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San Francisco Unified School District

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

April 11, 2022 • By Kevin Alvarez

Financial Terms To Teach Your Kids

It’s never too early to start teaching your kids about finances. After all, it is a topic they will use for the rest of their life. Breaking down some the key financial terms will help them have an understanding of a few fundamental concepts.

Here are some terms you can teach your child and why it’s important for them to know.

Budget

What is a budget?

A budget is a plan that helps you keep track of your money and where it goes. One way parents like to teach kids how to budget is to categorize money into three “buckets”: give, save, and spend.

Why is a budget Important?

A budget allows you to plan out your finances for the future and ensures you’ll have enough money to pay for all your “needs” and, if you have money left-over, to pay for all your “wants”. It provides structure towards reaching a financial goal, such as saving for a video game system, a vacation or even a college education.

Checking Account

What is a Checking Account?

A checking account is a contractual relationship between you and your financial institution where you can make day to day transactions. The financial institution holds your money in a safe place and helps to facilitate your purchases. You are responsible for handling your account wisely by not overspending the money you have in your account.

Why is a Checking Account Important?

A checking account makes your money accessible and serves as a way to keep track of your spending. It also keeps your money safe, meaning it can’t be lost, stolen or damaged. Institutions must be insured in order to operate, so there’s no risk and much safer than carrying cash.

Credit and Credit History

What is Credit?

Credit is a way to borrow money (such as a credit card or loan) with the agreement of paying it back in full, plus interest. Paying back the borrowed amount on time is reflected on your credit report/history. One important concept to remember is that credit isn’t free and should only be used if you’re able to pay it back right away.

Why is Credit History Important?

Developing good credit history allows lenders see how responsible you are when it comes to paying that money back. The more on-time payments you make, the better your credit becomes, making it easier to borrow money in the future, rent an apartment, or even get a job.

Credit Score

What Is a Credit Score (also known as FICO Score)?

A credit score is a number that lenders use to measure your credit worthiness. Your credit score is influenced by a number of things such as the amount of open credit accounts, overall amount of debt you have and your repayment history (making payments on-time). Credit scores range from 300 to 850 and lenders use these scores to determine how much risk they will take on when lending to you. The higher your credit score, the lower your interest rate will be (less risk) and vice-versa; the lower your credit score, the higher your interest rate will be (more risk).

Why is a Credit Score Important?

The better the credit score, the easier it will be to reach life’s milestones. A good credit score can help you get a lower interest rate on a loan (like a car loan or mortgage), thus you pay less over the lifetime of the loan. A good credit score can even help you get an apartment or job. Overall, it pays to have a good credit score! Literally.

Loan

What is a Loan?

A loan is a sum of money that you borrow with an agreement to be paid back with interest. One way to help your child understand loans, is to explain why people take out loans in the first place. A great example is a car or mortgage loan. These items usually cost a lot of money, so it becomes necessary to borrow the money. Having that good credit score (as explained above) will help you get a lower interest rate on that loan, making it more affordable. Agreeing to the terms of a loan means you’re obligated to pay it back with the agreed upon interest. Failure to do so can be detrimental to your good credit.

Why Is Having a Loan Important?

Having a loan allows you to enjoy the item you borrowed money for right away. Rather than saving up $20,000 for a car, you can take out an auto loan to immediately have access to the vehicle and repay on a monthly basis until the loan has been paid off. Paying off loans strengthens your credit score and allows you to become prepared for any future or bigger purchases.

Debt

What is Debt?

Debt is money borrowed (a loan) which has not been paid off. Types of debt range from credit cards and student loans to major purchases such as vehicles and mortgages.

Why is Debt Good?

Borrowing money and having debt is typically the only manner in which some people will be able to purchase important high cost items such as a home or higher education. Debt is okay if it’s going to help you make money in the future, whereas taking on debt on items such as cars or clothes is not recommended based on the depreciating factor associated with these items.

Interest

What is Interest?

Interest has two sides; it is either something you pay (an interest rate on a loan) or something you earn (an interest rate on a savings account). Show your children the interest you pay on a loan, like a vehicle loan, each month. And then also show them that when you deposit money into a savings account (your “save bucket” from earlier) that the bank pays you for the deposits you place there.

Why is Interest important?

Whether you’re paying interest or earning interest, the amount of interest is important to understand. When obtaining a loan, you want to look for an institution that offers the best rate (lowest rate or APR). That combined with your good credit score will help you get the best deal. The same goes for deposits. When saving your money, you want to look for the highest yield (or APY). This will get you most amount of interest earned.

Taxes

What are Taxes?

Taxes serve as payment to the government and are used to pay for things like improving public schools and fixing the roads. Taxes are taken from your paycheck and the amount you pay depends on how much money you make. A great way to explain it is to relate it to their allowance. Take a small amount from their allowance and put it away to be used toward a household expense, like an improvement!

Why are Taxes Important?

Taxes are the main source of revenue for the government. Without taxes, funding for many of the public benefits we take advantage of every day would be impacted severely.

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 program

February 11, 2022 • By Kevin Alvarez

Here’s How An Auto Refinance Can Save You Money On Your Monthly Payment!

Did you know an Auto Refinance can provide instant savings on your monthly car payment? Maybe you already knew that? Either way, read through to see if there is something more you can add to your own financial strategy!

Here's an example of what an auto refinance is:

You pay off your auto loan balance from one lender and transfer the balance to another lender with a better rate and/or term.  For example, you have an auto loan with an APR of 7% and refinance with another lender to a new lower rate of 3%. The 4% drop in interest will provide you with a new lower monthly payment.

When it's best to refinance:

There are multiple opportunities in which it makes sense to refinance your auto loan. They are:

  • Pay less in interest - If you find a lower rate than what you’re currently paying, you could save in the amount of interest you pay over the life of the loan.
  • Lower payment - If you’re looking for a lower payment, a reduced rate and/or term extension could help.
  • Shortened term - If you’re looking to pay off your loan earlier and can afford the payments, a refinance can help direct that money toward principle while paying less in interest.

The cons to refinancing:

When making any financial decision, it’s always best to weigh the pros and cons of each situation.  When refinancing your auto loan, the option to extend your repayment period will allow for a lower monthly payment but it also extends the amount of interest owed. In general, you will pay more in interest over the life of the loan, even if your payments are smaller.  You can also risk owing more than the car is worth if you extend your term too long.  Use a financial calculator to compare your options.

Try Our Calculators

When deciding if a refinance is right for you, have a clear goal in mind.  Are you looking to reduce your payment, pay your loan off sooner, or maybe both!  You have options.  Do your research to find what other financial institutions have to offer; lower rates, no fees, and term options that work for you.  Run the numbers and take advantage of the tools that are available to you as a member of SafeAmerica Credit Union.

Refinance with us

As a member of SafeAmerica Credit Union, you can refinance your auto loan from another financial institution and take advantage of exclusive member-only savings.

  1. Great rates
  2. Flexible terms
  3. No fees

Auto Refinance

Learn more about our Auto Loans

December 17, 2021 • By Kevin Alvarez

Get Your End-of-Year Financial Health Checkup

As the eagerly awaited holiday season gets underway, the end of the year is a great time to get a financial health checkup to make sure finances are on track.

With regular checkups, you can fix small problems before they become big issues.

This year-end keeping financially healthy is especially important due to many economic uncertainties related to inflation, inventory shortages, as well as the expiration of COVID relief programs put in place more than a year ago to help people manage through the pandemic.

Your Financial Health Checkup

Like a physical health checkup, a financial checkup examines your vital signs to be sure all is well when it comes to you financial health and wellness.

Do you have an emergency savings? How do your credit card balances look? Are you tracking monthly income and expenses? What does your credit score and history look like? These are a few of the vitals reviewed during an end-of-year financial checkup.

From an overall budget review to managing credit card debt, the caring, NFCC-certified counselors at GreenPath Financial Wellness will conduct a full review of your current financial fitness and provide recommended next steps for improving your financial health.

A financial checkup guides you to:

  1. Review Your Financial Goals: Has there been a significant life change this past year? A change in jobs, a marriage, divorce, home purchase or other big change can affect your overall financial picture. A check up is a good time to assess whether your current financial goals sync up with your overall situation.
  2. Understand Options to Move Forward after Relief Programs Expire: Loans that were deferred as part of COVID-related relief program need your attention. Deferments provided borrowers with a little breathing room, but now that the temporary pause in payments has expired, a checkup is a good opportunity to understand options, and take a closer look at not only any loans that were on pause, but also your entire financial picture.
  3. Manage Income and Expenses: One of the best ways to cope with inflation is to take the time to prioritize monthly spending. A spending plan helps to ensure that what you spend doesn't exceed what you make each month as prices rise. A financial checkup gives you a better understanding of your income and expenses. It can also be a time to set a spending plan to keep your finances on track and start saving for future goals.
  4. Pay Down Debt: A checkup is a good time to explore options to help you pay down credit card debt as well as options for managing other debts that may be on the horizon - such as expiring forbearances on mortgages or student loan payments.
  5. Assess Your Credit: Are you looking to take out a mortgage or make another large purchase in the New Year? A checkup is a great time to review your credi treport to see where you stand, and get tips to improve your score moving forward.

Your Checkup Starts Here

Your financial fitness is key to a healthy New Year. GreenPath's caring, certified counselors are committed to easing financial stress and worry through access to clear information.

For more information about financial wellness, visit our partner at GreenPath Financial Wellness.

Greenpath Financial Wellness

December 1, 2021 • By Kevin Alvarez

Webinar- Staying Safe On The Internet Without Breaking A Sweat

This free, one hour webinar about staying safe on the internet is presented by GreenPath Financial Wellness

If you are reading this, you probably use the internet often, most likely every day. We have heard time and again that we must be careful while online, but even the most diligent among us can take our online safety for granted. Staying safe on the internet can seem overwhelming, but it doesn’t have to be. Join us on Wednesday, December 8 at 10:00 pm PT as Leo Hopper, GreenPath’s Director of Information Security, offers some simple and useful tips on staying safe on the internet.

Click through each tab below to learn more.

  • Who Should Attend

  • What You Will Learn

  • Details

Who Should Attend

  • Anyone who uses the internet either regularly or sporadically
  • Those who shop online 
  • Those who would like to use the internet more, but are afraid that they will expose vital information

What You Will Learn

  • How to avoid common traps that can compromise you online
  • How to check site security before you use it
  • How to guard your personal information

Details

Date: Wednesday, December 8, 2021

Time: 10:00 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

October 27, 2021 • By Kevin Alvarez

Free Webinar Spread Joy and Save Money: Make it a Happy and Financially Healthy Season

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

Are you already stressed about the upcoming holiday season? Join GreenPath to learn how to  maximize your dollars and create a memorable gift-giving season. We will help you create a plan to set yourself up for success for years to come.

Click through each tab below to learn more.

  • Who Should Attend

  • What You Will Learn

  • Details

Who Should Attend

  • Those that want to reduce stress during the holidays
  • Those who have experienced a change in their budget
  • Those that want to maximize the value of gifts given.

What You Will Learn

  • How to spread joy without impacting your wallet
  • Strategies for gift giving
  • How to create lasting memories

Details

Date: Wednesday, November 3, 2021

Time: 10:30 am PST


Register Now

October 15, 2021 • By Kevin Alvarez

Safe Online Shopping

As technology continues to advance, more and more people from all age ranges have learned of the ease of access our personal computers and mobile devices provide for us, especially when it comes to online shopping. With the holiday season fast approaching, its time to review what can be done to keep your personal information safe while shopping online.

The benefits of online shopping are clear, stores are always open. Shipping is only a blink away, you don’t have to deal with crowds.  It’s easy to research and compare products before making a decision and you can find good deals with the click of a mouse. Even discount codes have been shared relentlessly only to further entice the convenience of online shopping.

Click on each tab below to learn more about the topic.

  • Online Risks

  • Online Shopping Tips

Online Risks

  • You don't always know if a website is secure.
  • You must use a credit or debit card.
  • It can be hard to return an item.
  •  Shipping costs can be expensive.
  • You aren't able to try on before you buy.
  • It's easy to overspend because online shopping can be addicting.

Online Shopping Tips

Keep these tips in mind and you'll be sure to be safe while shopping online:

  • Only provide private information to secure sites that have an “s” after the http (https://). Also, look for a padlock symbol next to the “https.”
  • Check if the website provides clear and detailed contact information. Scam websites often lack specific contact information like phone numbers and addresses.
  • See if there are reviews of a website if you are unsure about it.
  • Use a service like PayPal that doesn’t reveal your private information.
  • If you buy online, always check your credit card statement to make sure everything is correct and that there are not any unwanted or unknown charges.
  • Stick with popular websites that you trust.
  • Check the company’s privacy policy to see how they will use your information.
  • Never click on a random pop-up window. If you don’t know where it came from, close it! Pop-up windows can carry viruses.  If a website generates pop-up windows, you may even want to leave the website.
  • Never send private information, such as a credit card number or a checking account number, in e-mail.
  • In the event of fraud or unwanted charges, it will be more difficult to get your money back if you pay with a debit card than if you pay with a credit card.  Under the Fair Credit and Billing Act, your liability for a lost or stolen credit card is only $50.
  • Do not use an unsecured network or Internet connection to shop online.  Unsecured networks are typically found in public places such as a library or restaurant.

SafeAmerica understands the level of security needed to stay secure while on the internet and during National Cyber Security Awareness Month, we want to help inform our members of the best practices for staying safe online and keeping sensitive information secure.

Keep an eye out every week this month for new blog posts on the best practices during the time you spend online. Safe for surfing the web.


 

October 8, 2021 • By Kevin Alvarez

Credit Reports – How to Get Your Annual Credit Report

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.

Should Consumers Order All Their Credit Reports at Once or Space Them Out Over 12 Months?

It is entirely your choice whether you order all three credit reports at the same time or order one now and others later. If you request all three at the same time, you can compare them, however you won’t be eligible for another free report for 12 months.  On the other hand, if you space them out, (for example, requesting one report every four months), you can keep track of any changes or new information that may appear on your report. If you order from only one company today you can still order from the other two companies in the future.

Consumer Alert! Beware of Ads Claiming "Free" Credit Reports

Many other websites claim to offer “free credit reports, free credit scores, or free credit monitoring.” But, be careful.  Their claims of “free” are not always no cost. These sites are not part of the official, government-mandated annual free credit report program. In most cases, these sites will provide you with a free credit report and score, and they will attempt to enroll you in some type of credit monitoring or protection service. Before signing up for such a service, do your research and determine if it’s something that you really need. The Federal Trade Commission has received complaints from consumers who thought they were ordering a free annual credit report, but instead paid hidden fees or agreed to unwanted services. Don’t be fooled by misleading TV ads, e-mail offers, or online search results.

Other Situations That Warrant Getting a Free Credit Report

Under federal law, you may be entitled to a free credit report if a company takes “adverse action” against you such as denying an application for credit, insurance, or employment, based on information in the report. In addition, other circumstances include unemployment, receiving welfare benefits, and any report of fraud (including identity theft).

Is it Important to Review Your Credit Report Frequently?

Yes, absolutely! The information in a person’s credit report is used to evaluate applications for credit, loans, insurance, and employment. Therefore, making sure that your information on your credit report is accurate and up-to-date is very important.

It may be helpful to go over your credit report with one of our financial wellness counselors.  Call us to get started today.

GreenPath Financial Wellness
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