Archive for category Savings
Are You Doing All You Can For Your Piggy Bank? Your Future?
Posted by UECU in Family Finance, Personal Finance Tips, Savings on February 23, 2012
Did you happen to celebrate America Saves Week? That’s right, the 6th Annual America Saves Week has been going on this week from February 19th through 26th. Community and financial outreach organizations across the nation are spreading this year’s message, Set Goals, Make a Plan, Save Automatically.
That’s a message I can get behind, and so can our credit union. Utilities Employees Credit Union is all about making it easier for our members to save. That’s why UECU maintains savings rates significantly higher than the average of other bank and credit union rates – and why we offer savings tools that fit your lifestyle. I think many of us can agree that when we make saving easy and automatic, we follow through – we all enjoy convenient solutions, especially when it comes to our finances!
Here are three online resources to help you develop your savings plan:
1. America Saves Week. org: Get inspired by fellow American savers – read success stories, take fun quizzes to test your savings knowledge, and assess your savings progress and future wealth. You can even use some handy calculators to determine what you could save in your budget by cutting out splurges like your daily coffee – you can also calculate how much you should be putting away for an emergency savings stash or for future needs like a retirement fund.
2. Home & Family Finance Online Resource Center: For your home and family financial planning, check out the online resource center for financial tips to make your life easier and more profitable. Listen to Home & Family Finance® Radio segments and watch short videos on everything from balancing your check book, to financially preparing for marriage or children, to motivating your kids to become good savers.
3. UECU Online: UECU knows everyone has their own personal savings goals – keep up to the minute with your progress on uecu.org. UECU members can log into Advantages Online™ home banking to view your savings and checking balances, transfer funds and name your own special savings accounts … Car Savings, House Fund, Kids’ College Account, Italy Vacation, Rainy Day Savings, Mad Money … anything you choose. View your recent activities including your deposits, ACH transactions, and ATM withdrawals – and see the year-to-date dividends on your savings and the status of your yearly IRA contributions. Even put an ongoing savings plan on Auto Pilot – arrange for a regular amount to be moved from your checking to your savings account each month using an eVantages™ by Web funds transfer. Your savings tools are at your fingertips!
And don’t forget to sign up to receive the ongoing personal finance tips and great promotions we share on the UECU Blog! Enter your email on our blog.uecu.org page to get email notifications the moment we share a new post – you can even follow us on Google Reader or by RSS feed by clicking the blog feed link on the UECU Blog homepage!
Written by Amanda Y.
Ready or not, Valentine’s Day Is Coming! 4 Ways to do Heart Day on a Budget
Posted by UECU in Financial Rewards, Personal Finance Tips, Savings on February 9, 2012
If you’re single or part of the anti-Valentine’s camp this February, you may be off the hook for February 14th expenses. However, if you are part of a couple, Valentine’s Day can be stressful for your relationship and your wallet. While we at UECU can’t offer you any relationship advice, we can share some ideas to take the burden off your budget…
1. Plan ahead for dinner: If dinner at a nice restaurant is part of your celebration, find out if they are offering a special menu or package. Many include flowers so you won’t end up paying for them twice. Also, consider an earlier meal that may allow you to order from the lunch or early bird menu, which could provide big savings without forfeiting the ambiance.
2. Don’t buy roses: If there’s one day a year you shouldn’t buy roses, it’s Valentine’s Day. Because roses require a lot of manual labor to grow, ship, and store, the volume of demand for one day increases the price. Buy them for your loved one’s birthday or anniversary but stick to a more common botanical variety, or even paper flowers, on Valentine’s Day. If you’re going for a natural bouquet, why not save even more by taking advantage of your credit union discount to FTD? UECU participates in the Invest In America program, which offers “Love My Credit Union” promotions like a $15 discount on many of the flowers and gift choices available through FTD.
3. Give from the heart: Why not give a handwritten letter, a personal poem, a meaningful book, or CD? These gifts are more personal and will usually mean more to the recipient than the generic candy and flowers. Recount the year on a blank calendar or download songs that commemorate your firsts (date, kiss, trip, and so on). These ideas are far less costly than others that are packaged for the masses. Also, don’t think it’s taboo to talk about Valentine’s Day beforehand, so you understand each other’s expectations. This is the best way to avoid spending more money than you need to when your partner is simply happy being with you.
4. Do your own thing. Whether you’re part of a couple, or just hanging out with your single pals this Valentine’s Day, do what makes you happy. Singles, why not take that fun day trip you’ve been planning or have your own Valentine’s Alternative party or film fest at your place? Couples, if you’d rather skip the crowds, why not meet up for lunch and a wintertime walk, or order-in for some relaxing quiet time? You could also check out the seasonal online promotions from sites like Groupon, LivingSocial or Google Offers to find a fun and affordable activity in your neighborhood!
What are your plans to save money on Heart Day? Share your frugal Valentine’s tips by leaving a comment!
Article modified from PSB
Mobile Apps That Can Save You Money
Posted by UECU in Financial Services, Personal Finance Tips, Savings on January 13, 2012
Did you receive a new phone during the holidays or upgrade yours for the New Year? If you find yourself surfing the web for phone apps to add in 2012, UECU would like to offer some ideas.
Tetris and Angry Birds are fun but wouldn’t it be great to have some portable financial help in your phone, too? Check out the mobile apps that can put some extra cha-ching in your pocket. Break out your iPhone, iPad, Android or BlackBerry to start saving with these 7 applications …
1. Mint: (iPhone, iPad, Android) When you use Mint, you can manage all your financial accounts in one easy spot so you can always keep track of exactly what your budget looks like.
2. Skype: (iPhone, iPad, Android) An app everyone should have that allows phone calls, video calls, and instant messaging for FREE.
3. Redlaser: (iPhone, iPad, Android) Scan any barcode and find out where to go buy it and how much everyone is charging for it. Never overpay again.
4. Gasbuddy: (Phone, iPad, Android, BlackBerry) A free app that lets find the cheapest gas while you’re on the go. Locate gas stations near you and see their current prices.
5. MyCoupons: (available for iPhone, Android, BlackBerry) This handy app is perfect for everyone out there who clips coupons each week but then forgets to take them to the store. It allows you to scan the coupon right into your phone and redeem at the store. Unless, of course, you forget your phone too.
6. Coupon Sherpa: (available for iPhone, coming soon for Android and BlackBerry) Delivers hundreds of department store coupons and discounts directly to your phone. The inventory is updated daily so you always have the latest savings.
7. Key Ring: (available for iPhone, Android, BlackBerry) Stop carrying around (or forgetting) those loyalty cards that get you extra discounts and perks. This app stores all the information in your phone so you can always access it without the bulky keychain.
Article provided by PSB and featured in UECU’s Fall/Winter 2011 Connections™ Newsletter
Utility & Energy Employees: In the market for a new car? ‘Tis the Season for Good Buys!
The year-end season often presents a unique opportunity to purchase a new car. Dealers have to make room for new models on their lots by selling current model year inventory. While consumers’ priorities are shifting to the holidays, the time to make annual sales quotas is running out, which means sales bonuses could be in jeopardy.
There are many good reasons to buy now. So, do your homework – being informed before you shop can make the difference. Research the manufacturer websites for deals and rebates that may not be advertised locally. Visit consumer websites to learn about the fuel efficiency and safety ratings for the car models you are considering. If you have a car to trade, know its value before you start negotiating the price of a new car.
Walking into the dealer prepared makes any time a good time to buy. Check out these consumer websites to help you prepare: Kelly Blue Book (www.kbb.org), Edmunds (www.edmunds.com), Safer Car (www.safercar.gov), and Fuel Economy (www.fueleconomy.gov).
What could help you be even more prepared? Getting a pre-approved auto loan. With UECU’s incredibly low APR auto loan rates starting as low as 2.99% APR*, now is a great time for UECU members to purchase the car, van, SUV, or light truck you’ve been thinking about. To apply for an Auto Loan, simply call us at 800-288-6423 ext. 4001 or apply online at www.uecu.org. Ask us to send you a Pre-Approval Certificate, which you can have in-hand when you visit the dealer – now you’ll be ready to bargain for a great car deal!
(Article is provided by PSB and is featured in the October 2011 edition of UECU’s News You Can Use.)
*Our lowest rate is based upon an evaluation of credit-worthiness criteria, and maintaining an active UECU checking account (at least one transaction per month); your actual rate may differ. Certain auto model year and minimum loan amount restrictions apply Limited time offer. Offer is subject to change without notice. Refinancing of existing UECU auto loans are not eligible. Visit uecu.org for details.
Utility & Energy Employees: September Is National College Savings Month!
Posted by UECU in Family Finance, Personal Finance Tips, Savings on September 16, 2011
Back to school is the perfect time to focus on your college savings plans for your children or grandchildren. Like planning for retirement, starting early is always better, but saving at any point is essential. And while saving for and paying for college is important, experts agree that it should not come at the expense of your own retirement savings plan. Here are some ways you can build a nest egg to help fund the college dreams in your family…
529 Savings Plans: Also known as Qualified Tuition Programs, 529 Savings Plans are government or educational institution sponsored savings plans you can open for your children, grandchildren or yourself. Contributions are not tax deductible, but investments grow tax-deferred and contributions to pay for the beneficiary’s college costs come out federally tax-free. Check with your state for specific details about their sponsored plan. Read more information on the tax benefits of 529 Savings Plans and other education tax benefits in the IRS publication at http://www.irs.gov/pub/irs-pdf/p970.pdf.
Regular Savings or Certificate Accounts: There’s nothing risky about saving for college in a traditional savings account or certificate of deposit. The higher savings rates offered by UECU’s Advantages Money Market Savings™ Account make it an excellent choice if you will be saving a sizable balance for expenses like tuition. UECU’s Advantages Certificates of Deposit™ also offer you a variety of higher deposit rates and time periods to earn on your certificate balance.
Coverdell Education Savings Accounts: Maximum contributions of $2,000 per year may be made to each of your children’s Coverdell accounts. While the annual contributions are not tax deductible, these funds grow tax free until they are distributed. When the account is established, the beneficiary must be under 18 years old or be considered a special needs individual. As long as the money is used to cover qualified education expenses such as tuition and fees, books or supplies at an eligible elementary, secondary or higher education institution, the beneficiary will pay no taxes.
Call us today at 800-288-6423 to discuss how UECU’s savings options can help you prepare for your future educational expenses – and ask how to make your saving even easier with Direct Deposit, Payroll Deduction, or automatic fund transfers!
(Article is provided by PSB and is featured in the August 2011 edition of UECU’s News You Can Use.)
Energy & Utility Workers: Mortgages Are Made Easy with UECU
Posted by UECU in Home Ownership, Loans, Savings on August 24, 2011
Thanks to UECU, I recently became a first-time homebuyer without losing any sleep over the purchase of my home. As my family can attest, moving can be stressful – living in a sea of boxes, scheduling movers, setting up utilities, address changes, and much more – but getting your mortgage shouldn’t be.
With UECU, we enjoyed complete peace of mind that came from an incredibly affordable mortgage rate, an easy application process, and above all, working with a lender we can always trust. If you’ve heard stories from friends and family about all the hassle they went through completing a mortgage application at their financial institution, I think you’ll be pleasantly surprised by all the positive differences you’ll enjoy with a UECU mortgage …
1. Savings. Mortgage rates are still looking great and you can even stay up to date with current rates by signing up for email notifications with our online Rate Tracker tool. Then, choose your way to save thousands on your home purchase with one of two great UECU mortgage packages – a traditional mortgage with no Private Mortgage Insurance* or a mortgage with a super low down payment of 3.00%.**
2. Helpful Online Tools. Finding the mortgage product that’s right for YOU is easy with UECU’s “Mortgageclick” online Loan Consultant tool, which you can use to get a rate quote for the type of home purchase you have in mind. Provide the Loan Consultant with information about the home and purchase price – or simply call us – to get personalized advice on how much to plan on borrowing and what loan term to select. When the search for your dream home begins to look promising, you can complete a mortgage application to obtain a pre-approval indicating you are cleared to finance a home purchase up to an approved amount. Your pre-approval is good for 90 days. Happy Home Shopping!
3. Easy Mortgage Application. Great news about UECU’s mortgage application: there’s no need to fill out stacks of confusing paperwork on your own! Assistance and your choice of hassle-free application methods are at your fingertips 24/7, and as easy as a call or click. Once you have the property selected and have a signed sales agreement you can speak to a representative who will collect your information, fill out your application for you, and guide you through the next steps. You can also apply with UECU’s “Mortgageclick” online mortgage application – take your time and fill out your application from the comfort of home! Either way, there’s no mound of paper and you’ll enjoy prompt confirmation that review of your application is underway. Plus, if you already filled out a preapproval application, there’s no need to start over – just call us to provide information on the property and we’ll finalize your application.
4. Lock Your Interest Rate. Things get even better once your application is approved, you’ve gotten a signed sales agreement for your new home, and you’ve taken care of paying the application fee with payment options including your UECU account or VISA® Power Card™. Now it’s time for you to enjoy a rate lock on your mortgage interest rate. Lock in today’s great mortgage interest rate and you won’t have to worry if rates go up next week! Your rate is guaranteed for 60 days, so you’ll still pay today’s rate when the mortgage funding process is completed in the following weeks.
5. Convenient Borrowing: All The Way to the Finish Line. Completing the process for an approved mortgage is easy, too. Don’t stress – UECU will help you ensure all the players in your mortgage are coordinated, helping to provide necessary information for the title company, appraiser, and homeowner insurance provider involved with your purchase. And once it comes time to fund your mortgage and go to settlement, you can request a Treasurer’s check (for only a small fee) from your UECU deposit account or have money electronically transferred to the settlement agent for your funds that are required to be paid at closing. All you have to do is schedule your closing date, sign on the dotted lines, and walk away with the keys to your new home. Your mortgage payments can stay simple and paper-free, too – you can set up a recurring electronic transfer to pay from your UECU account! Ask about our payment schedules – there are options including monthly, semimonthly, biweekly and automatic additional principal payments, which may vary your payment costs.^
Call us today to begin your application or ask questions about your own home ownership plans. Call 800-288-6423 ext. 4001 for 24/7 service anytime.
Buying a home is a big step toward achieving your dreams – make it a step you can enjoy, with UECU by your side!
Written by Amanda Y.
* Private mortgage insurance waiver for mortgages with an LTV of over 80% and terms 20 years or less. Other terms and conditions may apply.
**A 3% down payment must be contributed by borrower(s) from their own funds. Availability of 97% Loan To Value mortgage is limited to credit scores of 740+ and requires applicable closing costs, PMI and purchase or refinance of single family home used as primary residence. Other terms and conditions may apply.
^Biweekly and semimonthly payments are available but a service fee may apply. Biweekly payments accelerate your mortgage payoff.
Utilities and Energy Employees: Five Savings Secrets
Posted by UECU in Personal Finance Tips, Savings on July 29, 2011
How to increase your savings without significantly lowering your quality of life.
Provided by Suzette Y.
What’s the problem? In general, when it comes to a lack of savings, it is often not a question of low income, but a matter of high spending. While it’s very true that we’re often put into situations where we must spend money (due to loss of employment, health care bills, home repairs, etc.), for many of us our excessive spending is merely a habit we must learn to break … or at least control.
But … where do we begin? Many people would like to reduce their spending and increase their savings, but it seems like such a monumental task that they simply don’t take any steps in the right direction. Sound familiar? If so, don’t shrug it off any longer. Saving money can begin right now, and you can start in small ways. Here are several easy ways to increase your savings …
Secret #1: “Put it on the mantle.” My grandmother used to use that phrase when I was making a major decision, generally related to a purchase. She would say “put it on the mantle”, meaning that I should set it aside and think on it. That’s great advice, Gram! When you’re considering a large purchase (like a car) or even small (like a pair of designer shoes), try putting it aside, even for just a week or two. Allow yourself time to think it through. If, after that time, you still feel it’s a good idea, proceed … knowing it’s not just an impulse buy. If not, don’t. Most of us have made at least one (and probably more) purchases of this nature that we have later regretted. What if you had the money back for every such purchase? What if that money was collecting interest in your savings account? It could really add up.
Secret #2: Pay yourself first. When you get a paycheck, you likely pay your rent first, your car payment second, your insurance third, and so on and so on. Somewhere at the VERY BOTTOM of your list is YOU. Why are you at the bottom? Probably because you know YOU won’t penalize YOU, if YOU don’t make a payment to YOU. My point is this … hold yourself accountable. Start by putting money into your savings account FIRST. Take care of YOU before anyone else, so there are no excuses at the end of the month. Unless your monthly bills are higher than your monthly income, you should be able to determine a set, comfortable amount that goes into savings every month … no ifs, ands, or buts. Stick to it!
Secret #3: Shop smarter. We’re all in a hurry, so it’s easy to grab items like snacks or coffee when convenient. But think about it … if you stop at a convenience store for a 12 oz. coffee every morning, that’s probably about $1.75 you’re spending every day … that adds up to over $600 every year! What if, instead, you bought a $10 coffee maker for your office and bought your coffee grounds in bulk? How much money could you save? And how could interest affect what you’re saving? If you saved just $600 per year in a basic savings account with a 5% rate of return, after 30 years you could potentially have more than $30,000 … and that’s after taxes! Start paying more attention to those “little” expenditures. They can really add up!
Secret #4: See your destination. They say that hindsight is 20/20. Think about this: if 10 years ago you began saving just $200 per month in a shoe box under your bed, then today that shoe box would have $24,000 in it! Unfortunately, you can’t go back in time. But you CAN look ahead. Use a financial calculator (there are free calculators available online) and start plugging in numbers … calculate where you could be in 20-30 years depending on how much you’re willing to save today. Once you know what you COULD achieve, saving money could become your favorite pastime – a competition (with yourself) to see how much you can increase your future net worth. Have fun with it!
Secret #5: Ditch the shoebox. Speaking of that hypothetical shoebox under your bed … the money in that box might collect dust, but it won’t collect interest. And while I seriously doubt that you keep money in a shoebox, take a moment to consider WHERE and HOW you save your money. While a traditional savings account can earn you interest, there are other options available to you that could potentially earn you more. Perhaps you’ve heard people speak about money market accounts or CDs, but you’re not sure what they are or if they’re right for you. It’s a good idea to learn all you can and make informed decisions about your money.
The best advice I can give you is this – speak with a financial professional. While saving money is important, where and how you choose to retain and grow that money can have a significant impact on your net worth in the years to come.
Suzette Yoh is a Financial Consultant with Utilities Employees Investment Services and may be reached at 800-288-6423 ext. 6365 or syoh@swbc.com.
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These are the views of Peter Montoya, Inc., not the named Representative or Broker/Dealer, and should not be construed as investment advice. Neither the named Representative or Broker/Dealer give tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information. Securities offered through SWBC Investment Services, LLC, a registered broker/dealer. Member SIPC and FINRA. SWBC Investment Services, LLC is not affiliated with this institution. Funds should not be considered a deposit of or guaranteed by this institution, may lose value and are not FDIC or NCUSIF insured. Neither SWBC Investment Services, LLC nor the presenter / financial professional provide tax advice. Please consult your tax professional for tax advice. Consultations are complimentary but costs may apply to investments.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.
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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