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February 10, 2023 • By Kevin Alvarez

Common Cents For Couples: How To Manage Money Together

For some couples, February might be the month for romantic connection - celebrating Valentine's Day with dinner reservations or romantic gifting. For others, solidarity and closeness can be found in boycotting cupid together. Regardless of whether you have a love or hate relationship with the cherubic matchmaker who wields heart-tipped arrows, one thing is certain: cohabiting couples will enjoy a more harmonious relationship when they align on money matters.

Finance may not be the most romantic conversation topic, but it’s inarguably an important one. A 2021 Fidelity Investments Couples & Money Study found that one in five couples cite money as their greatest relationship challenge and 44% of partners admit to arguing about money occasionally. Building up emergency savings, paying off debt, and saving for milestone events (like college or a new home) topped the list of concerns keeping partners awake at night. So, what’s the best way to foster financial unity on the home front? We’ve come up with some suggestions we hope you’ll find helpful.

Skip The Candy; Talk Candidly

If you want to be successful in managing your money, you must find comfort in talking first. Being transparent about your earning, debt, and money philosophies may feel uncomfortable, but full disclosure is critical when it comes to making joint financial decisions like whether you want to merge finances or how you want to tackle bills. Make check-ins a regular conversation (versus a one-time event) so that when financial hurdles happen, you'll already have a baseline sense of how your partner will want to move forward.

Create Joint Financial Goals

What do you want to achieve as a couple? Do you need to create an emergency fund or start saving for a home purchase? Do you need to budget for an upcoming vacation or pay off a high interest credit card this year? Narrow down the primary financial priorities you can tackle in tandem, and then decide how you want those goals to be reflected: as a shared document you periodically refer to? As a vision board?? As categories within financial app? Everyone has their own preferences; the importance here is finding common ground when it comes to money milestones.

Organize Accounts

If your money philosophies are aligned and you generally see eye-to-eye, congratulations! Who spends what is half the battle. On the other hand, if fully merging finances is a pain point, consider keeping three accounts: one for you, one for your partner, and one for joint spending. Decide what falls under the shared category. For example, will medical expenses and gifts for family be shared or separate? Take time to fine-tune what constitutes "mine," "yours" and "ours," (and how much you want to budget within those categories) so that discretionary spending doesn't feel like something either of you need to defend.

Track Your Spending and Savings

Once your accounts are organized accordingly, there are several options for syncing up finances. Consider one of these popular options all offering free versions:

  • Mint: tracks income, savings goals, and your credit score, and also syncs with your credit cards and checking/savings accounts
  • Honeydue: Ideal for couples who appreciate the ability to chat about bills and transactions within the app (versus at the dinner table).
  • Goodbudget: A good opinion for curbing spending. Acts as an "envelope system" in which you can only spend the amount that's in each designated envelope (you can have up to 20 envelopes before switching to the paid version).

Planning For Your Future

Need a little guidance when it comes to planning your finances or creating a realistic household budget? Our partner GreenPath Financial Wellness works with thousands of people each month to help them pay down debt, improve their credit, and achieve their goals.

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

Greenpath Financial Wellness

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.

November 16, 2022 • By Kevin Alvarez

Managing Debt as Interest Rates Rise

Debt can be a challenge to manage, even in the best of times. Now, with the economy in the news nearly every day, how do you effectively manage your debt as the cost of borrowing for things like homes, cars,
and credit cards rises? People are successful when they set a realistic budget for spending. Focusing on non-traditional gifts, the joy of experiences and the resulting memories, can be just as rewarding without damaging your finances, especially as prices on essentials are rising.

Here are five general questions to ask in order to minimize the hit to your wallet in the face of rising interest rates.

What's Your Current Credit Score And History?

Knowing this information helps you understand how rising interest rates will apply to you. Some research shows that only 33 percent of Americans checked their credit score in the past year. Regularly monitoring your credit can alert you to errors, protect you from fraud, and provide you valuable information to strengthen your credit score–which can potentially minimize the rising cost of borrowing.

What Is Your Debt Portfolio?

Another helpful course of action is to make a list of your current debt such as credit cards, car loans, student loans and other debt. Although it’s a simple step, this can make a big difference in visualizing the big picture of your financial situation. Part of seeing the impact of rising interest rates is understanding exactly where you stand.

What Are Your Current Interest Rates?

An effective next step is to regularly review your balances, terms, and interest rates on a monthly basis. By staying on top of this vital information, you can make adjustments and informed decisions about reducing any existing balances more aggressively. As a debt paydown strategy, it often makes sense to start with the highest interest credit cards or loans.

What Is A Realistic Payment Plan?

As you are able, consider paying credit card balances in full by the due date each month. You can avoid interest charges on what you purchase, which means rising interest rates may not have much of an effect on your household finances.

What Is Your Overall Financial Plan?

To stay financially healthy and minimize the impact of rising interest rates, it is key to earn more than you spend, so that you have enough money to build savings for the future. Keeping an eye on your spending is an important step in the effort to create a budget without the cost of high-interest debt. Once you develop a household budget and track income and spending, it becomes clear where the money is going and where you need to adjust your spending to achieve your financial goals. By setting financial goals, preparing a financial plan, sticking to a budget, and setting up an emergency fund for the unexpected, you ensure that your financial well-being does not suffer as interest rates rise.

This information brought to you by GreenPath Financial Wellness.

GreenPath Financial Wellness

September 8, 2022 • By Kevin Alvarez

Free Webinar September 14 — Try These Financial Life Hacks

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

Inflation is impacting all of us, from trips to the grocery store to the gas station. Financial life hacks are all about reducing stress and effort. The most powerful way to succeed is to keep it simple, and we want to show you how. If you are looking to reduce your financial stress and optimize your finances, we hope you will join us to learn these financial life hacks.

Click through each tab below to learn more.

  • Who Should Attend

  • What You Will Learn

  • Details

Who Should Attend

  • Anyone feeling financial stress
  • Anyone who feels like their financial situation needs relief
  • Anyone who want to improve their overall financial wellness

What You Will Learn

  • Tips to monitor your spending
  • Ideas to build financial health
  • Ideas to bulk up savings

Details

Date: Wednesday, September 14, 2022

Time: 11:00 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

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

August 19, 2022 • By Kevin Alvarez

Don’t Let Back-To-School Shopping Stress You Out

The National Retail Federation (NRF) is expecting this year’s back-to-school shopping season to be the most expensive ever.

Parents are feeling pressured to overspend and many are worried about hitting the stores this year. The good news is that with a little planning, you can successfully manage these additional expenses while managing your stress.

According to their survey, K-12 families will be spending about $36.9 billion in back-to-class spending. An average of of $846 per household while back-to-college spending is expected to reach $73.9 billion, an average of $1,199 per household both. the highest ever recorded by the NRF.

Here are three steps you can take to plan for the upcoming back-to-school shopping season:

1. Make A Plan Before You Shop

Take some time to assess your financial situation. GreenPath’s budgeting worksheet is a great way to get started, click here to view and download. Once you have good handle on your current financial state, determine how much you truly feel comfortable spending.

2. Take Stock of What You Have Versus What You Need

Prioritize your needs list. What do you need to buy before school starts and what can you purchase later? What really needs to be replaced versus what can be reused? If new clothes are a need, many stores will be clearing their shelves to makes way for winter clothing. This is a good time to stock up at a discount.

3. Avoid Impulse Buys

Take your needs list with you and stick to it. If your kids will be shopping with you, share the list with them beforehand. Better yet, have them help you create it.

If they want something that isn't in the budget, offer them the option to chip in their own money. Generation Z has become more involved than previous generations and are spending more of their own money on back-to-school supplies. Teaching your children about finances plays a critical role in forming a healthy attitude about money and setting them up for long-term success.

2022 Back-To-School Webinar Trends - (Webinar Recording)

Information brought to you by our partner, GreenPath Financial Wellness

Greenpath Financial Wellness

Sources:
National Retail Federation Trends

August 14, 2022 • By Kevin Alvarez

National Financial Awareness Day – August 14, 2022

August 14th marks National Financial Awareness Day! Financial Awareness Day is a great time to review where you are now and where you’re going financially. Use this day as a reminder to take investing and saving seriously to build financial stability and prepare for the future. Here are a few things to consider when planning your financial future.

Financial Awareness

What You Can Do Now

Financial awareness does not have to be a difficult or daunting task for anyone, especially with the many resources readily available for members to take advantage of.  Through our partnership with GreenPath Financial Wellness, we provide our members financial education, free financial counseling, credit report reviews, student loan counseling, and much more!  We invite you to utilize this free service made available to you as a SafeAmerica Credit Union member.

GreenPath Financial Wellness

Sources

August 5, 2022 • By Kevin Alvarez

Coping with Inflation

Inflation continues to put pressure on household budgets. From groceries to gas, record-breaking inflation means the purchasing power of your money is decreasing each month. Below you will find guidance on how to best navigate a time with high inflation.

1. Take Inventory of your full financial picture. Has your household income changed? have you adjusted your budget for rising groceries, transportation, or other expenses? Check your existing budget to see where you stand and where your money is going. If you don't have a budget, it can help to create a simple spending plan or roadmap of monthly expenses. A good place to start is to use resources like a budgeting worksheet track your monthly income against current expenses.

2. Continue to build an emergency fund to tap into when unexpected circumstances arise like a medical expense or costly home repair. An emergency fund helps reduce the chance of taking on debt to cover an unplanned expense. It might be tempting to pause monthly savings as rising prices take a bigger bite out of your monthly budget, but resist the urge. Put savings on auto pilot with each paycheck. Even a small amount will add up over time.

3. Prioritize monthly spending in a time of rising prices. Rethink certain monthly expenses such as subscription or streaming services. According to researchers, the average household has 4.5 streaming services and spends an average of $55 on them per month. This may not seem like much, yet $55 a month adds up to more than $600 per year. If you’re trying to cut expenses in the face of higher prices, ditching underused subscriptions can be a good place to start. As essentials get more expensive, figure out your new baseline. Limit credit card use and curb discretionary spending (dining out, entertainment). GreenPath’s Aligning Priorities workbook can help you make these decisions.

4. Monitor debt, especially as interest rates rise. Paying off high-interest credit card debt saves you money in interest, improves your credit score, and frees up room in your budget. Choose a debt payoff strategy that works for your situation. Consider GreenPath’s Debt Management Plan which helps you pay off unsecured debt in 3 to 5years. GreenPath can work with many creditors to bring your ac-counts current, lower interest rates, and eliminate fees.

5. Shop smart. Research the best sales, coupons, and specials, especially on products that are low in inventory. Check dollar stores for deals on household items and stock up on those items where possible. Bulk retailers or wholesale clubs might be a good way to stock up on items in large quantities for a lower per-use cost. Strategically plan your higher-cost purchases. Swap out brand-name items for generic as much as possible.

6. Keep tabs on your credit history. In times of rising prices, it pays to keep tabs on credit history, which is used to calculate your credit scores. The three digit number of your credit score helps determine whether lenders approve you for new credit and what interest rates they offer. Annualcreditreport.com is a trusted “one-stop-shop” to check your reports from Experian, Equifax, and TransUnion – the three industry-standard credit bureaus. You can also work with GreenPath to review your credit history.

7. Get independent guidance from a nonprofit financial counseling agency like GreenPath. Counselors look at your entire financial picture to help you ease financial stress and uncertainty, through access to clear information and a personalized action plan.

Information brought to you by our partner, GreenPath Financial Wellness

GreenPath Financial Wellness
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