business

While many of her tax-preparing colleagues are chained to their desks, Lisa Baskfield very well could be on an airplane to Florida. The Rogers, Minn., certified public accountant makes it a point to finish her clients' tax returns, or file extensions, a week before the April 15 deadline. No nail-biting, no all-nighters.

"When people are tired, mistakes happen," she said, believing each and every one of her clients deserves a well-prepared return, whether it's the first or the last sent to Uncle Sam.

Within Baskfield's business philosophy rests a simple concept that can improve anyone's financial life: Plan ahead.

It's no surprise that tax returns are due every April. Why do so many of us -- professionals and amateurs alike -- push the inevitable into the back of our minds until it's too late?

Like taxes, so many of life's money matters -- paying for college, car repairs and Christmas gifts, to name a few -- should be anticipated.

In this economy, planning is more important than ever. "It's not fun to look at what the market's doing, or to lose your job, but by always planning for your own financial well-being, you retain ultimate control," Baskfield said.

Here are some areas of your financial life where planning will pay off in ways big and small:

Save at the grocery store: Plan meals and make a list before you head to the store. Combine store sales with coupons clipped from the old-fashioned circulars and found online at manufacturers' websites or sites such as coupons.com or redplum.com. By planning, you can shave double digits off your grocery bill. And if you need a painless way to beef up your cash cushion, you can take your food savings, usually listed on the bottom of your receipt, and transfer that amount into savings after each trip.

Save steadily: Like taxes, birthdays and holidays come once per year. I'm a huge fan of so-called Christmas accounts that can be opened at many banks and credit unions. The concept is that you set aside money year-around in an account for gifts, so you won't need to pull out the plastic at the mall. Check out smartypig.com, for the 21st-century equivalent. Last year, layaway made a comeback at some stores and websites such as elayaway.com. Another way to avoid gift-giver debt is by buying items throughout the year when you have cash on hand. Saving your unused gift cards for presents, or using credit card reward points to shop, are other debt-avoiding strategies.

Expect repairs: I can't tell you how many times someone has blamed credit card debt on "unexpected" car or home repairs. Who are you kidding? There aren't emergency expenses. Car parts need replacing. Roofs leak. The responsible thing to do is to start saving for them. Go through your records from the past year and see just how much you spent on everything from routine oil changes to new brake pads. Talk to a trusted mechanic about what may go wrong in the near future. Then try to save that amount of money over time.

You can also use this account to save for annual expenses such as home-insurance premiums, license plate renewal fees or your accountant's annual charge.

If you're like me -- and money starts to burn a hole in my pocket after I amass a couple of grand -- open a savings account dedicated to these expenses. That way, you won't be tempted to spend your car-repair cash on a vacation.

Build that rain barrel: Considering the job market and tighter credit standards, a rainy-day fund is crucial in this economy. With more companies requiring workers to take unpaid leaves, even families with three to six months' worth of expenses might save more if possible. Emergency savings should cover your basic monthly bills (think mortgage and gas, not cable and lawn service). And the account should be kept separate from your expected maintenance account.

If you don't have an emergency fund and can't find room in your daily spending to drum one up, you may want to consider canceling cable today, or reducing long-term savings for retirement.

Kids grow up; we get old: Most Americans don't have a lot saved for college or retirement -- even when the stock market's been good to us. Yes, we know we should start saving early. But we're busy. There are plenty of present concerns competing for our money. The unknowns to calculate are overwhelming. And the future seems so far off.

Unfortunately, too many savers hoped to make up for lost time with higher-risk investments in stocks and other assets. And it didn't work.

It's hard, but it's time to stop dwelling on the past and playing the blame game and to move forward. Open those retirement statements and assess the damage. Figure out how much you'll be expected to pay for college and how much you can afford. Revise the plan, or come up with one, based on account values today, not in October 2007.

Avoidance is not a strategy.

Kara McGuire is on maternity leave. Follow her on Twitter until she gets back: www.twitter.com/kablog.