Wednesday, December 30, 2009
5 New Year’s resolutions you can keep
1. Pay off one debt- Whether it is a credit card, car loan, or a student loan; choose one to pay off this year. Tackling one debt at a time will seem more manageable then trying to eliminate all your debt at once. And the satisfaction you will get from completely paying off that one thing might push you to eliminate one more, and even if it doesn’t, that is one less debt you have to pay off next year. Just make sure you don’t replace the debt you are paying off by creating another one.
2. Save something each paycheck- The hardest part of saving money is getting into the habit of it. Try taking as little as $10 from each paycheck and putting it into a savings account, odds are you won’t even miss it if you have the money automatically deducted from your account. It can be as simple as sacrificing one lunch or dinner out a week.
3. Pick one area of spending and control it- Don’t try and stop all your spending, just look at what you already spend money on and slowly eliminate one expense. Try keeping a log of your spending for two weeks, if you see something that you are spending money on that you don’t need to, ease yourself off it. For me it’s my morning coffee, I realized that I spend at least $15 a week on coffee every morning. If I switch from getting coffee every day to three times a week it will be easier to stop buying my coffee in the morning and instead bring some from home, saving around $750 a year. That is money I could use to pay off some of my loans.
4. Save for retirement- If you aren’t saving for retirement, you should start now, no matter your age. If you are eligible for a 401k, sign up to have a percentage deducted from your paycheck. Check to see if your company matches your contribution, and if your company doesn’t, open your own IRA and contribute what you can.
5. Learn something about finance- Take the time to learn one new thing about personal finance, one of the problems people have when they try and tackle their finances is feeling like they are in over their head. Look to your local credit union for help; see if they offer any workshops you can attend. Talk to someone at your credit union about starting a retirement plan, or developing a financial strategy for your small business. By the end of the year you will have enough knowledge to help you make financial decisions for your future.
-Jess H., Maine Credit Union League
Friday, December 18, 2009
There’s more to consider when traveling this time of year
Should you need to access your account on your trip, many credit unions are a part of the Shared Branching network, where you can access nearly 4,000 credit union branches nationwide, with more than 120 locations in Maine. You just need your license, your home credit union name and your account number. You can easily access your account, make deposits, withdrawals, and even make a loan payment when you are away from your home credit union.
-Jess H., Maine Credit Union League
Tuesday, December 15, 2009
Maine credit unions do more to raise money for children in need
-Jess H., Maine Credit Union League
Friday, December 11, 2009
Credit Unions Help Keep Kids Financially Fit
-Jess H. Maine Credit Union League
Friday, December 4, 2009
Maine Credit Unions Offer More for You with their Credit Cards
While big credit card issuers are raising their fees and changing rules in an attempt to increase their profit before the Credit Card act takes effect, credit unions are still able to offer you the same low interest rates and minimal to no fees. A study by Pew Charitable Trusts reviewed the 12 largest banks and credit unions that issued cards and found that credit unions offer more consumer friendly terms, with the median interest rates on a credit union card being 20% lower than banks.
At Maine credit unions, their main goal is to help you manage your finances with ease. And with holiday shopping and credit cards on your mind in December, and the credit card bills in January; you know that as a credit union member you can use your credit card without fear of unreasonable rate increases. Credit unions have remained stable despite the economic hardship, yet another reason why many people in Maine are turning to their local credit unions to manage their money, and their credit cards.
-Jess H., Maine Credit Union League
Thursday, December 3, 2009
There’s More in Maine this Holiday Season
-Jess H., Maine Credit Union League