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Mindful of your finances

January 13, 2023 • By Kevin Alvarez

4 Financial Resolutions You Can Accomplish Now

New Year’s resolutions are a mixed bag for many of us. On the one hand: personal betterment! On the other hand: methodical auditing of our refrigerator, checking account, and various vices. On the cusp of a fresh calendar year, we feel compelled to immediately transform our lives, but—as is the case with most good things—change takes time. This is especially true when it comes to financial goals. And in the aftermath of steep holiday spending, our goalposts can feel...far away.

If you want a few financial resolutions that you can achieve early into the new year (because who doesn’t love an easy to-do list??) here are some suggestions.

Automate Your Savings.

Life is expensive! Especially when you have your sights set on a vacation, home renovation, or even the creation of an Emergency Fund (which 26% of Americans report not having at all). Setting aside savings is a crucial step towards your financial health. There are multiple pathways to save, from automating contributions to an investment portfolio to downloading an app that bundles spare change on each transaction you make. If you want to avoid market fluctuations and go the straightforward route, set up an automatic direct deposit that funnels a percentage of your paycheck into a designated savings account. Then try not to touch it. You can automate transfers from any account to your SafeAmerica Credit Union savings account by setting up recurring transfers within Online Banking.

Enroll In A 401(k).

Speaking of savings...if your employer does not automatically enroll you in a 401(k) plan, you can sign up yourself. Unlike some company benefits (like flexible spending accounts or insurance enrollments that have deadlines), you can enroll in a 401(k) plan anytime during the year. So why not now? The sooner you can begin growing your retirement savings, the better. What you contribute is up to you, and many employers will match your contributions up to a certain percentage. If you earn income but don’t receive employer benefits, you can open a Traditional or Roth IRA as an alternative.

Trim Subscriptions

The average American underestimates their monthly subscriptions costs by $133 according to a 2022 survey conducted by C+R Research. People estimated they spent about $86 per month when in fact, they were spending about $219 per month. The start of a new year is a good time to take inventory of your streaming networks, music subscriptions, smartphone apps, wine club memberships, or any other miscellaneous expenses that might be drawing away from your overall savings goals.
Financial Resolutions

Check Your Credit Report.

You can get a free report once a year from each of the three major consumer reporting companies (Equifax, Experian, and TransUnion.) This allows you to resolve errors or instances of identity theft—red flags you do not want creditors looking at when they are evaluating your application for loans and credit cards. With the exception of Experian, you will have to pay a fee if you want to see your credit score. There is often a way around this, as more than 170 financial institutions and 10 of the top credit card issuers provide free access to your FICO score (the most commonly used type of credit score).

This article is shared by our partners at GreenPath Financial Wellness, a trusted national non-profit.

How to Get Your Free Credit Report.

The Fair and Accurate Credit Transactions Act of 2003 (FACT Act) entitles you to receive a free copy of your credit report once a year from each of the reporting companies – Equifax, Experian, and TransUnion. The three companies have set up one central website, toll-free telephone number, and mailing address. You can request your free report either online, by phone or even mail by visiting www.AnnualCreditReport.com or calling 1-877-322-8228.

October 20, 2022 • By Kevin Alvarez

International Credit Union Day 2022

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

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

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

Fun Facts About Credit Unions and How They Differ From Banks

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

What is a Credit Union?

ICU Day Member Empowerment

Click here to view more educational videos.

Thank you!

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

International Credit Union Day

November 12, 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

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