 Preparing for college life is super-exciting–and more than a little nerve-wracking. You’re looking at a new stage of life that is filled with first-time experiences, academic challenges and newfound independence. The start of college also marks a significant transition into adulthood, which includes learning to manage personal finances responsibly. Building good financial habits during college can set the stage for a secure and successful financial future. Let’s take a look at some tips that can help you navigate your finances successfully throughout your years in college.
Create a budget Living with a budget is essential for financial wellness. First, track your income, including all earnings from part-time jobs, scholarships, student loans and more. Next, list your expenses, including tuition fees, textbooks, rent, groceries, transportation and entertainment. Set a realistic spending amount for each category, and your budget is good to go! Make a real effort to stick to your budget, then review and adjust as necessary. Budgeting helps you prioritize your spending, avoid unnecessary debt and ensure that you’re living within your means. Minimize student loan debt Student loans can be a significant financial burden after graduation. To minimize your debt, explore options such as scholarships, grants and part-time jobs to cover educational expenses. You can also get ahead on your debt by saving for your student loan payments before you graduate. You can set up automatic monthly transfers from your checking account to your savings account while in college. This way, you’ll be prepared to start paying off your student loan debt as soon as you graduate. Live frugally You can have your fun while in college, and in your budget, too! First, buy used whenever possible. This goes for textbooks, sports equipment and even your college car. If you research the item you’re purchasing to ensure it’s in good condition, you’ll save a ton on the price without compromising on quality. Next, consider pooling some of your expenses with your roommates. For example, you can split the costs of food items, cleaning supplies and more. Finally, get used to eating in to generate significant savings. Spring for one or two counter appliances, such as a pizza maker and toaster, and get creative with using them for meal prep. Remember, every dollar saved can go toward your future. Prioritize essential expenses Life in college is filled with temptations and social activities, so it’s crucial to prioritize essential expenses. Ensure that your tuition, rent, utilities and groceries are covered before allocating money for discretionary spending. You’ll also want to set aside a portion of your income each month for savings and emergencies. By establishing these priorities, you can build a strong financial foundation and avoid falling into unnecessary debt. If you find there’s no money left over for just-for-fun expenses, look for ways to boost your income through part-time jobs or by selling some items you no longer use. Build your credit College is a great time to get your credit score ready for adult life. A strong credit score is essential for qualifying for large loans, obtaining favorable interest terms on those loans, securing a job and more. To build credit responsibly, consider getting a secured credit card or becoming an authorized user on a family member’s credit card. Use the card sparingly and make payments on time, and in full, each month. This demonstrates responsible credit management and will help you establish a positive credit history. Take advantage of campus resources College campuses often provide a wealth of resources to help students manage their finances. Take advantage of financial literacy workshops, counseling services and career centers that are at your college. These resources can provide valuable information on budgeting, saving, investing and finding internships or job opportunities. Seek guidance from professionals who can offer tailored advice based on your individual circumstances. Building smart money habits during college can have an impact on your financial health for years to come – maybe even your entire life! Use these tips to manage your money smartly in college. What money tips can you share with college students?
0 Comments
 Everyone wants to manage their money responsibly, but many people often make mistakes in ways they handle money – without even realizing it. They may have fallen into a bad habit they can’t shake off, or they may be misinformed or less educated in a certain area. The good news is, harmful behaviors can always be unlearned. Let’s take a look at three common money mistakes and how to fix them.
Mistake #1: Ignoring one’s financial situation It is quite common for people to go about their everyday lives without giving much thought to their financial situation. They may not know how much money they have in their checking and saving accounts, be blissfully ignorant of their outstanding debt and/or have no awareness about the quality of their credit score. Unfortunately, when it comes to money, ignorance is NOT bliss. Ignoring money can lead to serious consequences, like insurmountable debt, missed payments and minimal or no savings for future needs. By turning a blind eye to one’s financial health, they risk falling into a cycle of financial instability and stress. The fix: To avoid this mistake, assess your income, expenses and savings on a regular basis. Creating a budget can help you get a handle on your financial inflows and outflows, which will enable you to make informed decisions about your spending habits. By confronting your financial situation head-on, you can identify areas where you can cut back, save more and, best of all, achieve and maintain financial wellness. Mistake #2: Not having a clear money vision The second common money mistake is a lack of a financial plan or goals. Without an established money vision, it can be challenging to make smart money choices. You may find that you slip into negative financial habits when there are no goals to keep you in line. These poor habits include (but are not limited to) spending impulsively, accumulating unnecessary debt or failing to save for your future. The fix: It’s crucial to establish short-term and long-term financial goals. Whether it’s saving for a down payment on a house, starting a business or planning for retirement, having a clear vision will guide all your financial decisions and ensure they’re choices you can live with for years to come. To make it easier, break down your goals into actionable steps, such as setting aside a specified amount of money for savings each month or investing in assets that align with your long-term plans. A vision will provide you with motivation, purpose and a sense of control over your financial future. Mistake #3: Not discussing money The third common money mistake is failing to talk about money within various kinds of relationships. This can be a relationship between parents and children, business partners or, most commonly, between life partners. Money is a sensitive topic, and many people believe they can avoid arguing over money by simply not talking about it. Unfortunately, though, this rarely works. Instead, not talking about money can lead to misunderstandings, conflict and financial instability within the relationship. The fix: Have open and honest discussions about money with your partner. This includes talking about shared financial goals, spending habits and even potential conflicts surrounding money. By establishing open lines of communication, you can work together to create a joint financial plan that aligns with both partners’ values and aspirations. Regular conversations about money can also help to build trust, ensure financial transparency and avoid surprises or hidden financial burdens down the road. Money mistakes are common, but with some knowledge and proactive steps, you can easily avoid them. Use this guide to learn how to fix three common money mistakes and avoid making them in the future. What’s your biggest money mistake?  Q: With prices soaring and expenses mounting, I’m worried that back-to-school shopping will kill my budget and push me into debt. How can I beat inflation and save on back-to-school shopping?
A: While you may need to adjust your annual back-to-school budget to account for inflation, there are ways to save on these costs and keep your budget intact. Follow these tips to beat inflation this back-to-school season. Shop with a budget Your first step toward saving on back-to-school shopping is to create a budget for this shopping season. Determine how much you can afford to spend and allocate specific amounts for different categories such as clothing, supplies and electronics. Having a budget will help you stay focused and avoid impulse purchases. Take inventory Before hitting the stores, take inventory of what you already have at home. Check your kids’ closets, drawers and study areas for supplies and clothing that can be reused or repurposed for the coming school year. This will give you a clear idea of what you really need to buy and help prevent unnecessary spending. Plan ahead Start shopping early and take advantage of sales throughout the summer. Watch for clearance sales, promotions and discounts. By planning ahead, you can secure better deals while avoiding the rush and price hikes that happen closer to the start of the school year. You can also take advantage of your state’s tax-free weekend for bigger savings. Buy generic Don’t hesitate to reach for generic brands when purchasing school supplies for your kids. Store brands, like Walmart, or Target’s Up & Up, are consistently cheaper than name brands without compromising on quality. Shop without your kids While your kids may savor the experience of choosing their own school supplies for the coming year, shopping with kids is one of the best ways to kill a budget. Kids always have their own ideas of what’s best to spend money on, and their opinions may not necessarily align with yours–or with your budget. If your kids aren’t thrilled about you doing all the shopping on your own, compromise by allowing them to join you on one or two shopping trips, for example, when you shop for shoes and backpacks, but do the rest on your own. Think secondhand Consider purchasing used textbooks, clothing and electronics. You can find gently used items at significantly lower prices on secondhand websites like ThredUp, and at thrift stores like Goodwill. When shopping secondhand, it’s important to ensure that items are in good condition and meet your requirements before making the purchase. Also, when buying a secondhand (or any) item online, only use secure platforms and ask to see the item, or a photo of the item, before finalizing the transaction. Finally, use a payment method with purchase protection, such as a credit card, so you can always reclaim your funds should the item turn out different than expected. Use discounts and coupons Before you shop, look for coupons, promotional codes and student discounts to bring down the prices of the items you need to buy. Many retailers offer exclusive discounts to students and teachers. Sign up for newsletters or loyalty programs to receive updates on special offers. You can also use a discount-finder app or browser extension, like Rakuten or Honey to scour the web and automatically pull up any coupons for the items you need. Additionally, check with your child’s school or local community organizations for any available discounts or programs. Buy in bulk When possible and it makes sense, purchase supplies in bulk. This is particularly useful for items that are commonly used throughout the school year, like notebooks, pencils and paper. Buying in bulk often comes with a lower per-unit cost, providing long-term savings that will pay off all year long. Prioritize quality and durability While it may be tempting to opt for cheaper alternatives, prioritize quality and durability. Investing in well-made products can save you money in the long run, as they are less likely to require replacements later. Prices are soaring, but that doesn’t mean you need to fall into debt when back-to-school shopping. Follow the tips outlined here to beat inflation and save. How are you going to beat inflation this back-to-school season? Share your best tips in a short video.  When life is comfortable and things are going well, it’s hard to think about experiencing harder times. But failing to plan for stormier days can have a devastating impact on your financial health. Life is full of surprises, and some of them can be expensive. Whether it’s a medical emergency, job loss, car repairs or any other unforeseen event, having a financial safety net can provide a sense of security and stability. Let’s take a look at why it’s so important to save for rainy days.
Stay out of debt Did you know that approximately half of Americans do not have more than $400 saved for emergencies? And yet, emergencies do not discriminate –they can, and do, happen to those who are unprepared just as much as to those who are prepared. When life throws an expensive surprise your way, and you don’t have the funds to cover it, you may fall into debt just to get by. You may choose to swipe the plastic, borrow more than you can afford or fall behind on your monthly payments in order to cover the cost of the emergency. Unfortunately, this can lead to months, or even years, in debt, as consumer debt tends to have high interest rates and can be difficult to repay. On the flip side, if you had a well-padded emergency fund prepared, you would have the cash you needed to fall back on in case of an emergency. This would help you stay out of the debt cycle and keep you financially fit, no matter what life throws your way. Be prepared for sudden unemployment When you live paycheck-to-paycheck, you depend on your job for financial survival. However, unless you are a Justice serving on the Supreme Court, no job is guaranteed to last forever. Your workplace may decide to downsize, close its doors or even to replace you with a bot. Or, you may find yourself unable to work due to personal circumstances. Having an emergency fund in place when you’re gainfully employed can help you stay afloat should you suddenly find yourself unemployed. Flexibility and freedom Saving for a rainy day brings an element of flexibility and freedom to your life. It enables you to pursue new opportunities, take more risks and make major life changes without the constant fear of financial instability. Whether it’s starting a business, furthering your education or taking a sabbatical from work, having this fund will provide the necessary support to explore these possibilities. Peace of mind Financial stress can take a toll on your physical and mental wellbeing. Constantly worrying about money can lead to anxiety, depression, strained relationships and more. Knowing you have an emergency fund built up and on the ready for a rainy day can offer a sense of security and peace of mind. Achieve long-term financial goals Saving for a rainy day is not just about preparing for emergencies; it is also a stepping stone toward achieving long-term financial goals. Whether it’s buying a house, starting a family or planning for retirement, having savings will help you stay on track. Avoid economic downturns related to market fluctuations The economy is subject to fluctuations, and financial markets can be volatile. During economic downturns or recessions, people will often face reduced job opportunities, pay cuts or decreased business revenue. However, an emergency fund can make a challenging economic climate easier to navigate. People who’ve saved up money for emergencies will be less reliant on credit cards and loans during these times, thus reducing their vulnerability to economic uncertainties. If you don’t have a well-padded emergency fund, start building one today! Most experts recommend having three to six months’ worth of living expenses in your emergency fund. Review your monthly expenses to reach this number, and then make a plan for building up your fund until it’s complete. You may want to prioritize your emergency fund over other investments until it’s set up. When the sun is shining, it’s hard to believe the rain will come, but no one’s life is all sunshine, all the time. Saving for a rainy day is a crucial part of financial wellness. Start saving today for a more secure and financially fit life. What kind of emergency will have you running for your emergency fund? Tell us about it in the comments.  Q: I find the financial news to be confusing despite my efforts to keep up with developments and trends in the economy. What do I need to know about the current state of the economy and how can I learn to read the financial news?
A: Kudos to you for taking the initiative to learn all you can about how the economy impacts your money and livelihood! Indeed, financial news can be confusing. One day the economy is headed for a deep recession, or worse. But the next day’s headlines will boast about rising stocks and a climbing dollar. It’s hard to make sense of it all and to sift through the noise and find what’s relevant to your life. Here, we’ve outlined the factors you need to know about today’s economy and provide a primer on how to read the financial news. Which factors characterize the economy now? While your grocery bills may have you thinking otherwise, there’s actually good news on the economic front … right now, at least. The consumer price index (CPI), which tracks the cost of household staples, rose 4.9% in April, 2023. It’s the smallest increase in two years. The inflation readings of the U.S. Bureau of Labor Statistics report weakening inflation readings for 10 consecutive months since its peak in June of 2022. This means consumers should be seeing relief in staple categories like food, energy and housing. However, the state of the economy is measured by more factors than the inflation rate alone. Consumer spending, for example, has weakened in recent months following a spike in January. Additionally, the U.S. Gross Domestic Product (GDP), rose at an annual rate of 1.1% in the first quarter of 2023, falling short of the 1.9% that economists had expected. It’s also important to note that the average interest rate now averages 5-5.25%, which is its highest level since 2007. On the flip side, though, new home sales rose in March for the fourth consecutive month. While the economy has definitely seen better days, all is not doom and gloom on the financial front. Inflation is easing and there is hope for more good news in the coming months and years. As a consumer, look out for fluctuating interest rates and a decreasing rate of inflation. While these factors may influence your spending, it’s important to practice responsible money management in any economic climate. How to read the news Follow these tips to make sense of the financial news:
Financial news can be confusing. Use this guide to learn what you need to know about the current state of the economy and how to read financial news.  Q: I’d like to open a long-term savings account, and I’m reviewing my options. I’ve heard about something called a CD ladder; is it a good choice?
A: A CD ladder, known as a certificate ladder when opened at a credit union, is a savings tool that combines the security of share Certificates with the flexibility of staggered maturity dates. Let’s take a closer look at certificate ladders and why this may be an excellent choice for your funds. What is a Certificate ladder? Certificates of Deposit (CDs) have been a longtime, popular investment banking tool for individuals seeking a safe and stable place for their funds. Their credit union counterparts, share certificates, are the same type of product, so don’t let the terminology differences trouble you. They offer a fixed earnings rate over a specified period (term), and provide a reliable source of income. However, traditional certificates often lack flexibility since investors must commit their funds for the entire term. This is where certificate ladders come in. Certificate ladders operate on a simple principle: instead of investing in a single certificate with a fixed term, savers distribute their funds across multiple certificate accounts with different, staggered, maturity dates. For example, instead of investing $10,000 in a single 5-year certificate, a member may choose to allocate $2,000 to five different certificates, each with a maturity date of one year apart. This strategy creates a “ladder” of certificates, with one maturing each year. What are the advantages of Certificate ladders? There are several significant advantages of certificate ladders:
Despite its many advantages, certificate ladders are not a suitable choice for all investors. First, each certificate within the ladder has a fixed term. This means early withdrawal penalties may still apply if funds are accessed before a certificate’s maturity date. Additionally, the rates offered on certificate ladders may not be as high as those on riskier investments, like stocks or bonds. As a result, individuals with a higher risk tolerance, as well as those seeking significant growth, may prefer other investment options. Certificate ladders provide a compelling blend of flexibility, security and liquidity. Use this guide to make an informed decision about investing in a certificate ladder and give your money its best chance at growth.  When it comes to money, everyone has an opinion, and they want to share it with the world. Unfortunately, though, popularity in and of itself does not make an opinion true. Let’s take a look at three commonly offered money tips that aren’t all that great.
1: The latte factor This one is responsible for too many would-be budgeters being disappointed when a small change of habit does not turn them into an overnight millionaire. The claim: Cutting out your daily latte will solve all your money problems. The truth: Trimming discretionary expenses will only have an impact on your budget IF you are responsibly able to not spend it elsewhere. Yes, if you make a conscious effort to trim your budget, you can turn your financial situation around. However, simply deciding to forgo your daily latte won’t necessarily make a difference to your finances. Here’s what often happens: When a person cuts down on their coffee habit, they feel deprived and end up spending that money on something else. Everyone desires a little indulgence. That small coffee habit may be what gets you through the day, so cutting it out may leave you feeling resentful, to the point that it weakens your willpower for making responsible money choices the rest of the day. Also, while the six-dollar-a-day latte is not insignificant, it likely won’t make a huge dent in an underwater budget. Expecting that this minor change will get you out of debt within the year or help you save up for a new car will probably lead to disappointment. The fix: You can cut down on your coffee habit and enjoy the financial benefit with these easy tips. First, consider if you really want to do without your daily latte. If it’s your only indulgence, consider trimming your budget in another area, or only buying a latte every other day instead of seven days a week. Also, be sure to set aside the money you save on your latte so it doesn’t disappear. You can transfer the six bucks to your savings account each time you skip the coffee, or set aside cash in an envelope and then make a larger deposit at the end of the month. In addition, if you’re looking for a way to make significant changes to your financial situation, consider cutting back on bigger expenses. For example, downsizing to a simpler or older car instead of insisting on new can save you thousands of dollars a year. 2: Cut up your credit cards This one sounds bold and powerful, but in reality it doesn’t do all that much for your finances. The claim: Get yourself out of debt by taking a pair of scissors to your credit cards. The truth: You can still accumulate debt even when your cards are in pieces. Also, destroying your cards won’t help you kick a rooted behavior of overspending. This advice is quite outdated and is really a matter of symbolism more than anything else. In a world of online shopping, no one needs a physical credit card to spend money. With only your credit card numbers, which your computer and phone may “remember” on their own, you can shop to your heart’s content. You may decide to take it to the next level and close your credit card accounts. While this will render you unable to rack up more debt on this card, it won’t solve the root cause of your debt. For example, if you’re depending on your credit cards to make ends meet, closing your accounts won’t help much. Also, it’s important to have some open credit cards as they are an essential part of building credit history and getting approved for large and low-rate loans. Closing accounts will lower your available credit and increase your credit utilization, thus lowering your score. The fix: If your credit card debt is out of control, take steps to rein it in. First, create a detailed monthly budget that assigns a dollar amount to every expense and includes some just-for-fun money as well. Next, make a plan for paying down your outstanding debt. Finally, look for ways to trim expenses or boost your income so you can get out of debt sooner. 3: Follow your passions This advice sounds great and wonderful, but in real life it doesn’t always play out all that well. The claim: Do something you love, and you’ll never work a day in your life. The truth: Passions don’t always pay the bills. In an ideal world, we can pay our bills and cover our expenses by working at something we love to do. But sometimes, our passions don’t translate into lucrative careers. For the wealthy-born, or those only working to supplement an already adequate family income, choosing a career based on passion alone can work, but for many people, doing so can mean a lifetime of financial struggle. Also, sometimes turning a beloved hobby into a job makes a person quickly lose their liking of that hobby. The fix: It’s best to work at a job you find enjoyable and fulfilling that also pays the bills. When choosing a career path, list your passions, and then research the various occupations in these areas and their general pay scale. Next, make a rough calculation for how much income you’ll need to cover your expenses. If your numbers line up, you’re good to go. Otherwise, you may need to make some adjustments to your dream career or lifestyle. If this is the case, consider a job that plays to your skills, if not your passions. This way, you’re more likely to succeed at your career and to find it fulfilling as well. You can also start a side hustle that utilizes your passions. It may turn into a full-time career. It’s far more likely, though, that it will remain a side hustle forever, while still providing the outlet your passions need. Money tips can be helpful, but it’s important to remember that not all advice is created equal. If you want to take a deeper dive into your finances and take steps to change your financial behaviors, IRFCU offers free financial counseling. Contact us for more information.  Buying a home is a long and complicated process, and scammers want to complicate things even more to capitalize on the confusion. Mortgage scams are growing increasingly prevalent and can be difficult to detect. Here’s what you need to know about these scams and how to prevent yourself from becoming a victim.
What’s a mortgage scam? Mortgage scams are designed to deceive individuals who are involved in the mortgage process, including homebuyers, lenders and existing homeowners as they seek refinancing. These scams exploit the complexity of mortgage transactions, possible inexperience and the emotional investment people tend to have in their homes. Types of mortgage scams and how they play out There are several variations of mortgage scams:
Follow these tips to avoid falling victim to a mortgage scam:
 Q: I’m currently house-hunting, and aside from the obvious defects, what are some red flags I should be looking out for while checking out potential new homes?
A: When looking for a new home, it’s important to be familiar with potential signs of defects and disrepair. Here, we’ve compiled a list of 10 red flags to watch for in a new home. Doors that don’t close completelyIf the doors of the house you’re viewing don’t quite meet the jambs, you’re potentially looking at a sign of major structural damage. The house may have settled, which means there are problems with its foundation. If the door is made of wood, it can also mean the wood has warped, which likely indicates a moisture issue. In either case, these aren’t problems you want to endure. A musty smellThe nose knows. When a house has a distinctly musty smell, you can assume there is mold present. Inhaling any kind of mold spores can lead to respiratory problems, headaches, skin conditions and more. The house won’t fare too much better with mold. The wet spores can lead to destroyed drywall and ceilings and necessitate costly repairs. An up-and-coming neighborhoodDescribing a neighborhood as up-and-coming may seem like a positive way to sell a house, but it can also mean the neighborhood is still developing. Setting down roots in a newly formed community means risking the chance that it doesn’t quite turn out the way you expect or hope. It can also mean dealing with lots of construction in the neighborhood as new homes are built. A saggy ceiling When checking out a house, look up. If the ceiling sags, you may be looking at a leaky roof, an internal plumbing issue or an insect infestation. Overpowering air freshenersIf you’re hit by an overpowering scent of air fresheners or diffusers when you walk into a house, beware. The strong smells may be strategically placed to cover up for something else, like pet-stained carpets or mold. Ask to see the house again at another time, without any artificial scents being used so you can see what it really smells like. Selling “as is”If a home is listed “as is,” be prepared for issues. The seller is openly admitting they don’t want to fix any existing problems in their home. Look out for these defects, or ask the seller to point them out to you so you know what you’ll be dealing with before you decide to go ahead. Poor ventilationIf the house seems humid and stuffy, that’s a red flag. It likely indicates poor ventilation which does not allow the hot air to escape. This can lead to moisture issues, which in turn can lead to mold and decay. Substandard shinglesIf the shingles on the house you’re viewing are peeling, cracked or curling, the roof is probably nearing the end of its life. Replacing it can be incredibly expensive, and it’s not something you want to deal with right after moving into a new home. Sloping floorsIn many homes, the floors are slightly out of level due to normal settling. If you feel like you’re walking downhill in the living room, though, that’s a problem. Noticeable sloping can be indicative of a foundational problem, broken floor joists or rotted support beams. If you do notice extreme sloping in a home, walk away. If you love everything else about the home, you can have a structural engineer tell you why it’s sloping and how much it’ll cost to fix the underlying issue. Below market priceIf a house is priced well below market value, there’s likely a reason it’s so cheap. Houses priced below market value tend to have big structural issues the owner does not plan to fix before selling. If you fall in love with an underpriced house, be sure to have it thoroughly inspected and to get a general idea of what it’ll cost to make it livable. Finding your dream home isn’t easy. Look out for the red flags described here to be sure there are no big surprises after moving day.  The ideal workplace provides a safe environment where employees can do their jobs without fear or intimidation. Unfortunately, though, this is not always the case. Mental health issues are becoming more prevalent in the workplace, with employees experiencing stress, anxiety, depression and burnout on a regular basis. Let’s take a closer look at mental health in the workplace. How mental health issues affect businesses and employees Mental health in the workplace is important for the ongoing success of the business and the employee. First, mental health affects productivity. When employees are experiencing mental health issues, their efficiency and output decreases. It’s hard to give it your all when you’re feeling anxious, depressed or stressed. This, in turn, can lead to a decrease in revenue for the business. Additionally, mental health issues can lead to absenteeism and presenteeism. Absenteeism, in which employees miss full or partial days at work, means they’re putting in less time in the office and they’re likely falling behind in their work. Presenteeism, in which employees show up but are not fully engaged in their work, can likewise lead to decreased productivity. Finally, mental health issues in the workplace can have a negative impact on employee morale. This can lead to a high turnover rate, which can be costly and inconvenient for the business. It can also cause friction between employees and their co-workers, as well as employees and their employers. On the flip side, workplaces that prioritize mental health create an environment where employees feel valued, supported and safe. This can lead to increased productivity and profits, improved job satisfaction, employee loyalty and a positive work culture. Tips for ensuring continued mental health in the workplace Here’s how to ensure your workplace is not neglecting the crucial need for strong mental health wellness:
Maintaining your mental health while in the workplace is crucial to your ongoing productivity and success. Use the tips outlined here to keep your emotional well-being in good shape at work.  Q: My partner and I are preparing for our wedding, and due to financial constraints it will need to be planned on a strict budget. I’m glad we aren’t racking up huge bills, but I don’t want to compromise on the day of my dreams. Can a budget wedding still be beautiful?
A: Your desire for financial responsibility is commendable. Fortunately, a budget wedding can still be beautiful – even on a tight budget. Here’s how to plan the wedding of your dreams without breaking your budget. Set a budget The first step in planning a wedding on a budget is to actually set a budget. Determine how much money you can afford, and are willing to spend, on your wedding and allocate your funds accordingly. Jot down a list of all the wedding expenses you expect to incur, such as venue rental, catering, photography and decorations. Then, prioritize them based on their importance, attaching a higher dollar amount toward your top priorities. When setting your budget, be realistic about what you can afford. Don’t take on more debt than you can handle, as it can put a strain on your relationship in the long run. Consider cutting back in areas that aren’t as important to you. This might include having a smaller guest list or opting for a simpler, or secondhand, dress. On the flip side, remember that your budget does not need to be evenly balanced as long as the total does not exceed your maximum budget. For example, you can decide to spend a lot of your wedding money on an elaborate dessert table, and hire a no-frills caterer for the rest of the meal. Remember, a budget is an opportunity to get creative. Together with your partner, you can find unique ways to make your wedding special without spending a fortune. Choose a venue One of the biggest expenses of a wedding is the venue rental. The good news is, an out-of-the-box venue can save you boatloads of money without sacrificing on style and beauty. Consider having your wedding in a park or on a beach; many public spaces offer affordable or even free venue rentals. Alternatively, if you’re set on having a traditional venue, look for off-peak times or consider a weekday wedding, as these can often be more affordable. Another option for saving on the venue is to have your ceremony and reception in the same location. This can save on transportation costs and can be more convenient for your guests, too. Look for venues that offer both indoor and outdoor spaces so you have a built-in backup plan in case of inclement weather. When choosing a venue, be sure to keep your overall wedding theme in mind. For example, if you’re going for a rustic feel, look for venues with natural elements like wood and stone. If you’re going for a more modern look, go for venues with clean lines and minimal décor. The venue sets the tone for your entire wedding, so it’s important to choose one that reflects your personal style. DIY Decorations Another big-ticket item likely to be on your wedding budget is the décor. To save in this area, consider DIYing some, or all, of your wedding decorations. You can look up tutorials online to learn how to do a job that will bring professional results, and with the help of a few friends, and a minimal investment in materials, you can create beautiful, low-cost decorations for your wedding. This can include centerpieces, floral arrangements, favors and more. Another way to save on wedding décor is to repurpose items you already own. Mason jars, vintage books, old picture frames and unique vases can all serve as décor elements for your wedding. You can pick up more low-cost décor items in secondhand shops or borrow from friends. Finally, consider renting decorations instead of buying them. Many rental companies offer affordable options for wedding décor, such as tablecloths, chair covers and ceremony arches. This can shave lots of money off your budget wedding while also reducing waste. A beautiful budget wedding is more doable than you may think. Follow these tips to plan the budget wedding of your dreams.  If you’re looking for a way to save on grocery bills while reducing your carbon footprint, growing your own vegetable garden can be a fabulous and rewarding endeavor. Follow these tips to learn how to successfully grow your own greens.
Choose the right greens First, you’ll need to choose which greens you’d like to grow. Vegetable salads have come a long way in the last decade, and you can choose from a wide variety of greens to grow, aside from the ubiquitous iceberg and romaine lettuces. These and other leafy greens, like kale, spinach, mustard and arugula, are fairly easy to grow and extra-tasty when fresh from the garden. Aside from choosing your favorite greens, be sure to take your hometown’s climate into account when selecting which plants to grow. Do some research to identify what kind of temperature and care each of your chosen plants will need (start with the USDA’s Hardizone Zone map for general climate info). Pay attention to how much shade, sunlight and watering each vegetable requires so you will be able to care for them properly. Once you’ve chosen your greens, you can pick up seedlings in a local nursery, farmer’s market or home improvement store. If you prefer to grow your greens from seeds, select packets that include instructions for good germination. Plant your garden If you’re working with seeds, follow the instructions on the packet to bring the seeds to germination. Depending on the veggie type, you’ll likely need to plant the seeds inside, in a small pot or shallow container, and then transfer them to the outdoors after they sprout. Tools like rockwool cubes, grow lights and a small fan, can help you provide the ideal conditions for your seeds. If you’re working with seedlings, prepare a garden bed or pot with fertilized, moist soil for planting. Dig just a bit to plant the seedling, allowing space to cover the seedling with approximately ¼ inch of soil. Working gently, tamp down the soil around the seedling so there’s strong contact between the seedling’s roots and the soil. Your greens are ready to grow! Let your garden grow Now that you have planted your greens, it’s important to take good care of them to ensure that they grow healthy and strong. The most important factors to consider when caring for your greens are water, sunlight and soil. Most greens prefer consistently moist soil, so be sure to water your plants regularly. However, be careful not to overwater, as this can lead to root rot. Additionally, make sure your greens are getting enough sunlight. Most greens prefer at least six hours of sunlight per day, but some varieties, like lettuce, prefer partial shade. Finally, make sure your greens are growing in good soil that is nutrient-rich. If you’re planting in pots, use a high-quality potting mix. If you’ve planted in the ground, upgrade your soil with compost or other organic matter to improve its quality. Harvesting your greens The best part of growing your own greens is getting to enjoy the fruits of your labor. Most greens can be harvested once they’ve reached their desired size, usually around 4-6 weeks after planting. Don’t wait for the plants to bolt (send up flower stalks), or you’ll be left with bitter greens. To harvest your greens, use a pair of scissors to snip off the leaves at the base of the plant. Be sure to leave some leaves on the plant so it can continue to produce new growth. When harvesting your greens, it’s important to do so in the morning when they are at their freshest. Store your greens in the refrigerator in an air-tight plastic bag or container to keep them fresh for up to a week. Alternatively, you can use your greens immediately for a perfectly fresh garden salad. Growing your own greens is a uniquely rewarding experience, and it’s great for the environment, too. Follow these tips to successfully grow your own greens.  Q: I’ve been thinking about debt, and I’ve been wondering: Is all debt bad? Does good debt actually exist?
A: Despite its bad rap, not all debt is bad debt. Some debts are actually beneficial for the debtor and can be considered “good debt.” Let’s take a look at the factors defining good debt, the various types of good debt and how to keep this debt from going bad. What is good debt? Good debt is a term used to describe types of debt that help you build wealth or increase your net worth. Unlike bad debt, which includes long-term credit card debt and other forms of high-interest debt that don’t add value to your financial situation, good debt is an investment that can ultimately pay off and benefit you. Types of good debt Now that we’ve established what defines good debt, let’s explore several kinds: Mortgages A mortgage is generally considered good debt because it allows you to buy a home, which can appreciate in value over time. Each monthly payment you make on your mortgage builds equity in your home, which can be used as collateral for future loans or as a source of funding for retirement. Home equity loans and lines of credit Another option for accessing the equity in your home is through a home equity loan (HEL) or line of credit (HELOC). These loans, which are secured by your home, can be used for a variety of purposes, such as home renovations or debt consolidation. In many instances, the rates of these loans make for a much lower cost than carrying it on higher interest credit cards. Student loans Student loans are generally considered good debt because they can lead to higher-paying jobs and increased earning potential. By investing in your education, you can improve your chances of achieving financial stability and your long-term goals. In addition, some student loans only begin accruing interest following a grace period after you leave school. Auto loans An auto loan can be good debt if it enables you to purchase reliable transportation that you need to get to work or to run a business. Business loans A business loan can fall into the category of good debt if it allows you to start or grow a business that generates income and increases your overall financial health. Can good debt turn into bad debt? While good debt can help you build wealth and improve your overall financial wellness, it can quickly turn into bad debt if you miss a few payments or the investment does not quite turn out as planned. For example, if you take on too much mortgage debt or buy a car you can’t really afford, you may struggle to make the payments and risk foreclosure. Similarly, if you invest in a business that doesn’t generate income, you may struggle to repay the loan and risk bankruptcy. Finally, defaulting on a student loan can have serious consequences, like hurting your credit score and having your wages garnished. Be sure to carefully consider the risks and rewards of taking out a loan and to have a solid plan in place for repaying the debt before applying for any loan. How can I keep my good debt from going bad? If you have one or more good debts that you don’t want to turn into bad debts, we can help! Follow these tips to keep your debts from going bad.
 A budgeting plan refers to a strategy that helps you manage your finances effectively. Here are some of the most popular budgeting plans and how they work:
50-30-20 Budgeting The 50/30/20 budget: This plan suggests that you allocate 50% of your income to necessities like rent, food, and bills, 30% to discretionary spending such as entertainment and hobbies, and 20% towards savings and debt repayment.
Pros: Allows room for wants and personal enjoyment. Cons: Only requiring minimum payments on loans extends the life of your debt, costing you more in the long run. Envelope System This involves allocating cash for different expenses into separate envelopes, such as rent, groceries, and entertainment. Once an envelope is empty, you cannot spend any more money on that category until next month. If you have remaining funds at the end of the month you can
Pros: This method is very visual and tangible. Seeing an empty envelope can be eye opening, while having cash leftover at the end of the month can be motivational. Cons: Cash outside of a savings or checking account is NOT insured. If you misplace cash, it’s gone. Zero-Based Budgeting This plan requires you to account for every dollar you earn, assign it to a specific expense or savings goal, and ensure that your income minus expenses equals zero. The main categories are typically food, housing, utilities, and transportation. Other common categories include debt repayment, other bills, savings, entertainment, and miscellaneous. Pros: You have an in depth understanding of exactly where your money goes each month. Cons: The process of tracking, categorizing and balancing is much more labor intensive and complicated using this method. Pay Yourself First This approach prioritizes your savings. At the beginning of the month, you will transfer a predetermined amount into your savings account, or accounts depending on how you divvy up your savings. What’s leftover is your money to “spend” on bills and other monthly expenses. Pros: Less constraints and more flexibility for monthly expenses. Cons: The lack of structure can make it harder to track spending. This is not an ideal budgeting method for someone with high-interest debt. By choosing a budgeting plan that works for you, you can gain control over your finances and achieve your financial goals.  When Midge Laurin, of Chicago, Illinois, mailed out a $30 check, she had no idea it would be intercepted by a scammer and written out to someone else to the tune of $9,475. Check-washing scams like this are on the rise, and can leave victims struggling to reclaim their lost funds for months. Here’s what you need to know about these scams and how to avoid them. How the scams play out In a check-washing scam, the target places a check in the mail, and it is then stolen by scammers who nick envelopes from private mailboxes or lift them out of public mailboxes using “fishing rods” made of strings attached to a sticky substance. With check in hand, the scammer uses ordinary household chemicals, like acetone or bleach, to erase the ink off the stolen checks. Finally, they’ll rewrite the numbers and/or the payee before depositing the checks into their own accounts. Sometimes, the scammer will take the ruse one step further by using the checking account details found on the check to commit further crimes against the check-writer. This may include producing counterfeit checks in the victim’s name, as well as fake IDs, driver’s licenses and passports. The victim may only learn about these crimes when they begin receiving overdraft notices or are informed that their ID is no longer valid. Protect yourself Unfortunately, check washing may not be discovered for weeks, or even months after its occurrence. Sometimes, the victim will only learn of the ruse when they review their monthly checking account statement and see that the check amount and/or payee has been altered. Or, they may only find out about it when the intended recipient reaches out to let the check-writer know they still have not received the check. The scam’s discovery is more likely to be delayed when the scammers have not modified any information on the check and have simply stolen and deposited a check made out to “cash”. In addition, many financial institutions do not offer complete protection on fraud that is not reported within a few days of its occurrence. Some offer partial protection for up to 60 days. Ingersoll-Rand FCU Law enforcement agencies on local and federal levels, including the U.S. Postal Inspection Service and the FBI, have task forces to help stop check washing. They offer the following strategies for keeping your checks and your information safe from scams:
Check washing can wreak havoc on a victim’s finances before they even know it’s occurred. Follow the tips outlined here to keep your checks safe. TikTok Inspo: Have you sidestepped a check-washing scam? Tell us your story in a 15-second video.  Scammers are always looking for new ways to deceive people to make a quick buck, and home improvements are a common target. As the weather warms and home improvement projects start taking center stage, contractor scams start blossoming like weeds after a spring rain.
No one wants to be taken advantage of, and you’re probably no different. To help you know what to look out for in these scams, let’s take a look at some of the most common home improvement scams and how to avoid them. The door-to-door scam In a door-to-door scam, scammers show up at a target’s doorstep, claiming to be contractors or representatives of a home improvement company. They may offer to do work for a low price or even for free, alleging that they are in the neighborhood and have extra materials, so they’re happy to “do you a favor.” Cheap or free labor sounds amazing, doesn’t it? And it is – until you realize the “contractor” is not licensed or insured, uses subpar materials and does shoddy work. They may also try to get you to sign a contract on the spot, not leaving you any time to do proper research or get competing quotes. In the worst variation of this scam, the alleged contractor will ask to be paid upfront in full, claiming they need the money to buy materials or cover other expenses. However, once they have your money, they disappear without doing any work. Stay safe: Never hire a contractor on the spot. Always ask for proof of license and insurance as well as references from previous clients. Also, never pay for a project in full before it’s completed. The high-pressure sales scam Some irreputable home improvement companies use high-pressure sales tactics to get you to sign a contract. They may offer a special deal that is only available for a limited time or claim they can only do the work if you sign a contract right away. Unfortunately, though, these tactics are only a ploy to pressure you into making a decision before you are ready. They may also hide additional fees or charges in the contract, or promise things that they cannot deliver. Stay safe: Never rush to hire a contractor. Don’t be swayed by limited-time offers, and always carefully read the contract before signing. The “as seen on TV” scam In this home improvement scam, an alleged contractor tricks you into thinking a product or service is endorsed by a reputable source. They may claim that their product or service has been featured on a popular TV show or website, or that it has been used by celebrities. However, these claims are completely false or highly exaggerated. The product or service may not live up to its promises, or it may be overpriced compared to similar products or services. Stay safe: Always do your research and read reviews from other customers on multiple platforms before hiring a contractor. Don’t assume celebrity endorsements or claims of popularity are legit without verifying them first. The insurance scam In this variation, scammers claim they can help you get a new roof or another home improvement project covered by your insurance company, despite the fact that there was no covered event making the project necessary. This, of course, is insurance fraud, which is illegal and can lead to fines and jail time. Stay safe: Always check with your insurance company before starting any home improvement project. Make sure the project is covered by your policy and that you understand the deductible and other terms of your policy. Home improvement projects are exciting; getting scammed while renovating your home is not. Follow these tips to protect yourself from falling victim to a home improvement scam. Stay safe! TikTok Inspo: Can you scam us? Try impersonating a home improvement scammer using one of the ruses described above.  Q: My computer has been acting strangely, and I’m worried it may be infected with malware. How can I tell if my computer has a virus?
A: Computer viruses can be a nightmare for anyone, whether they use them for work or personal use. If you think your computer may have a virus, it’s essential to know how to identify it and take necessary steps to protect your device and data. Let’s explore the common signs of computer viruses and ways to prevent them from infecting your computer. Sluggish performance If your computer is suddenly operating in slow-mo, it may be infected by a virus. Computer viruses typically utilize a computer’s processing power to perform malicious activities, such as sending spam emails or mining cryptocurrency. If you notice any significant changes in your computer’s performance, investigate further. It’s important to note that another possible cause for sluggish performance is a nearly-full hard drive. If your computer’s slowed down significantly, check how much free space you have left on your hard drive. If your hard drive is almost full, delete any unnecessary files and programs to free up space. If your computer is still running slowly after freeing up space, it’s time to run a virus scan. Pop-up ads If your computer starts displaying pop-up ads while you’re browsing the internet or using other programs, it’s a sign that it may have a virus. Pop-up ads can be annoying and may lead to malware installation or other malicious activities. If you’re seeing pop-up ads, avoid clicking on them and run a virus scan as soon as possible. You can also install an ad-blocker extension on your web browser to prevent pop-up ads from appearing in the future. Strange, new programs If you notice new programs on your computer, and you do not remember installing them, it’s possible that your computer has a virus. These programs may be malware designed to perform malicious activities, such as stealing your personal information or encrypting your files. Uninstall these programs immediately and run a virus scan. Sudden crashes and freezes If your computer is crashing or freezing frequently, it may indicate that it has a virus. Viruses can overload a computer’s resources or modify critical system files. This can lead to frequent crashes and freezes. It’s essential to run a virus scan if you’re experiencing frequent crashes and freezes. Additionally, make sure to keep your operating system and other software up-to-date to prevent vulnerabilities that can be exploited by viruses. Strange network activity A virus may be using your computer’s network resources to perform malicious activities, such as sending spam emails or performing DDoS attacks. If you notice unusual network activity, such as your internet connection slowing down or unusual data usage, it’s possible that your computer has a virus. Run a virus scan and check for any unusual programs or processes running in the background. Changes to browser settings A computer virus may modify your browser settings to redirect you to malicious websites or display more ads. If your web browser’s homepage or search engine has changed without your consent, it may be an indication of a virus. Reset your browser settings to their default settings and run a virus scan. Missing files A virus can delete or modify your files to perform malicious activities, such as stealing your personal information or encrypting your files. If you notice that some of your files are missing or have been modified without your knowledge, it’s possible that your computer has a virus. Run a virus scan and backup your important files to prevent data loss. My computer has a virus. Now what? If a scan detects a virus, the antivirus software on your computer should guide you through your next steps. You’ll likely need to delete all temporary files on your computer, delete infected files and programs, and then restore your computer to an earlier backup. You may also want to reinstall your device’s operating system, though this may result in the loss of important files. How can I protect my computer from a virus? Protecting your computer from viruses is essential to avoiding the hassle and potential damage they can cause. Here are some tips to prevent viruses:
TikTok Inspo: Help! My computer has a virus – or does it? Shoot a 15-second video to show us how to check if your computer’s been infected.  For many people, the mere mention of the word “money” spurs feelings of stress and anxiousness. In fact, a Bankrate study of nearly 2,500 U.S. adults found that 70% of respondents feel stressed about their finances. At the same time, living a financially responsible life can help one maintain optimal mental health. In observation of May being Mental Health Awareness Month, let’s take a look at the connection between money and mental health.
How do financial struggles impact mental health? There are lots of ways money troubles can influence one’s mental health:
How does financial stability impact mental health? Now, let’s explore how financial stability can impact one’s mental health:
The link between money and self-worth Unfortunately, too many people link their self-worth to their financial situation. This can lead to feelings of inadequacy and low self-esteem when experiencing financial struggles. However, it is essential to recognize that self-worth is not tied to financial success. Instead, focus on developing yourself as a person in ways that are not related to your financial situation. Set personal goals, practice self-care and seek fulfillment in areas outside financial success. Debt and mental health Debt is often the most significant financial problem that people face, and it can have a strong impact on mental health. Research shows that people who are in debt are more likely to experience mental health problems like anxiety, depression and even suicidal thoughts. People who’ve been caught in the debt cycle may feel like they are trapped in their situation with no way out. This can lead to feelings of hopelessness and despair. Debt can also cause a great deal of stress, which can lead to physical health problems such as high blood pressure and heart disease. If you are struggling to escape from under a mountain of debt, there are steps you can take to kick your debt for good. Consider consolidating it through an unsecured personal loan that may include one low-interest, and possibly lower, debt payment each month. You can also pay off one debt at a time by maximizing your monthly payment toward that debt until it’s paid off, which is often called the “snowball method” of debt payoff. If you choose this route, be sure to continue making all your minimal monthly payments on your other debts as you focus on the one. Managing your finances for improved mental health Are you struggling with money challenges that are negatively impacting your mental health? Here are ways you can improve your financial and mental health:
TikTok Inspo: How do you maintain your mental health and financial wellness? Share your best tips in a 15-second video.  Parents have the important role of teaching their children life skills that will enable them to thrive as adults. One important skill is to learn how to manage money well. Practicing this skill early will help children through the inevitable financial ups and downs common in adulthood.
Opening a savings account for your children gives them a great opportunity to begin their training. In addition to developing the habit of saving money regularly, your child will learn how to differentiate between “needs” and “wants,” control their spending, and how to plan for their future. National Credit Union Youth Month is a great opportunity to start teaching them good financial skills. Every April, credit unions across the country focus on educating youth about financial health. This year’s theme,” Unleash the Power of Saving at a Credit Union™,” encourages kids to take care of their “pet” savings account and watch how powerful it can be. A strong and healthy savings account can provide security (and a lot of fun!) for their future. Please join us to celebrate Youth Month this April and help your child “unleash” the power of saving! If you open your child a savings account during the month of April, they will receive a coloring box, crayons, and some fun coloring pages! If they bring back their colored pages they will be entered to win a piggy bank full of quarters! Children who visit to make their deposits get to pick a prize out of our treasure chest!  With the advent of technology in our lives, more of our personal data can be found online than ever before, from financial records to account information. Keeping this data secure and backed up in case of any eventuality is crucial to ongoing safety and security. In honor of World Backup Day on March 31, let’s take a look at potential threats to your data, the importance of backup strategies and some of the best practices for keeping your data safe and secure.
Data threats Your data faces a wide range of threats every day, from hackers to hardware failures to natural disasters. One of the most common threats to your data is malware, which can infect your computer or network and steal, corrupt or delete your files. Other threats include human error, power outages, equipment failures and physical damage to your devices. These threats can be devastating to your professional data, resulting in lost productivity, lost revenue and even legal liabilities. You don’t want to risk a blackout or a broken laptop leaving you up a creek. It’s essential to have a backup strategy that can help you recover from any disaster. Backup strategies A backup strategy is a plan for creating copies of your data and storing it in a safe, secure location. This can be done manually or automatically, depending on your needs and personal preference. Backup strategies are essential for ensuring the safety and security of your personal data since they can help you recover from a wide range of disasters and help you avoid the costly and time-consuming process of recreating lost data. Types of backup strategies In our increasingly digitized world, you can choose from several backup strategies:
Are you ready to back up your data? Follow these steps to get it done: Step 1: Choose a backup strategy. Use the information outlined above to choose a strategy that best suits your needs. Step 2: Assess your data. Identify the data that is most important for you to protect and prioritize it for backup. Step 3: Automate your backups. Use your chosen backup software to automate your backups and ensure they are created on a regular basis. Step 4: Test your backups. Test your backups on a regular basis to ensure they’re working correctly and can be used to restore your data in the event of a disaster. Step 5: Store your backups securely. Store your backups in a secure location, such as a safe or a remote data center, to protect them from physical damage, theft and other disasters. By following these steps, you can create a backup strategy that is reliable, secure and effective. World Backup Day presents an excellent opportunity to ensure your personal data is backed up and protected from corruption, loss or theft. Don’t wait for disaster to strike – back up your data today! |
Archives
July 2023
Categories
All
|
RSS Feed
