(StatePoint)

It seems like much in life is beyond our control, but when it comes to your wallet, taking control is crucial for a solid future. Experts say the first step is to improve your financial literacy – and this can be easier than you might think. With April being Financial Literacy Month, now is the perfect time to arm yourself with the knowledge to make better money decisions. “Many consumers go through life without a handle on how to manage money and credit,” says Mike Kane, vice president of Consumer Credit Operations at Ally Financial. “While it may seem overwhelming, you don’t need an MBA to manage personal finance. Many of the concepts are simple.”

Kane offers suggestions to manage finances and save more:

• Buying or leasing a vehicle is a serious undertaking. There are many different ways to obtain a vehicle, and it’s important to understand your options and pick the process that works best for your budget.

• Review your current car insurance coverage. If you have an older vehicle, comprehensive or collision coverage may not make sense. Consider increasing your deductible to help lower premiums. Simply inquiring about discounts from your current provider could also net you savings. Some insurers offer discounts for low-mileage driving, installation of car alarms or completion of defensive-driving courses.

• Check your credit report by obtaining a copy of your file from one of the credit reporting agencies. Credit scores range between 350 ( high risk) and 850 (a low risk) and generally, a consumer with a higher score will be offered lower interest rates since they have a history of timely payments and managing their debt well. 

• Set up an automatic transfer from your checking account into a savings account for the amount you want to save each month. If you have to spend time transferring money, you may find an excuse not to do it.

• Switch your finances to a direct bank without physical branches. They can offer competitive rates in online checking and savings accounts, CDs and IRAs and have perks that make banking easier. For example, Ally Bank an FDIC-insured subsidiary of Ally Financial, offers mobile banking with Ally eCheck Deposit and has 24/7 live customer service. They also have no ATM fees and reimburse other banks’ ATM fees nationwide. More information can be found at www.Ally.com.

• Track spending for at least three consecutive months to trim unnecessary expenses you’re your monthly budget.  On a quarterly basis, perform an expense audit. Evaluate your bills and expenses, finding anything you’re spending money on that isn’t giving you the value you’d like.

• Use free online tools to learn more about improving your financial education and ways to cut spending. Ally Wallet Wise, for example, offers a series of lessons that cover budgeting, banking and investing, credit and automotive finance.

During financial literacy month, commit time to learning more about saving money and managing your finances better.

(StatePoint)

Each year, thousands of trusting homeowners hire contractors for home repairs or renovation projects. But for many, dreams of a remodeled kitchen, new roof or updated patio are dashed by contractor fraud. Over half of homeowners who hire contractors state that fraud is their biggest fear, according to a recent online survey conducted for HomeAdvisor. But savvy homeowners can avoid fraud by recognizing the warning signs and following simple hiring practices.

Amy Matthews, home improvement expert and TV host, is sharing five simple steps homeowners can follow to safeguard themselves:

• Look for an established company with a permanent business location and a listed phone number: Fraudulent contractors are often “travelers” — businesses from out of the area, or contractors with no permanent business location. Making sure a contractor has a permanent business location and a listed phone number will alert homeowners to these “travelers” or other illegitimate contractors.

• Ask for a written, signed contract: Legitimate contractors will have no qualms about signing a contract and providing their business information. This simple step will typically weed out most fraudulent businesses afraid of having their scams discovered.

• Never pay with cash up front: Without cash in hand, unscrupulous contractors have few ways to pull off a scam. Never pay in full with cash before a job is started, and never pay a deposit with cash. Consider a request for a cash payment before work begins as a red flag that the contractor may be attempting to defraud.

• Ask for referrals or check reviews online: Referrals are a simple way to learn about a contractor’s track record from a friend, associate or other trusted source. Use websites like HomeAdvisor.com that offer ratings, reviews or screening services as a way to assure that a contractor has a history of honest business dealings and high-quality work.

• Use licensed contractors: A licensed contractor’s reputation is at stake when completing work. Before hiring contractors, check with the state contractor licensing board to see if a license is required. Make sure their license is valid and there are no legal claims against the contractor.

More information about home improvement, maintenance and repair projects, including project cost guides, emergency support and pre-screened professionals, can be found at www.HomeAdvisor.com Don’t deal with unscrupulous contractors. By taking precautions, you can ensure your home renovation projects are completed professionally and on time.

Settlement requires company to conduct third party audits to reduce threat of accidental chemical releases, purchase emergency equipment for first responders

WASHINGTON

The U.S. Environmental Protection Agency (EPA) and the U.S. Department of Justice announced a Clean Air Act (CAA) settlement with Tyson Foods, Inc. and several of its affiliate corporations to address threats of accidental chemical releases after anhydrous ammonia was released during incidents at facilities in Kansas, Missouri, Iowa, and Nebraska, resulting in multiple injuries, property damage, and one fatality. “Exposure to anhydrous ammonia can cause serious health issues, and in extreme cases, even death,” said Cynthia Giles, assistant administrator for EPA’s Office of Enforcement and Compliance Assurance. “Today’s settlement with Tyson Foods will ensure the proper safety practices are in place in the future to protect employees, first responders, and communities located near processing facilities from the threat of dangerous chemical releases.” “This settlement will protect workers at Tyson facilities throughout Kansas, Iowa, Missouri, and Nebraska that use anhydrous ammonia, and make the communities surrounding these 23 facilities safer. It will also provide emergency response equipment for first responders to chemical releases,” said Ignacia Moreno, assistant attorney general for the Justice Department’s Environment and Natural Resources Division. “The requirements of this agreement, which include comprehensive third party audits, will help mitigate the impact of releases of anhydrous ammonia by ensuring compliance with the Risk Management Program under the Clean Air Act.” Under the terms of the consent decree, Tyson is required to conduct third-party audits of its current compliance with the CAA’s Risk Management Program requirements at all 23 facilities in Kansas, Iowa, Missouri, and Nebraska. The third-party auditors must have expertise in ammonia refrigeration systems, be recognized experts in risk management program compliance, and be approved by EPA. Tyson must correct any violations discovered in the audits and certify the completion of the work. Tyson has also agreed to test certain piping used in its refrigeration systems at the 23 facilities to identify any problems that may have led to accidental releases and to replace any non-compliant piping. Under the consent decree, Tyson will pay a $3.95 million penalty. Tyson has also agreed to implement a supplemental environmental project to purchase $300,000 worth of emergency response equipment for first responders in communities with significant environmental justice concerns in which Tyson operates facilities. The equipment will assist responses to emergencies involving chemicals that are regulated pursuant to the CAA Risk Management Program, including anhydrous ammonia. Anhydrous ammonia is a poisonous gas and considered an extremely hazardous substance under the CAA. Exposure to vapors can cause temporary blindness and eye damage, as well as irritation of the skin, mouth, throat, respiratory tract and mucous membranes. Prolonged exposure to anhydrous ammonia vapor at high concentrations can lead to serious lung damage and even death. Tyson Foods, Inc. is headquartered in Springdale, Ark. and is the world’s largest processor and marketer of chicken, beef and pork. The proposed settlement lodged in the U.S. District Court for the Eastern District of Missouri, is subject to a 30-day public comment period and final court approval. More information: http://www.epa.gov/enforcement/waste/cases/tysonfoodsinc.html