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The information in this post is provided by our partner Accel Financial Counseling. Accel’s counseling services and educational programs are available free to all Consumers members. The earlier you start saving, the more you will benefit from compounding interest. This is the interest earned on interest payments already built up in an investment fund. The earlier you begin, the larger your nest egg will grow. Here’s an example of two friends, Grace and Drew, who had different savings strategies. Grace saved $1,000 a year for 10 years, starting at age 25. Drew saved $1,000 a year for 25 years, starting at age 40. Both earned the same 8 percent return. Who ended up with more money at age 65? It had to be Drew, right? Wrong. Grace benefited from her head start and the power of compounding. Here’s the breakdown: Grace Drew Began saving at 25 Began saving at 40 … …continue
As part of our Consumers ConnectU financial education series, Tim Kosak, our Consumer Lending Manager, will be hosting monthly “Ask Tim Anything” chats on our Facebook page. In February, he took your savings questions. In case you missed it, here’s the play by play. Not coincidentally, this is America Saves Week! Many additional savings resources are available on their website. Q: Can the credit union help me save for retirement? A: Absolutely! Your retirement savings needs depend on many factors unique to you. Our retirement experts offer complimentary consultations to all members to uncover the best option for you. Q: If you need to make a large purchase and have the funds now, should you purchase it (depleting your savings) or look to finance it at the lowest possible rate and keep your nest egg? A: Cash is king. Depending on your situation, you may look at a balance between … …continue
America Saves Week begins continues through March 1. The week is a chance for individuals to assess their own saving status and take financial action. Studies reveal that having a savings plan with specific goals can have beneficial financial effects, no matter your income level. Join us in setting and sharing your savings goals! Katie Bryan, Communications Manager with America Saves, encourages you to take time this week to select a savings goal and create a plan to save for it. Here are her tips, with links to extra resources: 1. Pledge to Save Those with a savings plan are twice as likely to save for emergencies and retirement than those without a plan. Join over 350,000 people who have already committed to save. When you take the pledge you can also choose to receive text message tips and reminders to help you save for your goal. 2. Assess Your … …continue
America Saves Week begins today and continues through March 1. The week is a chance for individuals to assess their own saving status and take financial action. Studies reveal that having a savings plan with specific goals can have beneficial financial effects, no matter your income level. Join us in setting and sharing your savings goals! To help us get started, Katie Bryan, Communications Manager with America Saves, presents simple action items you can take to jump start your savings efforts. America Saves Week, February 24 – March 1, 2014, is a time to review your finances, decide what you want to save for, and set up a system that will allow you to save automatically. That’s why the America Saves Week theme is Set a Goal. Make a Plan. Save Automatically. Did you know that only half of Americans report having good savings habits? Even if you are already … …continue
As part of our Consumers ConnectU financial education series, Tim Kosak, our Consumer Lending Manager, will be taking your savings questions on our Facebook page on Tuesday, February 25 from noon to 1 pm. Do you want to learn strategies to boost your savings this year? Ways you can start saving today? How to save for a rainy day, a vacation, and more? Bring your questions! We’ll start the discussion with a post on our Facebook page. Comment on it with your questions, and Tim will respond as questions come in. Please remember that Facebook is a public forum. For your security and privacy, we ask that you never disclose any personal banking information online. Certain questions may require us to refer you to our Member Service Center for personal attention offline. If you have a question about your accounts with Consumers, please call us at 800.991.2221 for assistance.
Happy Valentine’s Day! Do you and your sweetheart have big romantic plans? Are you exchanging gifts—candy, roses, jewelry, or something less traditional? You’re definitely not the only ones! Check out this breakdown of Valentine’s spending. For instance, did you know that today is the single largest sales day for boxed chocolates annually? Of course, Valentine’s Day shouldn’t have to be about the money. It’s the thought that counts, right? For a cheaper date, bring your sweetheart by our offices to enjoy a cup of coffee on us. You might just find a surprise Valentine in the snow….we love our members! by kylatomdesign. Explore more infographics like this one on the web’s largest information design community – Visually.
America Saves Week is coming up February 24 through March 1. To get us thinking about saving, Katie Bryan, Communications Manager with America Saves, shares some tips for using your tax refund to set the foundation for your savings efforts. Still need to file your taxes? Remember that Consumers Credit Union members save on TurboTax federal products. Tax time is one of the few opportunities when many households receive a sizable amount of money – especially if they take advantage of the earned-income tax credit. While it may be tempting to spend that money on wants vs. needs, saving your tax refund can protect you from needing to turn to payday loans or high-cost credit later in the year, and can serve as the foundation to grow your savings. Here are four ways to get the most value from your tax refund next year: 1. Pay down your debt. Use … …continue
The information in this post is provided by our partner Accel Financial Counseling. Accel’s counseling services and educational programs are available free to all Consumers members. Have you ever wondered why you use money in a particular way? Many forces impact the development of your money personality. You make purchases to fulfill desires and to make yourself feel a certain way. Some spending influences include: advertising, media, society, friends, family, and easy credit. In addition, shopping is an “experience” to enjoy and there are so many goods that are so affordable. One way to evaluate your approach to money is to identify your attitudes about money. Where do you fit? Hoarder – The hoarder likes to save, budget, and prioritize Spender – The spender likes to spend Planner – The planner is the nitty-gritty, take-it-one-step-at-a-time type Dreamer – The dreamer hatches passionate schemes, but has no idea how to make … …continue
We’re always looking for ways to make your banking experience more convenient by bringing you the resources you need to manage your money. That’s why we’re creating a series of how-to videos to help you navigate our online and mobile banking tools. You’ve seen the first video, introducing our new enhanced transfer capabilities in Online Banking. Our latest video walks you through the process of enrolling in Online Banking as a first-time user. Have a friend or relative who’s new to Consumers Credit Union or Online Banking? Pass it on! Keep an eye on our YouTube channel for more upcoming tutorials!
As part of our Consumers ConnectU financial education series, Tim Kosak, our Consumer Lending Manager, will be hosting monthly “Ask Tim Anything” chats on our Facebook page. In January, he took your budget questions. In case you missed it, here’s the play by play. Q: How would you make it fun? A: Great question! I recommend building in rewards. As you see your progress, reward yourself with something that doesn’t break the bank, like a dinner out or a movie. And keep the ultimate goal in view. What will this budget mean for your family? Is it a better house? College tuition? Use short term rewards and long term rewards like the bigger goals you’re working towards. Make it personal—use pictures and reminders to motivate yourself. Q: Tim, where do I even begin with this whole budgeting thing? A: First, get your team together. Who are the stakeholders? Make sure … …continue