SafeAmerica Credit Union

Build financial habits

• By Kevin Alvarez

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, Home 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.

Types of Life Insurance

Life insurance can be confusing.  Here is a brief summary of the types of insurance you can consider.

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 here.

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 here.

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 here.

Learn More

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.

Read about: Understanding Insurance

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.

Learn More

Get an Instant quote

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 Kevin Alvarez

Practicing Healthy Habits Can Help Spark Your Financial Independence

A Path to Financial Independence

Making the transformation from being a carefree young person to a financially healthy adult can seem overwhelming and scary.  Most young adults starting out can attest to the challenges of managing an entry-level salary while still striving for financial stability. But there are ways to create a path to financial independence early in your career.

Though your salary may be minimal now, it’s vital to implement a realistic plan designed to save, budget, and maximize your cash flow.  If you find yourself in need of help reaching your financial independence, consider implementing these habits

Write Down What You Spend

Budgeting is the foundation of personal finances at any stage of your life, not just for those starting to “adult.”  If you’re new to budgeting, the first step is to write down all of what you spend. It could the coffee you get each morning, the sofa you purchased for your apartment or house, or the monthly charge for the streaming video service you use.

The idea behind a budget is not to limit what you do with your money, but more importantly to maximize the money you work hard for each and every day.   I remember when I began to dive into my finances and document my spending as a young adult, it was a huge eye-opener.  It became clear where I was wasting money and could cut back.  Cutting out even small things, such as that coffee or a pop purchase each day, could save you over $100 per month.

Best of all, technology has made it easier to connect you with your finances and spending habits. There are a variety of free budgeting apps available to you that will basically do all the tracking of your spending for you. It’s there each and every day to review as needed.

Create Clear Financial Boundaries

Ignoring the “Joneses” can be one of the biggest battles when making practical decisions regarding your finances.  After I graduated from college, I thought I deserved to buy the newest of everything. I soon realized however that spending outside of what my budget could handle would push me further away from saving money and much further into debt.  “Can I do without this?” is one of the questions you should be asking when making a sizable purchase such as a new automobile, or buying/renting in the new trendy neighborhood. For example, it was a difficult decision for me to stick with my used car that I had already paid off instead of buying a brand new vehicle after college. But it was a smart one.

One thing you could consider is the “50-20-30 rule.”  Experts state that we should spend 50% of our monthly income on necessities, which would include utilities, food, and rent.   The next 20% would be allotted to savings and debt, such as paying off any loans or student debt.  The last 30% of your income would be for personal purchases, things like your personal mobile phone plan, internet/cable/streaming services, etc.  Staying within these guidelines can set forth financial boundaries that will cultivate a healthy financial future.  Forget the noise of the Joneses and stay within your means.  Eventually, you’ll build up your finances and leave others in your financial dust.

Paying Yourself is Priority #1

When it comes to managing your finances and becoming more independent, you have permission to be a bit selfish.  Prioritizing paying yourself above and before you pay anything else is highly important when it comes to having a successful financial future.  No one can avoid unexpected expenses or financial emergencies, but you should be prepared.

I have come to think of my finances with this saying in mind: “Hope for the best, but plan for the worst.”  Having a savings plan will also keep you from accumulating debt with credit cards and loans.  It will help you learn to live and be content on a smaller budget.  One suggestion is to start putting a small amount into your savings each month.  Maybe you can’t do 10% of your paycheck, but even 5% is better than nothing. This provides you with the opportunity to make saving a financial habit.

Many employers have made it easier for their employees to streamline their savings by offering direct deposit options.  You can also schedule automatic transfers from a  bank account to a long-term savings or investment account.

Keep in mind that as you achieve your savings goals, you can increase the amount, as you can afford to.  It’s also smart to contribute as much as you can to your companies 403b or 401k employer-sponsored retirement savings plan.  This money can be taken out of your check even before you get paid so it’s likely that you won’t even miss it. You will likely experience long-term tax benefits as well.

This information is brought to you by GreenPath Financial Wellness

Youth Month

Save small. Dream big.

We're celebrating Youth Month all April long! Be sure to check out our blog each week or follow is on social media for a new youth financial literacy topic.

You can also check out our Youth Program to help get your child started on the path to smart money management.

Youth Month