SafeAmerica Credit Union

san francisco bay area credit union

• By SafeAmerica Credit Union

Financial Awareness Day 2024

August 14, 2024 is National Financial Awareness Day! Who knew such a day existed, but because it does, it's the perfect opportunity to review where you are now and where you want to go financially.

No matter where you are in life, it's never too late to get started on the road to financial independence. And we're here to help. Through our partner, GreenPath Financial Wellness, we've assembled a collection of guides and worksheets to help you attain financial awareness today, and every day.

Budgeting Worksheet »

Understanding Your Credit Score »

How To Build Credit From Scratch »

Holiday Budgeting Worksheet »

Aligning Priorities Workbook »

Glossary of Financial Terms »

Get Connected. We're Here to Help.

Our partners at GreenPath Financial Wellness offer cost-free, judgement-free financial counseling with certified experts ready to meet you exactly where you're at.

877-337-3399

This information brought to you by GreenPath Financial Wellness.

• By SafeAmerica Credit Union

Heatwave Hacks: Cost-Effective Ways to Reduce Your Energy Bill

Summer is summering, and we all know that cranking up the AC can lead to sky-high energy bills. According to recent reports, the average energy bill for Americans in August can reach $200, driven largely by the need to keep our homes comfortable​. Beyond fans and blackout curtains, there are a few other easy, budget-friendly hacks to stay cool without hurting your summer budget.

Use Appliances Wisely

Your oven and dryer are like mini heat machines that can make your already hot home feel even hotter. Try to use them during the cooler parts of the day, like early morning or late evening. And whenever possible, embrace fresh summer meals that don’t require an oven or stovetop and consider letting your clothes air-dry.

Insulate and Seal

Proper insulation and sealing can keep the cool air in and the hot air out. Check for drafts around doors and windows and seal any gaps with weatherstripping or caulk. Insulating your attic and walls can also make a big difference in keeping your home comfortable and energy efficient.

Smart Thermostat for the Win

If you haven’t already, consider investing in a smart thermostat. These devices learn your schedule and adjust the temperature accordingly, ensuring you’re not cooling an empty house. Plus, you can control them remotely via your smartphone, so you can turn up the AC just before you get home without leaving it running all day.

Unplug and Save

Did you know that many electronics and appliances still draw power even when they’re turned off? It’s called “phantom load,” and it can add up over time. Unplugging devices when they’re not in use or using a power strip to turn off multiple items at once can help you save a bit on your energy bill.

Energy Costs High?

Contact our partners at GreenPath Financial Wellness to set up a savings plan and start saving money.

877-337-3399

Go Green with Indoor Plants

Want a great reason to indulge your green thumb this season? Believe it or not, indoor plants can help cool your home. Plants release moisture into the air through a process called transpiration, which can help lower the temperature; not to mention the more obvious benefits of making your space look great and improving air quality.

DIY Air Conditioner

If you’re feeling crafty, try making your own air conditioner with a few simple supplies. All you need is a fan, a shallow pan or bowl, ice, and a bit of creativity. Place the ice in the pan and set it in front of the fan. As the fan blows over the ice, it will create a cool breeze that can help lower the temperature in your room. It might not be as powerful as a traditional AC, but it can offer relief in a pinch.

Close Off Unused Rooms

If there are rooms in your home that you don’t use regularly, close the doors to keep the cool air concentrated in the areas where you spend the most time. This can help your AC work more efficiently and cool your home faster.

Energy-Efficient Lighting

Traditional incandescent bulbs can generate a lot of heat. Switching to energy-efficient LED bulbs can reduce the amount of heat in your home and lower your energy consumption. They also last longer, which means fewer trips to the store and more savings in the long run.

Reach Out for Help

If you’re struggling with your energy bills, don’t hesitate to seek support. Many utility companies offer assistance programs so find out what’s available in your area. You can also connect with our certified financial experts at GreenPath Financial Wellness for tips and advice on budgeting and managing your finances this summer and beyond.

Get Connected. We're Here to Help.

Our partners at GreenPath Financial Wellness offer cost-free, judgement-free financial counseling with certified experts ready to meet you exactly where you're at.

877-337-3399

This information brought to you by GreenPath Financial Wellness.

• By SafeAmerica Credit Union

Tis the $eason (For a Mid-Year Money Checklist)

As summer hits its stride, the idea of financially preparing for the holidays might feel like overkill. Consider this: money is the most cited source of stress during the holidays, with 58% of US adults worrying about overspending or not having enough money.

July is an ideal month to assess your financial picture and make mid-year adjustments that will help you cruise into the holiday months with fewer concerns. To make planning easier, here is a seven-item checklist you can use as your guide:

  1. Review Your Budget

    With a customizable budgeting worksheet or free app, identify areas where you may be overspending and eliminate costs or comparison shop if possible. Budgeting isn’t about guilt, rather it is a way to ensure you’re saving a little each month –ideally 10% of your income. Less still counts.

  2. Automate Savings

    Consider the “set it and forget it” approach to allocating savings so that when peak holiday spending season comes around, you’ve avoided (or at least minimized) high interest credit card balances that can put a damper on the season and coming year. Look into opening a holiday-specific savings account at your financial institution and start saving now.

  3. Strategize Debt Repayment

    Review the balances and interest rates of your credit cards, loans, and other debts. Tackle high-interest payments first (so you’re able to put more toward principal in the long run). Explore a debt management program which can help you eliminate debt faster.

  4. Check Your Credit Report

    Request a free copy of your credit report from AnnualCreditReport.com. Review the report for any inaccuracies or signs of identity theft. Dispute any errors you find, which could be a contributing factor to a lower score.

  5. Revisit Investments

    If you have any investment accounts, assess whether your allocations still align with your long-term goals and risk tolerance. Market conditions often change, and your investment strategy should account for these fluctuations.

  6. Maximize Retirement Contributions

    If you have a retirement account, check your contributions, and see if you have any room in your budget to increase them. This especially applies if your employer offers matching contributions, as it’s essentially free money. The sooner you invest, the more time your money has to grow.

  7. Review Insurance Policies

    Ensure that your health, auto, home, and life insurance policies still meet your needs. Life changes such as marriage, the birth of a child, or significant purchases might necessitate adjustments to your coverage or comparison shopping for more favorable rates.

checklist

Recommended for You

Online Course: Behavioral Economics (15 minutes)

This free course will help you better understand your spending behavior and save more this holiday, just by changing small habits.

Get Connected. We're Here to Help.

Our partners at GreenPath Financial Wellness offer cost-free, judgement-free financial counseling with certified experts ready to meet you exactly where you're at.

877-337-3399

This information brought to you by GreenPath Financial Wellness.

• By SafeAmerica Credit Union

Financial Checklist For High School Grads

KEY TAKEAWAYS

  • It’s officially graduation season for the Class of ’24! Here we share several best practices for high school graduates who may not know where to start when it comes to money management.
  • Creating a budget, setting up a checking account, and building good credit are just a few ways graduates can set themselves up for success.
  • If you need guidance, our partner, GreenPath offers free financial counseling. Friendly and NFCC-certified counselors are ready to create a personalized plan with you at the center.

Congratulations to the Class of ’24, it’s graduation season! For all you readers who will be donning caps and gowns soon (or for those who have a graduating family member) we’ve compiled some money management action items that can pave the path to future financial wellness. While everyone’s financial circumstances are unique, sometimes it helps in knowing where to start.

Build a budget.
Creating a budget is the foundation of effective money management. Start by tracking your income and expenses for 30 days. Most finance apps provide a visual breakdown of spending trends with suggestions on where to save. One common budgeting method? Allocating 50% of your income towards necessities like rent, groceries, and transportation, 30% towards discretionary spending, and 20% towards saving. Depending on where you live, this rule may be challenging to follow. Consider your own financial picture and determine how you might include savings as a regular part of your budget.

Spend mindfully.
While graduation is a season to celebrate (and you should!), this is a great time to practice mindful spending, especially if college–and the accompanying costs–are going to be part of your financial picture in the coming months. Differentiate between wants and needs and try to only buy items you can afford to pay off promptly. This will help you avoid the accumulation of credit card debt in the future.

teen girl holding debit card

Set up a checking account.
If you haven’t already crossed this one of your financial bucket list, graduation season is the perfect excuse to do so. Opening a checking account is the first big step towards financial independence and top open one you’ll just need a few things on hand:

  • Proof of mailing address
  • Your social security number
  • Government-issued ID (like a passport or driver’s license)

Important to note: you can open your own account once you turn 18. If you are under 18, you’ll need to have a joint account with your parent or guardian or set up a high school account with your financial institution.

Learn more about Student Checking from SafeAmerica Credit Union »

Research loans.
If you’ve decided to pursue higher education, it literally pays to do your research when taking on student loans. Consider federal loan options first, as they often offer more favorable terms and interest rates. Take time to read the fine print on repayment options associated with your loans and create a plan to pay them off efficiently. Student loan obligations can lead to long-term financial burdens (not to mention personal stress), so your future self will be glad you did your homework!

Establish healthy credit.
Building a positive credit history early on lays the essential groundwork for solid financial health. Start by finding a credit card that fits your needs: do you value cash back rewards? A card with no annual fees? Consider using a secured credit card which requires an upfront cash deposit—usually equal to your credit limit—that you draw from when making purchases. Make payments on time and keep your balances low. Building good credit will benefit you when applying for loans, renting an apartment, or even securing certain job roles.

GreenPath counselors can help you establish ways to improve your credit score.

Call today to speak with an expert for free.

877-337-3399

Shop insurance.
Insurance is a crucial aspect of financial planning that many recent grads may overlook. Protect yourself and your assets by obtaining health insurance, renter’s insurance, or car insurance as needed. While it may seem like an additional expense, insurance provides a financial security buffer in case of accidents, illnesses, or property damage. Take the time to research and compare different insurance options to find coverage that suits your needs and budget.

Create an emergency fund.
More than 50% of Americans couldn’t pay for a sudden $1,000 emergency using emergency savings. Building an emergency fund is a vital financial safety net. If possible, aim to save three months’ worth of living expenses in a separate savings account—and if this isn’t possible just yet, don’t sweat it! You can always start with smaller automatic deposits. This fund will help protect you during unforeseen circumstances like medical emergencies and provide some peace of mind.

Seek financial guidance.
Embracing independence is exciting and potentially nerve-wracking since the post-graduation period brings more financial burdens and considerations. Whether you need guidance on strategizing savings or want to start chipping away at your money goals for the coming year, our empathetic team of counselors here at GreenPath are NFCC-certified and excited to help make it happen.

This information brought to you by GreenPath Financial Wellness.

• By SafeAmerica Credit Union

Identifying and Preventing Financial Elder Abuse

KEY TAKEAWAYS

  • Recognize warning signs: Be vigilant for unexplained financial changes, isolation, and behavior shifts, which could signal financial elder abuse.
  • Take proactive steps: Establish power of attorney, monitor financial activity, and seek professional advice to protect seniors from exploitation and ensure their financial security.
  • If you’re caring for or financially supporting a senior family member, our partner GreenPath offers several useful resources including information on identity theft and fraud protection and an interactive budgeting worksheet for planning expenses.

If you suspect elder abuse has been or is being committed, visit the National Center on Elder Abuse (NCEA) and contact the appropriate authorities in your area.

Here’s a sobering statistic: Americans over the age of 60 lose an estimated $23.8 billion annually to elder financial exploitation (EFE) according to the American Association of Retired Persons (AARP.)

And if that’s not bad enough, 87.5% of these cases are perpetrated by someone the victim knows.

As our loved ones age, it’s crucial to ensure they’re protected not only physically but also financially. Identifying and preventing financial elder abuse requires vigilance, education, and proactive measures. Here are some common signs of financial elder abuse.

Identifying Financial Elder Abuse

Financial elder abuse can take various forms, including fraud, identity theft, and exploitation. Here are some warning signs that could indicate someone you know is being victimized:

  • Unexplained Financial Changes: Sudden withdrawals, transfers, or large purchases without reasonable explanation are a potential red flag for financial exploitation.
  • Isolation: Perpetrators often isolate seniors from family and friends in an effort to maintain control over them and their finances.
  • Unpaid Bills or Utilities: Neglected bills (despite their ability to make prompt payments) may signal financial mismanagement.
  • Changes in Behavior: Abrupt changes in behavior, such as increased anxiety or fearfulness, could point to threatening or manipulative behaviors taking place.
  • Missing Belongings or Documents: Disappearance of valuable items or important documents like wills, titles, or financial statements may suggest theft or fraud.
  • New “Friends” or Caregivers: Be wary and watchful if a new acquaintance or caregiver shows undue interest in finances or assets.
  • Signatures on Documents: Seniors may be coerced into signing documents they don’t understand or haven’t thoroughly vetted, such as contracts or deeds.

Get tools for identity theft, fraud prevention, and budgeting support.

Contact us today.

877-337-3399
infographic for preventing financial elder abuse

Preventing Financial Elder Abuse

No one deserves to live with the aftermath of: “What could I have done differently to prevent this from happening?” Here, we offer some actionable steps you can take to avoid worst case scenarios.

  • Stay Informed: Educate yourself and your loved ones about common scams and frauds that specifically target seniors. Resources like the Consumer Financial Protection Bureau (CFPB) and the National Council on Aging (NCOA) offer useful guides and best practices:
    - Consumer Financial Protection Bureau (CFPB)
    - National Council on Aging (NCOA)
  • Maintain Open Communication: Encourage open and ongoing communication with your loved ones about their finances. Make them aware of the warning signs of financial abuse and reassure them that they can come to you for support without fear of judgment.
  • Establish Power of Attorney: Appoint a trusted individual to manage your loved one’s finances if they become unable to do so themselves. Ensure that this person has full understanding of their responsibilities in the event that current circumstances change.
  • Monitor Financial Activity: Regularly review bank statements, bills, and financial transactions for any unusual activity—it’s better to be overly cautious vs. caught unaware. Set up account alerts for large withdrawals or unusual spending patterns.
  • Guard Personal Information: Remind your loved ones to never disclose personal or financial information over the phone or online without first verifying that the contact is from a legitimate organization. Scammers often pose as company representatives to access sensitive financial information.
  • Seek Professional Advice: Consult with financial advisors or elder law attorneys to create a comprehensive estate plan and implement safeguards against financial exploitation.
  • Report Suspected Abuse: If you suspect that a senior is being financially exploited, don’t hesitate to report it. Contact adult protective services, law enforcement, or the National Center on Elder Abuse (NCEA).

Are you providing care for or financially supporting a senior family member? If so, it’s important to remember that putting on your own oxygen mask helps you as you support others.

In addition to the Identity Theft and Fraud Protection information and Interactive Budgeting Worksheet we included above, you can also connect to free financial counseling at GreenPath. Our empathetic and certified counselors can help you revisit your budget to accommodate caregiving costs. You are not alone.

This information brought to you by GreenPath Financial Wellness.

• By SafeAmerica Credit Union

Money Saving Tips to Avoid a Holiday Hangover

Let’s break away from billion-dollar price-tag statistics because most of us don’t operate within that kind of seasonal budget.

In more relatable figures, the average American will spend around $998 on gifts and other holiday-related purchases in 2023. Combine that with essential monthly expenses like rent or mortgage payments, credit card bills, and utilities (hello, December heating bill) and you might find yourself catching a case of the Holiday Blue$$$.

Don’t let these facts and figures overwhelm you. There are practical ways to avoid piling on debt so you can pile on other things. Like cozy sweaters and bread pudding calories.

6 Ways to Minimize Debt this Season

It’s human nature to shell out more money when you’re surrounded by temptation (holiday food! Holiday shows! Aesthetically pleasing department store displays!) But if you’re motivated to spend not spending all your earnings in December, here are a few practical tips on how to save money.

1. Set a spending cap for yourself

A little financial forethought goes a long way. Before you hop in the car and venture out to do your holiday shopping, spend some time looking over your accounts and create a budget sheet. Take inventory of your current balances and come up with a spending ceiling that feels proportional. Resisting the urge to buy something—just because it’s a good deal or you came across a coupon—will cut down on costs.

2. Leave the credit cards at home

While it’s very tempting to rely on credit cards during the holidays, high balances too often translate to high interest fees; fees that can cancel out any potential perks like cash back rewards or travel points. If you know that paying down high balances is going to create an additional cost layer, stick with debit cards or cash when it’s feasible.

3. Opt for potluck

Holiday spending isn’t limited to presents alone. Between Thanksgiving, Christmas, Hannukah and Kwanzaa, November and December are two big months for grocery shopping. If it’s your turn to host this year, divide and conquer the holiday menu. Invite guests to bring one or two of their favorite dishes so you’re not footing the food bill alone. (You might even cut down on dishes, too.)

Table being prepared during the winter holiday.

Hand selecting a ticket during a random draw

4. Draw Names

51% of American consumers intend to buy fewer gifts this holiday season than they did last year. Want to follow suit? Consider drawing family names (at least the adult names) from a hat. This allows everyone to give and receive a gift without overextending their personal budget. And the benefits here are twofold: less time spent doing the last-minute zombie-shop through crowded retailers means more time to spend with family.

5. Choose sincere gifts over spendy ones

This goes hand-in-hand with a name drawing because buying less allows you to focus more on the quality of your gift (and who is receiving it.) Curate an assorted “movie night” snack basket for the film lover in your life, layer dry ingredients in a mason jar for the baking enthusiast, frame a favorite family photo or offer a night of free babysitting for someone who has been burning the parent candle at both ends.

6. Skip the soirees and volunteer

Online behemoths and cyber special-peddling retailers count on you forgetting that the holidays aren’t all about stuff. In lieu of shelling out for holiday parties or gift swaps, coordinate a family visit to a shelter, soup kitchen, or community center to offer support for those less fortunate. Organizations like VolunteerMatch will pair you with organizations in your neighborhood that could truly benefit.

group of volunteer people stacking hands celebrating together

How to Manage Holiday Debt

Even the best-laid budgetary plan can fall short when pitted against glittering holiday consumerism. We want to make the people in our lives feel special while also being mindful of our spending as we approach a new year—and it’s not an easy balance to juggle.

Don’t be hard on yourself when next year rolls around and you have to pay off credit card debt or explore options to stabilize your financial picture. Here are some of the questions you might be asking yourself once the dust settles on December: How can I get on top of late payments?

  • What impact will holiday spending have on my credit score?
  • How can I pay more than the minimum on credit cards when my interest is so high?
  • What are a few ways to save money in the coming year?
  • What steps do I need to take to set up healthier financial habits in 2023?

Simply acknowledging that you want to improve your financial picture requires a courage leap, but the good news is that you have resources at your immediate disposal to bridge the gap between positive intentions and positive outcomes.

We're Here to Help

Our partners at GreenPath Financial Wellness, a trusted national nonprofit, have helped more than 65,000 households pay off more than $200 million in debt. If you’re feeling overwhelmed with your current picture, consider debt counseling or a debt management plan to get yourself back on track.

Greenpath Financial Wellness

This information is brought to you by our partners at GreenPath Financial Wellness

• By SafeAmerica Credit Union

What To Do If You’re Late Making Car Payments.

Life can be unpredictable and challenging at times, and having a late car payment might seem tempting as a temporary solution.

Making regular, on-time car payments not only helps borrowers maintain a good credit score, but it also ensures the reliability and availability of your vehicle, allowing you to fulfill your daily responsibilities without unnecessary stress.

If you find yourself facing financial difficulties, it can be helpful to reach out for assistance and explore viable options to avoid missing payments. While there isn’t one solution that works for everyone, there are options that can work best for you.

Making Late Car Payments Can Lower Your Credit Score.

Unfortunately, the consequence of making late payments on your car loan can reduce your overall financial health. You will also end up paying more for your car due to late payment fees. And if the payments continue to be late, it might even result in repossession, which will become a negative chapter of your credit history.

With a little planning, it might be possible to get back on the road to financial health to keep current with car loan payments. Assembled here, is a roundup of information to keep in mind if you’re consistently late with car payments.

Tips To Staying On Track With Your Car Payments.

Tip 1: Know When The Payment Will Be Considered Late

  • Check with your lender to confirm exactly when your payment will be considered late.
  • Typically, a payment will be reported as late to the credit bureau when it hits 30 days past due.
  • Ask your lender if there is a late car payment grace period. Some lenders provide a 10-day grace period for example.

Tip 2: Understand The Late Payment Fee Structure

  • Look over the loan documentation to understand the amount of fees you will be assessed when payments are late.
  • Creditors assess a late payment fee immediately following the missed payment, so be sure you have a clear picture of the fee total.

Tip 3: Track Your Credit Score

  • Creditors typically report a missed payment to the national credit bureaus after the 30-day mark.
  • When you’re finding it tough to keep up with payments, be sure to track the activity on your credit report and monitor your score.
  • Annualcreditreport.com provides updates from all three credit bureaus. Be sure your history is accurate and up to date. If something’s inaccurate, there are ways to reach out to credit bureaus for resolution.

Tip 4: Understand Repossession Policy

  • The number of missed payments allowed before a lender repossess the vehicle can vary by financial institution.
  • Some lenders can initiate repossession proceedings after a single default on the loan.
  • Take the time to connect with your lender to understand their policies and timing when it comes to repossession.

Tip 5: Connect With The Lender

  • Waste no time reaching out to creditors before payments are missed.
  • If payments are late, talk to the lender and ask for hardship options.
  • If you are facing a financial significant hardship, often the lender is willing to work with people to prevent delinquency or repossession.
  • Contacting lenders sets people up for more options, a new payment plan or hardship assistance, especially if you’ve maintained a good payment history.

Tip 6: Return To Budgeting Basics

  • Take an inventory of your financial picture. Has your income increased, decreased or remained steady? How have your expenses changed? Figure out your new baseline.
  • Prioritize expenses. Take a hard look at non-essential expenses and determine those that can possibly be reduced or eliminated.

Tip 7: Use Trusted Resources And Information

  • If you are considering a repayment option, or want to check on affordability, use GreenPath’s handy car payment financial calculator.
  • Take a free online course that shares information about budgeting for car payments.
  • Connect with a financial counselor who can assess your specific challenges and provide an action plan to move forward. Everyone who contacts GreenPath receives a free initial financial counseling session with certified counselors who lend an emphatic ear, look at the entire financial picture, help ease financial stress and uncertainty through access to clear information and develop a personalized plan.
Woman Calculating Monthly Bills

Your Next Step

It can be scary when loan payments are late, and there might be a chance your vehicle will be repossessed. It can be even more stressful when you work though the challenges all by yourself.

Our partner, GreenPath Financial Fitness is a trusted national nonprofit financial counseling agency which helps people navigate debt, budgeting and financial challenges for more than 60 years. Their certified trained counselors will look at your entire financial picture and help make a plan tailored for your situation.

This information is brought to you by our partner, GreenPath Financial Wellness

GreenPath Financial Wellness
Translate »