Tanza Loudenback

It's <a id="dc1c8cb0-1535-3e47-a672-452115142e5c" href="https://www.businessinsider.com/category/bonus?utm_source=intl&amp;utm_medium=ingest"> bonus </a> season.

According to a survey of 500 US businesses by recruiting agency <a id="68766f5f-bcdc-3521-a30d-6ae390cfefe1" href="http://blog.accountingprincipals.com/2016-holiday-bonus-survey/"> Accounting Principles </a> , 63% of employers spread holiday cheer via check at the end of 2017, gifting workers an average cash bonus of $1,797.

If you're expecting an end-of-year or holiday bonus, Katie Brewer, CFP and founder of financial planning firm <a id="f03ef9c2-1dcd-303a-a3a7-3852f2902cc7" href="https://yourrichestlifeplanning.com/"> Your Richest Life </a> , suggests making a plan for the money before it appears in your account.

Generally, Brewer told Business Insider, you should commit 80% of your holiday bonus to "serious money," using it to <a id="b57ae3cf-2857-3c22-a7e8-403e02c71a7d" href="http://www.businessinsider.com/how-to-pay-off-debt-2016-11?utm_source=intl&amp;utm_medium=ingest"> pay off debts </a> , increase <a id="61eb7492-edc7-3fd2-aa30-0b12583d4da5" href="http://www.businessinsider.com/real-people-share-the-life-hacks-that-save-them-thousands-2016-11?utm_source=intl&amp;utm_medium=ingest"> savings </a> , and top off <a id="9d64f842-09fa-38e8-a1d4-8d2df9ed85ab" href="https://www.businessinsider.com/how-much-of-your-income-to-save-for-retirement-2016-6?utm_source=intl&amp;utm_medium=ingest"> retirement funds </a> . The other 20% can be fun money, she says.

Read more : <a id="f9db7842-591b-3fb0-aaea-91969a5c9c05" href="https://www.businessinsider.com/sign-you-will-get-holiday-bonus-2017-12?utm_source=intl&amp;utm_medium=ingest"> 11 signs you're about to get a holiday bonus </a>

It's easy to think of a dozen uses for your "fun money." But what about that 80% you're dedicating to building wealth? Where should you start?

Below, we've put together a flow chart to help you figure out where your serious money can make the most impact. The chart assumes that you're making regular payments toward any debt and are without extenuating circumstances, like an expected end-of-year medical bill or other urgent charge to which you've already committed your bonus.

what should you do first with your holiday bonus graphic

NOW WATCH: <a id="13f5930f-8c09-30ea-a7bf-a83ebcdab1ea" href="https://www.businessinsider.com/tim-cook-apple-ceo-net-worth-makes-spends-money-2018-11?utm_source=intl&amp;utm_medium=ingest"> Tim Cook's estimated net worth is $625 million — here's how he makes and spends his money </a>

<ul><li> <a href="https://www.businessinsider.com/trump-ordered-the-government-closed-december-5-for-george-hw-bush-2018-12?utm_source=intl&amp;utm_medium=ingest">Trump ordered the federal government closed on December 5 'as a mark of respect' for George H.W. Bush</a> </li><li> <a href="https://www.businessinsider.com/buy-a-house-by-35-monthly-savings-math-2018-10?utm_source=intl&amp;utm_medium=ingest">We did the math to calculate how much money you need to save monthly to buy a home by 35</a> </li><li> <a href="https://www.businessinsider.com/new-2018-income-tax-brackets-2018-1?utm_source=intl&amp;utm_medium=ingest">Here's a look at what the new income tax brackets mean for every type of US taxpayer this year</a> </li></ul>

SEE ALSO: The 7 dumbest things you can do with your end-of-year bonus

DON'T MISS: How much to tip everyone in your life for the holidays, from your landlord to the mail carrier

What to do first with your holiday bonus

The deadline to submit your tax return in 2019 — or <a id="f9a216cc-7caf-35f9-aaee-6a312b452f78" href="https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return"> file an extension with the IRS </a> — is Monday, April 15.

The <a id="4da0b72c-b0e7-3d5c-a3a8-8726f8b20373" href="https://www.businessinsider.com/trump-tax-plan-when-new-tax-plan-take-effect-2017-12?utm_source=intl&amp;utm_medium=ingest"> new tax law is in effect </a> , so there are a few changes to be aware of when filing your taxes.

Here's what to expect when you submit your <a id="02faf547-31ff-3e1d-a7ed-3f9e5433e27b" href="https://www.businessinsider.com/category/tax-return?utm_source=intl&amp;utm_medium=ingest"> tax return </a> this year.

<h1> You can file your taxes for free if you know where to look </h1>

Many online tax services allow you to <a id="b9267bb5-55c0-36be-a7c2-21890c8ff0ac" href="https://www.businessinsider.com/irs-free-file-income-tax-return-online-services-comparison-2018-2?utm_source=intl&amp;utm_medium=ingest"> file your federal taxes for free </a> — and sometimes state taxes as well — if your income was less than $66,000 in 2018. You can check your options using the <a id="eaea0cb6-c587-35a4-a06e-26f86b19c6d9" href="https://apps.irs.gov/app/freeFile/jsp/wizard.jsp?ck#"> IRS Free File lookup </a> .

You can also download the <a id="936103be-3237-3290-a52f-f8d101266534" href="https://www.irs.gov/newsroom/irs2goapp"> IRS2Go app </a> to find free tax-filing assistance, check your refund status, or make a payment.

You can still file for free if you make more than $66,000, but to do so, you'll need to use the <a id="be69e0fe-3918-3311-a070-f5d6defd8171" href="https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free"> Free File Fillable Forms </a> . The IRS recommends using those forms only if you have experience preparing tax returns on your own.

<h1> You should receive all of your tax documents by early February </h1>

Before you file your taxes, you need to collect all your 2018 tax documents. If you're an employee, that means your W-2; if you're a freelancer, you may have multiple 1099 forms. In some cases, you may have other statements, such as income earned from an interest-bearing savings account or interest paid on a loan, or even <a id="85b392b0-bfd5-3c46-a6f9-6e67a59e5d9e" href="https://www.businessinsider.com/how-paying-taxes-on-bitcoin-works?utm_source=intl&amp;utm_medium=ingest"> taxable bitcoin gains </a> .

Most tax-related documents must be filed by your employer or other institution by January 31, and the statements must be postmarked by that date as well. That means you should have received everything you need by early February.

In the meantime, you can estimate your tax refund for this year using an <a id="d760fb10-9e4d-3de2-a44f-9da12ca63b67" href="https://www.businessinsider.com/hr-block-tax-calculator-estimate-tax-refund-2018-1?utm_source=intl&amp;utm_medium=ingest"> online tax calculator </a> .

<h1> Withholding tables changed under the new tax law and you may get a smaller refund </h1>

Your tax situation can change over time — for example, if you get married, buy a home, or have a child — so it's always a good idea <a id="8867a03d-784a-3029-a49f-8014a3eab531" href="https://www.irs.gov/newsroom/taxpayers-should-do-an-end-of-year-withholding-check-up"> to review your W-4 tax-withholding form </a> at the start of a new year. With the new tax law this year, it's even more important.

President Donald Trump changed the US tax code for the first time in 30 years when he <a id="4f81fedf-8b26-3d00-ab90-99675af595c8" href="https://www.businessinsider.com/trump-signs-republican-tax-reform-bill-2017-12?utm_source=intl&amp;utm_medium=ingest"> signed the Republican tax bill into law </a> in December 2017. The changes — including <a id="07d68b9b-eeab-3dc7-a50c-a04fceb65dc4" href="https://www.businessinsider.com/new-2018-income-tax-brackets-2018-1?utm_source=intl&amp;utm_medium=ingest"> new tax brackets </a> and modified tax deductions — <a id="c946be48-6767-3718-ae28-a6ecdcdf1a95" href="https://www.businessinsider.com/trump-tax-plan-when-new-tax-plan-take-effect-2017-12?utm_source=intl&amp;utm_medium=ingest"> went into effect on January 1, 2018 </a> . Employees should have noticed a difference in their <a id="05e1c539-11eb-3adb-a4be-58605e858fd7" href="https://www.businessinsider.com/new-tax-law-take-home-pay-calculator-salary-2018-3?utm_source=intl&amp;utm_medium=ingest"> take-home pay </a> .

Read more : <a id="98865d98-90cd-3b7f-a1c2-7915ac651174" href="https://www.businessinsider.com/new-2018-income-tax-brackets-2018-1?utm_source=intl&amp;utm_medium=ingest"> Here's a look at what the new income tax brackets mean for every type of US taxpayer this year </a>

The IRS says it has worked with payroll providers to make the change <a id="a2be8158-ddca-3ccc-aefa-21376d9084ec" href="https://www.irs.gov/newsroom/updated-2018-withholding-tables-now-available-taxpayers-could-see-paycheck-changes-by-february"> as seamless as possible for taxpayers </a> , but refunds may be different for some taxpayers this year and some may owe an unexpected tax bill if they didn't review and adjust their withholding, <a id="06b6b29d-50e5-3afd-afda-99c919494728" href="https://www.irs.gov/newsroom/not-too-early-here-are-steps-taxpayers-can-take-now-to-get-ready-to-file-their-taxes-in-2019"> according to the IRS </a> .

Some tax deductions have changed under the new law as well. The standard deduction will nearly double and some itemized deductions have changed. You can see a <a id="60589b51-800c-3b4f-adeb-ce2bd7bb8ebf" href="https://www.irs.gov/newsroom/tax-reform-affects-if-and-how-taxpayers-itemize-their-deductions"> full list of changes on the IRS website </a> .

<h1> The IRS recommends e-filing and choosing direct deposit </h1>

The IRS says <a id="84a85313-8b6c-37d4-a37d-43fd86d2b297" href="https://www.irs.gov/refunds"> the fastest way to get your tax refund </a> is the method already used by most taxpayers: filing electronically and selecting direct deposit as the method for receiving your refund.

The IRS says direct deposit — which the government also uses for Social Security and Veterans Affairs payments — is " <a id="e12da75f-5b12-3062-a150-e1ab71428d65" href="https://www.irs.gov/refunds/get-your-refund-faster-tell-irs-to-direct-deposit-your-refund-to-one-two-or-three-accounts"> simple, safe, and secure </a> ."

Popular online tax services like <a id="2e290701-1e53-3ef2-a717-1d0ed37abb54" href="https://www.businessinsider.com/how-to-use-free-turbo-tax-2018-1?utm_source=intl&amp;utm_medium=ingest"> TurboTax </a> and <a id="b10c6bdb-c55c-36c9-ae97-8807849d231d" href="http://www.businessinsider.com/how-to-use-hr-block-tax-filing-2018-1?utm_source=intl&amp;utm_medium=ingest"> H&amp;R Block </a> are easy to use, even for tax novices — but they aren't the only option for <a id="1d1417db-4d3c-3358-acfb-ed86b1f6187a" href="https://www.businessinsider.com/irs-free-file-income-tax-return-online-services-comparison-2018-2?utm_source=intl&amp;utm_medium=ingest"> e-filing your taxes for free </a> . If you plan to visit an accountant, make an appointment early to avoid the rush.

<h1> You should receive your tax refund within 21 days of filing </h1>

In 2018, <a id="a40eb5ea-8bb3-32a0-a188-d0daf6c84d56" href="https://www.businessinsider.com/tax-refund-average-by-state-2018-1?utm_source=intl&amp;utm_medium=ingest"> Americans have received tax refunds </a> worth more than $324 billion, with an average refund of $2,899, <a id="6e5282ec-00fc-3558-a659-4f083f3d28ac" href="https://www.irs.gov/newsroom/filing-season-statistics-for-week-ending-november-23-2018"> according to the IRS </a> .

Your <a id="dc6ee6e9-aaa2-3b89-af2d-57dd9e612d8b" href="https://www.businessinsider.com/irs-tax-refund-when-it-will-be-deposited-2018-1?utm_source=intl&amp;utm_medium=ingest"> tax refund </a> should hit your bank account within three weeks of filing online, assuming you opt to receive it via direct deposit. Often, you'll get your money even faster.

You can check the status of your tax refund using the <a id="36f46ebf-bcbe-33f4-a354-80087ff10b99" href="https://www.irs.gov/refunds"> IRS's return-tracking service </a> 24 hours after filing your tax return online or four weeks after mailing a return.

<h1> If you owe taxes, you dont have to pay all at once </h1>

Regardless of when you file your tax return, your 2018 tax bill is due April 15. You can file early and schedule a payment for that day (or anytime before) if you aren't quite ready to pay.

But, if you can't afford to pay your tax bill in full, don't pull out your credit card or ignore the situation. The IRS offers <a id="c86806a0-d831-346c-a2de-b1280ba1699a" href="https://www.irs.gov/payments/payment-plans-installment-agreements#q02"> reasonable payment plans </a> at much lower interest rates than most banks. You may even be able to settle the bill for less than you owe, called an <a id="03645116-23ec-3eeb-a5a9-2ddd450bb416" href="https://www.irs.gov/payments/offer-in-compromise"> offer in compromise </a> , or <a id="72a6b0d1-27d4-38dd-a3cc-76cb5aa2f167" href="https://www.irs.gov/businesses/small-businesses-self-employed/temporarily-delay-the-collection-process"> request a deferment </a> until you can make a payment.

<h1> Keep copies of your old tax returns for at least 3 years </h1>

You don't have to save your tax returns forever. The IRS recommends holding onto copies for at least three years — the typical length of time the IRS would look back <a id="b07aa95f-484a-3187-a663-a99c813a6050" href="https://www.irs.gov/businesses/small-businesses-self-employed/irs-audits#far-back"> if you happen to get audited </a> .

Most audits cover returns filed over the past two years, but the IRS can go back further if the situation calls for it. But audits shouldn't be cause for worry for most taxpayers. Fewer than 1% of tax returns are <a id="c4221619-db7f-3c45-ad93-18def4725663" href="https://www.irs.gov/statistics/enforcement-examinations"> audited by the IRS </a> .

When you dispose of old tax returns, make sure to properly shred the documents to <a id="99e5df8f-a63d-37e9-a239-ad9d6e0ea9a8" href="https://www.businessinsider.com/equifax-breach-credit-freeze-prevent-identity-theft-2017-9?utm_source=intl&amp;utm_medium=ingest"> protect against identity theft </a> .

<h1> What to do if youve been a victim of tax fraud </h1>

Tax season presents plenty of opportunity for would-be identity thieves. A stolen Social Security number can be used to file a fraudulent tax return and refund request, but it's not the only <a id="0cfb74ea-f5b1-387a-a2b9-9c465336eef8" href="https://www.businessinsider.com/irs-tax-scam-con-artist-how-to-protect-yourself-2018-2?utm_source=intl&amp;utm_medium=ingest"> tax scam </a> out there. The IRS keeps track of the <a id="5d76b92e-021f-3753-a5b7-ca5a750bd5eb" href="https://www.irs.gov/newsroom/irs-summarizes-dirty-dozen-list-of-tax-scams-for-2017"> most common tax-related crimes </a> , and the list is long and varied.

The best way to <a id="91816384-623c-3a53-ab20-8058a0117e88" href="https://www.businessinsider.com/irs-phone-scam-what-to-do-if-you-get-scam-call-2018-2?utm_source=intl&amp;utm_medium=ingest"> protect against tax scams </a> — especially potential <a id="229ad176-67bd-3dca-aa1e-5c9e5b07b279" href="https://www.businessinsider.com/identity-theft-credit-card-fraud-in-us-ranked-2018-2?utm_source=intl&amp;utm_medium=ingest"> identity theft </a> — is to file your tax return as soon as possible.

If you think you are a <a id="9123de15-7c18-359a-aa5a-36946f3ddb62" href="https://www.businessinsider.com/hr-block-free-file-tax-return-2018-2?utm_source=intl&amp;utm_medium=ingest"> victim of identity theft or tax fraud </a> , you should <a id="5ee2aaca-2232-3c1a-aeb7-cc900b020bfb" href="https://www.treasury.gov/tigta/contact_report_scam.shtml"> report it </a> to the Treasury Inspector General for Tax Administration. The IRS also has detailed instructions on <a id="8d596fa0-2723-373e-a5f6-c7cb1e0273b8" href="https://www.irs.gov/individuals/how-do-you-report-suspected-tax-fraud-activity"> what to do if you are a victim of tax fraud </a> .

The US Department of Justice says the IRS <a id="188197fa-d935-3506-ad31-3972f4a9d417" href="https://www.justice.gov/tax/stolen-identity-refund-fraud"> never discusses personal tax issues </a> through unsolicited emails or texts, or over social media. Be wary if you are contacted by someone claiming to be from the IRS who says you owe money. When the IRS needs to get in touch with a taxpayer, standard practice is to <a id="33e653ee-4641-3fe6-a8e1-8c17d49ab9b1" href="https://www.irs.gov/newsroom/how-to-know-its-really-the-irs-calling-or-knocking-on-your-door-0"> send a letter via the US Postal Service </a> . If you receive an unexpected and suspicious email from the IRS, forward it to <a id="d274beb9-f902-3a0d-ac23-afd54371ecaa" href="mailto:phishing@irs.gov"> phishing@irs.gov </a> .

<ul><li> Read more: </li><li> <a href="https://www.businessinsider.com/flowchart-should-you-prepare-your-own-taxes-2015-2?utm_source=intl&amp;utm_medium=ingest">How to figure out if you should do your own taxes or hire a pro</a> </li><li> <a href="https://www.businessinsider.com/retirement-savers-credit-lower-tax-bill-tax-day-2019-2018-11?utm_source=intl&amp;utm_medium=ingest">You may be able to cut down your tax bill with a little-known credit if you saved for retirement this year</a> </li><li> <a href="https://www.businessinsider.com/what-can-you-deduct-on-taxes-tax-day-2018-11?utm_source=intl&amp;utm_medium=ingest">10 things you probably didn't know you could deduct on your taxes</a> </li><li> <a href="https://www.businessinsider.com/tax-refund-can-be-mistake-financial-planner-prefers-bill-2018-1?utm_source=intl&amp;utm_medium=ingest">Getting a huge tax refund can be a costly mistake — here's why a financial planner would rather get a bill</a> </li></ul>

NOW WATCH: <a id="1d8a8f27-1754-32c1-a842-1cb47df41562" href="https://www.businessinsider.com/year-long-guide-financial-planning-stability-2018-1?utm_source=intl&amp;utm_medium=ingest"> Here’s your year-long guide to financial stability </a>

<ul><li> <a href="https://www.businessinsider.com/bi-insider-panel-2016-9?utm_source=intl&amp;utm_medium=ingest">Share your opinion — become a BI Insider!</a> </li><li> <a href="https://www.businessinsider.com/retirement-savers-credit-lower-tax-bill-tax-day-2019-2018-11?utm_source=intl&amp;utm_medium=ingest">You may be able to cut down your tax bill with a little-known credit if you saved for retirement this year</a> </li><li> <a href="https://www.businessinsider.com/5-key-differences-between-delta-force-and-seal-team-6-2018-2?utm_source=intl&amp;utm_medium=ingest">5 key differences between Delta Force and SEAL Team 6</a> </li></ul>

SEE ALSO: Here's a look at what the new income tax brackets mean for every type of taxpayer

DON'T MISS: You're probably making these 11 tax mistakes — and it could be costing you thousands

Tax Day is April 15. Here's what you can expect when filing under the new tax law

About 500 million people have had their data hacked after staying at Marriott brands, including W, Sheraton, and Westin, the company said on Friday.

For about 367 million of those affected, Marriott said, the information taken includes some combination of their names, mailing addresses, phone numbers, email addresses, passport numbers, dates of birth, genders, and other information from their Starwood accounts, <a id="2bfc8a0e-df8f-3492-a67c-3860868d8ed4" href="https://www.businessinsider.com/marriott-data-breach-500-million-guests-affected-2018-11?utm_source=intl&amp;utm_medium=ingest"> Business Insider's </a> <a id="b7ff726c-aa13-39a0-a8e9-568163ff41f4" href="https://www.businessinsider.com/marriott-data-breach-500-million-guests-affected-2018-11?utm_source=intl&amp;utm_medium=ingest"> Sinéad Baker </a> reported. An unspecified number of people had their credit-card information taken.

Marriott said the unauthorized access had been going on since 2014 and the breach affected customers who made bookings on or before September 10.

In 2017, Equifax, one of the three credit reporting agencies in the US, was compromised, <a id="ed35c8f9-19e1-3c0d-a4e3-891b6c0851ba" href="https://www.businessinsider.com/equifax-breach-hack-exposed-most-valuable-information-2017-9?utm_source=intl&amp;utm_medium=ingest"> potentially exposing the Social Security numbers </a> , credit card numbers, and other personal information of nearly 150 million Americans. The breach upset many people, in part because Equifax's chief financial officer and two other senior executives <a id="921c4ba8-323b-3646-a103-53c5be03d28b" href="https://www.businessinsider.com/equifax-executives-sold-shares-after-the-company-learned-of-a-massive-hack-2017-9?utm_source=intl&amp;utm_medium=ingest"> dumped almost $2 million of Equifax stock </a> once they learned about the hack.

Unfortunately, <a id="159d0d71-fbfc-398f-a186-253a75c96886" href="https://www.businessinsider.com/your-identity-has-already-been-stolen-2016-5?utm_source=intl&amp;utm_medium=ingest"> data breaches are nothing new </a> , and they aren't going away. In fact, between January 2017 and April 2018, <a id="8dfb5a45-5bd2-39a3-a0e0-a67a3f7547fa" href="https://www.businessinsider.com/data-breaches-2018-4?utm_source=intl&amp;utm_medium=ingest"> at least 16 separate security breaches </a> occurred at US retailers, Business Insider's Mary Hanbury and Dennis Green reported.

Keeping our money online is convenient and easy, except in instances like this. But you still shouldn't freak out.

As Business Insider's resident financial planner Lauren Lyons Cole said in <a id="07a14b7f-f4a5-339e-a597-d2e269b99ed1" href="https://www.businessinsider.com/equifax-hack-dont-freak-out-2017-9?utm_source=intl&amp;utm_medium=ingest"> an article on the Equifax breach </a> , "Even when we take all kinds of steps to protect ourselves online, our best-laid plans can still result in financial foibles — whether as a result of our own error or a giant financial company's."

"The only thing we can do is try to protect our data as best we can, and respond quickly if something does happen," she continued. "You'll be okay, I promise."

Here are Lyons-Cole's tips for protecting your data online.

<h1> 1. Find out if youve even been compromised. </h1>

The <a id="d2a1c371-fe52-3831-ae49-7122eff4dae0" href="https://www.apnews.com/d496fce7a77347d6aa058470d38a69bc"> AP reported </a> that Marriott will send email notifications to those affected starting Friday.

<h1> 2. Use secure passwords on all of your accounts, including your online shopping accounts. </h1>

This is like eating your vegetables: You know you should do it, but it's not fun and you'd rather not. I get it. But any data security expert will tell you secure passwords are a necessity. Every site you use should have a different password, and it shouldn't be easy to guess.

Keeping track of a random string of 15 letters and numbers is basically impossible, so I use <a id="2f67e8f7-3e71-341f-a4e3-f33dd67b86c5" href="https://www.lastpass.com/"> LastPass </a> to generate and save all my online passwords. Hopefully, they don't get hacked, but at least it's better than storing all my login info on the notepad app on my iPhone.

<h1> 3. Understand how to freeze your credit, but dont do it quite yet. </h1>

<a id="ed0f104a-0eaa-34e1-a360-f72a3d580989" href="https://www.businessinsider.com/equifax-breach-credit-freeze-prevent-identity-theft-2017-9?utm_source=intl&amp;utm_medium=ingest"> Freezing your credit </a> protects against new accounts being opened in your name — one of the rarest types of identity theft out there, affecting only 4% of victims, according to the most recent <a id="ba9212ed-e7e3-3978-ad6c-8a6695447fbc" href="https://www.bjs.gov/content/pub/pdf/vit14_sum.pdf"> Bureau of Justice Statistics </a> (BJS) data.

The vast majority of identity theft victims — 86% in 2014 — have problems with an account, such as a credit card or bank account, according to <a id="9cb500df-dd8e-3bc1-a171-bf08437f404a" href="https://www.bjs.gov/content/pub/pdf/vit14_sum.pdf"> BJS data </a> . Freezing your credit won't prevent that type of crime.

If securing your passwords seems like too big a lift, then <a id="38df81be-b5d1-311d-acba-b0912dec7946" href="https://www.consumer.ftc.gov/articles/0497-credit-freeze-faqs"> freezing your credit </a> or even <a id="51c8c21e-82e3-3ba9-aa20-77dc71adfe1f" href="https://www.businessinsider.com/equifax-breach-how-to-protect-credit-identity-2017-9?utm_source=intl&amp;utm_medium=ingest"> setting up a fraud alert </a> to <a id="ef45274a-df8c-3f5d-a9a6-3ed4909132b3" href="https://www.businessinsider.com/equifax-breach-credit-freeze-prevent-identity-theft-2017-9?utm_source=intl&amp;utm_medium=ingest"> protect against the chance of identity theft </a> will definitely give you a headache.

Setting up a fraud alert only requires calling one of the credit agencies, but you're going to have make copies of and mail in many important documents to put it in place.

Freezing your credit means dealing with customer service agents at all three credit bureaus — Equifax, TransUnion and Experian — and keeping track of a unique pin number that you're going to need anytime you want to open a new account or move to a new apartment. Make sure you fully understand how it works ( <a id="cff11de5-74f5-3c6f-ada3-223441794662" href="https://www.consumer.ftc.gov/articles/0497-credit-freeze-faqs"> the Federal Trade Commission has a nice breakdown </a> ) before you start the process.

One caveat: If your identity has actually been compromised — as in, someone tried to open a fraudulent account in your name — then this is an important step to take.

<h1> 4. Monitor your money regularly — even if you havent been compromised. </h1>

I use <a id="5f97bbf2-824e-38bf-a100-7ff5787bfcb6" href="https://www.businessinsider.com/best-online-budget-apps-2017-6?utm_source=intl&amp;utm_medium=ingest"> Mint.com </a> to quickly check all of my financial accounts every morning, just like I check my email and Instagram. This came in handy both times my credit card was stolen. I was able to identify the pending charges before they even cleared my account, and American Express me a new card overnight. It was a little annoying, but not that big of a deal. I know people who have experienced far more serious identity theft and managed to resolve the issue by identifying it and acting quickly.

If you have been compromised, this becomes even more essential. You can monitor your credit for free with a service like <a id="ec79e037-b2b5-3bd8-ae6a-83ad39425226" href="https://markets.businessinsider.com/news/stocks/Credit-Karma-Adds-Equifax-to-its-Flagship-Free-Credit-Monitoring-Service-1002370487?utm_source=intl&amp;utm_medium=ingest"> Credit Karma </a> by selecting to be notified when a new account is opened under "Communications and Monitoring" in the profile settings.

For those affected by the Marriott breach, <a id="664f6d69-c8a2-3831-a596-2ac6dc5eba66" href="https://www.businessinsider.com/marriott-starwood-hotel-hack-data-breach-how-to-check-if-you-were-affected-2018-11?utm_source=intl&amp;utm_medium=ingest"> the company said </a> it will pay for guests to sign up for a yearlong membership for WebWatcher software, which monitors where your personal information is shared online.

<h1> 5. Optimize your money management and credit usage. </h1>

A breach like this is a good reminder to check your credit score, pull your credit report, and review the way you're currently managing your money. There may be things you can do to <a id="0aa63660-fd03-3c6b-adde-57ca06bd6444" href="https://www.businessinsider.com/improve-credit-score-2014-6?utm_source=intl&amp;utm_medium=ingest"> improve your credit score </a> , <a id="a109a27b-5fe8-3294-a15b-ac862a169adc" href="http://www.businessinsider.com/42-million-have-credit-report-errors-ftc-report-2013-2?utm_source=intl&amp;utm_medium=ingest"> fix any errors on your credit report </a> , and <a id="460323fb-ef76-301b-af32-e0c9ec3b063b" href="http://www.businessinsider.com/new-credit-card-rewards-2017-8?utm_source=intl&amp;utm_medium=ingest"> optimize your collection of credit cards </a> .

Considering <a id="4350797e-6ba9-3764-a10c-fa8a002b3bdd" href="https://www.businessinsider.com/data-breaches-report-2018-2?utm_source=intl&amp;utm_medium=ingest"> data breaches </a> are more or less our new normal, the only thing we can really do is the one thing we should be doing anyway: staying on top of our money and fixing any issues as soon as we can. No one is going to be more interested in your financial situation than you are. Not even a hacker.

The IRS is <a id="93043b5e-5143-3712-a8e1-5c0ce5c33aac" href="https://www.irs.gov/newsroom/irs-states-and-tax-industry-combat-identity-theft-and-refund-fraud-on-many-fronts"> cracking down on tax fraud </a> , but there could be an uptick after a data breach of this size. Get your tax information organized early and submit your return as soon as you receive your W-2 and 1099 forms. Added benefit: If you're due a refund, you'll get it sooner, and if you owe taxes, the amount isn't due until April 15 regardless of when you submit your return.

<ul><li> Read more: </li><li> <a href="https://www.businessinsider.com/marriott-starwood-hotel-hack-data-breach-how-to-check-if-you-were-affected-2018-11?utm_source=intl&amp;utm_medium=ingest">Here's how to check if you were one of the 500 million customers affected by the Marriott Hack</a> </li><li> <a href="https://www.businessinsider.com/marriott-data-breach-500-million-guests-affected-2018-11?utm_source=intl&amp;utm_medium=ingest">500 million Marriott customers have had their data hacked after staying at hotels including W, Sheraton, and Westin</a> </li></ul>

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Saving for <a id="6cd7d831-1216-3b3b-a218-996d47a0909e" href="https://www.businessinsider.com/category/retirement?utm_source=intl&amp;utm_medium=ingest"> retirement </a> is about to get easier for millions of Californians.

Beginning next summer, workers at California companies with no employer-sponsored retirement plan may be able to contribute part of their paycheck to an individual retirement account (IRA) through a new program called <a id="2894d10c-cf5b-348d-af92-a58396ff39e1" href="https://www.calsavers.com/"> CalSavers </a> .

The program is currently in its pilot phase and is only offering <a id="3f572761-c850-3858-a6f0-b8b41f2059bf" href="https://www.businessinsider.com/category/roth-ira?utm_source=intl&amp;utm_medium=ingest"> Roth IRAs </a> , but will expand to include traditional IRAs sometime in 2019.

A Roth IRA, or individual retirement account, allows you to save some of your after-tax earnings now and withdraw the money during retirement <a id="bd9102fd-1daf-3333-a538-73daa4abf7e7" href="https://www.businessinsider.com/why-teens-should-be-saving-money-roth-ira-2017-3?utm_source=intl&amp;utm_medium=ingest"> tax free </a> . A traditional IRA is the opposite: Anything you contribute now won't be taxed, but it will be on the backend.

<a id="aa652874-df10-34d9-a180-cecd930f6ea6" href="https://www.businessinsider.com/every-millennial-should-consider-a-roth-ira-2014-6?utm_source=intl&amp;utm_medium=ingest"> Roth IRAs </a> are often <a id="f3676140-4a25-3d74-aaa7-a5d6b16ebe33" href="https://www.businessinsider.com/backdoor-roth-ira-income-limits-high-earners-2017-8?utm_source=intl&amp;utm_medium=ingest"> recommended by financial experts </a> for average earners because of the tax savings: You're only taxed on your initial contributions to the account, not on the money you withdraw (which includes years of tax-free investment earnings).

In 2019, <a id="feb5081b-c1b4-3ca0-affa-0fec092791e6" href="https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits"> the IRS says you can contribute up to $6,000 </a> to an IRA (that's total, for a Roth and Traditional IRA) if your adjusted gross income is less than$122,000 as a single-filer or less than $193,000 if you're married and filing taxes with your spouse.If you're 50 or older, the limit rises to $7,000.

To be clear, anyone can open and contribute to an IRA and it doesn't have to be facilitated by your employer, like a <a id="365372f3-ea0f-329f-ad7d-bbc534143bce" href="https://www.businessinsider.com/category/401k?utm_source=intl&amp;utm_medium=ingest"> 401(k) </a> does.But <a id="7e016d81-2368-350c-ae93-2497d6a16001" href="https://www.aarp.org/ppi/info-2017/Access-to-Workplace-Retirement-Plans-by-Race-and-Ethnicity.html"> according to research from AARP Public Policy Institute </a> , American workers are 15 times more likely to contribute to a retirement plan when it's operated by their employer in the form of an automatic payroll deduction — and some 55 million Americans don't have this option.

CalSavers is the state's solution to closing this gap. Similar <a id="42053936-1bdc-3489-a057-a7ba404b6dc7" href="https://cri.georgetown.edu/wp-content/uploads/2018/08/States_SnapShotPlanDesign8-30-18.pdf"> mandatory IRA-enrollment programs </a> have been enacted in Connecticut, Maryland, Illinois, Oregon, and Seattle.

By July 2020, California companies with more than 100 employees and no employer-sponsored retirement plan must be registered with CalSavers, which gives employees the option to choose their Roth IRA contribution rate, opt out of saving entirely, or do nothing and be auto-enrolled to contribute 5% of their income. There's also an option to auto-increase the savings rate by 1% each year, until it reaches 8%.

The deadlines for companies with 50 or more employees and five or more employees are June 30, 2021 and June 30 2022, respectively. CalSavers estimates the program will reach more than 7 million Californians.

According to <a id="9f1ee07c-200b-3a4e-af12-de5e157e932a" href="https://saver.calsavers.com/home/savers/withdrawals.html"> a UC Berkeley Labor Center study </a> , the typical 25-year-old who participates in the CalSavers program will save enough to generate about $7,000 in annual retirement income. That more than likely won't cover the average person's post-retirement expenses, but it's a start.

The annual asset-based fee for Roth IRAs in the CalSavers program — which is managed by Ascensus College Savings Recordkeeping Services (ACSR) —is between0.825% to 0.92%, depending on investment choice.

At the outset, employees can <a id="377786e4-effc-38f9-a6b3-f271a2a92302" href="https://saver.calsavers.com/home/savers/investments.html"> choose to invest their money </a> in acapital preservation fund, a bond fund, a global equity fund, and a suite of target date funds. The first $1,000 in contributions for each member will be invested in a capital preservation option.

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