Focusing on Finances in the New Year

Welcome to 2008! Have you made your new year's resolutions yet? Does it include adding more pennies to your piggy bank?

It is possible to get your financial life organized, and that's exactly what I challenged four people to do at this time last year. And while 2007 presented each of them with some struggles and setbacks, all the participants succeeded in bettering their financial life. See how they did in my wrap-up of the 2007 Color of Money Challenge.

Now it's your turn. What are your resolutions? If you missed my online discussion today, read the transcript to see if someone may have had a question you would have asked.

One of my resolutions for 2008 is to help more of you! I plan to continue the Color of Money Challenge, but this year, I'm adding a military twist. If you're serving in the military at home or abroad and struggling with your finances, or if serving overseas has wreaked havoc on your financial life -- I want to hear from you!

The 2008 Color of Money Challenge will focus on personnel in all branches of the military who want to change how they handle their money and whose New Year's resolution is to get financially fit.

Send an e-mail with your resolution for the New Year to colorofmoney@washpost.com. Put "Color of Money Military Challenge" in the subject line and include your name, address, and daytime and evening telephone numbers. You don't have to live in the D.C. metro area to participate in this year-long commitment, but please realize that you will have to share your personal financial information.

Here are some more money matters you should consider as we begin the new year:

Philanthropy

According to nonprofit experts, teens and young children are becoming more involved in philanthropy thanks to increased exposure to the world's problems via the Internet and living in a more connected world. Read about what children are doing to help in "For Modern Kids, 'Philanthropy' Is No Grown-Up Word," by The Post's Philip Rucker.

Back in November, the Sunday Business section also explored charitable giving. These articles provide a good resource:

* Where Should You Donate?

* Helping Others And Your Tax Bill, Too

* Private Foundations For the Common Man

Attention to Detail

Here's yet another story of how important it is to read the fine print. While vacationing on Grand Cayman last August, a family was ordered to evacuate because of an approaching hurricane. The family ended up having to pay $1,100 to fly part of the way home.

Once home, the family thought they could get reimbursed because they had purchased a traveler's insurance policy. They were wrong. Read why in the Coming and Going Travel column "Foiled by Fine Print" (Dec. 30).

Identity Theft

The Federal Trade Commission has estimated that 8.3 million Americans were victims of identity theft in 2005, the most recent data available.

You would think that every effort would be made to protect the one piece of information that can greatly aid ID thieves -- your Social Security number. But according to a report by The Post's Bill Brubaker -- "Online Records May Aid ID Theft" (Jan. 2) -- Social Security numbers are readily available in many courthouses -- in land records and criminal and civil case files -- as well as on many government Web sites.

Here are some past columns I've written that may help you protect yourself:

* "A Way to Freeze Out the ID Thieves" (Nov. 15)

* "Getting to Know Identity Thieves" (Nov. 1)

* "The Littlest Victims of ID Theft" (Oct. 4)

Also, be sure to check-out washingtonpost.com's special report: Protecting Your Identity.

Social Security Benefits

When's the right time to take Social Security benefits? I'm sorry to tell you the answer is, it depends.

If you want to know what it depends on, check out Martha Hamilton's Financial Futures column: "Your Golden Year For Social Security" (Dec. 30) and read the transcript of her online discussion.

Should You Hire a Professional?

That's the question I asked in my column today as we head into tax season. Read it to see some of the average costs for hiring a tax pro, and see if you think the price is worth deterring the frustration and aggravation that can come with preparing your tax return.

You are welcome to e-mail comments and questions to singletarym@washpost.com. Please include your name and hometown; your comments may be used in a future column or newsletter unless otherwise requested.