Better financial habits move Springs up 32 spots in poll

1 Comment | Gazette, The (Colorado Springs), Sep 26, 2007 | by DAN SERRA

Congratulations, Colorado Springs, you're doing a better job of saving your money.

The Springs moved up to 140th in the nation for strength in building and nurturing money in A.G. Edwards' Nest Egg Index released this month. Last year, the Springs ranked 172nd out of the 500 markets surveyed.

The poll of more than 300,000 households nationwide is meant to gauge the personal savings and investing behavior of residents in 12 categories.

When compared with the national average of 100, the Springs gets a score of 104.87, a slight increase from last year's 104.26. But apparently the rest of the nation didn't do as well, allowing the city to jump 32 spots.

The improvement from last year comes thanks to better numbers in the savings categories, said Sophie Beckmann, personal finance strategist with A.G. Edwards.

"More people took advantage of 401(k)s, started an IRA or opened a savings account," she said.

The only savings category residents are doing worse in is the number of investment accounts open.

Citywide debt levels, which includes credit card debt, are worse than the national average but have improved from last year, Beckmann said. The report does not give actual numbers.

Springs residents can also boast they improved their finances more than the state. Colorado ranked 12th on the states list, down from 10th last year.

A.G. Edwards is a national full-service brokerage.

TAX REMINDERS

Last year, the Internal Revenue Service offered taxpayers a one- time chance to get a refund of a canceled telephone excise tax. While most people filled out the line to get the refund, almost 30 percent of Colorado taxpayers did not request it, leaving more than $20 million on the table, the IRS said this month.

Each taxpayer gave away a chance to make $30 to $60. If you are among the 672,000 Coloradans who didn't claim it, it's not too late.

File an amended return using Form 1040X available on IRS.gov. Fill out the line for the phone tax refund to get your money, whether you already got a refund or paid taxes when you filed earlier this year. Taxpayers have up to three years to amend a return.

The IRS also wants to remind teachers to keep those receipts for education-related expenses.

The educator expense deduction allows teachers and other educators to deduct the cost of books, supplies, equipment and software used in the classroom.

Worth up to $250, the educator expense deduction is available, whether or not the educator itemizes deductions.

CONTACT THE WRITER: dan.serra@gazette.com