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empower

March 3, 2023 • By Kevin Alvarez

Saving At Any Age — America Saves Week

Saving. Do you view it as an ongoing journey? Or do you consider saving as someplace you arrive at? At America Saves we are in the camp that saving is a habit, not a destination. And it’s a habit that can be formed at any age. Whether you are a parent trying to instill this habit in your children or you want to change your own saving behaviors, there are strategies that savers of all ages can develop.

Research tells us that children’s money habits are often formed by age seven so starting early to teach them about saving can have a huge impact. Many parents are accustomed to hearing frequent requests from their children about a toy, game, or piece of clothing that they “just have to have.” Sound familiar? Using these wants is a great way to help children learn to save.

Children can learn to set a saving goal and figure out how long it will take to save enough money for their goal. Create a fun system to track progress, provide regular encouragement, and use incentives such as matching funds. Talk about how it feels to see your money grow. And don’t forget to lead by example – show children how you are saving.

Saving at any age

You can also give children the opportunity to make some decisions about their money. Empowering children from a young age to make choices about money they earn or receive as gifts is a great way to build that confidence.

For young adults, as they begin to earn a regular and potentially higher income, a strong foundation begins with basic understanding of the difference between needs and wants. The America Saves Spending and Saving Tool is an easy-to-use resource that provides a clear view of your finances and can be insightful in identifying essential and discretionary spending. The system of automatic saving, especially through paychecks with split deposit, can set young adults on the path to a lifelong saving habit.

It can be hard to stay motivated when setting aside money for something in the future no matter what your age. It’s easy to focus on what you want in the moment — we don’t want to wait to purchase that expensive pair of sneakers. We want to take a trip in the next three months. Retirement is so far off that it feels OK to spend more of your current income right now and catch up later. In each of these scenarios, we aren’t thinking about our future selves, just who we are and what we want today.

Thinking of our future self – what we will want, what we will be doing, what we will believe – is one way we can develop a saving mindset. Asking questions about our future selves helps us create a vision for our future. For example, consider:

  • Where does your future self live?
  • What does a typical day look like for your future?
  • What hobbies does your future self enjoy?
  • How much money does your future self earn?

Later go back and read your answers to see how they compare to the present. Having the ability to look ahead, even if it’s a short time in the future, is a great way to reinforce saving today for tomorrow. This exercise can be done at any age, even with children.

Journeys can take us on many different paths and saving journeys are no different. So stay with America Saves as you and your family embark on a new journey or resume one that encountered a detour. It’s never too late to #ThinkLikeASaver.

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

Savings accounts

October 20, 2022 • By Kevin Alvarez

International Credit Union Day 2022

The 74th anniversary of International Credit Union (ICU) Day is Thursday October 20, 2022. This year, we celebrate together as a global movement that encourages you to Empower Your Financial Future with a Credit Union™

ICU Day celebrates the spirit of the global credit union movement. The day is recognized to reflect upon the credit union movement's history, promote its achievements, recognize hard work and share member experience.

ICU Day is brought to you by the champions of the credit union movement, The World Council of Credit Unions and the Credit Union National Association (CUNA). Together we all contribute to helping spread the belief of all people having access to affordable, reliable and sustainable financial services for all our members, meeting them at their financial terms.

Fun Facts About Credit Unions and How They Differ From Banks

Bank
For profit
Owned by Stakeholders
Insured by FDIC
Anyone can join
Proprietary branches and ATMs
Objective: to maximize profits
Stakeholders benefit
Credit Union
Not for profit
Owned by members
Insured by NCUA (or privately insured)
Community-based membership
Shared branches and ATMs
Objective: to meet members needs
Members benefit
  1. The first true credit unions were established in Germany in 1852 and 1864.
  2. President Roosevelt signed the Federal Credit Union Act in 1934 to promote thriftiness and prevent usury during the Great Depression.
  3. Credit union membership eligibility is pretty flexible and open to most based on where you live.
  4. Credit union members are entitled to vote for their board members or directors.
  5. Credit unions are able to offer better rates and lower/fewer fees than banks.
  6. Many credit unions participate in shared branches and ATMs, which means you can visit other participating credit unions for access to your accounts, making it a larger network than most big banks.
  7. Once you're a member, you're always a member, regardless of where you live.
  8. All credit unions require you to have a share (savings) account. Even if you only want a loan. It acts as your "share of ownership".
  9. There are currently over 86,000 credit unions that operate in 118 countries worldwide.
  10. You are one of the 375 million credit union members today!

What is a Credit Union?

ICU Day Member Empowerment

Click here to view more educational videos.

Thank you!

We'd like to take this opportunity to thank you, our valued members, who help make SafeAmerica Credit Union what it is today.

International Credit Union Day

November 12, 2020 • By Kevin Alvarez

What is A Debt Management Plan

Information is brought to you by our partner, GreenPath Financial Wellness

Learn how to pay off your debt with GreenPath! They have built one of the nation’s most trusted debt management programs. With more than 60 years of experience supporting people to eliminate debt.

If you want to get out of debt and reduce financial stress, you may find debt relief through the GreenPath Debt Management Plan. If it makes sense for your situation, we will contact your creditors to propose mutually agreeable debt repayment terms. A Debt Management Plan may:

  • Stop collection calls
  • Lower interest rates
  • Lower monthly payments
  • Waive late fees and over-limit fees

A Debt Management Plan is designed to pay off the entire amount that you owe, usually within three to five years. It can help you pay off credit card debt faster, and save money on interest charges.

The first step is a free debt counseling consultation

When you call, you’ll talk to a NFCC-certified credit and debt counselors.  We’ll review your financial situation together, and make a personalized plan to get your finances back on track. We’ll explain the options and give you the information you need to make a choice that works for you.

 How debt management plans work

The debt management plan consolidates your debt into a single payment. Each payday, you automatically deposit money into your GreenPath account, and we use that money to pay on your behalf. We may be able to arrange lower interest rates and monthly payments with your creditors, so you can pay off debt faster and save money. Once creditors agree to the program, collection calls stop and you see your balances start to go down.

When you sign up for a debt management plan, you have an entire team of GreenPath people behind you. You’ll get information and support when you need it. We’re here for you at every step of the journey.

You can call them anytime during business hours to reach a debt counselor if you need advice, or to talk to your Client Success Team about your account. You also have instant access to account information through their online debt management portal.

You also have access to a community of others who are paying off their debt in a private online group. This positive community of support is a great place to ask questions, share tips, and get friendly moral support to make your journey easier.

GreenPath believes in their clients 1000%, and we love nothing more than seeing you succeed.

Help is here

Last year, GreenPath helped more than 65,000 households pay off over $200 million in debt. We do this by putting people — you! — at the center of our work. Our counselors receive training in compassion and empathy. It’s our job to listen without judgment, and to treat our clients with respect.

Learn More
GreenPath Financial Wellness

November 6, 2020 • By Kevin Alvarez

Pay Off Your Debt

Information brought to you by our partner, GreenPath Financial Wellness

If you are dealing with debt, you aren’t alone. The average American household has an average balance of about $6,600 in credit card debt,  and that’s not taking into account home, auto, and student loans. Paying off your debt isn’t always easy, but having a plan can go a long way in achieving your financial goals.

Two of the most popular strategies for paying off debt on your own are the snowball method and the avalanche method. Both methods require making the minimum monthly payments on all but one debt, which you put extra money towards.

The Snowball Method

With the snowball method, you begin by paying off your smallest debt first. This method creates a sense of motivation and accomplishment from being able to pay off smaller bills at a higher frequency.

How it Works

Let’s say you have the following debts:

  • Credit Card A: $3,500, 17.99% APR
  • Credit Card B: $7,500, 15.00% APR
  • Personal Loan: $1,000, 10.05% APR

Using the snowball method, you would pay the minimum monthly payments to the credit card debts, and pay any extra that you can to the personal loan until it is paid off. You would then apply the extra payments to Credit Card A until it is paid in full.

Pros and Cons

With the snowball method, you are able to see progress faster. Quick wins can help you stay motivated to keep going. However, with this approach, it will take you longer to pay off your largest debts—and those are often the ones that carry the highest interest, so you’ll likely end up paying more overall.

The Avalanche Method

The avalanche method takes into account the fact that high-interest debts cost you the most money over time. Using the avalanche method, you pay off your highest interest debts first.

How it Works

Let’s look at the same scenario as above.

  • Credit Card A: $3,500, 17.99% APR
  • Credit Card B: $7,500, 15.00% APR
  • Personal Loan: $1,000, 10.05% APR

With the avalanche method, you’d pay the minimum monthly payment on Credit Card B and the Personal Loan, and pay extra towards Credit Card A, since it has the highest interest rate. Once it was paid off, you’d move on to Credit Card B.

Pros and Cons

This is the fastest way to eliminate debt and save on interest payments. However, it can take years to eliminate this debt while other smaller bills still trickle in.

Which option is best for you?

It comes down to what you feel most comfortable with. Ultimately the best method is the one you can stick to. If you’re motivated by quicker victories, the snowball method may be the right option for you. If you want to pay the lowest amount of interest, you’re likely better off choosing the avalanche method.

Learn More
GreenPath Financial Wellness

October 8, 2020 • By Kevin Alvarez

International Credit Union Day October 15, 2020

On October 15, 2020, SafeAmerica Credit Union will join with 86,055 credit unions from all around the world in celebration of International Credit Union (ICU) Day®.  There are more than 100 million members in the U.S. alone and SafeAmerica Credit Union joins them in celebration of the not-for-profit cooperative spirit that all credit unions share.

This cooperative spirit has led to life-changing opportunities for people all over the world who’ve wanted to start a small business, own a home or continue their education but were denied access to other financial institutions. In many parts of the world, people’s first taste of democracy is through their credit union, where “one member, one vote” is the governing structure.

At its most basic level, a credit union is people pooling their money to provide each other with affordable loans—it is literally people helping people. This is why SafeAmerica Credit Union celebrates ICU Day. Because credit unions empower people, wherever they are in the world or life, to take control of their financial future.

A little history behind the credit union movement

The movement began in the 1840s as a democratic consumer cooperative by weavers in Rochdale, England. Frustrated by bankers who denied them loans simply because they weren’t wealthy, the weavers and workers decided to pool their incomes and loan money to each other. In time, this cooperation put each member on solid financial ground and encouraged their own businesses to flourish.

The need for equitable financial institutions grew and, in 1971, the World Council of Credit Unions, Inc. (WOCCU) was created to help establish and maintain viable credit union movements. It has become the leading voice for advocacy and governance on behalf of the international credit union community.

Today, 291,432,972 people are served by credit unions in 118 countries and 6 continents.

So, today, we celebrate you, our loyal members and we thank you for your continued support in making this institution what it is today.

Learn more about #ICUDAY here.

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