SafeAmerica Credit Union

financial resource

• By Kevin Alvarez

Free Webinar: Family Lessons About Money

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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

• 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

Learn More

• 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.

• 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.

Learn More

• By Kevin Alvarez

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

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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

• By Kevin Alvarez

Understanding and Preparing a Savings Account – Financial Literacy Month

Have you been keeping an eye out on the housing market? What about the auto industry? Well before you can purchase your first home or a brand new car, taking control and understanding your debt is needed. The journey of reaching your next financial goal may sound like a daunting task, but having the understanding of what it will take to reach those goals is the mindset to strive for. Through then, you can create short term goals which will assist with building up to the overall financial goal.

In order to be properly set for the financial path forward, there are a few initial organizational concepts that need to be accounted for first.

Understanding Your Monthly Income

Do you know the difference between net pay and gross pay? Net pay is the amount you take home AFTER pay roll deductions and tax with holdings have been made. Gross pay is the amount that is shown BEFORE tax deductions like state tax, federal tax and social security.

The number to be aware of is your net pay. As the amount of money you are actually taking home is known and acknowledged, you can create a budget from a true dollar amount and track accurate financial habits.

Understanding and Cutting Your Spending Habits

Are you aware of any habits that add a burden to your wallet? When it comes to finding where you can save money, coffee is a common expense people adjust first. You don’t have to cut coffee completely, but you can easily save by making coffee from home. Purchasing coffee from your favorite café is costly compared to a home brewed pot which could even save you time, eliminate transportation costs and reduce the cost of coffee itself.

Gym passes are also a typical expense that could be adjusted to aggressively save. There may be a numerous amount of reasons for a gym pass, yet there is an equal amount of alternatives that could be implemented in order to save. Switching to a home workout and using online videos and blogs can provide structure to your workout all while saving again, on transportation costs, time and of course, gym fees.

These are both conceptual ideas that could translate to other aspects of monthly expenses, in order to start cutting your spending habits.

Understanding Your Saving Habits

Now that you understand your spending, you can focus on your savings habits and take advantage of different accounts that pay dividends at better rates than traditional big banks. Your typical savings account at a big bank does not offer the same interest rates as a credit union, so it’s often advised to open either a Share Certificate Account or Money Market Account to maximize your monthly savings through dividends.

Understanding How to Move Forward

Everyone’s financial situation is different and some situations require to pay debt down aggressively, with a small consistent stream going into savings. It is recommended to do both collectively even if the monthly deposited savings amount is small. As a member of SafeAmerica Credit Union you have numerous resources readily available to help keep you, financially on track. Being financially healthy is a goal in and of itself and allows the path to financial milestones to present themselves. Keeping to strict saving and spending habits allows you to keep debt down and reach your financial goals.

Learn how you can use a Share Certificate to your advantage as well as the liquidity of a Money Market below.

Share Certificates
Money Market

• By Kevin Alvarez

Financial Tools for Success – Financial Literacy Month

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

April is Financial Literacy Month –  a good time to consider the importance of financial literacy education, especially with the economic uncertainties caused by the ongoing pandemic. Continuing our series of blogs sharing information as part of Financial Literacy Month, the focus today is on finding the right financial tools for success – whether the resources help us with budgeting, setting financial goals, or managing credit card debt, loans, or other debt.

Check out these financial tools to begin understanding options to figure out your finances.

Financial Calculators

A healthy financial future begins with an understanding of a person’s current situation. Online financial calculators help people run the numbers and answer questions related to financing their home or comparing how a debt management plan can help manage credit card debt.

Financial Wellness Resources

Being able to make healthy financial choices is about having good information at your fingertips. Much of that education is available online, but it’s important to tap into trusted resources. As an example, as a national nonprofit, GreenPath makes available a library of resources including worksheets, guides, educational on-demand webinars about managing finances, online learning experiences to help set a simple spending plan or prioritize expenses, and other educational tools.

Financial Counseling and Debt Management

Teaming with a trusted financial counseling agency gets the right information to help people make the best decisions about their future.

As a national nonprofit, GreenPath Financial Wellness provides free one on one financial advising with certified counselors. You’ll improve your financial literacy education with credit card debt counseling, debt management plans, student loan counseling, housing counseling, foreclosure mitigation, and debt management counseling

Based on a person’s full financial picture, people will understand how to pay down debt, steps to rebuild credit history, tips to create a savings strategy or other specific information to move forward.

As your financial institution, we proudly provide our members with insight through financial education and resources that may be of benefit. Through this, we can equip our members with knowledge to assist with helping to prevent financial stress, especially during when its most unpredictable.

Below is a list of available resources SafeAmerica Credit Union has for members:

Calculators

Here you can learn and calculate:

  • What your loan payments would be
  • What your auto payments would be
  • Should you refinance your auto loan at a lower rate
  • How long it would take to to pay off your credit card(s)
  • Should you transfer your credit balances to a lower rate with us
  • How much could you borrow from your home equity (HELOC)
  • Should you refinance your mortgage
  • Understanding your possible mortgage payment
  • How much would you need for retirement
  • how much should you save to reach your financial goal
Rates and Fees

Here you can stay up to date with our current rates for:

  • Savings
  • Checking
  • Credit & Personal
  • IRAs
  • Auto
  • Home
  • Fees
Educational Videos

Through our How-To Videos you will understand the following:

  • What is a Credit Union
  • How to enroll in Online Banking
  • How to use Our Mobile App
  • How to use Mobile Deposit
  • How to use mobile wallet
  • How to make a payment

Learn about online security through our How-To videos:

  • Getting back your stolen identity
  • Simple Tips for Secure Mobile Banking
  • Protect your Account through Strong Passwords
  • Wi-Fi Network Access Scams
  • What is Multifactor Authentication?
  • Protect Yourself from Phishing Attacks
  • Protect Yourself from Vishing Attacks
  • Protect Yourself from Gift Card Scams
  • Warning! Fake Cashier's Checks
  • How did a Virus Get on My Computer
Blog

Read our blog for continuous financial learning and updates:

  • Financial Literacy for Kids
  • 5 Factors That Affect Your Credit Score
  • What is a balance transfer
  • What is a Debt Management Plan

Our blog is constantly being updated on a monthly basis, so make sure to check back often!

We have also partnered with GreenPath Financial Wellness to provide exclusive and free financial education and counseling.

Learn more about GreenPath by clicking below.

Learn More

• 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.
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