Archive for category Personal Finance Tips
Utility & Energy Industry Families: Enjoy Your Vacation MORE – Spend LESS & Earn REWARDS
Posted by UECU in Family Finance, Financial Rewards, Personal Finance Tips on June 28, 2011
When it comes to frugal fun, my family likes to live it up. Our latest vacation to the shore was no exception. With a little planning and smart choices on the road, we were able to save some bucks and get to more places with our vacation budget. And as always, our trip was made more carefree by knowing our credit union was traveling with us – and helping us earn rewards along the way. This summer, we spent some time enjoying the sand and the Atlantic, did a little shopping, visited a few nature preserves, and still had the time and funds to check out the local historic and cultural sites. Your trip itinerary may take you different places each day, but there are thrifty ways to adapt your spending strategy while you’re on the go. Are you looking to save on a vacation this summer? Your family may have their own tips and secrets – here are a few that worked for us …
1. Planning Ahead To Get The Inside Scoop
We’ve always had fun planning our family trips and now we don’t even need to line our bookshelves with travel books. The Internet is an inexpensive source of information on travel destinations. A little research ahead of time makes all your spending decisions much easier along the way. I like to check out the local attractions, what events are going on in town that week, neighborhood shops, and the best local eateries. Think about prices and make a list of the “definite” and “maybe” places on your hit parade. And don’t forget to check the weather forecast. Pick your best days for outdoor activities and avoid losing the value of admission fees because bad weather spoiled the day. If you get unexpected rain one day like we did, your list will come in handy for indoor substitutes.
2. Reaching Your Destination – Without Spending Your Budget On The Way
Packing and a long drive may be the only downers of taking a road trip (well, aside from the after-trip laundry pile) – but you can improve your experience. Need something to put in your suitcase? If you’re a fan of the outdoors like me, you might be dressing for the occasion. If you need a new hat, clothing, walking or hiking shoes, swimwear, or camping and recreational supplies for your adventure, you’re in luck as a UECU member. If you buy ahead of your trip, you’ll want to take advantage of Shop America, which offers credit union member discounts to more than a thousand big name retailers’ online stores. I was amazed at my buying options, which include discounts to more than 200 clothing and shoe providers and 90 stores selling outdoor gear and sporting goods!
For the drive, we took the family’s most fuel-efficient car and tried to minimize our cargo. Filling the tank is still painful, but we rewarded ourselves by always using our UECU VISA® Power Card™ at the pump. With our PowerCard™ we earned 1 VantagePoint™ for every $1 we spent – we’ll redeem our reward points for cash back or gift certificates we can use to book future vacations – UECU’s gift certificate vendors include several options for transit companies and travel reservation services. And while we used our own vehicle this time, the PowerCard™’s free travel security features like auto rental insurance and travel accident insurance always come in handy for reserving rentals and flights.
3. Getting Your Munchies For Less
Worried about spending too much on your meals? Think of ways to take a bite out of the local cuisine – but not your wallet. We chose one night to splurge on a seafood dinner and aimed for savvy spending the rest of our trip. When we’re eating out, we try to order our bigger meal early in the day from the more affordable lunch menu. Our UECU VantagePoints™ rewards have come in handy too – it’s easy to run into a participating restaurant on the road, since there are more than 20 restaurant chains in UECU’s gift certificate options!
Picking the right hotel helps, too – some offer a complimentary continental breakfast included in their price – and many have a mini refrigerator and/or microwave you can use to prepare a small evening meal. You can even take your edibles on the go during the day with a well-iced cooler. This way, eating “out” doesn’t have to mean another bill. Al fresco can be a nice change of pace – we enjoyed lunchtime tuna sandwiches by the sea on our trip.
4. Staying The Night
Are you vacationing in a large town or a frequent tourist destination? The hotel prices I find for these spots often make my eyes pop. One idea is to visit your destination in the “off-season” – but that only works if attractions are open year-round. My family’s method of coping is to check hotel prices in the surrounding smaller towns. Often one or two exits down the highway, you’ll get the same hotel room for significantly less a night. We usually find the savings far outweigh the few extra minutes your car’s on the road. If you like staying in the same hotel chain, many have rewards programs that earn you discounts on future stays. And once again, VantagePoint™ rewards have saved the day more than once with 14 hotel gift certificates to choose from!
So, don’t stay home all summer – you can vacation for less – think thrifty, earn rewards with UECU – and enjoy your trip even MORE!
Written by Amanda Y.
Three Ways To Cope With Rising Gas Prices
Posted by UECU in Loans, Personal Finance Tips on May 13, 2011
Utility & Energy Workers – Are your wallets feeling the pinch at the pump?
Rising gas prices may make for interesting office chatter or Facebook complaining, but have you really considered the impact on your budget? You may not immediately notice the absence of the extra $5-10 it costs to fill your tank, but in the course of a month and the year, you could find yourself short on cash. Not to mention, rising gas prices are usually followed by rising food prices, since at some point everything is shipped by truck to the store. With even higher gas prices traditionally arriving in the summer, prepare now so your budget stays in good shape.
1. Buy Cheaper Gas: Experts agree that most cars today are built to be maintained on regular unleaded. Unless your car manual indicates a higher-octane compound, choose the lower grade. Also consider “off-brand” gas. Shop your local grocery store gas station where you can often get generic pricing as well as loyalty rewards to lower the price even further. Check out websites like www.gasbuddy.com or www.gaspricewatch.com that help you shop around without driving round.
2. Change Your Habits: When prices rose in 2008, consumers carpooled, took public transportation, lowered their discretionary drive time, or switched to walking and pedaling when possible. Consider these options again and make them a permanent change this time.
3. Buy Better Cars: If the low prices and low loan rates didn’t make you buy an energy-saving car last year, then higher gas prices might. Hybrid vehicles offer the best mileage but sometimes a steeper purchase price. Smaller cars also offer high mileage at a more reasonable purchase price, but you sacrifice room or function. Decide which option fits your lifestyle. And don’t worry, there’s still time to enjoy UECU’s great auto loans – you could pay around $60 a week on your loan with super low rates starting at 2.99% APR.*
Consider whether you’re saving enough for gas and other rising expenses. Call 800-288-6423 to discuss your current savings plan with UECU or to learn more about savings and lending products to help you prepare for a new vehicle purchase.
* APR=Annual Percentage Rate. Savings based on a $14,500, 60-month loan, calculated as of 04/30/2011. Our lowest rate is based upon an evaluation of credit-worthiness criteria, and maintaining an active UECU checking account; your actual rate may differ. Certain auto model year and loan amount restrictions apply. Limited time offer. Offer is subject to change without notice. Refinancing of existing UECU auto loans are not eligible.(Article is provided by PSB and is featured in the April 2011 edition of UECU’s News You Can Use)
Turn April Showers Into Financial Harvests
Posted by UECU in Home Ownership, Loans, Personal Finance Tips on April 15, 2011
Utility Professionals: Put Your Springtime Energy Into Creating A Profitable Summer
April has been a rainy month in UECU’s neck of the woods, but it’s been a busy month, too. Just like the singing birds and spring greenery emerging outside the credit union’s headquarters, our phone lines and online banking hub are bustling with seasonal activity – UECU members pursuing their spring financial activities.
This is the time to shake off the dust and perform a little spring clean-up of your finances. So, before the weather warms up for good, why not use the rest of April to consider your financial needs for summer and the rest of the year? Here are some tips to get you started …
1. Put your tax refund to good use. Did you earn a reward for all your hard work? Don’t waste it – think about the best use for your tax refund this year. Is it time for you to pay off your credit card bills or pay down part of a loan balance? Do you know you have an upcoming expense this year? Your best bet could be salting away that refund until it’s time for your planned vacation, home project or car upgrade.
2. Fix up your home with some spring savvy. Spring cleaning usually goes beyond laundering your winter blankets – this is the season our home projects get underway. Plan to spruce up your home in small stages so you won’t have to abandon projects that become too daunting or spiral into a money pit. Start by tidying your living space – you could earn some extra cash by selling your unnecessary items at a yard sale. Also make April your month to check your home’s windows and other spots where you can prevent summer’s air conditioning from escaping. Your money would be better spent planting a garden of May flowers or summer veggies than wasted electricity! If this is your year to upgrade appliances or give your home a bigger makeover, do it with a home equity product. UECU has slashed our rates on both home equity term loans and home equity lines of credit.
3. Plot your vacation wisely. There are a lot of ways to reduce your vacation spending and together they can add up to some healthy savings. Consider enjoying some local sightseeing with a “staycation” at home, or reducing your travel expenses by picking a destination within a day’s driving distance. Taking a bigger trip this summer? Maybe it’s time to cash in your VantagePoints™ – our gift certificate vendors offer tons of choices for the vacation-bound, including hotels, restaurants, air travel, car rentals, travel companies, and an assortment of stores offering luggage or gear for outdoor getaways. Or, you can always choose to exchange your points for cash back to gain some spending money for your trip.
4. Prepare your vehicle for summer. Whether you’re planning a longer trip or a few weekend jaunts, our cars usually get a work-out in the summer. Get yours road-worthy with a springtime check-up. You can also prepare for steep summer fuel prices. To get the best gas mileage, inflate your tires to the proper psi, replace your air filter, use a quality motor oil and remove the extra cargo that tends to pile up in our trunks – all of these measures improve your car’s fuel efficiency. If this is the year you’ve chosen to buy a more fuel-efficient car, you’re in luck. UECU is still offering incredible deals on auto loans – right now, you could pay around $60 a week on your loan with super low rates starting at 2.99% APR.* Give us a call at 800-288-6423 ext. 4001 to learn about our vehicle loans.
5. Seek out financial guidance. April also happens to be Financial Literacy Month. These rainy spring days are a great time to pause and take stock of your finances. Take a look at your savings plan and credit history and consider if you’re on the right path to your long-term financial goals, whether they include purchasing a home, saving for yours or your children’s advanced education, or preparing for retirement. UECU’s Financial Service Consultants are available to help – these experts can review your credit report with you and discuss the best options for you to reach your goals. Your credit union is here for you this spring and all year-long – you can rely on UECU’s financial tools to help you achieve your profitable future.
*Payment based on a $14,500, 60-month loan, calculated as of 4/15/2011; APR=Annual Percentage Rate. Rate quoted is our lowest available rate. Your rate may differ based on an evaluation of creditworthiness criteria.
Written by Amanda Y.
Are you applying for Federal Benefits this year? Options for Energy & Utilities Professionals at UECU.
Posted by UECU in Financial Services, Personal Finance Tips on April 4, 2011
New payment requirements are going into effect for anyone applying for federal benefits on or after May 1, 2011. In an effort to save money, make more timely payments, and help increase safety and security, the federal government is requiring that all federal benefits be paid electronically. The federal government expects to save over $120 million dollars by eliminating the cost of creating and sending paper checks.
Federal benefits recipients will be given an option to direct deposit their benefits into their financial institution’s checking or savings accounts. Recipients who are currently receiving federal benefits by check will have until March 1, 2013, to make the switch to their choice of methods. For new applicants, that change goes into effect May 1st. Details about the change are available at http://www.fms.treas.gov/.
UECU is ready to make the transition to electronic deposits simple for our members. Our Member Service Team can easily set up direct deposit of your benefits to your UECU accounts. You can arrange for your benefits to go into your UECU savings account or get immediate access through your Advantages VISA® Check CardTM by depositing your benefits in your checking account. Call us today at 800-288-6423 to get started.
(Article is provided by PSB and is featured in the February 2011 edition of UECU’s News You Can Use.)
Tax Time
Posted by UECU in Personal Finance Tips, Savings on February 24, 2011
Tax Time
Did you realize that you actually have extra days this year to get your returns together? The normal “Tax Day” deadline of April 15th falls on a holiday celebrated in Washington DC that will close federal offices. Moving the deadline one business day lands it on Monday, April 18th. Returns filed or postmarked by midnight are considered “on time.”
The IRS will not automatically mail paper forms this year. If you want to file by paper, you will need to download the forms from the IRS.gov website. If someone you know does not have access to a computer and wishes to use a paper form, the IRS has options available to help obtain paper copies of individual forms and instructions, including local IRS offices/Taxpayer Assistance Centers or participating libraries and post offices.
Are you eligible for the Earned Income Tax Credit (EITC)? Last year 25% of taxpayers who were eligible failed to file for it. The EITC is designed to supplement wages for low-to-moderate income workers, and because tens of millions of individuals and families lost jobs, took pay cuts, or were furloughed this year, many previously “middle class” people now qualify. Ask your tax professional for complete details.
You have until you file or mail your return to open and fund an IRA to claim it for the 2010 Tax Year. If you prepare your taxes early and see that you need a little help to reduce the burden, this is a perfect way to pay fewer taxes and bolster your retirement savings. Call Gina, UECU’s resident IRA Specialist, at 800-288-6423 Ext. 4021 and start making your money work for you!
(Article is provided by PSB and is featured in the January 2011 edition of UECU’s News You Can Use)
Finding the IRA for YOU
Posted by UECU in Personal Finance Tips, Savings on February 14, 2011
My college years were some of the best years of my life. Other than forging great friendships, I acquired quite a bit of knowledge in my four years at Shippensburg University. My junior year in college, I took my first Finance class that every business major was required to take before graduation. Not only did I start pronouncing finance with a short i instead of a long i, but I also decided that I wanted to open a Roth IRA after I took this class. I had little to invest, but my parents provided some guidance and got me in touch with their financial planner to talk about opening and funding a Roth IRA. The Roth IRA made the most sense for me given the amount of time I had until retirement. The idea of taking withdrawals tax free instead of my money growing tax deferred was more attractive to me at this time in my life. I have the time to make contributions and grow my earnings which will make my tax free withdrawals more significant upon my retirement.
Here at UECU we offer both Traditional and Roth IRA’s. It is really up to you to decide which one will best fit your needs. The Roth IRA is what worked best for me. There are a lot of specifics on who can open and contribute to these retirement accounts and UECU is here to help with Gina, your own IRA Specialist. She’ll help you plan for your future and get you in the right IRA for you. Give Gina a call at 800-288-6423, Ext. 4021.
“IRA accounts federally insured up to $250,000 and backed by the full faith and credit of the NCUA, a United States Government Agency.”
Written by Jaime B.
Ways to Pay Off Your Holiday Shopping Bills
Posted by UECU in Loans, Personal Finance Tips, VISA Credit Card on January 20, 2011
The holidays are over and the bills will start to roll in. If you didn’t plan ahead this year, don’t worry. We can still help you pay down the debt without breaking the bank.
Call one of our friendly Financial Service Consultants at 800-288-6423 Ext. 4001 as soon as you can. We can review your current budget, anticipated bills and income, to come up with an affordable consolidated debt loan payment and savings plan together.
Now would be the time to get a new credit card with a lower interest rate. UECU’s rewards VISA® Power Card™ is your perfect credit card solution. Many people carry the same card for years and just don’t think about checking into a better deal. You could save thousands in interest charges with just a reduction of a few points in your rate.
And, with your new or current VISA Power Card™ comes the opportunity to transfer balances. Those department store charge cards you used to purchase your holidays gifts probably have a much higher interest rate. Transfer those balances over and start saving immediately. Plus, earn VantagePoints™ for any purchases, balance transfers and cash advances you make with your VISA Power Card™. Then redeem those points for cash back, gift certificates and loan rate discounts*. Earn rewards while you save money, what could be better?!
Call UECU at 800-288-6423 Ext. 4001. We’re sure we can help you pay off your holiday shopping bills and set you up with a savings plan so you’re prepared this year.
*Rate reduction can be used on new loans only. Excludes Home Equity Term Loans, Mortgage Loans, VISA Power Card™, and Lines of Credit.
(Article is provided by PSB and is featured in the December 2010 edition of UECU’s MemberNews)
New Year New You
Posted by UECU in Personal Finance Tips on January 4, 2011
2011 is here! Many people are making resolutions to start new habits in the New Year. This is a great time to create new financial habits. Look back at 2010 and see how much you spent and set a budget for 2011. It is easy to sign into your account via Advantages Online™ and look over where you spent money in 2010. Here are some items that are important to remember and can sometimes be forgotten when creating a budget:
- Your every day expenses will most likely not decrease. It is a good idea to keep the cost the same or allot even more than you used in 2010. Make sure to include all items like utilities, all loans, insurance, gas, car services, groceries, medical expenses, and even things like a turnpike pass.
- I have a few subscriptions that renew monthly or yearly for items like newspapers, magazines, movie rentals, and satellite radio.
- Entertainment is often overlooked and can be expensive. I always like to put dining out into this category instead of groceries. Movies, concerts, and shows are important to include in this category as well. I noticed late in 2010 that I was spending $1.50 every time I visited the vending machine at the Credit Union for my afternoon caffeine fix. I was able to purchase the same soda (or pop -depending where in the U.S. you are) for $10.00 for 60 cans. I save myself about $1.33 per can by taking my own beverage to work every day.
- Clothes and shopping can be overlooked when setting up your budget.
- Vacations should be budgeted and this is a great time to open a Vacation Savings Account if you don’t already have one. I visit my brother a few times a year in Ohio and go to the beach at least once in the summer for a long weekend. These are trips I make every year, so it is easy to predict what the costs will be for the year.
- When I looked over my expenses in 2009-2010 I noticed an increase in expenses for celebrations like birthdays, bridal showers, baby showers, weddings, and christenings. Fortunately for my friends and the economy (and unfortunately for my savings), I am at the age where all of my friends are getting married and having children.
- Last, but not least (this list could go on and on) it is very important to save for the future and the unexpected. This is a great time to take a look at what you are contributing to your retirement accounts like an IRA and calculate what you may need for retirement. Also, make sure you automatically contribute to your savings every pay period. Unfortunately, the unexpected can happen. Last week, I was out doing some holiday shopping and someone backed into my car. Lucky for me, their insurance is going to cover this or I would have to pay my insurance deductible at “the most wonderful time of the year.”
After you have completed your 2011 budget, let us know how we can help. It might be a good time to refinance your home equity or auto loan with us to reduce your payments and give you a little extra savings. You may want to improve your credit score and we can help with REACH™ credit counseling. I want to thank you for a great 2010 and I look forward to an even better 2011. One of my many financial resolutions is to improve this blog. I could use your help. Let me know what topics interest you. I look forward to hearing from all 40,000+ members of UECU.
“Your savings federally insured to at least $250,000 and backed by the full faith and credit of the NCUA, a United States Government Agency.”
Written by Jaime B.
Shopping Strategies for Black Friday and Cyber Monday
Posted by UECU in Financial Rewards, Personal Finance Tips, VISA Credit Card on November 12, 2010
Two of the biggest shopping days of the year happen in November—the day after Thanksgiving known as “Black Friday,” and its new cousin two days later, “Cyber Monday.”
Long reigning as the busiest shopping day of the year and an important economic indicator, Black Friday may have lost some of its luster over the years to increased competition, but a bargain can still be found and shopping traditions across the land can remain intact.
Plan ahead. Gather your sale circulars. Write down your shopping list. Map out your destinations. The most efficient way to survive and save on Black Friday is to mount the offensive. Retailers will send out their sale notices in plenty of time for you to compare prices, make note of the special sale times, and store hours.
Shop early OR late if you can. The best deals are for the early-birds and the night owls. In an effort to manage their productivity and inventories, retailers now extend their operating hours and give deep discount incentives to those who take advantage.
Cyber Monday was coined after retailers saw an increase in online sales the Monday after the long Thanksgiving holiday weekend. Further research showed that many consumers were continuing their holiday shopping from work! Now, it’s become another reason to have a sale!
Start by checking out Cyber-Monday.org for a list of online retailers participating this year on November 29th. Sign up for email notices or newsletters from your favorite online retailers that will give you the edge over the general “public.” Have your credit card or checking account information handy.
Decide on shipping. If you’re having gifts shipped to the recipient, verify their address BEFORE you place the order. For those retailers not offering free shipping, see if you can combine orders with family or neighbors and split the cost.
A few simple steps will have you bragging at the bus stop or water cooler on Tuesday about all the money you saved. Plus UECU membership is especially rewarding from Black Friday until the end of the year. When you use either your VISA® Power Card™ or Advantages VISA Check Card™ for purchases over the Holidays you earn DOUBLE VantagePoints™!* Don’t have one of these fabulous cards? Call 800-288-6423 to apply.
*Transactions must be signature-based; PIN-based transactions do not earn VantagePoints™. Points are earned net of credits. DOUBLE points for the purpose of this promotion cannot be combined with double points earned on the first 30 days after receipt of your new card.
(Article is provided by PSB and is featured in the October 2010 edition of the UECU News You Can Use newsletter)
6 Tips to Help Curb Impulse Purchases
Posted by UECU in Personal Finance Tips, Savings on September 22, 2010
I recently spent a long weekend in Myrtle Beach with my old roommates from college. We discussed everything from the car buying market, to finances, to weddings. After a great weekend of sitting in the sand, one common thing we discussed on the drive home was how all of us spent too much money over the weekend.
Vacation is a luxury for many people and even for just three days in the Carolinas I spent almost $1,000.00 including food and travel. Sure, we did some amazing things, but now I sit back and wonder whatever happened to that picture of us feeding the baby tiger? It cost me over sixty dollars to have that memory immortalized!
Vacations, like anything else, can be done on a budget. However, we always have those impulse buys (such as jewelry, a scarf, and the missing tiger picture) where you end up spending more than you budgeted for. In order to curb impulse spending here are some tips to help you:
- Ask yourself what is this really going to cost me? $100 designer jeans may seem reasonable when you tell yourself that you live in your jeans and wear them all the time and really get what you pay for when it comes to jeans. However, you need to step back and ask yourself how much are you really paying for those jeans? Will you pay off the credit card that you put the jeans on or will you be paying interest on those jeans?
- Relate the cost of the impulse purchase to what else it could buy you. $100 designer jeans could be 2-3 tops and jeans at a discount store. $100 could buy groceries for your family for the week or for a single person for the entire month.
- Another great way to curb your impulse buy is to ask yourself how many hours do I have to work for this pair of $100 designer jeans? If we use an easy number and say you get paid $10 per hour. Ask yourself if the jeans are really worth your ten hours of hard work.
- Set up a Special Savings Account at UECU. You can even call it Impulse Purchases. Set aside a specific dollar amount from your pay every pay period. When you have the urge to purchase something, you can easily transfer the funds into your Advantages Checking™ Account. This will require an extra step for you to transfer the funds and think about how long it will take for you to work towards your next purchase.
- I always find it best to have an ongoing list of things I need. It is also helpful to give yourself a time line, so you know when you have to buy those things. This will help so you only buy it when you absolutely need the item and will allow you some time to look for the best price on the item. Creating a budget and your need list is a great place to start to avoid impulse buys and the list will help when you are front and center staring at those $100 “make my legs look so long” designer jeans.
- Finally, you need to always have an exit plan. Know when you need to walk away. Give yourself 24 to 48 hours to think about if you really need or should I say want the $100 designer jeans. If you can’t walk, just wait there and think about the purchase.
If you do slip, you helped stimulate the economy. Make sure you get yourself back on track with your list and budget.
“Your savings federally insured to at least $250,000 and backed by the full faith and credit of the NCUA, a United States Government Agency.”
Written by Jaime B.
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