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Antioch Unified School District

August 5, 2022 • By Kevin Alvarez

Coping with Inflation

Inflation continues to put pressure on household budgets. From groceries to gas, record-breaking inflation means the purchasing power of your money is decreasing each month. Below you will find guidance on how to best navigate a time with high inflation.

1. Take Inventory of your full financial picture. Has your household income changed? have you adjusted your budget for rising groceries, transportation, or other expenses? Check your existing budget to see where you stand and where your money is going. If you don't have a budget, it can help to create a simple spending plan or roadmap of monthly expenses. A good place to start is to use resources like a budgeting worksheet track your monthly income against current expenses.

2. Continue to build an emergency fund to tap into when unexpected circumstances arise like a medical expense or costly home repair. An emergency fund helps reduce the chance of taking on debt to cover an unplanned expense. It might be tempting to pause monthly savings as rising prices take a bigger bite out of your monthly budget, but resist the urge. Put savings on auto pilot with each paycheck. Even a small amount will add up over time.

3. Prioritize monthly spending in a time of rising prices. Rethink certain monthly expenses such as subscription or streaming services. According to researchers, the average household has 4.5 streaming services and spends an average of $55 on them per month. This may not seem like much, yet $55 a month adds up to more than $600 per year. If you’re trying to cut expenses in the face of higher prices, ditching underused subscriptions can be a good place to start. As essentials get more expensive, figure out your new baseline. Limit credit card use and curb discretionary spending (dining out, entertainment). GreenPath’s Aligning Priorities workbook can help you make these decisions.

4. Monitor debt, especially as interest rates rise. Paying off high-interest credit card debt saves you money in interest, improves your credit score, and frees up room in your budget. Choose a debt payoff strategy that works for your situation. Consider GreenPath’s Debt Management Plan which helps you pay off unsecured debt in 3 to 5years. GreenPath can work with many creditors to bring your ac-counts current, lower interest rates, and eliminate fees.

5. Shop smart. Research the best sales, coupons, and specials, especially on products that are low in inventory. Check dollar stores for deals on household items and stock up on those items where possible. Bulk retailers or wholesale clubs might be a good way to stock up on items in large quantities for a lower per-use cost. Strategically plan your higher-cost purchases. Swap out brand-name items for generic as much as possible.

6. Keep tabs on your credit history. In times of rising prices, it pays to keep tabs on credit history, which is used to calculate your credit scores. The three digit number of your credit score helps determine whether lenders approve you for new credit and what interest rates they offer. Annualcreditreport.com is a trusted “one-stop-shop” to check your reports from Experian, Equifax, and TransUnion – the three industry-standard credit bureaus. You can also work with GreenPath to review your credit history.

7. Get independent guidance from a nonprofit financial counseling agency like GreenPath. Counselors look at your entire financial picture to help you ease financial stress and uncertainty, through access to clear information and a personalized action plan.

Information brought to you by our partner, GreenPath Financial Wellness

GreenPath Financial Wellness

July 20, 2022 • By Kevin Alvarez

Choosing The Right Credit Card

There is no right or wrong answer to the question, "Is this the right credit card for me?" You need to understand the various features and benefits of the credit card, and then make a decision after comparing a few options. Here are some guidelines to help you with choosing the right credit card:

Understand What The Fees Really Mean

Don’t pick a card just because it offers a zero annual fee. Many unsecured credit cards still offer a zero annual fee these days. Banks understand that a “no annual fee” card is attractive to many consumers. This doesn’t mean you should never consider a card because it comes with a fee – if the card comes with a substantially lower interest rate, that might justify paying the annual fee. Or, the perks and benefits that come with the card (such as airline frequent flier miles) might outweigh the downside of paying an annual fee.

Understand all the fees that could be applied. Credit Card agreements will disclose the possible fees that could be charged to card holders:

  • Annual fee – The card’s annual fee is simply the amount that is charged to you, as the cardholder, for using the card each year.
  • Cash advance fee – This fee is charged to the account when the card is used to process a cash advance (if the card has this feature included). The cash advance fee may be accessed either as a flat fee amount or as a percentage of the cash advance amount.
  • Balance-transfer fee – This is a fee that is charged if you are transferring a balance from one card to another — often 3% of the transferred amount.
  • Late payment fee – This fee is fairly self-explanatory. You are charged a fee if your payment arrives after the invoice due date. Fees could be as high as $39-$49 per month.
  • Over-the-credit-limit fee – This is a penalty fee that is accessed when you make a purchase that goes above your current credit limit. Fees could be as high as $39-$49 per month.

Look For The Lowest Interest Rate

If you’re not going to pay off the balance in full each month, choose the card with the lowest annual interest rate. Don’t get distracted by offers for cash back or rewards. The amount you will pay in interest charges will exceed the value of the perks.

Creditors will determine your interest rate AFTER you apply for the card. The rate will be based on your credit history. A solicitation in the mail to apply for a card is not a guarantee that you will receive a particular rate. Once you apply and the lender reviews your credit report, you may get approved for the card but at a higher interest rate than you thought. Finally, understand that your rate can change – credit cards are unsecured lines of credit, and creditors often use variable interest rates which adjust based on economic and market conditions.

Get Value From Perks, but Don’t Get Distracted by Them

If you’re going to pay your balance in full each month, consider a card that offers something you really value. The interest rate here doesn’t matter, since you’ll be paying your balance off immediately. Cash-back options are an example.  Once you accrue a certain level of spending on the account, you become eligible to receive a cash-back “reward.” There are other perks such as travel rewards, frequent flier miles, roadside assistance, insurance, and “member-only” privileges that could be attractive to the card holder.

Don’t pick a credit card just because it offers great rewards or cash back. Credit cards that offer cash back or perks may sound great, but if rewards come with many strings attached, then it might not be worth it. If you aren’t sure whether you’ll pay the balance in full each month, a high APR may cost you more money than you save with the rewards. Also don’t pick a credit card just because it has a low introductory or “teaser” rate. The introductory rates are only a fraction of the total time the average person retains a credit card.

Go For Low APR

In general, opting for a credit card with a low APR is a good approach. If you are one of the 30 percent of Americans who pay their credit card balances in full each month, the interest rate is irrelevant to you, since almost all cards come with a grace period allowing a period of time to pay the balance in full without incurring interest fees. However, if you regularly carry a balance on your credit cards, the interest rate should always be a top consideration.

Talk to your credit union, and understand their different card products.  Compare the terms and rates from national lenders, and most importantly, always use the card wisely and within your spending means.

Your Credit Union Can Help

Because we're a credit union, we are not-for-profit, so our earnings are returned to our members in the form of higher dividends, lower loan rates and reduced fees. As a SafeAmerica Credit Union member, you have exclusive access to our Visa Platinum Rewards credit card. Our card offers no fees - not even for balance transfers!

You get:

  • Rates as low as 9.90%APR
  • Rewards points, one for every dollar you spend
  • No annual fee
  • No balance transfer fee
  • No cash advance fee
  • More!

Plus, for a limited time, we offering our cardholders a chance to win one of three Amazon gift cards, up to $1,000*, just for using our card. For full details, click below.

Learn More

APR (Annual Percentage Rate) as of 7/1/22, is based on credit worthiness and is subject to change without notice. Cash advances and balance transfers do not qualify to earn rewards points.  Program is subject to terms and conditions.

*Minimum 5 credit card purchases but no more than 30 in the promo period (July 11 – August 19, 2022) required for sweepstakes entry. Each time you use your card acts as one entry.  Balance transfers and cash advances do not qualify as a card transaction/raffle entry. Promotion valid July 11, 2022 through August 19, 2022.  See official contest rules.

June 24, 2022 • By Kevin Alvarez

Is My Employer’s Life Insurance Enough?

If you’re like a lot of people in the workforce, you might have signed up for your company’s life insurance program as soon as it became available. Registration was simple, and the insurance most likely costs you little or no money. Choosing to join might have been an easy decision.

But is basic life insurance through an employer enough to meet your needs? According to a survey, 29%1 of workers believe that it is. But you might be shocked to discover that it may not be.

How Does “Work Life Insurance” Work?

Employer-provided life insurance is a type of group life insurance because the plan covers everyone who chooses to participate at your company. Employers enter into a contract with a central insurance agency to provide life insurance coverage conveniently to all their employees.

Employer-paid life insurance often means that your company will pay the entire monthly bill for your insurance. But this isn’t always the case. In some instances, your employer will pay most of the cost, but you’ll still have to pay a small amount that’s typically deducted from your paycheck.

Why Do Employers Offer Life Insurance?

Group life insurance makes an excellent addition to an employee benefits package. Companies that offer free life insurance often have a hiring advantage over a business without a group plan.

One reason for the benefit’s popularity is that even workers with serious health issues usually find it easy to get insurance through group coverage. Everyone at the company automatically qualifies because the insurance company doesn’t mind accepting the risk of insuring a person with health challenges as long as most of the other insured coworkers are healthy.

How Much Does An Employer Provide?

The median coverage for a company employee is $20,000 or one year’s salary.1 Some companies may offer you a plan that pays two or three times your salary.

If you need more insurance, employers may give you the chance to purchase an additional amount of insurance through the company’s group plan. Even then, however, there are still a few points to consider before deciding whether employer-provided insurance meets all your coverage needs.

Does My Employer’s Life Insurance Meet My Needs?

Is the amount of coverage your employer offers enough for your family? Will they be able to get by on $20,000 or on the equivalent of one or two years of your salary?

One consideration may be whether you want enough insurance to help pay off your debts and provide for your children’s education. In addition, there may be other reasons why you need a larger insurance payout than what your employer’s insurance offers. For example, you may have an aging parent who relies on your income. In that case, you may want to factor in the cost of providing quality nursing care for that person after you’re gone. If you have questions about your needs, speak to a licensed agent.

Even if you are able to apply for more coverage through your employer-provide coverage, you may have to answer medical questions or get a physical. In that case, some medical conditions could prevent you from adding to your policy. Or you might be asked to pay more than you can afford.

Does My Employer-paid Life Insurance Carry Over From Job to Job?

Maybe the biggest drawback of relying entirely on life insurance from your employer is that, in most cases, the insurance provided by your company covers you only as long as you remain at the company. Typically, the insurance coverage stops when you leave, whether it’s because you resigned or because you were laid off or fired. If you see yourself leaving your job at some point in the future, you will need to think about how to replace the coverage you had. If you’re lucky, your new employer might also offer life coverage. But there’s no guarantee it will.

One Option: Convert Employer Insurance To Personal

One way around the problem of losing your life coverage when you leave your job is to convert your employer-provided life insurance to personal life insurance, if your company gives you that option. Usually, no medical exam is required when a person makes the change. But once your coverage goes from group to personal, you, rather than your employer, will be responsible for making your full monthly payments. And at that point you might be able to get a better deal on both the cost and the amount of coverage if you just leave the employer policy behind and shop around for a new insurance policy.

Should You Get Life Insurance Outside of Work?

The insurance provided by your employer is a great benefit. But it may not be enough. So, carefully calculate how much insurance your family needs and, if you need more coverage, consider purchasing a separate personal policy in addition to the group policy you have through your workplace.

SafeAmerica Can Help

Trustage Life Insurance

Life insurance can be a simple, affordable way to help protect your family if you pass away. It can provide your loved ones with money to help pay for things like mortgage or rent payments, day to day bills or medical and funeral bills. SafeAmerica has partnered with Trustage to provide you with affordable, member-only pricing on life insurance and more.

For more information and to get an instant online quote, click below. 

SafeAmerica: Home, Auto and Life Insurance

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Although SafeAmerica has approved this as a reliable partner site, please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of the bank's website. The other party is solely responsible for the content of its website.

We encourage you to read and evaluate the privacy and security policies on the site you are entering, which may be different than those of the bank.

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1 2021 LIMRA’s Life Insurance Barometer, “Top Misconceptions About Life Insurance”. 

December 10, 2021 • By Kevin Alvarez

The 12 Scams of Christmas

Shopping online during the holiday season is extremely convenient, so long as you don't fall victim to any of the 12 Scams of Christmas.

Thanksgiving has successfully served as a great distraction from the “New Normal” we have been dealt with. The good thing about the holiday season is having major holidays back to back with a short intermission in between. During this intermission, many take the time to try and finalize their holiday shopping before reuniting with their family and loved ones. Finding the best deals used to be about leaving to your favorite department store to “beat the lines”. Remember a time when people would camp outside of stores for Black Friday deals? Unfortunately with the sudden change in times due to uncontrollable forces, society has pivoted to increasing its use of smart devices/computers to complete transactions which would usually be done in a physical location.

Need a meal? You can get one delivered to you that isn’t pizza. Need groceries? You can get that delivered too, and so on. Retailers have had to adjust in the same manner as the food industry, to accommodate the demands of consumers. While it’s always great to see companies changing their processes to better serve their customers, many scammers are taking advantage of the multiple trends currently present, to attempt to fool shoppers into sending them money or valuable items.

Based on the Better Business Bureau (BBB) Risk Index and reports submitted to BBB Scam Tracker in 2020, the 10 riskiest scams listed in Table 1 pose the most significant risks to consumers.

 

The current affairs of what has happened throughout the Bay Area and Los Angeles has further encouraged shoppers to shop online and with this, an increase probability of coming across a scam online. Scammers are using the social pressure of getting the best “deal” to have distracted consumers easily fall into their online traps. As mentioned before in blogs from earlier days of the pandemic, scamming activity has increased dramatically since March of 2020 and the holiday season is a feeding frenzy for scammers everywhere.

People ages 18-24 had the same median dollar loss ($150) as that of ages 65+ ($150) (Figure 5).

Below is a list of 12 trends the BBB has compiled to help inform consumers of the malpractices used to steal from people who are online.

1. Misleading Social Media Advertisements

After tailoring in their target demographics, scammers have been posing as small businesses and/or charities to win over consumers through an emotional tie-in. When consumers “buy” their goods, they are often reported to the BBB to receive counterfeit goods or even unwanted reoccurring charges for “free trial offers”. You can read more about misleading ads here: Misleading Ads

2. Social Media Gift Exchanges

Gift exchanges have always seem to work best in person, but with everything switching over to online, an online gift exchange seems doable right? Well, there are a few going through the internet that state if you send one gift, you could receive up to 36! As most can share, if it sounds too good to be true, it most likely is NOT true. This scam works like this: A friend or family member from your social media network sends you a message to sign up to participate in a “fun program”. You just need to provide your personal information such as contact information and address, (FYI since 2017 raw personal data is worth more than raw oil) along with personal information of a few of your friends and information of other gift exchange participants. After doing so, you would have to send a gift to one of the “other gift exchange participants”. At the end of it all, you “gifted a stranger” something and added to a list of personal information, which most likely will be sold to other scammers to try to take from you. You can read more about them here: Social Media Gift Exchanges

3. Holiday Smart Device Applications (Apps)

The Apple App Store and the Google Play store have lots of interesting apps and one can easily fall into the rabbit hole of apps that you may deem of use, but how many of the apps you already have downloaded do you already use on a consistent basis? What data is being collected from you? Some apps require you to purchase them before you download.  Typically when paying for an app, you won’t be seeing much or even any advertisements from within the app. However, free apps tend to have an overwhelming amount of advertisements, collect data and habits of the user and more often than not, force users to watch a “short video” to either claim in-app currency or continue to play/participate with the app. There are some situations in which the advertisements are inappropriate to younger users. So how does all this information tie in to our list? Well there are numerous holiday-themed apps which are aimed at children, these apps “provide” youth the opportunity to video chat live with Santa Claus, watch Mr. Claus feed his reindeer live, monitor his sleigh’s location on Christmas eve and even share their holiday wish lists to the north pole. Make sure to update your smart devices to require a password to allow app downloads, thus forcing your little ones to ask for your permission which in-turn allows you to read reviews and make the final call of approval. To read more about holiday apps, click here: Holiday Apps

4. Alerts About Compromised Accounts

These days everyone has a digital subscription or consumer relationship with a tech giant or two or three or more. Since the shift to digital, scammers have been posing as big businesses and either calling, texting or emailing in regards to the recipients accounts being compromised. No matter how you receive this notification, the scammer will use the company’s logo, colors and language to try and create an official alert. What follows, is a link to a website posing as the legitimate company that may ask you to log in using your account number, username/password and even your social security number. Entering this information could cause you to be a victim of fraud, especially when your private information has been given to the scammer. If you receive a call and something seems off about the situation, its best to hang up and call the company through a number that is from a legitimate source. There are even tactics that allow scammers to call under a number that the company may use. If you receive such text or email communication, rather than following any links, go to the organizations legitimate website and find their contact information to verify your accounts status. To read more about compromised accounts, click here: Compromised Accounts Scams

5. Gift Cards

There are a handful of websites and online vendors which sell gift cards legitimately, but as with everything, there are always a few bad apples waiting to be picked. When buying online, verify the website you are using is legitimate, it is always best to buy directly from the merchant’s website. There are also websites that claim to check your gift card’s balance. While convenient in hindsight, there is a possibility of the site taking your gift cards information, especially if they ask for your PIN/security code for your card. A solution would be to check the balance inside a major grocery store chain. Even when purchasing a gift card in-store, there are some important things to keep an eye out for; are any sensitive numbers (like the PIN/security number) exposed? Are there any tears or physical signs of tampering anywhere on the packaging of the card? To read more about gift cards, click here: Gift Card Scams

6. Temporary Holiday Jobs

The holiday season always brings the opportunity to find work. This year, with the combination of supply chain issues and everyone trying to order their gifts in time for the holidays, delivery and shipping services are the top holiday employers. These jobs which may be seasonal often provide the opportunity to employ for the long term. So with this in mind, scammers use the avenue of employment opportunity to steal important personal information from people looking for work. There are numerous tactics used by scammers, some are asking prospective employees to provide payment for job supplies, application, background check and/or training fees. This payment is what they take from you. You should never have to pay and the company should be able to provide resources not the other way around. Another popular scammer tactic is “employers” claiming to pay big amounts of money for “simple” office tasks. These situations are often scammers trying to collect masses of personal information, which may result in some fraud further down the line. To read more about temporary holiday jobs, click here: Temporary Holiday Jobs

7. Look-Alike Websites

Scammers impersonating websites have continued to be a convincing method in which people fall for. Similar to number one on this list (Misleading Social Media Ads), these fake websites are made to look like the legitimate company’s version, such as having the same layout as the legitimate counterpart but with the intention of having unsuspecting people make a payment or even trick people into downloading malware onto their personal computers. To learn more about look-alike websites, click here: Look-Alike Websites

8. Fake Charities

According to the Better Business Bureau, did you know 40% of all charitable donations are done within the last few weeks of the year? With the abrupt transition to using digital services stemmed from the pandemic, many charitable organizations have shifted from in-person fundraising to directing donors to help make a difference via online drives. It is recommended to avoid making donations to unfamiliar organizations online unless you can verify it is from a reliable and legitimate organization. To learn more about fake charities, click here: Fake Charity Scams

9. Fake Shipping Notifications

Due to the never ending status of current events, most shoppers have been keeping all in-person activities down to a minimum and have completed their holiday purchases via their favorite online retailers. Doing so, has brought in an influx of scammers sending out “notifications” regarding shipping details and updates. These are phishing attempts which have unsuspecting victims click on malicious links that permit unwanted access to your device and access to your personal information. To learn more about fake shipping notifications, click here: Fake Shipping Notification Scams

10. Fake Pop-Up Holiday Virtual Events

Many local holiday themed events and activities have shifted to online video based events. This means more and more social media event posts and emails. Scammers have been replicating online content to promote an online event that charges to attend. Scammers “charge” for holiday virtual events with the goal of acquiring credit card information to steal. These type of events are legitimate if organized by a city’s community development department, which provides an avenue to verify the event via their direct online website(s). Local community events hosted officially by cities more often than not, do not charge to attend/participate. To learn more about pop-up holiday virtual events, click here: Pop-Up Virtual Holiday Scams

11. Top Holiday Wish-List Items

One doesn’t need to search online for long to find what has been a sought-after item this holiday season. The latest gaming consoles, designer apparel and toys have been sought after from the start of the pandemic and have provided a crooked opportunity for scammers to “sell” these hot items online. Many reports from the BBB Scam Tracker show consumer complaints regarding phony deals and the inability to contact the seller after making their purchase online. To learn more about how the top holiday wish list items scams work, click here: Top Holiday Wish List Items Scams

12. Puppy Scams

During the pandemic, many have looked into adding a four legged furry friend to their family, unfortunately this new demand has put an extremely competitive search online. As with any other trends, scammers are taking advantage by claiming to sell puppy’s and trying to have people send over money before even seeing how the supposed pups look. Be extra vigilant when you come across any type of pet advertisements, the Better Business Bureau shares 80% of online pet ads may be fake. It is recommended to visit the legitimate website of your local animal shelter to search for any available animals up for adoption. Vaccines are typically given to animals in shelters so it would be one less thing for you to worry about. To learn more about puppy scams, click here: Puppy Scams


 

To provide a real world example of just how close to home these above mentioned scams can get, below we have a local press release from the Alameda County District Attorney, Nancy E. O'Malley:

This unfortunate real world event falls under number 4 from our list above, Alerts on Compromised Accounts. To read directly from the District Attorney's website, click here: Alameda Zelle Scam Alert

To learn more preventative tips for staying safe while browsing the internet, visit the Better Business Bureau's website and stay informed of what scams are affecting your community and the communities around you by using the BBB Scam Tracker.

December 3, 2021 • By Kevin Alvarez

These Holiday “Two-Do’s” Can Keep You Financially Healthy All Season

While the holidays are a festive time with family and friend, a potentially not-so-fun part of the season is the temptation to go overboard on holiday shopping. Whether it's gifts for everyone on your shopping list, refreshments to create memorable parties and other events, buying trendy decorations or other holiday related purchases, it can be a time of financial stress.

With a little planning, this can be your year for a financially healthier approach.

The following holiday "two-do's" can help you keep financially healthy through the season.

#1 Check Up On Your Credit History

Before the start of the season, take inventory of your overall credit history. A healthy credit score makes it easier to get credit if needed before the holidays, making you eligible for lower interest rates and saving you money in the long run. A low score typically means you’ll have to pay higher interest or could lead to denial of credit. Give yourself plenty of time before the holidays to make sure your information is correct. A good place to review your history is AnnualCreditReport.com.

  • Check your name, social security number and contact information.
  • Make sure all the accounts and credit inquiries on your report are truly yours.
  • Look to see if the payment histories, balances and account status are all correct. If you find mistakes, file a correction directly with the credit reporting agency on their website.

After checking the accuracy of your credit reports, remember that the most important things you can do to maintain a strong credit score is pay your bills on time and keep your debt balances low.

#2 Make A Plan

Take the time to develop a spending plan for the holiday season, complete with your full
gift list, incidentals like cards and gift-wrapping, entertainment and travel plans, event schedules and other items needing financial resources. A holiday budget can help you stay on track.

  • Prioritize holiday-related spending to decide what is non-negotiable, and cut where you can. For instance, can you cut back on entertaining this year by hosting pot-lucks, or plan low-cost family outings to free seasonal concerts? Can you get creative when it comes to gift giving, setting a purchase limit to family gifts?
  • Make a written spending plan to determine how much money you will devote to your regular bills, living expenses and savings as well as the seasonal purchases. By setting your budget in advance, it’s easier to manage your money to meet your goals.
  • Add up all your income sources to find out how much money you have to apply to seasonal purchases including travel and entertaining.
  • Keep your spending plan on your phone or device so it is always with you as you begin holiday related purchases. Track your purchases on every shopping trip or visit to an online store. By keeping a running total of holiday expenditures, you won’t be surprised when the credit card bills start coming in January.
  • Shopping with cash rather than credit cards is a good way to set a limit on spending and avoid temptation. When the cash you have allotted for gift giving is gone, it is gone. Credit cards enable you to spend beyond your limitations.

Fun For The Festivities

While everyone's goals are different, keeping the focus on these “Two-DO’s” of financial health can help you celebrate without over-spending or maxing out credit cards.

For futher guidance, GreenPath offers credit report reviews, credit counseling and debt management services to set you up for success this season. Our Financial Experts can also help you create your own personalized spending plan.

This information has been brought to you by our partner, GreenPath Financial Wellness

GreenPath Financial Wellness

November 19, 2021 • By Kevin Alvarez

This Holiday Season, Could Less Be More?

Another holiday season is upon us, and for the second year in a row, the impacts of COVID will likely color the celebrations.

While the season is an opportunity to focus on the things that matter most in life, exchanging gifts is a long-standing tradition and a way to share joy with loved ones . Gift-giving is likely to be even more amped up this year, which might bring upon financial strain.

Research shows that many shoppers intend to spend more money on the 2021 holidays due to COVID-19's impact on 2020 celebrations.

In fact, 48% of surveyed consumers said they plan to spend more money on the 2021 holiday season due to the pandemic dampening last year's plans. In addition, due to the shortages on goods caused by the pandemic, we may be tempted to spend more money in order to get gifts that are in short supply. Regardless of the pandemic, seven in ten respondents said they typically go over budget during the holidays,

Our Partners at GreenPath Financial Wellness, have some advice for maximizing the joy, while staying within a holiday budget.

Simplify the Season

For less financial stress, consider simplifying celebrations and entertaining. Rethink the complicated decorating, holiday cards and other traditions. Instead of costly parties, consider arranging a family hike, a visit to a museum, or even volunteering with friends and family as a way to honor the season. After the event, gather for hot chocolate or a budget-friendly potluck or a budget-friendly potluck. Spending time with people you love is a true gift. Think creatively of how to give memories to each other, which costs nothing.

Set Expectations

Year after year, studies show that families with children are more likely to take on debt and go all in on gift spending across the board, With some planning, families can successfully navigate holiday spending expectations by paring down on the "stuff." Get everyone in the spirit by setting a gift limit so expectations are clear. The kids might be better off in the long run! A recent survey shows that small children thrive in environments with fewer toys, and that a play area with only a few favorite toys leads to higher quality of play.

Volunteer in Someone's Name

Is there a friend or loved one in your gift list who has trouble getting out and about, yet has a favorite charity that is meaningful to them? Volunteer in their name to honor them and provide a gift to both the organization and the individual. Whether raking leaves at a community center, walking the puppies at the Humane Society, delivering Meals on Wheels, or another service, volunteering in someone's name is a win-win!

Create a Holiday Spending Plan

Finally, putting together a holiday spending plan helps relieve uncertainty and financial stress. A simple budget can help you figure out how to meet both your short and long-term financial goals — especially during the holidays. The plan can help you get an idea of what you have to work with in terms of income, what your commitments are, and what you have remaining to devote to your goals. Remember, nothing is set in stone, especially during a busy holiday season. You're in charge of your plan and your goals. Review your holiday spending plan and adjust to trim expenses or direct money toward something different.

This information has been brought to you by our partner, GreenPath Financial Wellness

GreenPath Financial Wellness

November 12, 2021 • By Kevin Alvarez

3 Tips to Spread Joy While Saving Money Through the Holidays

1 — Using Mindfulness to Have More Peace During Your Holiday Shopping

When it comes to gifts, it’s not enough to simply know how much you plan to spend in total for the holiday season. You can also break that number down by person so that you’re mindful of your finances through the holidays.

If your shopping list includes more than five people outside of your immediate family, have some fun and get creative with gift-giving. Challenge yourself to give homemade gifts without spending any money. Handmade presents are extremely thoughtful such as; canned jams, bags of cookies, a picture frame, or hand-crafted ornament. If you’re not into cooking or canning, try buying low-cost items from your local market or second-hand shop.

No matter how you approach holiday spending, this year challenge yourself to shift your mindset by considering these questions: How much cash could I put aside each week to use on gifts? Could I put one item back on my gift list and forgo charging it to my credit card? Before I purchase anything off my list, do I know exactly how much I’m spending?

2 — Rethink Receiving Gifts & Saving for Gifts

If you're hoping to cut down on your seasonal spending, you can communicate thatt with those you love so that they may follow your lead. To help your friends and family stick to minimal holiday purchases, offer gift recommendations that avoid high spending. You could also ask your family to forgo material gifts this year and instead focus on experiences. This way the holiday will be focused around enjoying each other's company, rather than on gifts.

If you're concerned about how your friends and family will perceive your gift giving approach, remember that giving your time and energy to support someone is almost always appreciated more than a gift that may end up cluttering their home. A hand-drawn gift card for items such as; cooking someone a meal, giving new parents a night out while you babysit or offering to clean someone's house are gifts that you and friends will love.

You can also save money on holiday gifts by shopping in the off-season. Try getting a jumpstart on your holiday shopping in the summer or right after the holidays, when more items are on sale. Planning ahead will help you be mindful of your finances through the holidays.

3 — Improve Your Spending Habits & Scope Out Purchases in Advance

Get over credit card debt anxiety by giving yourself the gift of developing new-and-improved spending habits. Have you ever made a purchase only to frantically login to your bank account to check if you’ve overspent? You’re not alone, we’ve all been there.

In order to break spending habits that you may regret later, it’s important to consider how they make you feel. In the moment when you are standing in front of the item you want to buy, pause, breathe and imagine how you will feel about the purchase the next day? Try to envision your life after the purchase and ask yourself these questions: Will it really bring me the joy I am hoping it will? Will I have to make other sacrifices to get this? Will I feel stress about my money and meeting other obligations?

Try writing in a journal or meditating on the good in your life. For example, did you know that a salary of $32,000 puts you in the top 1% of earners in the world? If we can find joy in what we have, we might just realize how little we truly need to be happy.

Take a moment to jot down the last purchase you made with your money that ended up not working out so well. What led you to buy it? What were you valuing or needing? What did you hope it would bring—for instance, security? Fun? Ease? Ask yourself, what did you have to give up to get it? Peace of mind? Rest? Note how you felt when you made that decision and then think about how you feel today. Remember that spending money can be fun, as long as we are intentional about saving money to reach our goals and have a financial plan in place

For more information about financial wellness, visit our partner at GreenPath Financial Wellness.

GreenPath Financial Wellness

August 20, 2021 • By Kevin Alvarez

A Guide to Understanding Financial Terms

When reading about credit cards, mortgages, or other financial products, you may encounter financial terminology and acronyms that you aren’t familiar with. Please note, these descriptions are a guide only and are not legal definitions.

A


 

Adjustable-Rate Mortgage

An adjustable-rate mortgage (ARM) is a mortgage that offers the borrower a fixed interest rate for a set amount of time. After that time expires, the interest rate on the remaining balance varies though out the life of the loan. Depending on the terms of the mortgage, the interest rate resets each month or year. This type of mortgage is also called a variable rate mortgage.

Annual Percentage Rate

The Annual Percentage Rate (APR) is the yearly cost of borrowing money. APR includes the interest and fees charged over a one-year period. Many types of debt include an APR such as credit cards, auto loans, mortgages and personal loans. The APR helps borrowers choose credit card offers, mortgages, loans, etc.

B


 

Balance

When referring to debt, a balance is the amount of money remaining to be repaid on a loan, credit card or mortgage. When the term "balance" refers to a checking or savings bank account, the balance is the amount of money present in the account.

Balance Transfer

A balance transfer refers to moving a balance from one account to another account, which is often an account at another financial institution. It most commonly describes transferring outstanding debt owed on a credit card to an account held at another credit card company.

Balloon Payment

A balloon payment is the money owed on a loan when the loan term expires (usually after 5-7 years). When the term is over, the borrower must pay a balloon payment for the total amount remaining on the loan, or the borrower can choose to refinance the loan for new terms and rates. Balloon loans sometimes allow the borrower to transfer the remaining amount automatically into a long-term mortgage.

Bankruptcy

When an individual or a company has debt that cannot be repaid, declaring bankruptcy gives the individual or company legal protection from the debts. Bankruptcy is a legal process that can offer relief from some or all debts, depending on the type of bankruptcy.

Budget

A budget is written plan that tracks monthly expenses and income. It is used to help manage finances, keep current with expenses and save money.

C


 

Card Holder

A card holder is the person who is issued a credit card, along with any authorized users. The primary card holder is responsible for credit card payments. Credit card holders are protected by the federal lending laws which protect consumer rights.

Cash Advance

A cash advance is a loan issued from a creditor. The most common cash advances are issued by a credit card or through a loan taken in advance of a paycheck. These types of cash advance loans charge special interest rates and fees on the amount of the advance.

Cash Advance Fee

A cash advance fee is a charge made by the bank or financial institution that the borrower owes after taking a cash advance loan. This fee could be either a one-time, flat fee that is owed at the time of the transaction or a fee charged as an annual percentage of the amount of the cash advance. Did you know SafeAmerica waves cash advance fees on our Visa Credit Cards? Click here to learn more.

Collateral

Collateral is an asset that a lender accepts as a security for a loan. If a borrower defaults on their loan payments, the lender has the right to seize the collateral and sell it to recoup any losses.

Collections

Collections occur when a creditor, or a business, like a utility company, sells past-due debt to an agency to recover the amount owed. The delinquent debt could be past due credit card debts, utility charges, medical bills, cell phone bills or other payments that are over 6 months past due. Collection agencies attempt to recover past due debts by contacting the borrower via phone and mail.

Conventional Mortgage or Loan

A conventional mortgage or conventional loan is available through a private lender or two government-sponsored enterprises-Fannie Mae or Freddie Mac. Conventional loans are considered risky because they are not guaranteed by the government. These mortgages can have strict requirements and higher interest rates and fees.

Credit

Credit refers to the money that is borrowed that the borrower will need to repay.

Credit Card Charge-Offs

Occurs when a borrower does not pay the full minimum payment on a debt for several months. At that time, the creditor writes it off as bad debt. Note that a credit card charge-off does not absolve a borrower of responsibility for the debt. Interest is still owed on the balance. even after a credit card charge-off, the lender could turn over the account to a collections agency.

Credit History

A person's credit history develops as they borrow, repay and manage their loan payments, expenses and other transactions. Future loans depend on a solid credit history, because lenders check this information.

Credit Report

A credit report is a statement that has information about a person's credit history, including loan paying history and the status of credit accounts. Lenders use credit reports to help them decide if they will loan money and what interest rates they will charge.

Credit Score

A credit score is a number based on a formula using the information in a person's credit report. The result is an accurate forecast of how likely that person is to pay bills or repay loans. Lenders use credit scores to determine what interest rate they will offer on credit cards, mortgages, car loans and other loans.

Creditor

A creditor is a person or institution that extends credit by lending a borrower money. The borrower agrees to repay the funds under the agreed upon terms.

D


 

Debt

Debt is money owed to a lender, such as debt from credit cards, student loans, or a mortgage.

Debt Consolidation

Debt Consolidation means that a person's debts, whether credit card bills or loan payments, are rolled into a new loan with one monthly payment, A debt consolidation loan does not erase debt. Borrowers might pay more by consolidating debt into another type of loan.

Debt Management plan

A debt management plan is when an organization works with creditors to reduce a borrower's monthly payment and interest rates. People working through a debt management typically take 3-to-5 years to pay off debt.

Debt Counseling

Borrowers receive debt counseling (also called credit counseling) when a trained credit counselor reviews their personal finances, debt and credit history to help manage financial challenges.

Debt Settlement

Debt Settlement is a process of negotiating with creditors to accept a percentage of the full amount of debt that is charged off or severely delinquent. For-profit debt settlement companies operate to deliver profits to their organization. As part of the for-profit business model, debt settlement employees are often paid on a commission basis, based on the fees they collect from consumers.

Default

A default on a loan occurs when a loan payment is not made by the borrower according to the payment terms of an agreement.

Deferment

A loan deferment is when a lender agrees that a borrower can pause making monthly payments for a set amount of time. Loans that are deferred are not forgiven. The borrower still owes the money and must repay the debt. Deferments are often available with student loans to provide the borrower with a set amount of time before making any payments.

Delinquent

When a borrower is late or overdue on making a payment, such as on payments to credit cards, a mortgage, an automobile loan or other debt, it is called delinquent. People who are delinquent, or late, with making payments may be charged a late fee.

F


 

Fair Debt Collection Practices Act

The Fair Debt Collection Practices Act is a set of laws that protect consumer rights during the debt collection process.

Fannie Mae

Fannie Mae, the informal name of the Federal National Mortgage Association, is a U.S. Government-sponsored enterprised that buys mortgages from lenders, bundles them intp investments and sells them on the secondary mortgage market. typically, Fannie Mae purchases home mortgages loans from commercial banks or big banks.

Finance Charge

A finance charge is the cost of borrowing money. The cost to a borrower includes interest and other fees. Lenders typically set finance charges as a percentage of the amount borrowed. Some lenders might set a flat fee finance charge.

Fixed Rate

A fixed rate is an interest rate that stays the same for the life of the loan, or for a portion of the loan term, depending on the loan agreement.

Forbearance

Forbearance is a process when a lender agrees to a lower payment or no payment for a temporary period of time. Forbearance is not loan forgiveness. After that time expires, the borrower may face higher payments, accrued interest or an extended loan term.

Foreclosure

Foreclosure is a legal proceeding that happens when a borrower does not make payments on a secured debt. The lender may start legal foreclosure proceedings to seize the property associated with the debt. As an example, default on a mortgage could result in foreclosure and auction of the property.

Freddie Mac

Freddie Mac, the informal name of the Federal Home Loan Mortgage Corporation, is a U.S. government-sponsored enterprise that buys mortgages, combines them with other forms of loans, and sells the debt on the secondary mortgage market. Typically, Freddie Mac purchases home mortgage loans form smaller banks and lenders.

G


 

Grace Period

A grace period is a set period of time in which borrowers do not have to pay finance charges or interest if they pay balances in full. Revolving credit card lending provides a borrower with a grace period.

I


Interest

Interest refers to the cost of borrowing funds, paid to the lender by the borrower. Interest also means the profit that accrues to those who deposit funds in a savings account or investment.

Interest Rate

An interest rate is the fee lenders charge a borrower, calculated as a percentage of the loan amount. The percentage charged when borrowing money is known as the interest rate.

L


 

Loan

A loan is sum of money that is advanced to a borrower. The borrower agrees to specified terms such as finance charges, interest and repayment date. Some examples include auto and recreational vehicles loans, home loans, home equity loans, personal loans as well as student loans.

Loan Forgiveness

Loan forgiveness means a borrower is no longer obligated to make loan payments. With student debt loan forgiveness, the borrower must meet criteria such as actively serving in the military, performing volunteer work, teach or practice medicine in certain types of communities, or must meet other criteria specified by the forgiveness program.

Loss Mitigation

Loss mitigation is the process when mortgage servicers work with borrowers to avoid foreclosure.

Loan Modification

Loan modification is when a lender makes a permanent change to loan terms. The modifications could inlcude changing the interest rate, type of mortgage or extending the time to pay the mortgage balance.

M


 

Minimum Payment

The minimum payment is a payment made on a loan or credit card that is specified by the lenders as the smallest payment amount due. Borrowers can pay more than the minimum payment.

Mortgage

A mortgage is the loan a borrower takes in from a lender to purchase real estate.

P


 

Past Due

Past due is when a payment has not been made by its due date. Borrowers who are past due will usually face penalties and are subject to late fees.

Private Mortgage Insurance

Private mortgage insurance is a type of mortgage insurance that might be required for borrowers to pay for with a conventional loan. Private mortgage insurance protects the lender in the event a borrower stops making payments on the loan.

R


 

Reinstatement

Reinstatement refers to a lump sum payment that makes an account current when the borrower pays everything that is owed. This payment would include any missed payments and fees.

Refinance

Refinancing applies to all types of loans, this simply means you are replacing any existing debt and terms with a new set of debt and terms, most often with a lower interest rate than the original loan rate.

Repayment Plan

A repayment plan is a written agreement for borrowers who are past due on loan payments. This option allows the borrower to pay the late amount as a smaller addition to the regular monthly payment, spread out over several months.

Revolving Credit

Revolving credit is when a creditor increases the credit limit to an agreed level as a borrower pays off a debt, such as a credit card. Revolving credit may take the form of credit cards or lines of credit with other lenders.

S


Secured Debt

A secured debt is a loan that allows the lender to seize the asset or collateral used to acquire the debt to repay the funds advanced to the borrower in the event of default. Examples of secured debt are mortgages and auto loans.

Short Sale

A short sale is when a homeowner in financial distress sells property for less than the amount due on the mortgage.

U


Unsecured Debt/Unsecured Loan

Unsecured debt or an unsecured loan is a loan that is not backed by an asset or collateral. It is riskier than secured debt. The interest rate for unsecured debt is normally higher than secured debt.

V


Variable Rate Mortgages

A variable rate mortgage is a mortgage in which the initial interest rate is fixed for a period of time. After that period expires, the interest rate on the outstanding balances varies throughout the life of the loan. Depending on the terms of the mortgage, the interest rate resets each month or year. This type of mortgage is also referred to as an adjustable-rate mortgage (ARM).



As a valued member, we provide you with access to certified experts through our partners GreenPath Financial Wellness who will empower you to eliminate financial stress, get out of debt, increase savings, and achieve your financial goals.

Learn more about starting your journey to financial freedom by clicking on the button below.

GreenPath Financial Wellness

 

Sources:

https://www.greenpath.com/

https://www.debt.org/

https://www.investopedia.com/

https://www.consumerfinance.gov/practitioner-resources/youth-financial-education/

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