SafeAmerica Credit Union

Financial Education and Youth

• By Kevin Alvarez

Free Webinar November 9 — What Is Your Money Personality?

Your money personality affects your attitudes, behavior, and financial choices you make – as well as the consequences of those choices. Your financial personality also affects your feelings about money such as shame, guilt, and fear.

Understand Your Money Personality

The way you think about money is unique to you. We learn attitudes about money from our families and communities. We form opinions about all these things over many years. And it’s hard to change those beliefs. It’s even harder trying to change your partner’s relationship with money.

Money Personality

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What You Will Learn

  • How to find your financial personality
  • How your personality shapes financial decisions
  • How to use your personality to your advantage

Who Should Attend

  • Anyone who wants to better understand themselves, and how their money personality us impacting their financial decisions.

Details

Date: Wednesday, November 9, 2022

Time: 12:00 pm PST

If you are unable to attend this webinar and learn about your financial personality, you can register and a link with a recording will be sent out to all registrants after the webinar.

Click the red button below to register.

Register Now

This free, one hour webinar is presented by GreenPath Financial Wellness

• By Kevin Alvarez

Financial Terms To Teach Your Kids

It’s never too early to start teaching your kids about finances. After all, it is a topic they will use for the rest of their life. Breaking down some the key financial terms will help them have an understanding of a few fundamental concepts.

Here are some terms you can teach your child and why it’s important for them to know.

Budget

What is a budget?

A budget is a plan that helps you keep track of your money and where it goes. One way parents like to teach kids how to budget is to categorize money into three “buckets”: give, save, and spend.

Why is a budget Important?

A budget allows you to plan out your finances for the future and ensures you’ll have enough money to pay for all your “needs” and, if you have money left-over, to pay for all your “wants”. It provides structure towards reaching a financial goal, such as saving for a video game system, a vacation or even a college education.

Checking Account

What is a Checking Account?

A checking account is a contractual relationship between you and your financial institution where you can make day to day transactions. The financial institution holds your money in a safe place and helps to facilitate your purchases. You are responsible for handling your account wisely by not overspending the money you have in your account.

Why is a Checking Account Important?

A checking account makes your money accessible and serves as a way to keep track of your spending. It also keeps your money safe, meaning it can’t be lost, stolen or damaged. Institutions must be insured in order to operate, so there’s no risk and much safer than carrying cash.

Credit and Credit History

What is Credit?

Credit is a way to borrow money (such as a credit card or loan) with the agreement of paying it back in full, plus interest. Paying back the borrowed amount on time is reflected on your credit report/history. One important concept to remember is that credit isn’t free and should only be used if you’re able to pay it back right away.

Why is Credit History Important?

Developing good credit history allows lenders see how responsible you are when it comes to paying that money back. The more on-time payments you make, the better your credit becomes, making it easier to borrow money in the future, rent an apartment, or even get a job.

Credit Score

What Is a Credit Score (also known as FICO Score)?

A credit score is a number that lenders use to measure your credit worthiness. Your credit score is influenced by a number of things such as the amount of open credit accounts, overall amount of debt you have and your repayment history (making payments on-time). Credit scores range from 300 to 850 and lenders use these scores to determine how much risk they will take on when lending to you. The higher your credit score, the lower your interest rate will be (less risk) and vice-versa; the lower your credit score, the higher your interest rate will be (more risk).

Why is a Credit Score Important?

The better the credit score, the easier it will be to reach life’s milestones. A good credit score can help you get a lower interest rate on a loan (like a car loan or mortgage), thus you pay less over the lifetime of the loan. A good credit score can even help you get an apartment or job. Overall, it pays to have a good credit score! Literally.

Loan

What is a Loan?

A loan is a sum of money that you borrow with an agreement to be paid back with interest. One way to help your child understand loans, is to explain why people take out loans in the first place. A great example is a car or mortgage loan. These items usually cost a lot of money, so it becomes necessary to borrow the money. Having that good credit score (as explained above) will help you get a lower interest rate on that loan, making it more affordable. Agreeing to the terms of a loan means you’re obligated to pay it back with the agreed upon interest. Failure to do so can be detrimental to your good credit.

Why Is Having a Loan Important?

Having a loan allows you to enjoy the item you borrowed money for right away. Rather than saving up $20,000 for a car, you can take out an auto loan to immediately have access to the vehicle and repay on a monthly basis until the loan has been paid off. Paying off loans strengthens your credit score and allows you to become prepared for any future or bigger purchases.

Debt

What is Debt?

Debt is money borrowed (a loan) which has not been paid off. Types of debt range from credit cards and student loans to major purchases such as vehicles and mortgages.

Why is Debt Good?

Borrowing money and having debt is typically the only manner in which some people will be able to purchase important high cost items such as a home or higher education. Debt is okay if it’s going to help you make money in the future, whereas taking on debt on items such as cars or clothes is not recommended based on the depreciating factor associated with these items.

Interest

What is Interest?

Interest has two sides; it is either something you pay (an interest rate on a loan) or something you earn (an interest rate on a savings account). Show your children the interest you pay on a loan, like a vehicle loan, each month. And then also show them that when you deposit money into a savings account (your “save bucket” from earlier) that the bank pays you for the deposits you place there.

Why is Interest important?

Whether you’re paying interest or earning interest, the amount of interest is important to understand. When obtaining a loan, you want to look for an institution that offers the best rate (lowest rate or APR). That combined with your good credit score will help you get the best deal. The same goes for deposits. When saving your money, you want to look for the highest yield (or APY). This will get you most amount of interest earned.

Taxes

What are Taxes?

Taxes serve as payment to the government and are used to pay for things like improving public schools and fixing the roads. Taxes are taken from your paycheck and the amount you pay depends on how much money you make. A great way to explain it is to relate it to their allowance. Take a small amount from their allowance and put it away to be used toward a household expense, like an improvement!

Why are Taxes Important?

Taxes are the main source of revenue for the government. Without taxes, funding for many of the public benefits we take advantage of every day would be impacted severely.

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 program

• By Kevin Alvarez

Free Webinar March 9 — Starting From Scratch: How To Build Credit

This free, one hour webinar is presented by GreenPath Financial Wellness

What do renting an apartment, getting a job offer, and car insurance rates all have in common? Your credit history could impact every one of these things (and more)! Credit is important for more than just getting a loan, although it impacts that too. If you know you need to build credit and aren’t sure how to do so without going into debt, this webinar will provide guidance and tools to start you down the path to building positive credit history. Whether you have never had any credit history or are looking to rebuild credit after an extended period without, this webinar will cover why it is important to build positive credit history and how to do so responsibly.

Click through each tab below to learn more.

Who Should Attend

  • Anyone with no credit history
  • Anyone with no credit history for 5+ years
  • Parents of teenagers who want to help their children start building good credit

What You Will Learn

  • Why credit is important
  • Tools to start building positive credit history
  • Healthy credit habits for using credit responsibly

Details

Date: Wednesday, March 9, 2022

Time: 10:00 am PST

This webinar will be recorded and a link will be sent out to all registrants after the webinar.

Click the red button below to register.

Register Now

• By Kevin Alvarez

America Saves Week – Save for the Unexpected

The Coronavirus pandemic has made saving a priority for most Americans, especially those most vulnerable with low to moderate earnings. In fact, a recent study by Edelman Financial Engines, in conjunction with America Saves and the Bipartisan Policy Center, found that:

  • 40% of working Americans report they had difficulty paying for a personal expense in 2020.
  • 1 in 3 working Americans say they would run out of savings on hand in 1 month or less if their income suddenly stopped.
  • Nearly 1 in 2 working Americans (45%) would have difficulty paying for a $400 emergency expense, meaning they say they would not cover it with savings or put it on their credit card and pay it off at the next statement; 11% say they would be unable to come up with the money.

While saving provides us with a much-needed financial cushion, it also helps ease the emotional burden of worrying about what’s around the corner.

Save for Opportunities

Day Two of America Saves Week encourages us to save for the unexpected. While saving for emergencies is always a much discussed topic in personal finances, here’s something that’s not as widely discussed: saving for opportunities.

If you are in the position to save, you’re not only saving for an unexpected car repair, medical bill, or appliance breaking down — you’re also saving for the last minute dinner invite with friends and family, the concert for your favorite artist, or the ability to grab a birthday gift for your child’s classmate.

Today we want you to consider reframing saving for the “dreaded emergency,” and recognize that you’re also saving for fun and positive opportunities! Doesn’t it feel better to contribute to an OPPORTUNITY FUND vs. an EMERGENCY FUND?

If you haven’t, we encourage you to take the America Saves Pledge. After making your new savings plan, you’ll receive support, reminders, and tips from America Saves that will help keep you on track towards achieving your goal.

Make the Pledge

By accessing this link, you will be leaving SafeAmerica's website and entering a website hosted by another party.

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.

Continue

• By Kevin Alvarez

America Saves Week – Building Financial Resilience – February 21 – 25, 2022

Join us for America Saves Week from February 21st to the 25th as we share tools and resources that inspire members and their families to save successfully and achieve better financial stability. Each day during America Saves Week focuses on a new theme regarding Building Financial Resilience and provides you with tips and tools to help you accomplish your financial goals. Be sure to follow us on social media to view new tips each day.

America Saves Week Daily Themes:

  • Monday, February 21, 2022 | Save Automatically
  • Tuesday, February 22, 2022 | Save For The Unexpected
  • Wednesday, February 23, 2022 | Save To Retire
  • Thursday, February 24, 2022 | Save By Reducing Debt
  •  Friday, February 24, 2022 | Save As A Family

Why You Should Participate in America Saves Week

By participating in America Saves Week, we can help you navigate through different areas of your finances that better position you for success. By the end of the week, you’ll learn about short term and long term savings goals (such as emergency funds and retirement), the best strategies for saving successfully (making a plan and saving automatically), and how to have healthy conversations and instill positive financial behaviors with your family.

About America Saves

America Saves is a non-profit organization that uses principles of behavioral economics and social marketing to motivate, encourage and support everyday Americans to save money, reduce debt, build wealth and create better financial habits. America Saves is an initiative of the Consumer Federation of America (CFA), a non-profit, pro-consumer organization of over 270 consumer education, advocacy, and cooperative members dedicated to advancing consumer interest.

America Saves encourages individuals and families to take the America Saves pledge, a tool that empowers you to commit to save successfully with a plan. Thousands of non-profit, government, and corporate organizations partner with America Saves through local, regional, statewide, and national campaigns both year-round and during America Saves Week. Learn more about America Saves Week.

Take The Pledge

Those with a savings plan are twice as likely to save successfully. Taking the America Saves Pledge is a pledge to yourself to start a savings journey and America Saves is here to encourage you along the way.  Take the first step toward creating a better financial future. Make a plan, set a goal, and pledge to yourself to start saving, today. Complete the Pledge and America Saves will send you short email and text reminders, resources and tips to keep you on track towards your savings goal. Become part of an entire community of savers. Get started now!

Take the Pledge

By accessing this link, you will be leaving SafeAmerica's website and entering a website hosted by another party.

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.

Continue

Learn about our savings accounts

• By Kevin Alvarez

Here’s How An Auto Refinance Can Save You Money On Your Monthly Payment!

Did you know an Auto Refinance can provide instant savings on your monthly car payment? Maybe you already knew that? Either way, read through to see if there is something more you can add to your own financial strategy!

Here's an example of what an auto refinance is:

You pay off your auto loan balance from one lender and transfer the balance to another lender with a better rate and/or term.  For example, you have an auto loan with an APR of 7% and refinance with another lender to a new lower rate of 3%. The 4% drop in interest will provide you with a new lower monthly payment.

When it's best to refinance:

There are multiple opportunities in which it makes sense to refinance your auto loan. They are:

  • Pay less in interest - If you find a lower rate than what you’re currently paying, you could save in the amount of interest you pay over the life of the loan.
  • Lower payment - If you’re looking for a lower payment, a reduced rate and/or term extension could help.
  • Shortened term - If you’re looking to pay off your loan earlier and can afford the payments, a refinance can help direct that money toward principle while paying less in interest.

The cons to refinancing:

When making any financial decision, it’s always best to weigh the pros and cons of each situation.  When refinancing your auto loan, the option to extend your repayment period will allow for a lower monthly payment but it also extends the amount of interest owed. In general, you will pay more in interest over the life of the loan, even if your payments are smaller.  You can also risk owing more than the car is worth if you extend your term too long.  Use a financial calculator to compare your options.

Try Our Calculators

When deciding if a refinance is right for you, have a clear goal in mind.  Are you looking to reduce your payment, pay your loan off sooner, or maybe both!  You have options.  Do your research to find what other financial institutions have to offer; lower rates, no fees, and term options that work for you.  Run the numbers and take advantage of the tools that are available to you as a member of SafeAmerica Credit Union.

Refinance with us

As a member of SafeAmerica Credit Union, you can refinance your auto loan from another financial institution and take advantage of exclusive member-only savings.

  1. Great rates
  2. Flexible terms
  3. No fees

Auto Refinance

Learn more about our Auto Loans

• By Kevin Alvarez

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

• By Kevin Alvarez

Own Your Role in Cybersecurity: Start with the Basics

Every individual should own their role in protecting their information and securing their systems and devices. There are many steps individuals can take to enhance their cybersecurity without requiring a significant investment or the help of an information security professional. Below, the National Cyber Security Alliance (NCSA) highlights eight tips you can put into action now:

Definition of Cybersecurity:

Measures taken to protect a computer or computer system (as on the internet) against unauthorized access or attack.

Cybersecurity Basics:

Make a Long and Unique Passphrase

Length trumps complexity. A strong passphrase is a sentence that is at least 12 characters long. Focus on positive sentences or phrases that you like to think about and are easy to remember.

Passphrases Are Not Enough

Use 2-factor authentication or multi-factor authentication (like biometrics, security keys or a unique, one-time code through an app on your mobile device) whenever offered.

When in Doubt, Throw it out

Links in email, tweets, texts, posts, social media messages and online advertising are the easiest way for cyber criminals to get your sensitive information. Be wary of clicking on links or downloading anything that comes from a stranger or that you were not expecting. Essentially, just don't trust links.

Keep a Clean Machine

Keep all software on internet connected devices - inlcuding personal computers, smartphones and tablets - current to reduce risk of infection from ransomware and malware. Configure your devices to automatically update or to notify you when an update is available.

Back it Up

Protect your valuable work, music, photos and other digital information by making an electronic copy and storing it safetly. if you have a copy of your data and your device falls victim to ransomware or other cyber threats, you will be able to restore the data from a backup. Use the 3-2-1 rule as a guide to backing up your data. The rule is: keep at least three (3) copies of your data, and store two (2) back up copies on different storage media, with one (1) of them located offsite.

Own your Online Presence

Every time your sign up for a new account, download a new app, or get a new device, immediately configure the privacy and security settings to your comfort level for information sharing. Regularly check these settings (at least once a year) to make sure they are still configured to your comfort.

Share with Care

Think before posting about yourself and others online. Consider what a post reveals, who might see it and how it might affect you or others. Consider creating an alternate persona that you use for online profiles to limit how much of your own personal information you share.

Get Savvy About WIFI Hotspots

Public wireless networks and hotspots are not secure, which means that anyone could potentially see what you are doing on your laptop or smartphone while you're connected to them. Limit what you do on public WiFi and avoid logging in to key accounts like email and financial services. Consider using a virtual private network (VPN) or a personal/mobile hotspot if you need a more secure connection.

 

SafeAmerica understands the level of security needed to stay secure while on the internet and during National Cyber Security Awareness Month, we want to help inform our members of the best practices for staying safe online and keeping sensitive information secure.

Keep an eye out every week this month for new blog posts on the best practices during the time you spend online. Safe for surfing the web.