Medical costs and insurance premiums keep going up. Fortunately, there are some steps you can take to minimize the effects of rising costs. This tip will discuss how Health Savings Accounts (HSAs) can help you manage some of those expenses and save money.  

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Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast. 

Let’s start by explaining what an HSA is. HSA stands for Health Savings Account and is very similar to a personal savings account, but money saved in the account must be used to pay for health care expenses (there is an exception to that, which will be covered in a bit). The good news is this is your money, so you get to control how the funds are spent and for which medical expenses.    

You can open an HSA if you have a high-deductible health plan (HDHP). You can’t if you’re on Medicare, TRICARE, TRICARE for Life, or are listed as someone else’s dependent for taxes. If you’re self-employed and have an HDHP, you can get an HSA. If you switch jobs, your HSA stays with you.  

Since we've discussed high-deductible health plans, let’s define an HDHP. In 2026, the IRS sets the minimum deductible at $1,700 for individuals or $3,400 for families. The total yearly out-of-pocket costs, including deductibles, copays, and coinsurance, cannot exceed $8,500 for individuals or $17,000 for families.  

There are many benefits to having an HSA. One of the most notable is the tax savings. HSA contributions are made before taxes, so they’re deducted from your total income when it comes time to file. In 2026, the IRS lets you put in $4,400 for individual coverage or $8,750 for family coverage. If you’re 55 or older, you can add an extra $1,000 each year until you turn 65 or enroll in Medicare. This extra amount is called a catch-up contribution. Money you take out of your HSA is tax-free if you use it for qualified medical expenses, no matter your age. Plus, any money your HSA earns is also tax-free.  

With an HSA, you also save on premiums. Most high-deductible health plans have lower premiums, so you can put your savings into your HSA. Use your HSA to pay for any medical expense, including coinsurance, copays, and your deductible.  

Your HSA is your money. You own all the money in your HSA, even if your employer contributed, and you keep it if you change jobs, lose coverage, or retire. Your balance rolls over yearly and never expires. If you are 65 or older or disabled, you can withdraw funds for non-medical use without penalty. Using your HSA is easy. Open one at a bank or credit union to get a debit card. Use it to pay for expenses like copays, deductibles, and prescriptions. 

If you’re interested in getting started with your own HSA, there are multiple ways to contribute. For a list of ways you can contribute and a transcript of this money tip, check out "Helpful Hints about HSAs at triangleuniversity.org.  

If there are any other tips or topics you'd like us to cover, let us know at [email protected]. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for our sponsor, Triangle Credit Union, on Facebook and LinkedIn.          

Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast. 

Eligibility and contribution limits are set by the IRS and may change. This information is for educational purposes and isn’t tax advice—please consult a qualified tax professional. Insured by the NCUA.

Urgent Fraud Message: Stay Alert and Vigilant Against New Scam Tactics

When conflict happens in the world, the effect can spread in ways beyond the immediate active zone. Times of turmoil often create opportunities for scammers to take advantage of unsuspecting victims due to fear, confusion, or panic. An increase in tensions has been known to boost fraud activity, making it imperative that you keep your guard up now more than ever.  

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This is an urgent fraud message from the Making Money Personal podcast 

Due to the ongoing conflict involving Iran and heightened global tensions, cybersecurity experts are warning that scammers may attempt to take advantage of the situation to target individuals and financial institutions. During times of international conflict, cybercriminals often increase phishing emails, fraudulent messages, and other online scams designed to trick people into sharing personal or financial information.  

Our credit union wants to remind members to remain vigilant and take extra precautions when receiving unexpected emails, text messages, or phone calls—especially those claiming to be related to international events, government programs, financial relief, or urgent security alerts. 

We can’t stress it enough that you keep your guards up, so you don’t fall for any of these scams. Some of the common ones to watch for may include: 

How to protect yourself: 

Our credit union will never ask for your password, PIN, or full account details through email, text, or unsolicited phone calls. 

If you believe you have received a suspicious message or may have been targeted by a scam, please contact our Member Services team immediately. 

Your security remains our top priority. 

Please share this important message with your friends and family as a reminder to stay alert and guard against today’s dangerous and sophisticated scams.       

To stay up to date on news or important updates regarding scams, follow us on social media and visit our website trianglecu.org. Also, for more fraud awareness education and identity protection resources visit TCU university at triangleuniversity.org. 

Thanks for tuning in to this very important message. 

Stay alert and stay safe everyone! 

Every day there are stories and alerts shared of new scams reminding us that the fraud landscape changes quickly. To stay safe, it’s important to build good habits, improve your digital security, and use helpful tools to avoid, report, and recover from scams. 

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**Note: Better Checking is not an insurance product.

Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast. 

It’s National Consumer Protection Week (NCPW), a time of year devoted to maintaining personal security and fighting fraud. Hosted by the Federal Trade Commission (FTC), this important awareness week was established to help people better understand their consumer rights and take proactive steps to protect themselves.  

This year, the FTC’s message is clear: Avoid. Report. Recover. Practicing these three steps regularly can make you much more resilient to today’s fraud tactics. 

In this tip, we’ll explain more about how you can “stay faster than fraud” by putting these actions into practice.  

The first action, Avoid, is a reminder to help spot the fraud before it causes you to act.   

Scammers rely on urgency. They want you to react fast instead of thinking things through. To avoid scams, try making small changes, like pausing before clicking a link, checking if a request is real, and seeing urgency as a warning sign. These quick pauses can help you avoid falling for scams. 

Another way to avoid fraud is to learn about the types of scams that target consumers. Scams are always changing, so it’s important to stay up to date. Common scams include identity theft, impostor scams, job scams, and phishing. They also use current events to make their tricks seem more believable.  Looking ahead, experts warn that in 2026, scammers are expected to use new hooks tailored to economic anxiety, like relief‑payment scams, bogus job offers, and highly personalized AI‑powered impersonation schemes. Knowing these patterns and warning signs ahead of time helps protect you and others from becoming the next victim. 

Keep in mind that fraudsters also take advantage of digital weaknesses, so it’s important to strengthen your security. Use strong, unique passwords with a trusted password manager, turn on multi-factor authentication when you can, keep your devices and software updated, and avoid doing financial transactions on public Wi-Fi. These steps greatly lower your risk of account takeovers and data theft. 

And of course, it’s important not to share too much personal information on social media or respond to unexpected requests for details. Scammers may send emails or texts that look like they’re from people or organizations you trust. Being careful and a bit skeptical helps keep your information safe. 

The next part of the FTC’s action plan is to report any scams you encounter.  

Many people don’t report scams because they think it won’t help. But the FTC says the opposite is true. Reporting scams helps spot trends, guide enforcement, and warn others about new threats. Sharing your experience helps the fight against fraud. 

For identity theft cases, the FTC offers a dedicated resource website: IdentityTheft.gov. This one‑stop site hosts a collection of resources for consumers to use to report fraud. The site can help you generate an official FTC Identity Theft Report and provides a customized recovery plan, both of which are extremely useful when working with companies to dispute fraudulent activity.  

Experts say that many fraud cases go unreported and scams are getting more advanced. Reporting scams not only helps you take back control, it also raises awareness and protects your community. 

The last part of the FTC’s plan is recovery. This means using tools and steps to help people recover after experiencing fraud. 

If you become a victim of fraud, recovery can seem overwhelming. The FTC provides tools to guide you step by step through closing compromised accounts, contacting affected businesses, and stopping further misuse. It’s no doubt that having a clear plan makes the process easier and faster. 

Recovery also includes checking your credit reports often to spot any suspicious activity. If needed, you can set up fraud alerts or freeze your credit to stop new accounts from being opened in your name. This is a good reason to think about getting identity theft protection. There are many options available, and if you’re a Triangle member, you could consider a Triangle Better Checking account with ID Protect. For $4.99 a month, members get identity theft protection that includes identity monitoring, credit score tracking, credit reporting, a dedicated case manager, and reimbursement for recovery costs. See the link in the show notes for more details. 

A final, important part of recovery is knowing your rights as a consumer if money goes missing. Many people don’t realize that you have specific rights when unauthorized transactions happen, including the right to ask your bank for reimbursement if money is taken without your approval. The Consumer Financial Protection Bureau (CFPB) shares resources that explain these protections, so victims don’t have to cover the losses themselves. If you want to learn more, check the link in the show notes. 

When it comes to fighting fraud, you cannot sit on the sidelines. Start protecting yourself today. Review your habits, strengthen your security, and use new tools. Let Consumer Protection Week inspire you to act. Follow the FTC’s advice: Avoid, Report, and Recover. By practicing these steps, you’ll become more confident and resilient in a changing digital world.  

If there are any other tips or topics you'd like us to cover, let us know at [email protected]. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for our sponsor, Triangle Credit Union, on Facebook and LinkedIn.          

Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast. 

In 2026, true well-being isn't just about looking healthy or having money in the bank—it’s about strengthening both at the same time. Financial fitness and physical fitness share the same foundations: discipline, consistency, and smart daily choices that compound over time. By aligning how you move your body and manage your money, you can build a more energized, secure, and resilient future this year and beyond. 

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Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast.  

At Triangle Credit Union, we understand that true prosperity extends beyond financial stability; it encompasses physical well-being as well. As your trusted financial partner, we are dedicated to not only safeguarding your financial health but also promoting your overall wellness. With this commitment in mind, we are pleased to share valuable reminders and tips to help you achieve and maintain both financial security and physical vitality.  Let’s take the journey together. 

Financial Health Tips: 

Physical Health Tips: 

True prosperity is achieved through a balance of financial stability and good health. By prioritizing both aspects of your well-being, you can live a happier, more fulfilling life. As your trusted financial partner, we're here to support you on your journey to financial and physical wellness. Together, let's build a brighter, healthier future for you and your family. 

If there are any other tips or topics you would like us to cover, let us know at [email protected]. Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  

Thanks for listening to today’s Money Tip Tuesday and check out our other tips and episodes on the Making Money Personal podcast.  

Have a great day! 

Is saving more money one of your New Year's resolutions this year? If so, beginning to save money can be overwhelming if you’re not sure where to start. Take the pressure off your financial goals by making saving fun with one of our savings challenges.   

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Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast.  

Savings challenges are great for building consistent saving habits while also growing your savings accounts.   

If you’re ready to crush your savings goals this year, these challenges are the perfect way to get it done! Here are four savings challenges you can start in 2026:   

52 Week Envelope Challenge  

This savings challenge combines the 52-week challenge with the 100-envelope challenge.   

Instead of saving money chronologically (week 1 - $1, week 2 - $2, etc.) and depositing that amount into your savings account, you will fill out 52 envelopes—each with a dollar amount that corresponds with each week of the year.   

Once you have your envelopes labeled, give them a quick shuffle to randomize them, then place them back in the box (or set them aside).   

Each week, pull a random envelope from its place and save that amount. For example, if you pulled an envelope labeled $39, you would save $39 dollars that week.   

Pause Your Subscriptions  

Streaming services, food delivery services, and product boxes are monthly subscriptions that most American consumers pay for; some people have multiple subscriptions for the same service-- for example, some consumers subscribe to both DoorDash’s DashPass and Uber Eats’ Uber One.    

Too often, one signs up for a free trial with the intent to cancel before the free trial ends, only to forget and be charged for the service. If you’re not keeping an eye on your finances and tracking all your expenses diligently, you may be paying for subscriptions without even realizing it.    

Take some time to review your bank accounts and credit card statements from the past few months and highlight any recurring charges.  Then analyze the charges and decide which subscriptions could be paused or canceled temporarily. Maybe you subscribed to a streaming service to watch one show a few months but haven’t watched anything on that platform since; maybe you’ve decided to stop getting food delivered anyway, so you no longer need those subscriptions.    

Pause or cancel any subscription you’re not currently using and put that money in your savings account or investments instead. You may even find that after a few months, you don’t miss those subscriptions anyway!   

Roll-the-dice Challenge  

Gamifying savings is a great way to turn something that might be stressful or scary into something entertaining and enjoyable!    

This challenge is flexible and can be done daily, weekly, or monthly, depending on your goals and financial situation.    

Simply roll a die and set aside the cash or transfer that amount to your savings account.    

For example, if you roll a 1, save $1; if you roll a 6, save $6, etc.    

Looking to save a little more each time? Roll a pair of dice (or one die twice) and save that amount.    

Make sure you record your rolls and track your progress on our Roll-The-Dice savings tracker.  made especially for this challenge. Link will be in the show notes 

Create Your Own Savings Challenge  

This challenge is great if any of the other savings' challenges don’t pique your interest OR if you are saving for something in particular-- such as a new car, an upcoming vacation, etc.   

Creating your own savings challenge is easy!   

Download our savings challenge template and fill it out with YOUR numbers.   

For example, if you are saving up for a down payment on a new car, figure out how much you need to save up and record that on the savings challenge page. Then, divide that number by 10 and label each section of the savings challenge tracker—that is how much you will save at a time in order to cross off sections of the tracker.   

Once the tracker is filled out completely, you will have the full amount needed for your car's down payment.   

If saving money is one of your New Year's resolutions this year, we hope you’ll consider one of these savings challenges as a fun way to jump-start your savings goals.   

If there are any other tips or topics you would like us to cover, let us know at [email protected]. Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  

Thanks for listening to today’s Money Tip Tuesday and check out our other tips and episodes on the Making Money Personal podcast.  

Have a great day! 

President’s Day is right around the corner, which means if you’re shopping for a car, you’re in luck! Dealerships across the country offer discounts for the President’s Day weekend, sometimes extending them for a week or more. If you’re planning on shopping these deals, now’s the chance to head to the dealership with confidence and a pre-approval.  

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Transcript:

Typically, Presidents’ Day sales are the first official sales events of the year. While this makes sense for dealerships experiencing a slump in auto sales during the cold winter months, this is also the perfect time for consumers who have recovered from the holiday season.  

If you’re on the hunt for an auto deal this President’s Day, consider getting preapproved for an auto loan before setting foot into an auto dealership.  

Staying on budget is essential during the car-buying process. Before applying for an auto loan, you must outline your budget to make sure you have a clear understanding of how much you can afford.  

Once you know how much you can afford, a preapproval is an extra step you can take to ensure you stay on budget, helping you go into the car-buying process as prepared as possible. 

We’ve probably all been there. You go to the dealership expecting to test-drive a car, and the next thing you know, it’s been 3 hours, and you’re sitting in an office waiting for paperwork.  

Wouldn’t it be nice if you could cut that time down so you can spend less time at the dealership and more time doing what YOU want? 

If you go to the dealership with a preapproval in hand, you won’t have to sit there while they run your credit and search for auto loan rates, which saves you time in the end.  

Another benefit of shopping for a car with a preapproval is being able to avoid dealer upsells and add-ons. A typical dealer tactic is to push buyers to sign up for extended warranties or other add-ons they typically aren’t interested in.  

With a preapproval, you have a designated amount you are approved for; therefore, when dealers approach you with all the extras, you can shut it down by saying those extras do not fit within your approved amount.  

What You Need to Get Preapproved 

If you’re interested in getting preapproved before shopping for a car, here is what you should have prepared:  

If you’re on the hunt for a new or used car, now’s the time to start out strong with a pre-approval. We offer many affordable financing options and our competitive auto rates are here to help.  

If there are any other tips or topics you would like us to cover, let us know at [email protected]. Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  

Thanks for listening to today’s Money Tip Tuesday and check out our other tips and episodes on the Making Money Personal podcast.  

Have a great day! 

We’re always looking for ways to save you all money, and with Valentine’s Day right around the corner, it’s so easy to go over budget, that is, if you even had one anyway. For those trying to dial back a little on spending this year, we’re sharing a few ways to celebrate Valentine’s Day without having to take out that credit card.   

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Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast. 

Valentine’s Day often comes with a lot of pressure—lavish dinners, expensive gifts, and grand gestures that can leave your wallet feeling less than romantic. But here’s the truth: love doesn’t have to come with a price tag. In fact, some of the most meaningful ways to show you care cost absolutely nothing. If you’re looking to celebrate without swiping your credit card or maybe minimizing its use, here are five heartfelt ideas that prove thoughtfulness beats extravagance every time.  

Nothing says “I love you” quite like words straight from the heart. Instead of buying a pricey card, write a heartfelt letter or even a poem. Share your favorite memories, what you appreciate most about your partner, and your hopes for the future. Often it’s easy to splurge on candies or flowers, but if you’re cutting back on buying things this year, making something from the heart can be just as nice.   

Trying something like a handwritten note feels personal and timeless—something they can treasure for years. Besides a handwritten letter or note, crafting something unique from scratch can be just as meaningful. For the creative folks, browse through ideas online from a site like Pinterest where you’ll find plenty of thoughtful homemade Valentine's crafts and gifts for your special someone.  

Sometimes, the best gift is your undivided attention. Plan a tech-free evening where you both disconnect from screens and focus on each other. Screens are often distractions from the present moment, robbing us of the true value that comes with being together.  

Make the holiday more special by offering your undivided attention and just spending time together. If you’re unsure what to do, try an idea like cooking a meal together using what you already have in the pantry. You could also take a walk under the stars and talk about your dreams, or you might enjoy dusting off a board game or card deck for some friendly competition. Quality time strengthens emotional bonds and creates lasting memories—no receipt required.  

Love isn’t just about words; it’s about actions. Doing something that makes your partner’s life easier can be incredibly romantic.  

There are many times in life when acts of service are the perfect gift. For those who are busy and don’t have time to tackle common daily tasks, they can build up and cause much uneasiness or stress. For many loved ones this Valentine’s Day, something simple like an act of service might just be the perfect gift they’d been hoping for.    

One idea could be to make your significant other breakfast in bed. You could tackle a chore they’ve been dreading or even organize a space they use often, like their desk or closet. To up the stakes and gain points, pick one task the night before and surprise them by morning.  

Acts of service are beautiful gifts because they show thoughtfulness and effort, which often means more than any store-bought gift.  

Shared creativity can be a powerful bonding experience. Instead of buying something, make something together. If you know your significant other is crafty and values building or creating, this may be the perfect Valentine's Day gift.   

You could curate a playlist of songs that remind you of each other. You might enjoy baking cookies or trying a new recipe together or you could even start a photo album or scrapbook of your favorite moments. Collaborative projects create fun, laughter, and a sense of accomplishment—plus, you’ll have a keepsake to look back on.  

Experiences often outshine material gifts. Plan a free adventure that gets you out of your routine. Depending on where you live, this option might be teeming with possibilities.   

If the weather is good, go for a nature walk or hike in a local park. Check out free museum days or community events going on in the area. If you’d prefer not to leave the house, have a picnic at home or in your backyard with homemade snacks. Shared experiences deepen your connection, give you stories to tell for years to come, and will be worth their weight in memories.   

Love isn’t measured in dollars—it’s measured in effort, thoughtfulness, and time. This Valentine’s Day, skip the stress of overspending and focus on what really matters: making your partner feel valued and appreciated. Try one (or all) of these ideas and see how meaningful a no-cost celebration can be.  

Have a budget-friendly Valentine’s idea not mentioned in this tip? Go ahead and share it with your family, friends, or on social media—you might inspire someone else to celebrate love without breaking the bank. 

If there are any other tips or topics you'd like us to cover, let us know at [email protected]. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for our sponsor, Triangle Credit Union, on Facebook and LinkedIn.          

Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast. 

How often have you looked at your bank accounts and thought to yourself, “where did all my money go?”, or how many times have you felt buyers’ remorse after purchasing something? The truth is that it's way too easy to spend without noticing how much money is actually slipping away. 

In this episode, we’ll talk about 7 common habits that cause people to waste money and share some tips on how to correct them. 

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Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast.    

Many people believe they don’t have enough money because they don’t earn enough, but often the real issue is spending too much. 

Most of us don’t spot wasteful spending right away. It can build up for different reasons and turn into a habit. If your habits aren’t helping, they could be hurting. 

To make the most of your money, it helps to know where you might be wasting it. Here’s a list of a few wasteful habits that tend to drain our money. 

The first one is throwing away food. Have you ever filled your fridge, only to toss out a lot of it a week later? This is a major way people waste money. If you want to cut waste, start here. 

Fix this habit by making a food plan. Choose recipes for each meal, list the ingredients you need, and buy only those. Planning ahead keeps you organized and helps you use everything you buy rather than waste it. 

Habit number two is spending too much on dining out. After a long day, it’s tempting to order takeout or eat out if you haven’t planned a meal. But eating out often adds up fast. With food, drinks, tip, and tax, you might spend more on one meal than it would cost to make several at home.  

What can you do? Plan your at-home meals in advance and set a budget for dining out. This way, you'll have money set aside to spend on dining and can enjoy eating out without guilt. 

Habit number three is impulse buying. 

Impulse buying often happens for emotional reasons. If you buy more than you planned, that’s an impulse purchase. This can waste a lot of money, especially if you didn’t budget for it. To change this, try shopping in person with cash and bring a list—only buy what’s on it. If you shop online, use a debit card instead of a credit card. You’ll have to pay close attention to your spending because you’re limited by that account balance. 

Habit number four is buying brand-name items when generic products work just as well. 

People often spend more on brand names without noticing. Brand-name products can cost 20% to 30% more, even when generics work fine.  

Look at the items you usually buy and see if the price difference is worth it. Many generic products, especially food products, contain the same ingredients. Do your research and choose what makes sense. 

Habit number five is stocking up on too many things you don’t need. The Internet is full of people showing off their hauls—candles, body scrubs, food, sneakers, clothes, and more. Many of us like to collect things, but there’s a fine line between collecting and overbuying. Content creators, ads, and online messages often tempt us to buy things we think we’ll use but don’t really need. This can be wasteful, especially since some items, like cosmetics and beauty products, expire. If you stock too much, they may go bad before you get to use them. 

Avoid this habit by sticking to a budget to help avoid overspending on things you don’t need. If you’re considering items that have a shelf life, be intentional to use up what you have before buying more. 

Habit number six is paying unnoticed fees or subscriptions you don’t need. 

How many subscriptions do you have? Can you keep track of them all? Have any gone up in price in the last six months or year? If you don’t keep track, you might end up paying more than you planned. 

Avoid wasting money on fees and subscriptions by checking them regularly. Cancel the ones you don’t use or downgrade the plan if necessary. When it comes to late fees, check your account history for any missed payments. Companies will charge a fee when a payment isn’t made on time, so the best way to avoid these fees is to stay organized. Mark up a calendar or set alerts on your phone to stay on top of all payments and use auto pay tools to ensure the payment is made on time. 

Wasteful habit number seven is paying high interest on loans. If you think you’re paying too much interest each month, you might be right. Interest rates change over time, and your rate could be higher than necessary. 

To avoid this, consider refinancing your loans to get a lower interest rate. This can lower your monthly payments and free up a little cash. Check out Triangle Credit Union for the best refinance rates on auto loans, mortgages, home equity loans, personal loans, and more. 

If there are any other tips or topics you'd like us to cover, let us know at [email protected]. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for our sponsor, Triangle Credit Union, on Facebook and LinkedIn.          

Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast. 

With FTC and FBI reports showing billions lost to cybercrime in 2024, we stress the importance of vigilance, real‑time alerts, and identity protection tools. In this episode, we break down the rising threat of identity theft, from phone and email scams to crypto fraud and even AI-driven voice cloning. We also share personal experiences and practical advice to help listeners stay proactive and prevent fraud.

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*Better Checking is not an insurance product

As we step into a new year, now is the perfect time to start fresh-and that includes safeguarding yourself against tax identity theft. Everyone is at risk of falling victim to tax identity theft, and thousands of Americans are impacted by this crime each year. Fraudsters often target taxpayers early in the year, hoping to take advantage of the busy tax season preparations. 

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Welcome to Money Tip Tuesday from the Making Money Personal podcast.  

According to the IRS, tax-related identity theft occurs when someone uses your stolen personal information, including your Social Security number (SSN), to file a tax return claiming a fraudulent refund. A successful scammer can create an online return using your SSN, even if they don’t spell your name right. Once the fraudulent account is established, they can not only use it to file taxes on your behalf and receive your refund but also to receive future payments from the federal government. The criminals are adept at using accounts that funnel money into prepaid debit cards so that it is untraceable and unrecoverable. 

Here are five tips to help you avoid becoming the next victim and help protect yourself against tax-related identity theft. 

Keep your Social Security number (SSN) or individual tax identification number (ITIN) in a secure location. When asked for these numbers, be skeptical and verify that it is a legitimate need. Additionally, keep your home computer security software up to date, and run regular software updates on your connected devices, including the seemingly less risky ones like smartwatches. 

The sooner you submit your tax return, the harder it is for fraudsters to submit a fake one in your name. As soon as you have the necessary documentation, go ahead and take care of this right away. Always file taxes through a reputable service and use a secure internet connection if filing online; avoid transmitting such sensitive information through public Wi-Fi. You may consider filing through IRS Free File Guided Tax Software. If you feel more comfortable relying on a professional to prepare your tax return, choose your tax preparer with care. 

Regularly check account statements for any unusual activity. Your first sign of tax identity theft this season will usually be a letter from the IRS after filing your return, informing you that one has already been filed using your SSN. Year-round, expected payments that are not received are another sign to watch for. Also be mindful of any tax reporting documents from employers you have never worked with. Rather than ignoring them, follow up to ensure someone else hasn’t stolen your identity and taken a job using your information. 

Beware of unsolicited emails, phone calls, or text messages asking for personal information, and verify the source before you respond. Remember, the IRS will never initiate contact with taxpayers by email, text, or social media to request personal or financial information, including your taxpayer Identity Protection PIN, nor will they ever threaten lawsuits or arrest. 

Visit the IRS online account website (www.irs.gov) to create your account now and monitor it regularly. While a lot of personal information is required to create the account, once you have done so, you can monitor your tax activity throughout the year, including if a return has been filed in your name. Through your online IRS account, you can then request an Identity Protection PIN (IP PIN). Once established, the PIN must be included on your federal tax return in order for it to be processed as valid. 

Remember, even with all these precautions, tax-related identity theft can still happen. That’s why Triangle Credit Union offers Fully Managed Identity Theft Recovery services for Better Checking account holders. If you suspect your identity has been compromised or you suspect identity theft for any reason, Identity Theft Recovery Advocates will help you recover and mitigate any damage. Learn more about Better Checking at trianglecu.org or click the link in the show notes.  

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Thanks for listening to today’s Money Tip Tuesday and check out our other tips and episodes on the Making Money Personal podcast.  

Have a great day!