HealthyLife Articles

Category: Financial Health

Filing For A Tax Extension

FINANCIAL HEALTH

A federal tax extension allows you extra time to file your taxes. You can request an extension for any reason and receive an additional six months to complete your return. Here’s what you need to know.

* You must request an extension before your filing deadline. Don’t delay or you risk a penalty.

* Submit the form via mail or electronically by your regular tax return deadline, usually April 15th.

* To avoid any potential penalties, pay estimated taxes at the time you submit the form.

* If you cannot pay what you owe, you can request a payment plan. Visit the IRS website to learn more.

* Use the extra time to file your return. The IRS does not allow a second extension, so don’t let the time slip away.

* Fill out the Application for Automatic Extension of Time To File U.S. Individual Income Tax Return available atirs.gov.

© American Institute for Preventive Medicine

January 23, 2026
Why You Should Check Your Social Security Statement

FINANCIAL HEALTH

If you’re not close to retirement, you may not think much about your Social Security statement. But you can – and should – check it once a year. Here’s why:

* There could be errors in your wages that need to be corrected.

* You can see how much you’ve paid into Social Security.

* You can get an estimate of your future Social Security payments.

* You can make sure your address or direct deposit information is correct.

Check your statement for free online at the official Social Security website atssa.gov. Make sure you are on a website that ends in “.gov” or it’s not the official website.

© American Institute for Preventive Medicine

January 23, 2026
Home Equity Loans – Are They Safe?

FINANCIAL HEALTH

A home equity loan is a loan for a set amount of money. You get the loan by using equity, or value, in your home. Each month, you make payments on the loan to gradually pay it back.

There is some risk involved with home equity loans. If a person doesn’t make the payments, the lender can foreclose on their home. But they can be a good way to borrow extra money for home upgrades or other large expenses. Here’s what you need to know.

Choose a lender carefully

You can ask friends and family for recommendations. Then, look at what each one offers. Banks, credit unions and other lenders may all have different interest rates. They may also have different payment terms for the loan.

Ask questions

Your lender should explain the home equity loan to you. If you don’t understand something, ask. Make sure you know:

* The interest rate of the loan

* The monthly payment amount

* Annual percentage rate (APR), which includes fees and other charges

* Fees that may be charged for applying or closing on the loan

Get your credit score

When you apply for a loan, the lender will usually check your credit score. This is a number that tells the lender about your financial history. It includes things like how many accounts you have, late payment history and debt.

Your lender can tell you your credit score when they check it. You also have a right to see a free copy of your credit reports once each year. You can get your free report atannualcreditreport.com.

Shop around

You can talk with more than one lender before you choose one. If lenders know you are looking at other options, this can help you get the best deal.

Ask each lender for the lowest interest rates and fees. You can also ask them to beat the terms of another lender.

Read carefully

Before you sign, read the loan closing papers. They should match what you agreed to. Don’t sign if you’re not sure.

Source: Federal Trade Commission

© American Institute for Preventive Medicine

January 23, 2026
Refinancing Pros & Cons

FINANCIAL HEALTH

There are pros & cons to refinancing your home. It may not be the best choice for everyone, depending on their unique situation.

Pros

* Lower interest rate: When refinancing at a lower rate, monthly payment decreases, and you’ll pay less over your mortgage life.

* Changing the term of your mortgage: When you refinance, you essentially take out a brand new mortgage. This allows you to set new terms, meaning you can either lengthen or shorten the term.

* Cashing out on home equity: If your home is worth more than the remaining mortgage, you may be able to do a cash-out refinancing.

Cons

* Refinancing costs: There can be a lot of expenses involved in refinancing your home. Calculate whether the savings from a lower interest rate will balance out the fees.

* Prepayment penalties: Some lenders charge a penalty for paying off a loan early. Determine if any penalties apply and what they are, as that may add to refinancing costs.

* Refinancing restarts amortization: In the early years of a loan, you pay more on interest and less on principal. In later years, you pay more on principal and less on interest. Refinancing may set you back to paying more interest.

© American Institute for Preventive Medicine

January 23, 2026
Improve Your Home

FINANCIAL HEALTH

Owning a home is a big investment. Regular maintenance and improvement projects help protect your asset and keep it in top condition. These home projects are the best bang for your buck.

Freshen up the paint

A new coat of paint, both inside and out, can make your home look up to date and appealing. It’s an inexpensive way to transform any room, and it’s easy to do yourself.

Update fixtures

Outlet covers, switch plates, light fixtures, and door knobs are simple to replace and make great finishing touches. These minor details really stand out.

Kitchen cabinets

Kitchen remodels are one of the priciest home upgrades. If that is outside your budget, don’t worry. Instead, refresh your existing kitchen cabinets with a more modern paint color or stain.

Install crown molding

This task takes a bit of know-how, but it’s a simple cosmetic improvement that boosts the appearance of the interior. Crown molding makes rooms look pulled together and complete.

Replace front door

Your front door can make a big statement. If the door is worn out, old, or just plain boring, replace it with one that has a fresh, updated color.

Clean up the landscaping

The exterior of your home is the first thing people see. A well-cared-for yard and tidy landscaping set the tone for everything else. Keep planting beds free of weeds and well-mulched.

© American Institute for Preventive Medicine

January 23, 2026
4 Financial Health Steps

Financial Health

1. Track your monthly expenses.

– List fixed costs. These include mortgage or rent, car payment, phones and child care.

– List costs that vary, such as clothing, eating out, personal care, and entertainment.

2. Make and follow a plan to pay down debt. Do this on your own or with professional help.

3. Plan a budget. From your net income, aim for:

– 50% for basics (house, food, transportation)

– 30% for lifestyle choices (hobbies, phone and cable, personal care, pets, eating out)

– 20% for short-term savings and retirement

4. Get tools to help you manage your financial health frommymoney.gov.

Take Action: Keep Your Numbers Safe

1. Protect your bank account, credit card, driver’s license, social security, and other personal ID numbers.

2. Use secure websites, passwords, and PIN numbers. Change passwords often, using upper and lower case numbers and symbols. Consider using multi-factor authentication (MFA). This is an added layer of security to your information where a system requires you to present a combination of two or more credentials to verify your identity.

© American Institute for Preventive Medicine

January 23, 2026
Know Your Rights With Rebates

FINANCIAL HEALTH

The holiday shopping season is here, and with it comes big sales and big purchases. Some stores and companies advertise big rebate offers to get you to buy. These offers may promise you a certain amount of money back, either immediately or after you send in a form.

Usually, you buy the item, fill out and send in some paperwork, and wait for the rebate money to come in the mail. You probably need the sales receipt, a form and the packaging from the item. Sometimes you get a rebate within a month, but many rebates take longer – up to 12 weeks.

The Federal Trade Commission says people should beware of rebates that take too long to show up – or never come at all. Companies are required by law to send the rebate within the promised timeframe. If there’s no timeframe listed, the timeframe is usually 30 days.

Follow these tips if you buy a product with a rebate:

* Make sure you follow all the steps on the rebate form. Enclose all of the required paperwork.

* Make a copy of all your paperwork. You’ll want these records if your rebate doesn’t show up or if there’s a problem.

* Keep track of the date you sent the rebate. Contact the company if your rebate doesn’t show up when they promised it.

If your rebate is late or never shows up, you can file a complaint. Contact the Federal Trade Commission, your state Attorney General or your local Better Business Bureau.

© American Institute for Preventive Medicine

January 23, 2026
Avoid Holiday Debt

Financial Health

Give yourself a present. Keep holiday spending within your means.

* Set a limit on what you will spend.

* Make a list before you shop.

* Buy from stores that offer layaway plans.

* Avoid impulse buying. Leave your credit cards at home.

* Shop less – in stores, online, and while watching TV.

* At family gatherings, discuss ways you can all spend less on gifts. Make a resolution to start a monthly savings account to use for holiday spending.

* Comparison shop. Check out prices online and in-store ads. Use coupons for items on your list.

* Pay with cash or a debit card.

* Don’t go overboard, even during sales. You’ll save 100 percent on items that you don’t need.

* Don’t charge more than you can pay off when your balance is due.

© American Institute for Preventive Medicine

January 23, 2026
Medical Loans: The Good, Bad, And The Alternatives

FINANCIAL HEALTH

A medical loan is a specific type of personal loan that can only be used to cover healthcare expenses. For people facing significant out-of-pocket medical expenses, this type of loan can seem ideal. However, there are a few things you should know.

The Good

* No collateral is required to secure the loan.

* Can be easy to qualify for if you have good credit.

* Enables you to undergo elective procedures quickly.

The Bad

* Hard to get if you have poor credit.

* High interest rates can mean a very high monthly payment.

* May involve expensive initiation fees upfront.

The Alternatives

* Talk to your doctor’s office or hospital about a payment plan.

* Find help through a medical charity or hospital program.

* Talk to your doctor about cost-effective treatment options.

© American Institute for Preventive Medicine

January 23, 2026
Build A Budget

Financial Health

Make a plan to live within your means.

No matter what your income, having a budget helps you plan and manage your money. It also helps you get a grip on your spending. You can use a budget-making tool, such as a free one from the websitewww.mint.com. You can write one on your own with a pencil and paper.

Track your expenses:

First, list your fixed monthly must-haves − mortgage or rent, phone, cable, Internet access, car payment, or public transit costs. Include other regular set monthly expenses, such as loan payments, tuition and/or student loans, insurance premiums, church donations, and gym and other monthly membership fees. Next, identify your variable expenses. These include what you spend weekly, monthly, two or four times a year, and yearly for:

* Groceries

* Restaurant meals, snacks, coffee and other drinks

* Gas and upkeep for your car

* Electric, gas, and water bills

* Property taxes

* Credit card payments

* Entertainment – Movies, DVDs, concerts, golf, toys, and social events

* Clothes and shoes

* Haircuts, cosmetics, and toiletries

* Gifts for birthdays, holidays, weddings, etc.

* Household items and home improvements

* Vacation

You can get amounts for many of these from monthly statements for your credit cards, debit cards, and checking and saving accounts. Otherwise, get and keep receipts for everything you pay for. You may be surprised by how much you spend on coffee drinks, food, liquor, and tips when eating out.

Put some of your income into a savings account. Do this yourself from your take-home pay or have a pre-set amount automatically deposited into a savings account.

Start by listing your total monthly income:

Include your take-home pay, alimony, child support, unemployment, social security, and public aid. If you work on commission or freelance, your income can vary from month to month. Just estimate a monthly amount.

Action Step

If you are spending more than you earn, cut back on variable expenses. If you still have money left over after paying your bills and putting money into savings, carry over the extra for future expenses.

© American Institute for Preventive Medicine

January 23, 2026