May 19, 2001

Welcome to 0nly4Homebuyers Issue 32.
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In This Issue:
Moving To A New Area
After Tax Thoughts
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Moving To A New Area
By Cindy Snyder

Buying a new home in a totally new area can be stressful.
You want to make sure you are going to be happy with the
area, the commute, the schools, shopping and so on. If you
are moving to a new state or even a new city, take the time
to visit the area extensively before purchasing your new home.
You may even want to get a short term lease on an apartment
to give you the opportunity to take time to look further into
housing.

Buy a city map and decide which area you want to live in.
If you have friends in the area, ask them what are the best
neighborhoods or get a good Real Estate Agent to show you
the area.

Get on the internet and do a search for your target city. You
can check out the schools, the weather, the economy, even
the unemployment rate. Most of the larger cities have extensive
information online.

The Chamber of Commerce http://www.chamberofcommerce.com/
is always a good place to start. From there you can go to
your state and city and find out just about everything about
the area. Or just go to any search engine and put in the city
and state.

Do a search using "Cost of Living Comparison" as your search
term.(You will find different sites using various search engines)
It's amazing the differences in the areas! You cancompare
your salary in your current location to your salary in
your new location. Try this link.
http://www.homefair.com/calc/salcalc.html?NETSCAPE_LIVEWIRE.src=moneymag

Above all, take your time and choose a home and a neighborhood
that you and your family will be happy in for a long time to come.

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After Tax Thoughts
By Doris Dobkins


For many of us who just finished paying our taxes, we feel a
sense of relief that we are able to put all thoughts of taxes
behind us for another 12 months or so.

Right???

Wrong!!!

It's never too early to start preparing for the next years taxes
and the sooner you start, the happier you'll be in 12 months.

Here's a few suggestions to get you thinking ahead:

#1. If you don't already have one, get one now. I'm talking about
a box or file labeled "2001 Taxes". Every time you get a receipt
or document that you'll need for next year's returns, file it away in
this folder. If you buy or sell stocks, options, a home, make donations,
or do anything that will affect your taxes, save the documents in this
file so they'll be readily available when the time comes.

#2. If you qualify, start an IRA, either a traditional or Roth. Put away
$50 or $100 a month from now until tax time. The money ads up
quickly and is a lot easier to come up with over 12 months than at
the last minute if at all.

#3. Start contributing to (or increasing) your 401k contribution. If
you've been putting this off, let this be your last day for excuses.
When you don't see the money in your paycheck, you'll be surprised
how quickly you can adjust your lifestyle to a lower income.

#4. Participate in your company's flexible spending account (FSA).
If your company offers this, take advantage of it. Depending on your
company limit, you can contribute up to $5,000 a year to an FSA
for dependent care, and between $2,000 and $4,000 for medical
expenses. Ask your employer for a list of what the money can be
used for. Don't be surprised to see such things as prescription copays,
contact solution, eye surgery, braces, dental fees, etc. on the list.

If you don't think this program won't make much of a difference in
your savings, think again. Here's an example: A single filer earning
$50,000 a year putting $2,000 into an FSA per year assuming 28%
for Federal Taxesand 7.65% for FICA, is the equivalent of earning
a fully taxable $3,108. You've just turned you $2,000 into $3,108.

#5. Do some spring-cleaning. If you have enough stuff, you can
have a yard sale. Otherwise you may want to make a donation
now to your favorite charity. Salvation Army and others get pretty
busy towards the end of the year so now's a great time to make a
donation.

#6. Create a plan to pay off your credit cards. The interest is NOT
deductible and NOT helping your tax bill one bit.

#7. Assess your employer withholdings. If you got a refund in 2000
and your income and deductions will be approximately the same in
2001, you may want to increase your withholdings. This will increase
your paycheck too but don't spend it away frivolously. Pay off a bill,
invest it in an IRA or increase your 401(k) contribution.

#8. Take an assessment of all your monthly expenses. What can
you do to convert any of them to a tax deduction? Open your
mind to more possibilities.

You'll pay more money in your lifetime on taxes than on anything else.
They are a bigger expense than your mortgage, car, or yacht. Too many
people spend too little time studying this topic and reducing their tax
bill as much as they rightfully can. If that's been you, spend some time
on the Internet educating yourself on tax deductions, talk to an
accountant or CPA, or read some books.

As Ben Franklin said so many years ago, "A penny saved is a penny
earned." I'm saying to you today, "A tax dollar saved is a tax dollar
earned."

Assessing and planning for next year's taxes is a GREAT place to start!

*** == *** == *** == *** == ***

About The Author:
Doris Dobkins is the Money Saving Expert Author of "Financial Freedom
A-Z
Home Study Course" and publisher of the free weekly ezine $mart Money
New$. You can subscribe to $mart Money New$ by sending an email to:
mailto:join-smart_money_news@...
or sign up at her web site, http://www.creativefinances.com

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If you havea suggestion for an article, please email me directly at
cmc@... and tell me what you would like to see!
If you would like to read more articles about buying or selling a home,
please visit our website at http://www.creativemortgageco.com/

Til next time. Have a great month.
Cindy

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