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Financial Habits

September 2, 2022 • 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:

  • Compare life insurance options
  • See instant quotes based on your budget
  • Apply online or over the phone

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

GEN-2943854.2

April 29, 2022 • 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

July 21, 2021 • By Kevin Alvarez

Free Webinar: Family Lessons About Money

Register Now

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

Join us for a lively discussion about tips, challenges, and resources needed in order to raise financially healthy kids. Be part of our audience for our live podcast, Real Stories: Journeys of Financial Wellness. Our panel will feature GreenPath clients who are inspiring their children to be financially resilient. We'll also chat with Professor Bernard Dillard. Come along with GreenPath Financial Wellness for an enlightening session on how we might support the next generation in their financial in their financial wellness journeys.

Who should attend

  • Parents who would like to learn from others' experiences about kids and money
  • Anyone who wishes to mentor a young person about money
  • Teens or young adults who wish to jump start family conversations about money

What You'll Learn

  • How to communicate with your kids about money
  • How to overcome family financial challenges
  • About resources to share with your family and community

Details

Date: Wednesday, July 28, 2021

Time: 10:00 am PST - 11:00 am PST

Register Now
GreenPath Financial Wellness

July 9, 2021 • By Kevin Alvarez

What Influences your Money Habits?

Information brought to you by our partner, GreenPath Financial Wellness

When our financial counselors speak with members about specific challenges they might be facing, it can be helpful to have a conversation about the factors that influence money habits and behaviors. 

From family experiences to other factors such as the media, a range of influences shape our views of the world – including the money habits we put into practice each day. 

Whether we have patterns of spending, saving, investing or even budgeting, these habits are usually shaped by our past experiences. 

As the webinar highlight notes, there are three key influences when it comes to money habits:

Family

How we regulate to finances is very much related to what we experience in our families, and the money lessons people experience across generations.

Perhaps our parents were not comfortable spending money and had a distrust when it comes to taking on debt. Or maybe we witnessed a family where there was a high tolerance for spending and taking on loans for purchases both big and small. whether we were in families that were big spenders or big savers, or somewhere along the spectrum, many people can identify with the role their family's played in their money habits.

Media

Movies, television shows and social media often romanticize the appeal of beautiful homes, nice cars, new gadgets, and brand-name clothing and jewelry. The media plays a big role in emphasizing the desire to have the latest and greatest of everything - despite the realities of our financial situation.

While the entertainment industry is a big part of our media diets, our social media feeds serve up a never-ending stream of photos and updates showing off expensive vacations, cars, elaborate events and more. As a result, many of us are tempted to "keep up with the Joneses" and by ramping up our spending. This is a significant influence on our money habits.

Culture

Attitudes and perceptions about how we handle our money are also influenced by the larger culture. For those living in a culture of consumption, the "buy now, pay later" philosophy is everywhere. For those in a culture that puts an emphasis on economic restraint, that philosophy and influence is likely quite different.

While cultural influences affect how we view money, we also have the power to choose how we interpret cultural exceptions. Many people turn the "conspicuous consumption" influence into a positive effect to encourage good money habits. They might see the cultural behaviors as life lessons on what not to do.

Know Your Money Habits

Where do you stack up when it comes to money habits - especially when it comes to credit card debt?

All told, knowing your money habits is a good step towards financial health and wellness. If spending is getting out of hand, for instance, due to the pressures of keeping up with a friend's social post, it might be time to slow down and take a hard look at spending.

Take the next step - check out the educational course - Redesign Your Money Habits

GreenPath Financial Wellness
Learn More

June 22, 2021 • By Kevin Alvarez

Why Credit Matters!

Information brought to you by our partner, GreenPath Financial Wellness

Understanding your credit is easier than you may think. Building it properly has it's benefits. It can help with everything from buying a car, house, to getting a job. Yes, even a job. That three-digit number can be important building block in establishing a solid financial foundation.

Sometimes, the unexpected can happen; like a pandemic, a temporary loss of income, or an illness. Improving your credit may take time and patience, but it is worth it. If you have run into a bump in the road or experienced hardship in your finances, there are programs to help.

Why Is A Good Credit Rating So Important?

Juggling your credit is possible with planning and knowledge to get a better handle on your financial future. it is helpful to understand how it can impact you, your family, and your goals for the future.

Credit scores are increasingly important as the economy continues to recover, and more people apply for loans, rent, and buy homes. Banks and other lending institutions use your credit scores to decide who is a good risk based on their previous financial history.

Having A Good Credit Score Can Save You Money!

What does this all mean? A good credit score is part of a path to provide opportunities you may not otherwise be able to access. Lower interest rates are offered to people with better credit scores - that means more money staying in your pocket. It's also easier to get a loan or line of credit. Many companies require at least a fair credit rating before they will even consider doing business with you.

How Is Your Credit Score Determined?

Your FICO score (Fair Isaac Corporation) is a three-digit number based on the information in your credit reports. It helps lenders determine how likely you are to repay, and how much it will cost (the interest rate).

When you apply for credit, lenders need a fast and consistent way to decide whether to loan you money. In most cases, they'll look at your FICO Scores which track history with credit card debt.

There are several factors that help determine your credit score. Understanding them can get and keep you on a great path.

Payment History (35%) - Are you paying your bills on time? Keeping up with your payments and having a history of doing so, is a big factor in your credit score. If you've fallen behind, or need to get back on track; you can set up automatic payments, set reminders, maintain a monthly budget or savings plan.

Amounts You Owe And How You Use Available Credit (30%) - Know your credit limit and keep your balances low (30% of available credit or less).

  • If your balances are high, create a proactive plan to pay them down.
  • As you are working to pay down balances, stop using the card altogether, Also, instead of paying the minimum, increase your monthly payment.

Length Of Credit History (15%) - How long you have gad a line of credit open can help you.

  • Review your credit report to see how long it has been open.
  • Keep accounts active. If possible, keep older accounts active, without interest charges.

Types Of Credit You Use And Your/Credit Mix (10%) - it's important to have a combination of revolving accounts and installment loans. This shows your ability to responsibly handle different types of loans like auto loans , personal loans, or student loans.

New Credit/Having Too Many Lines Of Credit (10%) - Opening an account is certainly alright. Opening five accounts at once, not so much, when you apply for credit remember:

  • Applications for new credit stay on your account for two years.
  • When you do apply, it can cause a slight dip on your credit score.
  • Remember it is important to handle any new accounts responsibly to avoid more significant impact to credit.
  • If you are taking on too much credit, it could signal you are having financial issues.
For more Financial tips and education, visit GreenPath Financial Wellness.
GreenPath Financial Wellness

June 3, 2021 • By Kevin Alvarez

3 Tried and True Facts About Personal Finances

Information brought to you by our partner, GreenPath Financial Wellness

No matter your age or stage in life, it pays to know the facts about personal finances. When you understand the basics, you can set yourself up for success and build a healthy financial future.

Here are three facts to know about personal finance to get on the right track.


Fact #1 - Good Financial Habits Pay Off

Making it a habit to set aside money each month helps you save to meet both short and long-term goals. For many of us, the big savings goal is purchasing a home, and eventually retirement. But people also save to build up an emergency fund, afford a new vehicle, education, and more.

Making regular deposits, no matter how small, will add up over time. Besides setting aside money and ensuring your funds earn a competitive rate of interest, the second most important habit is to control spending. By budgeting wisely, you not only set aside more money for potential savings, but you also develop spending habits that serve you in the  long term.

Fact #2 - There's a Smart Way to Manage Debt

Many people find it helpful to understand the facts of managing debt wisely. For example, making only the minimum payment each month on a credit card extends how long it takes to wipe out your debt and adds to the amount of interest you pay. Minimum monthly payments can be a short-term approach to dealing with financial challenges - because you are keeping up on bills - however, making more than the minimum payment each month helps avoid digging yourself into a financial hole.

If you've hit the maximum balance on credit cards, or run into issues keeping up with other debt, it is time to take a hard look at where your money is going and make a plan to change any habits that are not beneficial to your financial health.

Fact #3 You Don't Have To Go At It Alone

There are times in life when you might need to get a handle on high credit balances, understand your options when facing financial challenges, or figure out how to get a healthier credit score. A financial counseling session, working one-on-one with a certified counselor, is a good first step. Not only will the counselor help you understand your full financial situation, but they will also help you to develop a customized plan for your unique situation.

Whether it's overwhelming credit card debt, student loan balances or issues with keeping up with housing costs, the path is easier when you work with a trusted resource.

A trusted source, along with an action plan that provides proven strategies, can propel people toward financial health with confidence.

Connect with a GreenPath Counselor Today

Through our partnership, counselors at GreenPath Financial Wellness are ready to share some "tried and true" facts when it comes to financial health. Gain a better understanding of your financial picture and whats steps to take to improve financial wellness.

Get started with a free, confidential financial counseling session by clicking the link below.

GreenPath Financial Wellness
Learn More

May 5, 2021 • By Kevin Alvarez

Free Webinar: Buying a Home in a Seller’s Market

Register Now

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

Do you have a financial wellness goal of becoming a homeowner? With interest rates at a record low, you are not alone. Let us help you navigate this important milestone during a seller's market. The goal is for you to secure a good home, without jeopardizing your financial future.

What You'll Learn

  • What is important to most sellers in today's real estate market
  • The realistic timeline of how long buyers, lenders, and other real estate professions may impact the home buying process

Who should attend

  • Those providing guidance to home buyers (real estate agents, housing counselors, parents, grandparents, etc.)
  • Potential home buyers
  • Lenders

Details

Date: Wednesday, June 23, 2021

Time: 10:00 am PST - 11:00 am PST

Register Now
GreenPath Financial Wellness

April 9, 2021 • By Kevin Alvarez

Financial Literacy For Kids – Financial Literacy Month

Information brought to you by our partner, GreenPath Financial Wellness

Practical money management skills learned at an early age can have a lasting impact on the rest of your child’s life. In fact, this is one of the most important areas where you can truly change the course of their life. Educating your children about financial wellness will help them build healthy spending habits for the future.
Here are some great ways to teach your kids about money.

1. Play Games That Involve Money

One of the best ways to teach a lesson is by doing so without your child even realizing that they are learning. Play games that include a financial element like Monopoly or Life and help them strategize during the game. This will help your child learn the importance of budgeting and planning for the future, all under the guise of play.

2. Make A Wish List with Your Child

An essential part of financial literacy is creating a set of priorities. We can’t have everything we want all at once, but we can achieve our goals over time if we plan ahead. This is a great lesson that children can learn. Sit down with your child and have them list five things they want. Then have them rank them from most important to least important. Once the list is created, strategize with your child about how they can obtain their wishes

3. Teach While You Shop

Take your child shopping and actively explain your decision-making process. When you arrive at the store, tell your child how much money you have to spend and what your priorities are. Show them why you are picking one item over another and explain things like discounts and coupons. Remember, children will learn from your example. Telling them about budgeting is important, but it’s much more impactful if they see you following a budget yourself. Additionally, give your child small amounts of money to spend themselves. You'll be surprised at how happy they will be to spend $2 on anything they want! They'll also learn the importance of spending with a limited budget.

4. Give an Allowance

Giving an allowance gives children first-hand experience with money. They learn the rewards of careful spending and saving and the risks of making impulsive spending decisions. And those risks are a lot smaller than they will be later in life! Kids also appreciate things that they can buy with their own money. If you’re wondering how much allowance to give, know there aren’t strict guidelines. Some parents choose to give one dollar for each year of a child’s age. Other parents base their kids’ allowance on work they do around the house — like cleaning, lawn and garden chores, or babysitting younger siblings. Some parents put their kids in charge of paying for some of their own expenses — like clothing, video games, or tickets to movies — and set the allowance based on that. Whatever amount you decide on, keep in mind that it will become a regular expense for you to consider in your family budget. Make it work for you and your child.

5. Split Money into Categories

Get a piggy bank that splits money into spending, saving, and giving. Teach your child about what each category is and how they are allowed to use the money in each section. Every time you give them their allowance, talk them through how they plan to use their funds. Place the piggy bank next to your child's wish list so that their spending and savings goals are clear to them. Alos, talk through the charitable causes your child thinks are important, and when they hit a giving goal, donate the money to that cause in your child's name.

6. Involve Your Kids in Major Purchases

Deciding where to go on vacation? Buying a new appliance? Include your kids in the process and have them help with the research. You can show them the factors that go into making the decision and have them help you compare the options before making the purchase. They’ll feel proud to know they helped with the research to make the best decision for the entire family.
In short, teaching children about finances can be easier than it might seem. It just takes a bit of planning, a little patience, and some creativity. Once your child learns the basics of finances, you can increase their
financial responsibilities by upping their allowance and helping them to open a savings and checking account. These lessons will help your child develop a healthy attitude towards money as they grow into adults.
For more Financial tips and education, visit GreenPath Financial Wellness.
GreenPath Financial Wellness
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