Spare Change

Tax Watch

Starting next year, for 2006 federal income tax returns, taxpayers can choose to have their direct-deposit refunds sent to as many as three financial accounts, up from the single-account option that’s currently available. The new “split-refund” capability will provide for greater control over what is, for some people, the largest chunk of money they receive all year.

Money Tip

Losing a child is an unthinkable tragedy, and of course parents want to protect their children in every way. As a result, many insurance companies offer life insurance policies for children. But experts say that, in general, children do not need life insurance. Parents should purchase life insurance policies for themselves so that their children are protected.

Wise Planning

It’s easier to get a lower interest rate on your card than you might think. You just have to ask for it. Visit Cardweb.com to investigate rates, then request a specific rate. Stay firm; emphasize your loyalty and if you have to, ask to speak with a supervisor.

Net Nugget

An investment strategy known as asset allocation can help reduce the risk to an investor’s total portfolio. Several Web sites offer advice:

“www.investo pedia.com/ articles/04/ 031704.asp

Discusses various approaches to asset allocation

“www.smart money.com/ oneasset

Features interactive asset allocation worksheet