You’ve probably heard the myths out there about what lowers insurance premiums and what doesn’t. Here’s the truth about four auto insurance myths.

Myth: Red cars cost more to insure.
Reality: There is no evidence that this is true, according to Loretta Worters, vice president of communications at the Insurance Information Institute. “The type of vehicle one drives will determine rates, including the make, model, engine, size, and year. Is it popular with thieves? Is it more costly to repair? Does it have a good safety record? That’s what insurers

look at,” she says. Your best bet is to purchase a family car. Sports cars usually result in higher rates because those owners tend to drive faster. Family cars cost less to insure because they often attract drivers who are more careful. Family cars are also less expensive to repair (The National Highway Traffic Safety Administration ranks cars by their post-accident repair bills). According to Insure.com, the average insurance premium on a 2012 sports car is $1,776 annually, compared with $1,317 on a 2012 family sedan. For more information on vehicle risk levels, visit the website for the Insurance Institute for Highway Safety.

Myth: Loyalty always pays off.
Reality: In fact, being a loyal customer can result in missing out on deals.  J. D. Power’s 2011 National Auto Insurance Study reveals that only 13% of customers switched carriers over the past 12 months. Though a 3% increase from 2010, this still means that most people aren’t shopping around. In addition to seeking out other carriers, you can hold down costs by seeking higher deductibles, reducing coverage on older cars, and making sure your home and car policies are held by the same carrier.

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Myth: You have to purchase a policy that covers car rentals.
Reality: You may be able to save money by temporarily adjusting your current policy to cover rentals as the need arises. Those who carry the minimum state required insurance could find that they’re in a bind when it’s time to secure a rental. Unless your credit card covers car rentals (and be sure to double-check exactly what it covers), your only option may be to buy the expensive coverage offered by the rental company. First, check with your insurance carrier to see if you can temporarily upgrade the policy. This option is usually a lot less expensive than purchasing the coverage offered at the time of the car rental. Insurance companies such as Progressive and Allstate allow their customers to upgrade or downgrade policies without incurring penalties or fees. Policyholders will be charged a prorated rate. Customers who have limited liability insurance who upgrade to a comprehensive policy to cover the rental will be charged about $2 a day, depending on their location and the type of car their policy covers. Buying insurance products from the car rental agency can cost, at minimum, $27 a day for the loss damage waiver coverage, depending on the rental agency and insurance product selected.

Myth: There’s not much you can do to lower your premium beyond the obvious, such as having a safe driving record and good credit.
Reality: There are other ways to reduce your premium. For example, you can have your vehicle identification number etched on your windshield and car windows. VIN etching makes it difficult for a thief to profit from stealing a car, and it also makes it difficult to dispose of the car after stealing it. Many police departments offer free VIN etching, or you can buy a VIN etching kit for about $25 and do it yourself. A number of insurance companies offer a discount or waive your deductibles if your car is VIN etched. To learn about other discounts, call your carrier and ask if there are any you’ve missed.

—Additional reporting by Sheiresa Ngo

According to Internal Revenue Service Statistics, you’re not the only one. In 2011, over 30% of taxpayers filed the week before Tax Day or later using extensions. With taxes needing to be postmarked by midnight Tuesday, peruse through these useful links before the federal tax deadline hits:

How to Avoid Tax Audit Triggers

4/11: Last Minute Tax Tips

Surprise! The IRS Counts Forgiven Debt As Taxable ‘Income’

IRS2Go 2.0 Places Tax Help at Your Fingertips

10 Ways to Save Money on Your Tax Return

Consumer Alert: Watch Out for Tax-Related ID Theft

4 Tax Breaks for College Students

“My credit score was good enough for the things that I needed, but not high enough for larger purchases, such as a new vehicle,” says Nolen. To improve his financial status he started paying all credit card and loan bills on or before their due dates. He paid down all open lines of credit to the point where their individual balances didn’t exceed 33% of their total available credit. “One card with a $3,000 limit, I never let my balance exceed $1,000,” Nolen explains.

As the real estate market—and his business’ sales—slowly began to improve, Nolen says improved cash flow allowed him to pay more than the minimum amounts owed on each card. His efforts paid off with his credit score increasing 50 points in January 2011. “I’ll keep working at it,” says Nolen, “and watching that number grow.”

Your credit rating or FICO score, which ranges from 300 to 850 (the higher the better), is based on accumulated information that tells lenders whether or not you’ll pay back your loans on time and in full. A score above 700 is considered good. “A poor credit score can affect different aspects of your life,” says Bill Hampton, general partner with certified public accountant and business consulting firm Bishop, Hampton & Associates L.L.C. Certified Public Accountants and Business Consultants in Atlanta. Landlords look at scores when deciding whether to rent. Insurance companies use them to determine whether or not to provide auto, home, or other types of coverage. Employers even use scores when making hiring decisions.

The negative impact can go beyond the one-time denial. “From a long-term perspective,” says Robbie Hampton, managing partner at Bishop, Hampton & Associates, “paying higher rates to finance companies and lenders decreases your wealth and ability to pass assets down to future generations.”

There are ways that you can better manage your debt and improve your credit rating. Several personal finance tools and mobile apps provide monthly credit score updates plus track spending and saving. Here are four worth checking out.

1. Equifax offers a free app that allows you to track your credit score and handle other tasks from an iPhone, iPad, or Android phone. Using your phone’s GPS location, this app also shows you how your credit measures up to others in your area and alerts you to key credit file changes.

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2. Experian offers the FreeCreditScore.com app for subscribers to its service (free trial available), which provides credit score alerts, a credit score center, and credit score estimator to help you plan for major financial decisions. Subscribers also have access to fraud resolution and other services.

3. Loan Shark’s iPhone app helps users figure out the impact of additional monthly or yearly payments, and determines equity and trade-in values for homes and cars. Priced at $2.99, this app lets you create a full amortization table that includes the details of each month’s payment.

4. Credit Card Statistics is a free Web-based tool via AnnualCreditReport.com that offers information on credit scores, current balances, credit limits, and credit limit use. This site allows you to request a free credit file every 12 months from each of the major credit reporting companies: Equifax, Experian, and TransUnion.

When you review your credit score and explore ways to improve it, remember there “is no magic formula,” says Robbie Hampton. “Everyone starts at a different number that’s impacted when loans are paid off or brought up to date. The most important step you can take is to commit to improvement and stay on course.” Be patient: It’s a lot easier to reduce a credit score than to raise one.

The Andersons, driven in equal parts by Obama fever, middle-class guilt, and the knowledge that strong black-owned businesses are a key source of desperately needed jobs for African Americans, approached their experiment with the heated fervor of crusaders and cold objectivity of socio-economic researchers. The Empowerment Experiment was conducted as a research project via a foundation set up by the Andersons, which partnered with Northwestern University’s Kellogg Graduate School of Management’s Levy Entrepreneurship Center for the study. A website dedicated to the cause, EEforTomorow.com, serves as a hub of information about black-owned businesses and self-help economics.

The Empowerment Experiment also drew hefty national media attention from outlets ranging from CNN to Black Enterprise. (In addition to being featured in our magazine and appearing on the Black Enterprise Business Report television show, Maggie documented some of her experiences as a guest blogger for BlackEnterprise.com.) However, in her book, Maggie reveals the previously untold truth about her family’s experiences with a no-holds-barred disregard for political correctness. For example, she details her crushing disappointment with a prominent group of Chicago’s black business owners who she says reneged on an initial promise to help finance The Empowerment Experiment. She is also brutally honest about the substandard and mediocre black-owned firms she and her family encountered.

Our Black Year is a must-read for entrepreneurs, especially those black business owners who are frustrated by what they perceive as a lack of support from African American consumers. Following the Andersons’ story provides valuable insights into location, pricing, and customer service issues that can serve as significant barriers between black businesses and the consumers who want to patronize them. Entrepreneurs who choose to not react defensively, but to focus on reducing or eliminating those barriers have the potential to be handsomely rewarded in terms of bottom-line sales and customer loyalty. The Andersons are proud of and passionate about—and even emotionally bonded to—those business owners who went out of their way to cater to their needs and exemplified entrepreneurial excellence. Besides that, the book is simply a fantastic read.

Ashford travels frequently for business and takes advantage of airline loyalty programs, some of which are tied to her credit cards. Using her Southwest Airlines Visa, for example, she earns at least one point per dollar spent. When those points reach a certain level they can be traded in for free tickets. The program also waives baggage and flight change fees, saving Ashford even more money.

Over the last few years she has earned 10 free flights, six of which included first-class trips to big-city destinations. As Ashford has learned, those incentives can translate into significant savings over time. She estimates saving about $8,000 on flight fees alone, plus money she saved on baggage fees and other perks.

Workplace loyalty may have gone the way of the eight-track tape, but retailers, airlines, and other organizations have found a way to stoke customer loyalty by incentivizing their “members” to spend money with their establishments.

Customer loyalty programs have proliferated over the last few years as companies such as drug store chains and department store retailers have caught on to their value. Experts say that taking advantage of loyalty programs, especially in tough financial times, can prove to be a practical part of a budgeting strategy this year and beyond.

When selecting which loyalty programs to participate in, Ashford suggests reading the fine print and ferreting out those offers that will yield the best results and require the least effort on your part. “These programs are designed to entice consumers,” she says. “Any deal is only as good as your understanding of the program details and your commitment to using the program to your advantage.”

Take, for instance, Best Buy’s Reward Zone. You earn one point per dollar spent in-store or online. You will receive a $5 reward certificate for every 250 accumulated points. Spend $2,500 at Best Buy or BestBuy.com in one calendar year and you’ll get Premier Silver status. At that level you’ll get 1.25 points for every dollar spent, plus other perks.

It’s like having your own personal IRS tax adviser, excluding the usual wait time. The latest version of the Internal Revenue Service’s  tax app IRS2Go 2.0 is available to Android and Apple customers. The updated tool, which is a more detailed version of the original app introduced last year, includes YouTube tax videos, a news feed, and tax transcript service.

Here’s a rundown of the new offerings in the IRS2Go 2.0 version:

• Access to tax records: Getting a copy of your tax return is now simpler than ever. You can use your smart phone to request a copy. Transcripts are delivered through regular mail. The IRS also has a new online ordering method. And if you need further assistance, you can call 1-800-908-9946.

• News updates: Hungry for breaking tax news? If you can’t wait to hear about what’s new at the IRS, you can use IRS2Go 2.0 to have news releases sent directly to your phone. You can also have releases sent to you via e-mail.

• Videos: And if the news releases don’t satisfy your appetite, now you can watch the IRS YouTube video channel on your phone. Each video features tax topics such as name changes, earned-income tax credit, and home office deductions.

You can also get the following tools originally offered in version 1.0:

• Refund status: Getting your refund status is quick and easy. Approximately three days after the IRS acknowledges that they’ve received your e-filed return, or four weeks after receiving your paper return, you can get an updated refund status.
• Tax tips: Impress your friends with your unlimited tax knowledge. Provide your e-mail address to get tips and reminders on tax planning and preparation.
• Twitter feeds: Get updates on tax law changes and IRS programs by following the IRS Twitter newsfeed, @IRSnews.

The lesson Mixon learned is that every tenant should know his or her rights as a renter, and what to do in the case of infringement. These rights vary by local jurisdiction, so check with your tenant association, municipality’s website, state attorney general, or local HUD office, says Ron Leshnower, About.com’s Apartment Living/Rental guide and president of FairHousingHelper.com.

With more people renting homes and apartments, it is important that you know your rights since landlord–tenant disputes are common. In fact, the Fair Housing Council of Orange County, California, reports that 22,000 landlord–tenant disputes are resolved there each year. Among the most common disputes are repair and maintenance issues as well as unreturned security deposits, says Bill Deegan, executive director of Renter Nation, an organization that advocates for renters’ rights.

Common Rights Every Renter Should Know
The right to your security deposit. While a lease may require a security deposit, you should expect to get that money back when you move out if you haven’t caused any damage beyond reasonable wear and tear, says Leshnower.

The right to a fair eviction. Tenants should be given ample notice—typically 30 to 60 days—to vacate the premises. If a landlord does not follow that jurisdiction’s eviction rules and shuts off utilities, locks you out prematurely, or fails to go through the sheriff’s office, it’s called a ”self-help eviction,” which is illegal.

The right to safe and habitable living conditions. Tenants have the right to live in safe and sanitary conditions, such as buildings that are structurally sound with running hot and cold water. If a hazardous condition such as fire damage makes your apartment uninhabitable, you may have the right to break your lease, says Christal E. Edwards, a Largo, Maryland-based attorney.

The right to privacy. In most states, landlords must give tenants notice before entering their apartments unless it’s an emergency, such as a serious water leak. For example, in New York, if a landlord enters your premises to make repairs without giving you notice, your rights have been violated.

Fighting Back If Your Rights Are Violated
Put it in writing. Make your landlord aware of the problem. Send a certified letter. Explain your grievance and indicate what portion of your lease the landlord has violated, says Edwards. Also indicate a date when you expect your grievance to have been addressed.

Seek HUD help. If you suspect a landlord of breaking the Fair Housing Act, contact the U.S. Department of Housing and Urban Development by filling out the housing discrimination form at www.hud.gov/complaints/housediscrim.cfm. HUD will
take on your case free of charge.

Get legal counsel. Hire a lawyer experienced with landlord–tenant issues plus Fair Housing law, says Akita M. Smith-Evans, an equal opportunity specialist investigator for the District of Columbia Office of Human Rights. Attorneys often charge $200 to $300 an hour, so it’s costly. A one-time consultation might help you determine what steps you can take on your own, or you may find an attorney willing to do pro-bono work to help you, Smith-Evans suggests. She also recommends contacting your local human rights or civil rights commission if you believe discrimination is involved.

Keep tabs on your credit utilization.
A credit utilization ratio is a calculation used by creditors that measures how much credit you’re using compared to how much you have available. The more unused credit you have, the better. Your credit utilization accounts for 30% of your score.

Stay in contact with your lenders.
If you find yourself in a tight spot and you don’t think you’ll be able to pay your bills on time, contact lenders immediately. You might be able to work out a payment plan.

Devise—and stick to—a budget.
Knowing exactly how much money you have available will help you manage your finances.

Cut the fat.
Once you’ve devised a budget, identify areas where you’re overspending. Cut back or eliminate those items.

Pay off high-interest debt.
Once you’ve paid off those bills with the largest interest rates, apply your dollars toward your next highest debt and so forth. This way, you’ll get rid of high maintenance fees faster.

Use cash whenever possible.
Paying for items with actual dollars from your wallet will make you think twice about creating new debt.

Add income.
If your belt can’t get any tighter and spending less isn’t helping much, find a way to make more money. Now is the time to look for a part-time or freelance job.

Seek help from a certified financial planner.
A CFP can help you identify areas where you need to improve and assist you with reaching your goals. Some planners will conduct the first session for free or at a reduced cost.

But when Jaxson flat-out suggested in media interviews that the Kardashian-Humphries nuptials were a “staged” event, Kim K. immediately struck back and announced she was suing her ex publicist for at least $200,000.

According to Kardashian’s attorney, Jaxson’s allegations damaged Kim K.’s reputation and violated a confidentiality agreement.

The ongoing Kardashian drama is sure to take a few more twists and turns before it’s all hashed out one way or another. In the meantime, the Kardashian situation holds lessons for the rest of us: While you might not be a high-profile person whose every move is tracked by the paparazzi, you may one day have to consider suing someone.

In fact, if an individual or organization has wronged you and caused you physical, professional, emotional or financial harm or damage, you may be entitled to legal recourse that could net you a significant amount of money.

Suing someone can be a fairly lengthy process depending on the situation. Still, if you have a good case and are comfortable with the idea of filing a court lawsuit, the compensation for damages or losses you’ve incurred may make your efforts worthwhile.

Here are just a few situations where you might need to sue an individual, corporation or another entity, and lessons to heed in each scenario.

BREACH OF CONTRACT

If you hired a contractor or vendor to perform a specific job or task and they failed to perform as specified in your agreement, you may have the right to sue them. A breach of contract occurs when one party in a contract fails to follow through on the terms or conditions previously agreed upon.

You will need to show proof of a written agreement or show that you have some type of enforceable oral contract to the courts. Without this proof, your claim will not hold any weight and you will not be able to pursue legal action. Depending on the nature of your claim, many breach-of-contract cases can be settled in small claims court, where you can represent yourself. In other instances, however, you’d be wise to seek out the help of a skilled lawyer.

In the Kardashian case, Jaxson is accused of violating a confidentiality agreement. But his defense—so far at least—is that while he was sent such a confidentiality agreement, he never actually signed the agreement.

Lesson: A contract isn’t legally binding until it’s fully executed (i.e. legally signed) by both parties.

PERSONAL INJURY SITUATION

If you or a family member were harmed by a defective product or service by a corporation, or someone was hurt on the premises of a store, business facility, or even someone else’s home, you may be able to sue on the grounds of negligence that led to personal injury.

In this type of situation, your best bet is to retain a personal injury attorney and work on a building a solid case. Personal injury cases can range from being quite straight-forward to quite complicated.

For example, if you are walking in a retail store and a worker who is stocking inventory causes an entire row of heavy metal shelves to collapse on you, there may be little doubt that you got injured. But to what extent? Expect to have to provide medical proof of specific injuries and proof that the individual or corporation caused your injuries.

Damages to your reputation, as Kim Kardashian may find, can be more of a gray area. If Kardashian’s efforts to muzzle her former PR agent wind up in court, I wouldn’t be surprised to see Jaxson argue that he didn’t damage Kardashian’s reputation, but that she did that all on her own – via her quickie divorce filing, her previous sex tape, etc.

Lesson: Any time you want to claim injuries of any kind, document everything and be prepared to show a judge how you were “before” an incident (physically, reputation-wise, etc.) and “after” the incident in question.

LOSS OF INCOME FROM FAILURE TO PERFORM

If you hired a specialist to complete a job so that you could generate income through your business, and they are guilty of a breach of contract, you can also sue them to recover you lost income.

As a case in point, assume a company or individual promised to provide 24/7 tech support and website services to keep your business website up and running online. But then the system crashed and no one bothered to return your frantic calls and emails for five straight business days. Such a disaster could cost you untold amounts of money and make you consider suing.

Again, it’s important to work with an experienced attorney to go through all of the details of the situation and calculate the extent of losses and financial distress you’ve experienced.

Lesson: Paperwork, a strong timeline documenting the events, and past financial records can help establish to a court whether or not you have a bona fide claim for loss of income.

COPYRIGHT INFRINGEMENT

When an individual or corporation copies your work or infringes on a copyright you own in any way, you have the right to sue. This can be a complicated situation in the creative field because so many people are able to create derivatives of your work without your knowledge. Still, if you come across blatant copyright infringement, you can pursue a lawsuit with the help of a copyright lawyer.

Other types of lawsuits might be based on employment discrimination, medical malpractice or deceptive advertising.

Lesson: In all circumstances, you have to think about whether the cost, the time, the effort and the emotional toll of a lawsuit are worth it. If you think it is, then a lawsuit may be in your best interest – no matter how difficult the case appears in the beginning.

“Ask The Money Coach” is a syndicated column written by personal finance expert Lynnette Khalfani-Cox, co-founder of the free financial advice blog, AskTheMoneyCoach.com. Follow Lynnette on Twitter at @themoneycoach.