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In the News: Easy Steps to Save $1,000

Mackey McNeillDo you happen to be one of the many people who has resolved to make saving money a priority this year? Do you also find yourself in the category of those who feel they cannot even save $25 a week?  If so, Mackey McNeill, CPA/PFS, a former member of the AICPA’s National Financial Literacy Commission, has offered some actionable tips to help you painlessly save $1,000 this year in an article appearing on depositaccounts.com.

McNeill suggests finding your largest discretionary expense and challenging yourself to spend 5% less. For example, if you spend $400 a month at the grocery store, make it your goal to reduce that figure to $380. The 5% challenge works because it doesn’t feel like a huge sacrifice, but $20 over the course of a month translates to a cool $240 a year (full disclosure: I was a math minor).

InvestmentNews covered the recent announcement that the AICPA is partnering with the Fox Financial Planning Network to help CPAs add financial planning to their practices to meet increased client demand. The new program, available through the AICPA’s Personal Financial Planning section, provides customized versions of tools and training for CPA practitioners.

CPA firms can access on-demand training sessions, a fully documented workflow system and coaching sessions to effectively manage a financial planning practice and guide clients toward their savings, retirement, education and other goals. “Since a lot of clients are asking CPAs for insurance, investment, retirement and estate-planning advice, we want to give our members the help they need to get those services up and running effectively.” said Andrea Millar, senior technical manager of the AICPA's PFP division.

Accounting Today ran an article yesterday on the AICPA’s new line of e-books. The digital versions of more than 30 popular titles on accounting, auditing and practice management are now available for download from CPA2Biz. There are multiple advantages to using e-books—the text can be searched; they work on numerous e-reader devices; and it’s a lot easier to carry around a single portable device than an entire library of desk reference books. “This is another great example of technology helping CPAs become better informed, more productive and—most importantly—better prepared to serve their clients,”  said AICPA vice president of publications Linda Cohen. Additional information, including a list of available e-book titles, is available online.

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