How to Maintain Your Financial Health During COVID-19



Staying healthy is our number one priority, but it’s important to be extra mindful of your financial health — even if your income hasn’t been impacted by COVID-19. Here are some ways to keep your finances in good shape during these unprecedented times.

We’re In This Together: Helping Our Members Through COVID-19



Communities worldwide are struggling with the temporary closing of businesses, schools and public facilities affected by the COVID-19 pandemic. As many people continue to cope with these drastic developments, the Credit Union is here to help its members during this time of uncertainty.

How to Help Children Become Financially Savvy



Teaching children about money early in life can help them learn healthy financial habits that will last a lifetime. Research shows that children who learn how money works, make better financial decisions — whether it's budgeting to buy a toy they want or applying for student loans.

Ready for a New Home? Here Are Some Factors to Consider First



With spring right around the corner, it’s a good time to begin your house search if you’re in the market. But, there are many factors to consider when looking for a home. Here are some tips to help get you started on your search.

Taking an Entrepreneurial Leap? Here's What to Look for in a Business Loan



Have a new idea you would like to put into action? You may need some help to get your idea off the ground. Once you create a functional plan, applying for a business loan could be your next step.

Budgeting for New Parents



Becoming a parent is one of the most joyful and exciting times of your life, but it can also be financially overwhelming. You must prepare for everything from buying diapers, to paying for doctor visits and daycare, all while trying to achieve your financial goals and sticking to a budget. Here are a few tips to help build a baby budget into your financial plans.

Create an Emergency Fund
Consider all of your financial needs when trying to prioritize your expenses. It’s important to have an emergency fund with at least three to six months’ worth of expenses. Once you reach this goal, contribute a set amount each month to continue growing your account. Having this fund established will help bring you peace of mind.

Keep Saving for Retirement
Even though you have additional expenses with a new baby, you should continue to contribute to your retirement savings.  According to Investopedia, it's a good idea set aside at least 15% of your income or contribute to a 401(k) if your workplace offers one to help set yourself up financially for retirement.

Reduce Debt
Costs for child care will add up quickly. Work to pay down and pay off credit cards, car loans, student loans or any other debts you may have. These debts will prevent you from focusing on your financial priorities. Paying these down quickly will help you get on the right track and give you more money each month to put toward your savings.

Update Your Budget
When your baby arrives, your household income may be affected. One or both parents may take unpaid maternity leave, or one might stop working. Cutting your expenses or practicing living on less will put more money in your pocket for costs that come with a new child. Getting used to a smaller budget can help you save for daycare and other immediate expenses.

Shop Smart
Most expenses for a new born baby won’t last forever, but new expenses may arise as your child gets older. To help reduce these costs try these options:

• Buy secondhand and shop Mom2Mom sales
• Shop around for different child care providers
• Look for discounts on items such as diapers, formula, and strollers.

Planning goes a long way, even though unforeseen circumstances may arise and you may not be able to contribute to all of your financial priorities every month. Having a baby is a wonderful gift, but there are costs involved. Creating a plan beforehand will help you reach your financial goals and make the transition a little easier.

 


 

5 Ways to Start the New Year on the Right Financial Track



January is a great time to start something new. When it comes to your finances, the New Year also is a good time to set goals and strategies. Here are five ways to help you start 2020 on the right financial track:

Ideas for Creating DIY Holiday Gifts



Do it yourself (DIY) gifts are great ways to personalize and save a little money when you are making your list this holiday season. Here are some ideas for simple DIY gifts.

The Risks of Using the Same Password for Everything



In today’s digital age, you can now unlock your phone with your fingerprint or facial recognition. You have two-factor identification to log in to your credit union account. And maybe you have a 40-character password with numbers, letters, capitalization, and symbols. All of these extra layers of security are great, but are your passwords really secure?

As security systems are constantly advancing, so are the “bad guys” and their tactics. In honor of National Cybersecurity Awareness Month, here are some ways to help better protect yourself from hackers.

Break a Sweat, Not Your Budget



Being healthy shouldn’t cost you an arm and a leg. Gym memberships, protein powder, and workout accessories can be useful in maintaining a healthy lifestyle, but the price you pay for them add up quickly. Luckily, there are several ways you can focus on your fitness while being friendly to your wallet.

How to Start Financial Management Conversations with Kids



It’s never too early to start teaching kids about money. Good financial management skills learned at an early age can have a lasting impact on the rest of a child’s life. Educating your children about financial wellness will help them build healthy spending habits for the future.

4 Ways to Find Financial Freedom



Paying off loans and credit cards can take a long time and often feels like the biggest financial burden. However, if you prioritize your debt and stay motivated, you may be able to be debt free sooner than later. Here are four debt payoff methods to consider when planning your journey to financial freedom.

The Best Financial Advice Credit Union Employees Received From Dads



In celebration of Father’s Day, we asked Credit Union employees to share the best financial advice they’ve received from the dads in their lives. Here’s what they had to say.

3 Steps to Starting an Emergency Fund



When emergencies strike, are you prepared? Can you cover the expenses that life unexpectedly might throw at you? It is always a good idea to start saving for emergencies if you haven’t started already.  Here are some steps to follow when getting started.

5 Ways To Eliminate Travel Fees



As the travel industry continues to tack on fees to nickel and dime your every move, we’ve come up with five fees the jetsetters out there could avoid. While a dollar or two here and there may not seem like a big deal, the charges add up overtime. Spring Break is just around the corner, so take a look at these tips to eliminate travel fees.

Tax-planning tips for 2019



It is January 2019, and although it may seem too early to start thinking about filing your taxes, the process may feel more complicated this year because of the multiple changes to tax rules that have gone into effect.

How to Follow a Certificate Ladder to Reach Your Savings Goals



Did you make building your savings a 2019 New Year’s resolution? Making a savings goal is not only one of the most common New Year’s resolutions, it’s an important key to financial success. If you’re looking to get more out of your savings goals, laddering Certificates is a great way to effectively reach your goals.

Spring Clean Your Finances



Spring is finally in the forecast in Michigan (at least a little bit). I don’t know about you, but I’m most motivated in the spring. The sun and warmth and melting snow makes me ready for anything. But, there’s definitely still some cold weather ahead. Why not take a cloudy afternoon or evening and spring clean your finances?

Achieve Financial Success with These Five Traits of Olympic Athletes



Have you been watching the 2018 Winter Olympics in PyeongChang? It’s inspiring to see the world’s best athletes achieve their dreams. Whether I’m watching first-time Olympians or three-time Gold medalists, I’ve noticed we can learn a lot from these athletes to help us achieve success in many aspects of our lives, including our financial goals. But don’t worry! Athletic ability is not one of the Olympic traits you need for a successful financial future. It’s about the mindset they have to accomplish their goals. Take a look at these traits, practice them, and you’ll be on the right path to financial success.

A Smart Shopper's Guide to Mobile Pay



I consider myself to be quite trendy, but I’m also that friend who regularly uses checks to pay bills. I am aware that there are plenty of innovative payment options available, but something about paper checks seems so irresistibly simple. The intangibility of online money transfers, amongst a myriad of mobile apps, just seems untrustworthy to me. With this wave of skepticism, I set out to learn about the latest trend in financial services: mobile wallets.

6 Finance Terms You Need to Know



Do you remember your first financial milestone? Whether it was opening a checking account or buying your first car, the feeling of accomplishment that accompanies successful financial planning is unparalleled. As time goes on, the way we manage our money becomes increasingly important. Our purchases and investments become larger, and greatly shape our financial future.

2017 Money Resolutions: Creating a Budget and Sticking to It



It’s the beginning of a new year, which means, it’s time for more money resolutions! This year, I am going to share how to make a budget that works best for you.

52-Week Challenge Wrap-Up



Well, we’re almost done with the year, which means the 52-Week Savings Challenge is coming to a close. How did it go for you? For me, overall, it went well, but I did need to reassess my money management style as the weekly savings amount grew. But, I’m still on track for success (so far).

How Much is Your Coffee Really Worth?



Did you know September 29 is National Coffee Day? Millions of Americans drink coffee every day, in fact, more than 80% of American adults drink coffee! No wonder there is a holiday to celebrate the beverage many pour into their cups first thing in the morning. Unfortunately, many times before the coffee is being poured into your cup, your money is draining out of your wallet. If you can’t go without a daily cup of Joe, consider finding ways to cut down on your coffee expenditures.

Student Loans: Managing Your Refund Check



A new semester is approaching, which means student loans are being processed by colleges and student refund checks will soon be disbursed. If you’re a student receiving financial aid, check out this post to understand if you’re handling your refund money wisely.

52-Week Challenge Mid-Year Check-in



July 1 marks the mid-point of the year. Can you believe it? We’re halfway through 2016!

Student Loans: How Do I Pay Them Back?



If you just received your college diploma, you are most likely among the many graduates with tens of thousands of dollars in federal student loan debt. That means in about six short months, whether you have a job or not, you’ll have to start making repayments. As the average 2016 graduate with debt has about $37,000 in student loan debt, it is understandable that you’re stressed—that much debt is hard to fathom! Before you have a breakdown, or even if you already did, know that there are many options to give you flexibility when repaying your loans. Let’s take a look at a few of your possibilities.

Starting an Emergency Fund



Are you prepared for a financial emergency? A recent survey showed that 40% of respondents has an unexpected expense in 2015. If you own a car or house or have children or pets, you know you can’t plan for every expense. Keep reading for tips on building your own emergency fund.

How Should I Be Saving for My Child's Education?



College is getting more and more expensive every year. If you have children and want to help pay for college, the best thing to do is start as soon as possible. But what is the best way to save? Let’s take a look at a few different plans you can choose.

Tax Time: What Should I Do with My Tax Return?



The word “taxes” strikes fear into a lot of people. But that doesn’t have to be you! Between now and Tax Day, we’ll be covering some common tax questions we get at the Credit Union, including options for IRAs. But first, let’s talk about something fun: tax returns.

Take the 52-Week Savings Challenge



Saving just a little bit every week can make a huge difference! Take the 52-Week Savings Challenge in 2016 and see your small savings add up to over $1,300 in a year.