SafeAmerica Credit Union

Basic Financial Literacy

• By Lisa

Life Insurance Awareness Month

September is Life Insurance Awareness Month and if we've learned anything from these past few years, it's that life is unpredictable. At SafeAmerica Credit Union, our hope is to bring awareness and encourage you to learn more about Life Insurance and why it's so important to have.

A Member Benefit for You!

We strive to offer our members the best access to many products and services, such as Life Insurance.  We’ve partnered with TruStage to provide you with easy and affordable access to Auto and Life insurance.

As a member of SafeAmerica Credit Union, Trustage® will work with you to select a policy that's right for your budget, with ongoing support and no hassle.

Trustage Life Insurance® can help give you peace of mind today and provide an income-tax free cash benefit for your family. It can help pay expenses you might leave behind such as funeral costs, mortgage payments or unpaid debts. Trustage helps make it easy to compare insurance and explore options you can afford—so you can make a good decision today for your family.

Term Life Insurance

Term Life Insurance will cover you for the length of your policy. As long as your premiums are paid, you will be covered.

Learn more about Term Life Insurance »

Whole Life Insurance

With Whole Life Insurance, the rate you initially pay would be locked-in for the entire duration of your policy. Even if health conditions change and your premiums are paid, your coverage will never be cancelled.

Learn more about Whole Life Insurance »

Guaranteed Acceptance
Whole Life Insurance

Guaranteed Acceptance Whole Life is a policy which does not turn down people for their health. As long as premiums are made, coverage will never decrease or be cancelled.

Learn more about Guaranteed Acceptance
Whole Life Insurance »

You can also learn more about Life Insurance by visiting the Trustage website. They offer a variety of quick-read articles to help you make an informed decision.

Understanding Insurance

Get Started Today

Trustage® can help you get coverage that fits your needs and budget. We designed it to be easy to:

Don't wait, get an instant online quote today. Or call 1-800-814-2914 and talk to a licensed agent.

Why Trustage®

Since 1935 Trustage has been assisting millions of people by helping protect the financial future of their loved ones with insurance policies designed to be affordable.

Trustage works with thousands of credit unions across the United States helping families prepare for the future and help secure the financial stability of millions of credit union members.

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TruStage® is underwritten by CMFG Life Insurance Company, a well-known credit union member insurance provider. For more than 80 years, CMFG Life has earned the trust of members nationwide and is rated “A” (Excellent) by A.M. Best, an independent national organization that rates insurers’ financial strength and performance. “A” is the third-highest of 16 ratings, as of March 2021. Join more than 20 million members who rely on TruStage.

TruStage® Life Insurance is offered by TruStage Insurance Agency, LLC and issued by CMFG Life Insurance Company, P.O. Box 61, Waverly IA 50677-0061. The insurance offered is not a deposit and is not federally insured or guaranteed by your credit union. Products and features may vary by state.

© TruStage Insurance Agency

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• By Lisa

Financial Well-Being For Our Youth – National Credit Union Youth Month

Kids can learn a lot watching their parents. What they see can set a pattern for life. The key is to not run away from the conversation, but look at it as an opportunity to set our kids up for success.

You might feel comfortable talking to kids about their favorite video game, fashion, or trending Tik Tok video, but maybe not about money. As everyone is looking forward to new beginnings after the pandemic, it’s always a great time for the whole family to establish new habits and that includes with the younger ones at home.

What have we learned and what do we want to pass on to be ready for another major crisis, if it comes?

Some parents may need help passing on a financial literacy mindset to their children. However, once you decide to have the conversation, it’s important to start as soon as possible. Money is a tool that is very powerful, when mixed with the right knowledge.

Start Talking About Money Early

Experts say children as young as five or six can understand the basics of money and saving. With that in mind, we can start sharing financial literacy skills early to ensure our children are set up for success.

As grown ups, we know money is important to buy groceries, keep a roof over our heads, buy things we want, and much more. Even before they are in first grade, children can understand what money is and how to use and save it. Be proactive talking about money and modeling good spending behavior yourself.

The conversations may vary depending on your child’s age, but the general idea is the same – teach them early and often about money and finances. This will help them become comfortable talking about money and find solutions instead of having a financial misstep and ignoring it.

Learn the Importance of Saving Money

Learning how to save is just as important as learning what to spend money on. As their savings grow, parents can reinforce the good money management habits they are putting into practice. Having financial reserves can protect against hardship and give the saver power to decide how to spend or invest the money. Being financially literate is important at any age, but especially for young people just starting on their financial education journey.

Talk About Wants Vs. Needs

It is always important to make every dollar count. Part of the money education for children is helping them understand the difference between things they want and things they need.

That differentiation can be challenging for adults too. Financial literacy means understanding the difference between a “nice to have” (a want) and something they cannot live without (a need).

Sometimes a family challenge may move the “wants” to the back burner temporarily, while the “needs” become more important. If a challenging financial situation requires the family to adjust their lifestyle, make sure kids understand what is going on and why. This is a great opportunity to teach the importance of planning, budgeting and the fact that it’s ok to wait.

Create A Budget Together

Next time when you create a budget for the household, include your kids. Include them as you talk about how, where, and why you spend your money. Start small and slow, be honest, be patient, and encourage questions. Remember to talk in a way that doesn’t upset them or make them worry about finances.

Help Kids Understand Where You Are Financially

Being honest about your current situation can be a great opportunity to educate young people about money and how to handle it. A great start is getting a free financial health assessment and then, involve them as you work through the financial process for the entire family.

Incorporate Money Into Daily Activities

One way to increase your child’s financial I.Q. is to incorporate learning into everyday activities. Here are some tips:

  • Play games involving money
  • Help kids make a wish list for things they want
  • Teach while you shop
  • Link their allowance to chores around the house
  • Teach them to split money into categories like saving, spending, and giving
  • Have them “save up” for something they want

Wrapping It Up

It’s important to remember money plays an essential role in all of our lives.

Consider starting early to share the right information and lead by example. If you need help getting your own financial house in order, connect with a caring, certified GreenPath counselor.

GreenPath Financial Wellness

• By Lisa

Saving For The Unexpected – America Saves Week 2023

How often have you heard that saving for life’s unexpected events is very important and a necessary part of being financially prepared? Most likely A LOT! Accompanying this message often is the statement that you need three to six months of expenses in your emergency savings account.

Saving for the unexpected

For those of us who struggle with saving for the unexpected or are saving but don’t have that three to six months amount accumulated, our confidence might be shaken because we haven’t met this standard. And when we lack confidence, it can be even harder to get or stay motivated to save for those unexpected events or opportunities that arise.

Instead of focusing on what you haven’t accomplished, here are a few strategies to consider that may help you build your financial confidence and begin or continue on your path to saving for the unexpected.

  • Set a goal of saving $500 for emergencies and once you reach this amount, set a new goal for another $500 and keep going. Reaching several smaller goals feels good and when we feel good, we’re more likely to remain committed to our plan.
  • If you’re not sure exactly how much you can realistically save each month, try using the America Saves Spending and Saving Tool to get a clear view of your finances. Once you know exactly what your income and expenses are you will be able to set a realistic timeframe for saving that first $500 or beyond.
  • Consistency can help build confidence. Saving automatically every time you get paid is the easiest way to be a consistent saver and consistency builds confidence. You can set up split deposit saving with your employer or your financial institution so that a portion of every paycheck goes directly into a dedicated savings account. When you are saving $10, $20 or some other amount every paycheck you will see regular progress, building your confidence along the way.
  • Instead of only focusing on the negative reasons for having an emergency savings account, think of it as saving for opportunities. Framing the reason you are saving in a more positive light may help you feel better about setting money aside. Not only are you saving to pay for car repairs, home expenses, or medical bills, tell yourself you are saving for an unplanned dinner out to celebrate a friend’s birthday or the chance to go see your favorite artist in concert. Those positive feelings can be motivating.
  • Use the three to six months of expenses in a savings account as a guideline. Try not to become discouraged if you haven’t met this level. Instead, focus on what makes the most sense for you at this time, knowing that as your income grows and/or expenses decrease your ability to save more and more quickly will change.

America Saves is here to help you get started on any of these strategies. Check out the 6 Steps to Establishing a Spending and Savings plan, take the America Saves Pledge, or listen to our Think Like A Saver podcast. We’re with you every step of the way on your savings journey.

SafeAmerica Credit Union is here to help you on your saving journey. Check out all the Savings opportunities we have to offer.

Savings Accounts

• By Lisa

Managing Debt as Interest Rates Rise

Debt can be a challenge to manage, even in the best of times. Now, with the economy in the news nearly every day, how do you effectively manage your debt as the cost of borrowing for things like homes, cars,
and credit cards rises? People are successful when they set a realistic budget for spending. Focusing on non-traditional gifts, the joy of experiences and the resulting memories, can be just as rewarding without damaging your finances, especially as prices on essentials are rising.

Here are five general questions to ask in order to minimize the hit to your wallet in the face of rising interest rates.

What's Your Current Credit Score And History?

Knowing this information helps you understand how rising interest rates will apply to you. Some research shows that only 33 percent of Americans checked their credit score in the past year. Regularly monitoring your credit can alert you to errors, protect you from fraud, and provide you valuable information to strengthen your credit score–which can potentially minimize the rising cost of borrowing.

What Is Your Debt Portfolio?

Another helpful course of action is to make a list of your current debt such as credit cards, car loans, student loans and other debt. Although it’s a simple step, this can make a big difference in visualizing the big picture of your financial situation. Part of seeing the impact of rising interest rates is understanding exactly where you stand.

What Are Your Current Interest Rates?

An effective next step is to regularly review your balances, terms, and interest rates on a monthly basis. By staying on top of this vital information, you can make adjustments and informed decisions about reducing any existing balances more aggressively. As a debt paydown strategy, it often makes sense to start with the highest interest credit cards or loans.

What Is A Realistic Payment Plan?

As you are able, consider paying credit card balances in full by the due date each month. You can avoid interest charges on what you purchase, which means rising interest rates may not have much of an effect on your household finances.

What Is Your Overall Financial Plan?

To stay financially healthy and minimize the impact of rising interest rates, it is key to earn more than you spend, so that you have enough money to build savings for the future. Keeping an eye on your spending is an important step in the effort to create a budget without the cost of high-interest debt. Once you develop a household budget and track income and spending, it becomes clear where the money is going and where you need to adjust your spending to achieve your financial goals. By setting financial goals, preparing a financial plan, sticking to a budget, and setting up an emergency fund for the unexpected, you ensure that your financial well-being does not suffer as interest rates rise.

This information brought to you by GreenPath Financial Wellness.

Learn More Here

• By Lisa

Get Your End-of-Year Financial Health Checkup

As the eagerly awaited holiday season gets underway, the end of the year is a great time to get a financial health checkup to make sure finances are on track.

With regular checkups, you can fix small problems before they become big issues.

This year-end keeping financially healthy is especially important due to many economic uncertainties related to inflation, inventory shortages, as well as the expiration of COVID relief programs put in place more than a year ago to help people manage through the pandemic.

Your Financial Health Checkup

Like a physical health checkup, a financial checkup examines your vital signs to be sure all is well when it comes to you financial health and wellness.

Do you have an emergency savings? How do your credit card balances look? Are you tracking monthly income and expenses? What does your credit score and history look like? These are a few of the vitals reviewed during an end-of-year financial checkup.

From an overall budget review to managing credit card debt, the caring, NFCC-certified counselors at GreenPath Financial Wellness will conduct a full review of your current financial fitness and provide recommended next steps for improving your financial health.

A financial checkup guides you to:

  1. Review Your Financial Goals: Has there been a significant life change this past year? A change in jobs, a marriage, divorce, home purchase or other big change can affect your overall financial picture. A check up is a good time to assess whether your current financial goals sync up with your overall situation.
  2. Understand Options to Move Forward after Relief Programs Expire: Loans that were deferred as part of COVID-related relief program need your attention. Deferments provided borrowers with a little breathing room, but now that the temporary pause in payments has expired, a checkup is a good opportunity to understand options, and take a closer look at not only any loans that were on pause, but also your entire financial picture.
  3. Manage Income and Expenses: One of the best ways to cope with inflation is to take the time to prioritize monthly spending. A spending plan helps to ensure that what you spend doesn't exceed what you make each month as prices rise. A financial checkup gives you a better understanding of your income and expenses. It can also be a time to set a spending plan to keep your finances on track and start saving for future goals.
  4. Pay Down Debt: A checkup is a good time to explore options to help you pay down credit card debt as well as options for managing other debts that may be on the horizon - such as expiring forbearances on mortgages or student loan payments.
  5. Assess Your Credit: Are you looking to take out a mortgage or make another large purchase in the New Year? A checkup is a great time to review your credi treport to see where you stand, and get tips to improve your score moving forward.

Your Checkup Starts Here

Your financial fitness is key to a healthy New Year. GreenPath's caring, certified counselors are committed to easing financial stress and worry through access to clear information.

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

Greenpath Financial Wellness
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