account information, it can read files your bank exports.
BankTree Personal
BankTree was easy to install, and easy to use, with large navigation buttons at the top that make it apparent where to go to look at accounts, reports, etc.
RichOrPoor
We were disappointed RichOrPoor doesn’t have a setup wizard to guide you through the setup process. RichOrPoor doesn’t import any of the standard formats that most banks use, such as qif or csv. You have to locate where the information goes and then type it in. This becomes tiresome, considering some personal finance software packages connect directly to your bank accounts, and most import a standard set of file types. If by chance your bank exports your accounts to a .rop file, your data entry would be diminished significantly. Once you have entered all of your information, accounts, balances, transactions, and so on, the program is fairly easy to navigate. It’s getting there that’s a chore.
Budget Express
Budget Express is a software program that focuses primarily on budgeting and does a good job—this combined with its functionality make Budget Express one of the top ten money management products. If Budget express wanted to compete with some of the all inclusive financial software packages, they would have to add financial planning and investing features.
Account Xpress
Accounts Xpress doesn’t offer a setup wizard to help you initially input your financial information. This is a real downfall for people who are not familiar with finance software.
iCash
iCash has the ability to reconcile your accounts with your
bank statements and form a budget for everything in your books. We only found five different reports available within this product: balance sheet, profit and loss statement, profit and loss summary, account statement and taxes.
Home Bookkeeping
A user-friendly toolbar, that allows you to quickly access all your accounts, expenses, income, planning and debt, makes Home Bookkeeping a good program for the computer novice. The program was easy to install and we didn’t encounter any errors during installation.

Given the importance of the software working for you, if you have either good or poor experiences of any of these personal finance software programs, why not add a comment here. You then will be helping others to make a better choice.

Footnote: If you are interested in books on Personal Finance, then why not visit the Personal Finances Bookstore.

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It is good to see that President Obama’s first law concerned The fight for fair pay.

President Barack Obama’s first bill, the Lilly Ledbetter Fair Pay Act he signed into law, loosens the statute of limitations under which workers can sue employers for pay discrimination based on characteristics such as gender, race, age or disability.  To ward off discrimination suits, companies will need to meticulously document pay decisions and retain detailed employment records, legal experts say.

It is rather ironic that should have been the first bill, since at the same time he is acting on salaries and compensation at the other end of the scale.

The President proposes to limit the total compensation for senior executives of those companies receiving support under the bailout arrangement.  The top brass would no longer have golden parachutes and the severance packages to those in the second tire would be limited to one year’s salary.  Although it may sound perfectly reasonable to you and me, it immediately raises criticisms from others.

For example, Carly Fiorina, former chief executive of HP, believes that Government shouldn’t decide executive pay.

Americans are outraged over excessive CEO pay and perks. That outrage is justified, particularly when American taxpayers are footing the bill.  Our capitalist system works best when there is transparency and accountability. There has been too little of both on Wall Street.

She is concerned that the proposed cap for top executive pay at $500,000 for institutions that have received bailout money is arbitrary and applies only to them.  She calls for an across-the-board approach.

• To strengthen transparency, all aspects of CEO pay and perks should be fully disclosed on a regular basis. This should include airplanes, cars, golf-club memberships, bonuses, stock options, retirement plans and salaries — in short everything that a common-sense person would consider part of a CEO reward package.
• To strengthen accountability, all aspects of CEO compensation should be voted on by shareholders on an annual basis.

These are very reasonable suggestions and legislation to bring them in would receive wide support.  However the President’s proposed limits send a strong message and prepare the ground for such legislation down the road.  Open government requires transparency and equity.  Fair pay for all should apply at all levels.

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Fair Pay For All

Technorati Tags: Barack Obama, Carly Fiorina, Executive compensation, fair pay, Golden parachute

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