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What is Bill Pay and Why It’s Important

soarion on September 20, 2022

You may be using your debit card or bank transfers to pay your bills, but you could be using a convenient service that connects to your savings or checking account.

Bill Pay is a service that allows you to easily manage your payments to various companies all in one place. Many financial institutions offer free online bill pay services to their members through their online banking and mobile app. Here are some perks to utilizing this helpful system.

Peace of mind

Organize and automate all of your one-time and recurring bills in one place. You can also set up reminders for future payments so you’re never charged a late fee.

Save Money

Avoid additional processing fees companies may charge for using their payment portal and keep that money for yourself.

Protected Privacy

Safeguard your personal and financial information by limiting the number of bills and payments you have mailed to and from your physical address.

Going Green

By signing up for eDocuments and enrolling in Bill Pay you’re helping reduce that organization’s paper waste and making a positive impact on the environment.

Save Time

Using an electronic bill pay service allows you to organize your bills in one place. You’ll be able to pay bills in just a few clicks, and less time logging into each account. Bill Pay users can also set up recurring payments, alerts for scheduled payments, update or cancel payment amounts and search past bills and payments.

These are a few of the ways that opting into an online bill payment service can be a great first step in getting financially organized. You can easily eliminate errors and make your financial management much easier.

AFFCU’s new Digital Banking platform features a streamlined payment system that’s more than just Bill Pay. The new Digital Payments system allows users to quickly pay bills, send money to other accounts, and Pay a Person (P2P).

Even better, since electronic Bill Pay is integrated with Digital Banking, you can get a clearer picture of your finances when you pay your bills through Online Bill Pay. Find out how you can get started with Soarion Digital Banking.

Simple Way to Save for the Holiday Season

soarion on September 18, 2022

With the holidays coming up, many of us have big plans to host large get-togethers, travel to visit loved ones, or go on vacation and buy gifts for family and friends.

Unfortunately, many times our budget doesn’t match our plans. If you’ve ever been worried about how you’ll be able to get through the holidays without a mountain of debt, the sight of decoration and cheerful music can be enough to stress you out.

Don’t worry! We’ve compiled tips to help you manage, save and balance your finances to prepare you financially for the holiday season.

Set a Budget

Make a list of items you’ll be spending money on, such as travel expenses, grocery items, and gifts. Once your list is done, look through it again and see if any items can be trimmed, consolidated, or cut altogether. Your edited list of holiday expenses will help you figure out a dollar amount that you can reference and stick to as you prepare to start shopping.

Trim Spending Habits

Try to find expenses you can remove from your regular spending habits to maximize your holiday funds. Avoid stopping for coffee, cancel unused subscription services, and brown bag your lunch rather than going out to eat. The money you save from these expenses will add up and pad your pockets shopping during the holidays.

Shop Early

Don’t wait for retailers to start promoting holiday sales to start buying your holiday must-haves. If you start shopping early you’ll be able to compare prices, and spread your spending over several months, so you’re not draining your account all at once.

Cash In Rewards

If your financial institution offers rewards points or cashback, the holidays are a perfect time to consider using those perks to your advantage. You’ve already earned the points or cashback and are waiting to be redeemed for merchandise that may already be on your loved ones’ list, gift cards to stores you already plan on shopping at, and cover travel expenses instead of using your own money.

Use Helpful Resources & Tools

Utilize your financial institution’s Skip-A-Pay programs to skip your qualified loan payment, then use your loan payment funds for the holidays. Not interested in skipping a loan payment? Your credit union or bank still has helpful tools to help you during the holidays. Use your online or mobile banking platforms to track your spending and set alerts when you’re close to going over budget.

Open a Christmas Club account

A Christmas Club account encourages account holders to save up for the holiday season by making deposits to this special interest-earning account, to avoid spending your money too soon. Then the money from the Christmas Club account will get deposited into your primary account before the holiday season begins, so you can start shopping.

Soarion Christmas Club Savings account offers convenient direct deposit and automatic transfer options, and a great interest rate to allow your money to earn dividends. Plus there is no minimum opening balance requirement and no monthly service changes.

Budgeting for the holidays can be tough, but getting prepared for the holidays can be easier if you apply this advice to your finances.

Understanding Different Types of Student Loans

soarion on September 6, 2022

Your child has chosen their major, taken entrance exams, and narrowed the list of colleges they plan on applying to. Before they can start shopping for dorm room essentials and selecting classes at orientation there is still a large obstacle on your teenagers’ way to higher education.

Do you know how you and your children are going to finance their college education?

It is no secret that college tuition, even at in-state public universities, continues to rise at a rate far outpacing inflation. Paying for college, then, has become an ever more challenging task.

Fortunately, students and their families can ease the pain of paying for college by applying for a wide range of student loans. Like all loans, student loans will have to be paid back. However, these loans come with favorable terms, most notably low interest rates. Typically, students do not have to start paying back their student loans until several months after they’ve graduated.

Many times, those students who have not found a solid job after graduation or are otherwise financially struggling can often put off repaying these loans.

Before your sons or daughters head off to college, make sure that you understand the basics of student loans. The odds are high, after all that your children will need to take on at least some student-loan debt to make it through college.

Types of Student Loans

There are two main types of student loans: federal and private.

Federal student loans — including the common Stafford loan — are a better option. That is because they tend to come with lower interest rates. Students do not have to repay these loans until after they graduate. In fact, federal student loans account for nearly 70 percent of all the student aid received by graduate and undergraduate students.

Federal Student Loans

Federal student loans are handed out on a needs basis. In other words, students are more likely to receive federal student loans if they can demonstrate that they need financial assistance to afford the costs of college tuition and fees. The main challenge with federal student loans is that they are limited. There is only so much assistance that students will get in the form of these loans. Again, this limit is based on students’ financial needs.

A popular type of federal student loan, the Stafford loan, comes in two main types, subsidized and unsubsidized. With subsidized Stafford loans, the federal government pays the interest for students who attend classes at least on a half-time basis. This loan is given out on a needs basis.

With non-subsidized Stafford loans, students have to repay the interest. This loan is not given out according to financial need.

Private loans are as the name suggests, provided by private institutions such as banks. These loans are not as attractive as federal ones because they tend to come with higher interest rates. Some private loans also require that students begin repaying them before they graduate, something that can prove challenging.

There are some benefits to private student loans, however. For one thing, they can fill in the gaps left by federal student loans. They also often come with higher lending limits, meaning that students and their parents can borrow a larger amount of money to cover the costs of their college years.

Parent Loans

Parents can also take out federal student loans to help cover the costs of their children’s college education. One popular vehicle for parents is the Federal Direct Parent PLUS Loan.

With these loans, parents can cover up to the total cost of their dependent children’s college education minus whatever additional financial aid they or their children have already received. As an example, if the annual cost of attendance is $25,000, and the student receives $5,000 in student financial aid, the Parent PLUS Loan program can provide parents up to $20,000 in loans.

Parents, of course, can also take out private student loans to cover their children’s education costs. Again, these loans might come with higher lending limits, but they also usually come with higher interest rates, too.

Paying it Back

Students often think little about the debt that they are acquiring during their college years. However, parents should remind their children that this debt requires repayment and that doing so could be a financial burden.

That is why it is important for students to do whatever they can to rack up as little student loan debt as possible. If this means seeking out obscure scholarships, attending community college for two years or choosing an in-state school versus a private institution, then strong consideration should be given to those options.

The best plan? Students and their parents need to research financial aid opportunities carefully. That is the best way to minimize student-loan debt.

Whether you’re an undergraduate or graduate student, AFFCU in partnership with Sallie Mae® can help you get the money you need to pursue higher education. See if our student loan options are right for you.

Reasons Why Your Teen Should Have a Checking Account

soarion on August 24, 2022

Kids grow up fast. By the time your child reaches middle school, they’re likely earning money regularly whether that be from an allowance, earning good grades, completing chores, holidays and birthdays, and even a part-time job depending on their age.

Teaching your teen smart money habits, or anything really can be challenging. However, with the right motivation, your teens can learn to manage their finances.

A simple way to support your child’s financial education is by opening a checking account for your teen. Helping your teen open a checking account is a great way to set them up for a lifetime of financial success. Below are four reasons to consider opening a checking account for your teen:

Teach Basic Money Management Skills

Managing a checking account may seem like a breeze to an adult, but your child will need to learn the ropes of how to maintain their accounts. Teens will need to learn basic things, such as monitoring their spending, safeguarding their debit cards, and how to deposit, withdraw and transfer money.

Instead of having your child figure this out later in life, you can help guide them through this process while they’re still under your roof by opening a checking account for them. Together, you can explore the account’s features and services, such as Mobile Check Deposit, P2P Payments, and Card Controls.

Build Healthy Budgeting Habits

As your teen begins to recognize the value of a dollar, you can introduce some early budgeting concepts. For example, they can start to learn how to prioritize necessities over their “wants.” Having a checking account of their own provides your teen with the independence that will help them learn to budget better.

Start by talking to your child about a large purchase they want to make, like a new phone, a car, or concert tickets. Help them budget for the expenditure and think of creative ideas to earn the money for it. Seeing the balance in their checking account rise or decrease can be a powerful motivator for your teen to stick to a budget and not overspend.

Establish Financial History

While a checking account does not directly impact your child’s credit history or credit scores, your teen will benefit from keeping their account in good standing.

In the future, when your child is ready to apply for lines of credit like an auto loan or credit card, lenders will often ask for an active bank account on the credit application to confirm that your child is financially responsible.

The healthy money habits you helped instill in your teen with their checking account, will not only help them get approved for the loan but also give them a leg up on handling credit cards and paying off loans as an adult.

Develop Self Accountability

Most teens can’t wait to be an adult and want to be treated as a grown up. Being an adult involves handling expenses and saving money. A checking account can act as a stepping stone to adulthood while allowing them to make financial mistakes in a safe environment.

Many checking accounts for teens offer features like overdraft protection, monitoring features or alerts, and financial education resources. These benefits allow your teen to gain financial independence under the guidance of their parents. Teenagers are bound to make some mistakes upon opening their first checking account. As a parent, the best thing you can do is to let them learn these hard lessons now, and not years later.

Opening a checking account for your teenager may seem like a big step, but with the right account, this financial journey can be a lot less scary. Soarion’s Student Checking Account offers features and benefits perfect for 13 to 17 year olds.

Insurance Hacks: It Pays to Shop Around

soarion on August 20, 2022

Having adequate insurance is an essential part of any sound financial plan. An insurance policy is a great way to prepare for the unexpected and avoid emptying emergency funds. Therefore, it’s critical to purchase a policy based on personal needs and financial situation. Unfortunately, navigating the insurance marketplace can be confusing, and that’s why many people don’t have the coverage they need or take advantage of the money-saving discounts that many insurance companies offer.

Here is a list of insurance discounts that may be available. Of course, discounts will vary depending on the insurance provider, so do some research, compare policies, and ask questions to get the policy and premium that works for your situation.

Regularly shop for insurance

Insurance companies change rates all the time due to factors such as claims, weather patterns, and market rules. The changes typically are small but, over time, can add up. Did you know insurance gets less expensive as you get older? Additionally, major life changes can also impact rates. Auto insurance is cheaper for homeowners and married individuals, so for recent homebuyers and newlyweds, it’s an excellent time to shop around.

One important money-saving tip about auto insurance: moving violations and/or at-fault incidents will remain on a driver’s record for three years. Waiting until they are gone may be beneficial when shopping for insurance.

Bundle insurance policies

Advertisements for bundling discounts are everywhere. However, if you’ve never taken advantage of a bundling offer, you may not know that the discounts can be significant. Moving from two policies to one can really pay off.

For bundling home and auto policies, the national average savings is 16% according to the insurancequotes.com. Bundling discounts vary by state and with the number of policies you’re combining. For example, Florida residents could save 8%, while Residents of Georgia and Oklahoma could expect savings up to 22% on average when bundling home and auto.

Stick with the same insurance company

Some companies offer price breaks to longtime customers, so a little homework to find out what company has the best loyalty discounts can be beneficial.

Shop early

Some insurance companies give as much as 10% discounts for switching before the next premium is due. Take advantage of these early shopping discounts by starting a search for a new insurance provider at least two weeks before the current policy is up.

Ask for an occupational or affinity discount

Let the insurance agent who’s providing a quote know if you are military (active, active reserve, retired, honorably discharged) or a member, employee, or retiree of certain businesses, occupational groups, or professional associations.

Increase your deductible

A deductible is the amount paid before insurance kicks in after a claim. Ask for quotes with different deductible amounts to see how much raising a deductible can lower monthly premiums. Avoid increasing the deductible beyond what could easily be paid if an accident occurs. Consider building an emergency fund to raise your deductible, which can reduce insurance coverage costs by 15% to 30% according to the Insurance Information Institute.

Ask about discounts on homeowners’ insurance

Just as good drivers get discounts on their auto insurance, many homeowners’ insurance providers offer discounts for good homeowner behavior. Again, it depends on the provider but be sure to let the agent know if the house has smoke detectors, sprinkler systems (indoors), or a burglar alarm.

Go paperless, and you’ll pay less.

Enroll in paperless billing and communication to earn additional discounts.

Drive safely to earn discounts

Some insurance companies offer incentive discounts to safe drivers who have zero BI points. BI stands for “bodily injury,” and it’s the liability coverage that pays out if other people are hurt in a car accident that is the insured driver’s fault.

Maintain good credit

Usually, the higher the credit score, the lower the insurance premiums. Credit history is one of the many factors determining insurance premiums. As research reveals, people who successfully manage their credit have fewer claims. Maintain a good credit standing by paying bills on time and keeping credit balances as low as possible.

Reduce coverage on older cars

Consider dropping comprehensive coverage on older cars. If a vehicle is worth less than ten times the premium, purchasing this type of coverage may not be cost-effective.

Take a defensive driving course

Many states offer accident prevention or defensive driving classes to earn a discount of anywhere from 5% to 20%. In addition to a defensive driving discount, you can save even more with an accident-free discount if you are free from at-fault accidents and major violations. Ask your insurance provider what the timeframe is to earn the accident-free discount.

Good students get good discounts too

It’s no secret that you’ll pay a higher price in auto insurance for teenagers. They’re young and inexperienced at driving, which makes them a higher risk. Most insurance carriers offer discounts to individuals who prove they are less risky than their peers. The insurance company assumes that a responsible student will also be a responsible driver, so they offer “good student” discounts. The guidelines for a good student discount vary from company to company, but it can be a serious discount. Speak with an insurance agent to see exactly how much you could save.

Insurance is an essential component of financial health. However, with some careful planning, it is possible to reduce the expense of protecting you and your family.

Did you know Soarion members may qualify for a discount on car insurance through the TruStage® Auto Insurance Program?

Don’t wait to see how much you could save, Get a free quote today today.

How to Start and Build an Emergency Fund in 6 Steps

soarion on August 17, 2022

Unforeseen expenses, injuries, or accidents can wreak havoc on your finances if you are not prepared. But how can you prepare for the unexpected? An emergency fund can bring much-needed stability when the unexpected happens and help protect your long-term financial plans from disruption. 

Keep reading as we explore how to start an emergency fund, how much an emergency fund should be, and the best places to keep your emergency fund money.

What is an Emergency Fund?

An emergency fund is money set aside specifically for unexpected expenses like car repairs, home repairs, or medical bills. It’s separate from daily expenses and long-term savings, ensuring it’s available during financial emergencies.

Why is it Important?

When everything is going well, it may seem like saving for an emergency is unimportant. However, even a small unexpected cost can easily knock you off track financially, especially for those early in their financial journey.

An emergency fund is an important safety net because it protects the hard work you have already put into building financial stability for yourself and your family. By keeping money aside to cover unforeseen expenses, you can avoid having to rack up credit card debt or having to take out high-interest personal or payday loans to cover the shortfall.

6 Steps to Building an Emergency Fund

Ready to build a more secure financial future by preparing for the unexpected? Here are the key steps involved in starting an emergency fund:

1. Start Now

It’s important to start an emergency fund as soon as you can. That can be tough if funds are limited or you are working to pay off college loans, credit cards, or other debt, but it is never too early to make a start.  

2. Decide How Much Money You Want to Set Aside

Determine how much to save for your emergency fund, considering both short-term and long-term goals. Aim to save as much as possible while balancing other financial priorities. This decision will be explored further below.

3. Set a Monthly Savings Target

Once you have decided how much you want in your emergency fund, set a monthly savings target to build towards this amount. Where possible you should set up automatic transfers from your checking account to ensure you save consistently.

4. Decide Where to Keep Your Emergency Funds

Choose a place for your emergency funds that offers quick access. Avoid long-term investments like share certificates or stocks, as they’re less liquid. A separate account is ideal to avoid the temptation of using the funds for everyday expenses.

5. Prioritize Building Your Fund

Your emergency fund is a critical safeguard for financial security. Consider reducing discretionary spending to contribute more until you reach your goal. You can also allocate windfalls, such as work bonuses or tax refunds, directly to your fund.

6. Replenish & Review

If you do need to use your funds then it is important to replenish them afterwards. Starting over can be tough, but it’s essential to continue protecting your financial interests. Periodically take the time to review how much you should keep in your emergency fund and readjust it to match your financial situation and your family’s changing needs.

How Much Should An Emergency Fund Be?

The more you can save the better, but you do need to balance your contributions with your monthly expenses and, eventually, your longer-term savings goals. 

While you should try to have $500 in your emergency fund as soon as possible, many financial experts recommend shooting for the equivalent of between three and six months’ worth of expenses. This is a realistic amount to have saved in the event of a major medical emergency or an unexpected job loss. 

So, how much exactly should you save? It depends on your financial situation and the security of your income. For example:

  • If you have an established full-time job with benefits at a company that is doing well, you might feel comfortable saving the equivalent of three months’ income.
  • If you are a freelancer, consultant, or otherwise self-employed, it might be wise to save more because your income stream is not as stable.

You might also want to save less if you have outstanding high-interest debt. In this case, using your extra cash to pay down credit cards or personal loans is just as effective as putting money aside, because these payments will still have to be paid in the event of an emergency.

Where Should You Keep Your Emergency Fund?

Keep your emergency fund in an account that’s easily accessible for unforeseen events but separate from daily spending to avoid unnecessary withdrawals. 

Below are some popular options for storing emergency funds.

Regular Savings Accounts

A savings account offers a separate place to store funds that can be linked to your checking account for automatic transfers. It can also be reached instantly in the event of an emergency. 

Pros of a savings account:

  • Money is instantly available
  • Earn dividends on your savings
  • Low opening and minimum balance requirements
  • Set up automatic transfers to ensure consistent saving

Cons of a savings account:

  • Transactions limits on how often you can withdraw funds
  • Even high-yield dividends are typically lower than other savings options

 

High-Yield Savings Accounts

High-yield savings accounts offer you all of the advantages of a savings account plus a higher annual percentage yield (APY), generally with a higher minimum deposit and a limit on how much you can deposit.

Pros of high-yield savings accounts:

  • Higher APYs than regular savings accounts
  • Money is instantly available
  • Set up automatic transfers to ensure consistent savings

Cons of high-yield savings accounts:

  • Higher minimum balance to earn dividends
  • Deposit limits

 

Money Market Accounts

Money market accounts offer all the accessibility of a regular savings account but with higher dividend yields. 

Pros of a money market account:

  • Money is instantly available
  • Higher dividends than regular savings accounts
  • No deposit limits
  • Set up automatic transfers to ensure consistent saving

Cons of a money market account:

  • Transactions limits on how often you can withdraw funds
  • Significantly higher opening and minimum balances than savings accounts

 

Share Certificates 

Share certificates can be a good way to build savings further but you must have established a significant savings nest egg of six months’ equivalent expenses.

A share certificate allows you to invest an amount as small as $1,000 for periods as short as six months. During this time your money is unavailable to you without paying a penalty, but earns a significantly higher yield than savings and money market accounts. And, savings are guaranteed in the same way as regular deposit accounts.

Obviously, you will want to keep a significant portion of your savings more readily available in the event of an emergency, but shorter-term share certificates can be a good way to earn more from your savings.

Pros of share certificates:

  • Higher yields than most regular savings and money market accounts
  • Terms as short as six months
  • Guaranteed returns on your investment

Cons of share certificates:

  • Higher investment amounts required
  • Money is unavailable until the share certificate matures

All of these options represent viable risk-free ways to get more out of your emergency savings. However, high-yield savings accounts do offer a great mix of affordability, accessibility and growth potential, making them the best option for many savers.

 

Smarter Savings for Whatever Life Has in Store

At Soarion Credit Union, we know how hard it is to get started on your financial journey, and how easy it is for unexpected expenses to set you back. 

That’s why we offer our members a range of savings products, including our affordable Primary and Secondary savings accounts, money market accounts, and short-term Share Certificates, to help you set aside money for the unexpected.

Our generous High-Yield Savings Accounts provide exceptional value for savers who are serious about planning for the future, offering an APY* of 3.00% on amounts up to $25,000.

Ready to start saving to secure your future? Click below!

* APY = Annual Percentage Yield. Dividends Compounded: Monthly. Dividends Credited: Monthly. Balance Computation Method: Dividends are calculated using the daily balance method. This method applies a daily periodic rate to the principal in the account each day. Rates subject to change at any time without notice. Fees may reduce the earnings on the account. Membership Required.

Six Factors That Could Hurt Your Credit Score

soarion on August 9, 2022

It’s no secret that maintaining a good credit score is essential to strong financial health. It is a must if you ever wish to take out a substantial loan or need to apply for rental properties. Most people know the basics of what may hurt and what may help your credit score. For example, paying your bills on time will help your credit score, while filing for bankruptcy will hurt it. However, you may not know about a few surprising things that can hurt your score. Here are six factors that may negatively impact your credit score:

Having unpaid municipal debts

Municipal debts, such as parking tickets and library fines, are often minor, which is why some people often forget to pay them. Unfortunately, your city government may notify the credit bureaus about these unpaid municipal debts no matter how minor they are if they go unpaid for too long. Once they do this, these debts could potentially lower your credit score.

Not having any current loans

You would think that not having any loans would be a good thing, especially if you recently paid off any loans that you did have. It means that you’re practically free of debt, after all. However, credit scoring systems reward people who have different types of accounts. This is because the debt you have doesn’t always hurt your credit. If you make regular payments on time and in full on a loan, it will help your credit. It’s not uncommon for someone paying down a loan and a credit card to have better credit than someone who is only paying down a credit card.

Closing your credit card accounts

If you’ve been struggling with credit card debt and have finally managed to pay off one of your cards, then you may be tempted to close it. That’s a bad idea. Closing a card will remove that line of credit from your total credit, which will increase your credit utilization. For example, if you have two credit cards, one with a balance of $1,000 out of a $2,000 limit and one completely paid off with a $2,000 credit limit. With those two cards, you have a credit utilization ratio of 25 percent ($1,000 out of $4,000). If you close the card that you paid off, you lose that credit, which means now you are using $1,000 out of a total of $2,000 in available credit, leaving you with a credit utilization ratio of 50 percent. You’re much better off leaving the account open and making small purchases paid off each month, as suggested above.

Not using your credit cards

People will often pay with cash whenever possible instead of using their credit cards to avoid running up their credit card debt and the high interest rates that go along with it. However, only using cash to make purchases could end up hurting your credit instead of helping it. Credit card companies will stop reporting to credit bureaus after six months of inactivity on your card. They might also cancel your account, which would lower the amount of credit you have overall, thereby hurting your credit score. To avoid this, make minor purchases on your card monthly, and be sure to pay off your balance each month as well. Plus, you can be taking advantage of any cashback or other rewards that can save you money!

Doing anything that requires a credit inquiry

Any time a business looks into your credit history, it will generate a hard inquiry on your credit report, which will affect your credit score. While one or two inquiries overtime shouldn’t affect it by much, you must be aware of what kind of actions generate a hard inquiry. These actions include requesting a credit limit increase, applying for a loan, applying for a credit card, signing up for a cell phone plan, applying for an insurance policy, and more.

Not regularly checking your credit report

If you don’t regularly pull your credit report, you won’t know what is on there. Maybe you have some of those small municipal debts that you can quickly pay off. There could also be inaccurate or duplicate accounts that you need to have removed. If you don’t check, you won’t know what you need to do to raise your credit score. Most banks and credit reporting companies will provide you with a free credit report once per year.

Odds are you try to be diligent about maintaining good credit. Unfortunately, not everybody knows about all of the different factors that could affect your credit score. These are six surprising factors that could ding your credit if you’re not careful. Be sure to take advantage of options for receiving your credit report for free once a year, and stay on top of any adjustments you need to make to keep your credit healthy.

AFFCU member have free access to their credit score inside of Digital Banking. Visit our Digital Banking page to learn how you can start monitoring and improving your credit today.

Great Ways to Save Money Every Day of the Month

soarion on August 3, 2022

You’ve probably heard the phrase, “It’s not how much you make; it’s how much you spend.” There is truth in that witty saying, but the problem is figuring out how to spend less each day. Keep reading to learn about smart ways you can save money every day of the month.

Don’t Purchase Anything

Pick out at least one day a week that you don’t purchase anything at all. No spending is allowed on your designated spend-free days. That includes everything and anything.

Reinvent Last Night’s Dinner

Leftovers from last night’s dinner provide an easy way to create a new meal for little to no extra cost. For example, last night’s leftover pot roast and veggies become tonight’s stew, vegetable beef soup, or maybe pot roast tacos.

Brown Bag Your Lunch

Pack a healthy lunch from home to take to work a few days a week and watch your savings add up. A nutritious lunch also contributes to a healthier lifestyle for yourself.

Choose Free Entertainment

You don’t need to spend a ton of money to have some fun. Enjoy your public parks, beaches, lakes, and nature trails, and take advantage of free admittance days to local zoos and museums.

Make Your Favorite Coffee

Add up the cost of your daily coffee purchases for a month, and you’ll likely be surprised at the total sum. You can easily save money by brewing your favorite coffee at home to take with you.

Avoid Pricey Restaurants

Eating out at pricey restaurants can quickly put a huge dent in your budget. Exchange expensive restaurant dining for budget-friendly dining at alfresco cafes, charming diners, or quaint eateries.

Round-Up Your Purchases

Special round-up apps help you save money by rounding up your purchase to the next dollar. For example, if you buy a snack for $2.50, the app rounds the purchase up to $3.00, with the extra 50 cents transferred from your checking account to savings.

Slash Your Utility Costs

Slash your utility bill by switching off lights, televisions, and computers when they’re not in use. Also, adjust your home’s heating and air conditioning thermostat when you’re sleeping or away from home to save additional dollars.

Avoid Multiple Shopping Trips

Multiple shopping trips during the week at online or brick-and-mortar stores typically result in increased spending. Make a list of what you need and limit your shopping excursions.

Look for Seasonal Bargains

By planning ahead, you can save money on seasonal bargains. For example, buying shoes, clothing, bedding, furniture, and other items when they’re at end-of-season clearance price scan save you big bucks.

Enjoy Simple Pleasures

Sometimes life’s simple pleasures can give you the most enjoyment for little to no expense. Savor a cup of coffee on your patio, relax in a warm bubble bath, or take your dog on a walkaround your neighborhood.

Take Care of Yourself

When you take good care of yourself, you might save yourself some serious money. For example, exercise regularly, eat nutritious food, get a good night’s sleep, stress less, and maintain a positive attitude. Better mental and physical health can contribute to fewer costly doctor visits and pricey medications.

Learn to Say No

It would help if you learned to say no to expensive sporting events, dinners, trips, and entertainment that you can’t afford. By saying no to these items, you can build your savings account instead of busting your budget.

Resist Impulse Buying

Save yourself some cash and next-day regrets by resisting impulse buying, especially on high-ticket items. Distance yourself from the thing you want to purchase and think about it for at least a couple of days.

Create a Vision Board

If you can visually remind yourself of why you want to save money, you’ll likely be more inspired to save. You can do this by creating a vision board. Buy a bulletin board and pin pictures of what you’re saving for, such as a beach vacation, emergency fund, retirement, or anew car.

Challenge yourself to save more money beginning today. Incorporate all of the money-saving tips above to help you save more and spend less. As you see your savings grow and have the cash to purchase items on your vision board, you can enjoy the rewards of your deliberate frugality.

Take Advantage of Rising Interest Rates

soarion on July 31, 2022

Looking for a low-risk investment with a high rate of return? A Certificate Account is a great savings tool that can give you the ability to grow your savings with peace of mind.

Certificate Accounts are a type of savings account similar to a certificate of deposit (CD), but it is issued by a credit union, instead of a bank. These certificates are designed to pay a set interest rate on your initial deposit for a fixed amount of time to help your funds grow faster.

With terms as short as 6 months that go up to 7 years, and deposit amounts as low as $1,000 you have a wide range of low-risk investment options. However, you can’t make further deposits into the account once your certificate has been opened.

Unlike other investment options, you don’t have to worry about fluctuating interest rates with a certificate because your rate is locked in for the length of the term.

Additionally, your funds are safe and sound since Certificate Accounts are federally insured up to $250,000 by the National Credit Union Administration (NCUA).

It’s important to know that you will have to pay a penalty if the money in your certificate is withdrawn before the end of its maturity date. Having a rainy day fund set aside will help you avoid needing to access the cash in your certificate if an emergency comes up.

Pro Tip:

When your certificate matures, reinvest your money and open a new Certificate Account with a longer-term and higher rate. This will create a revolving door of savings that will deepen your pockets.

If you’re holding onto savings for a major event, a nest egg, or a future vacation, you may want to store your money somewhere safe and secure, knowing that you will have your money back plus the interest earned during the term.

Reach your goals faster and easier with a high rate Certificate Account from AFFCU.

Scam-proof Your Financial Life Online

soarion on July 28, 2022

The instances of online fraud only seem to grow every year. However, that doesn’t mean you need to swear off the Internet forever. Surfing the web can be safe and worry-free as long as careful steps are taken. Knowing how to spot a scam is crucial.

To keep your identity and money secure, here’s a quick guide to identifying—and avoiding—online fraud.

Never click suspicious links

Most of us are familiar with online phishing, but the fact that it’s still scarily persistent (check your junk mailbox) suggests we could all use a refresher.

Phishing works in different ways, but in the most common scenario, a scammer posts an appealing link as bait and then re-directs you to another website. Best case? You’ll be taken to a shady website. But in the worst-case situations, clicking the link infects your computer with a virus that steals your personal info or locks your computer until you agree to pay the scammer a ransom fee.

The simple solution? Think before you click.

Beware spam-y comments on social media

Scammers are smart. They know we’re viewing trending posts on social media. And the more popular the post, the more likely we’ll be to read and leave comments. The spammer will drop a dubious link into the conversation in the comments, claiming it connects to a relevant story or thread. Use your intuition, and be wary of any user or link that doesn’t quite look right.

If you responded “yes” to any of the preceding questions, tapping out the equity in your home to pay off consumer debt may be a short-term solution that can put your home in jeopardy of foreclosure.

Pro tip:

As a general rule, you should change your passwords regularly, especially those of your financial accounts. Passwords are highly valued on the black market (i.e., Scammer Land).

Online Shopping for products you never receive

You may see these on social media or even in your email. The link will always direct you to a third-party eCommerce store. Before going to the site, do some research. They usually offer you high-end products at a really low price. Research the product to see if you could purchase it somewhere else. They typically require you to send them payment via electronic transfer—this could be a red flag. If you only lose your money for the cost of the product, count yourself lucky. Unfortunately, in most cases you have now shared your credit card information, which opens the door for them to use your information for future purchases.

Most online companies are not scammers. If you have not purchased from a company before, do your due diligence and research customer reviews, check for their contact information, and research the product to see if it is legit. Check to ensure the site starts with “HTTP” or “HTTPS.”

Pro tip:

Only use sites that use secure payment platforms when shopping online.

Think twice before taking that survey

Online surveys can be very tempting. Usually, they’re promoted in banners or social media posts and promise deep discounts and giveaways; all you have to do is hand over your info.

The problem is that a lot of these surveys are bogus. A legit company probably isn’t going to give you a real deal via a flashing banner ad. And if you click, you may be giving up access to things like your bank and credit card info.

Dating profiles too good to be true

Unfortunately, scammers have started to invade online dating websites. They may be hard to spot at first, preferring to woo you over a period of time. So how do you identify them? Watch out for anyone who wants to move your conversation from the dating site to email, can never meet in person, or the big one—wants your money.

Looking for more resources to protect you against scammers. Visit our Fraud Prevention page to see the latest information updates.