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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

July 23, 2021 • By Kevin Alvarez

What to Know About the Child Tax Credit

Information brought to you by our partner, GreenPath Financial Wellness

Families with dependent children are about to receive advanced payments as part of the American Rescue Plan’s expansion of the Child Tax Credit.

On average, families who claim the Child Tax Credit for 2021 will receive up to $3,000 per qualifying child per year, paid out in monthly installments.  A qualifying child is between 6 and 17 years old at the end of 2021. For those with a qualifying child under age 6 at the end of 2021, they will receive $3,600 per year, paid out in monthly installments.

The official dates for the 2021 monthly direct cash payments are: July 15, Aug. 13, Sept. 15, Oct. 15, Nov. 15 and Dec. 15.

Families are eligible to receive advance Child Tax Credit payments based on their 2020 tax return or 2019 tax, families generally will receive those payments automatically without needing to take any additional action.

Meal Preparation with kids during COVID-19

RESOURCES AVAILABLE

  • To know the full impact for each family, the IRS provides a general overview of the Child Tax Credit along with eligibility information.
  • This FAQ Guide provided by the IRS looks at the details of the program.
  • The “Child Tax Credit Non-Filer Sign-Up Tool” on the IRS website is for use by taxpayers to report qualifying children born before 2021.

Your Family Budget

Families set to receive the advanced monthly payments starting in July might be weighing what to do with the money. How will the funds best be used? Will you use the payments for immediate family needs? Put it away for any family emergencies that might come up?

A good place to start when it comes to assessing how to use the advanced child tax credits is to look at a family’s entire financial picture. Families might consider asking the following questions:

  • How much does the family have in emergency savings?
  • Does the family have any high-interest debt (credit cards, loans, other debt) to pay off?
  • What other major expenses are coming up and how will the family pay for the them?
  • Does the family have the need for any upcoming home repair, car repair, medical expenses?

The Power of a Plan

Setting a plan can be helpful when it comes to managing these advanced funds.

Advanced payments can be used to make a significant difference in a family’s entire financial situation.  It could be a way to make a major dent in credit card debt, or a way to be able to build some family emergency savings that many struggle to build throughout the year with a paycheck.

To get started, GreenPath offers a simple spending plan worksheet to jump-start the family budgeting process.

To help understand your best options, visit our GreenPath  page to learn how you can receive a free financial counseling session. As an example, some families might want to opt-out of the scheduled advanced payments and instead receive one lump sum child tax payment in 2021. If that payment plan makes sense, people will need to select that option in the IRS online portal.

What’s the best path for your family? When you contact GreenPath, you will be guided through a process to assess your financial picture and create an action plan to address your specific situation when it comes to managing the advanced payments.

GreenPath’s certified, caring counselors listen with respect, offer advice and information, and work with you every step of the way.

For more Financial tips and education, visit GreenPath Financial Wellness.
Learn More
GreenPath Financial Wellness

July 14, 2021 • By Kevin Alvarez

Tips and Tricks for Your Summer Road Trip

A historic period of uncertainty, finally on its way out. With the reopening of the state of California upon us and the built up frustration from stay-at-home orders set back in March of 2020, many Americans are expected to travel up to 500 miles from their homes this summer via road trips as a way to help wash away the stagnant year we all never saw coming.

California families have been juggling a handful of “from home” routines, from distance learning to working from home and everything in between for nearly 16 months now. So with little ones out of school for their summer vacation and recent high school and college graduates (congratulations!), this summer season is going to be one we will all appreciate for years to come.

To help our members and community prepare for upcoming travel we came up with a list of things to prepare you for an easy-going road trip (or two or three).

The summer heat influences a handful of important components with your vehicle—air conditioner, tires, oil, battery, fuel, coolant and even your wiper blades. Keep this heat factor in mind while reading over this blog post.

Vehicle Road Trip Reminders

Check Your Fluids

According to AAA you should be checking your vehicle's fluids more often than the dealer's recommended amount, with consistent monitoring you will have a better idea of when your vehicle's fluids need to be topped off.

Oil - When was the last time you had an oil and oil filter change? New vehicles require an oil change every 5,000 miles or every 6 months, while “older” vehicles require an oil change every 3,000 or 3 months. Know the life of your oil and if it can endure a road trip at the distance you plan on covering. There are plenty of recommendations from each of the many auto makers out there. Make sure you are aware of your specific vehicle’s recommendations for an oil change service.

Brake Fluid – Do you remember the last time you changed your brakes, let alone the brake fluid? Brake fluid is used every time you press on your brake pedal and it is generally recommended to flush your brake fluids every 30,000 miles or 2 years.

Anti-Freeze/Coolant/Radiator Fluid – This summer is due to be a hot one. On top of staying hydrated, drivers need to make sure their vehicles coolant is topped off to prevent radiators from overheating and leaving you stranded.

Wiper Fluid/Blades – A windshield full of bugs is bound to happen and who knows what other muck gets on there. Go over your wipers and windshield to clear any debris that may be lurking on the base of your wiper blades as well as the wiper blades themselves. There are occurrences when debris clings to the blades themselves and scratches your windshield. This can also happen from old and worn wiper blades. The metal design which presses the blades down to your car could be exposed and leave “streaks” or scratches on your windshield. Due to excessive heat, you can prevent the rubber blade from melting onto your windshield by leaving them in the standing up maintenance/wash position.

Transmission Fluid – Do you know the status of your transmission? What about transmission fluid? If your vehicle has been jerking when you accelerate or leaving a burning smell, it may be best to get your vehicle looked at by a professional and maybe even using a different vehicle for your road trip.

Check Your Vehicle's Belts

  • Serpentine Belt
  • Drive Belt/ V Belt
  • Timing Belt
  • Accessory Belt

Timing-belt of alternator.

Check Your Vehicle's Hoses

  • Low Pressure Fuel hose
  • High Pressure Fuel hose
  • Radiator hose
  • Heater Hose
  • Power Steering hose
  • Hydraulic Hose
  • A/C Hose
  • Vacuum Hose

Check Your Tires and Tire Tread

Do you remember when you last changed your tires? Look over your wheels for any signs of tears or for any foreign objects such as screws that may compromise your wheel’s integrity. If it’s been a few years since your tires have been changed or even rotated them, then it wouldn’t hurt to check the tread life of all four of your vehicle’s tires.

You Can Easily Do This With A Penny

  • place a penny into a groove with the side of Abraham Lincoln’s portrait facing you
  • Rotate the penny so the top of Abe’s head is touching the surface of your tire
  • Based on how much of Abraham Lincoln’s head you are able to see, will determine if you should change your tires. If you are able to see his head, it is time to change your tires right away.

Inspecting tire tread using a penny.

Check Your Battery

Go over your battery’s connections to make sure they are clear of any debris or battery corrosion and ensure your battery is fastened securely to your vehicle. You can always visit an auto parts store for a free battery test to provide an accurate reading of your battery’s overall life.

Example of a corroded car battery.

Emergency Roadside Kit SuppliesTo make unexpected roadside situations easier to bear with, you should consider carrying the following items in your vehicle:

  • Emergency contact info
  • Insurance/registration information
  • Reliable tow company information
  • Spare tire that is inflated to its specified pound per square inch (psi)
  • Lug nut lock key
  • Lug nut wrench
  • Reliable Jack stand Kit(make sure to get one that is strong enough for your vehicle)
  • Car escape tools/Pocket knives (seat belt cutter/glass breaker)
  • Jumper cables
  • Basic assortment of tools to operate on your vehicle
  • Blankets
  • A change of clothes
  • Flashlight(s) with extra batteries
  • First Aid Kit
  • Water
  • Nonperishable foods
  • Can opener
  • Phone charging cable(s) AND wall plug
  • Safety vest and hazard reflective roadside triangles (set of 3). Place the first triangle 10 feet behind your vehicle, the second triangle 100 feet behind your vehicle and the final triangle, 300 feet from your vehicle. All reflective triangles should be on the side closest to oncoming traffic.

red triangle red emergency stop sign red emergency symbol.

There are many variables that need to work together efficiently in order have a car running smoothly and unless you managed to grab a new auto during the microchip/parts shortage this last year, best to take all preventative steps available to ensure a safe and memorable road trip.

Get out and explore this summer. A Personal Loan from SafeAmerica Credit Union can help make it happen – and the funds can be used for just about anything, including road trips!

We want to help you make memories. Act now to receive a free AAA membership with your new Personal Loan. AAA offers travel services, discounts and insurance, road-side assistance and more!

Free AAA Membership

Sources

  1. “Quick Tips For Checking Your Vehicle's Fluids,” AAA (blog), accessed July 7, 2021, https://www.aaa.com/autorepair/articles/quick-tips-for-checking-vehicle-fluids
  2.  “Get Your Vehicle Check During AAA Car Care Month,” AAA (blog), October 9, 2013, accessed July 7, 2021, http://news.aaa-calif.com/news/get-a-vehicle-check-during-aaa-car-care-month
  3. "Tire Tread Depth" Firestone (blog), accessed July 7, 2021, https://www.firestonecompleteautocare.com/penny-tire-test/
  4. "How To Test A Car Battery At Home with (No Equipment)" (blog), October 23, 2018, accessed July 7, 2021,  https://www.firestonecompleteautocare.com/blog/batteries/how-to-test-car-battery-at-home/
  5. "The Best Gear For A Roadside Emergency" (blog) May 18, 2021, accessed July 8, 2021, https://www.nytimes.com/wirecutter/reviews/best-gear-for-a-roadside-emergency/
  6. "Know-How Notes: All About Hoses" (blog), accessed July 8 2021, https://knowhow.napaonline.com/know-notes-hoses/

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