Wednesday, December 30, 2009

5 New Year’s resolutions you can keep

Another year has come and gone and now it’s time to make your New Year’s resolutions. You know the ones: lose weight, quit smoking, reduce stress, volunteer more, and maybe the most important resolution, get a handle on your finances. Most people either try to tackle their resolutions and quit, or they forget about their New Year’s resolutions by February; and the biggest reason for this is because we set our goal too high or too broad. Here are five tips to help you control your finances in 2010.

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

The holidays are here, and that means it is time for traveling and visiting family. Whether you are driving a few towns over, or flying across the country, there are a few things you should remember to do. Traveling during the holidays can be hectic, so it is important to keep important documents, such as your license and any debit or credit cards with you at all times as well as the number to your financial institution in case your cards are lost or stolen. If you plan on making large purchases out of state, you should let your credit union know to expect out of state charges for the dates you will be there. Simple safety precautions, such as never leaving your bag or purse unattended, can keep your money and possessions safe while you are traveling this holiday season.

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

With the snow on the ground, it finally feels like winter. And with winter, comes winter sports -- one of those being basketball. This year on January 31st Maine credit unions will be hosting the 16th Annual Swish-Out Childhood Cancer Challenge. This is a 3-on-3 co-ed basketball tournament to raise money for the Maine’s Children’s Cancer Program held on the University of Southern Maine’s Gorham campus. While this has been a challenging economy, Maine credit unions, local business, families and community groups are stepping up to raise money for those children in Maine that are struggling against their illness. Last year more than $25,000 was raised bringing the total amount raised for the Maine Children’s Cancer Program to more than $148,000 since the tournament’s inception. All money raised through the event, from sponsorships to team entry fees stays right here in Maine to aid children with cancer and their families. You can contact me at jhodgkin@mainecul.org , if you are interested in playing, volunteering your time, becoming a sponsor or donating an item for our silent auction during the tournament.

-Jess H., Maine Credit Union League

Friday, December 11, 2009

Credit Unions Help Keep Kids Financially Fit

This past week credit unions were mentioned in a prime-time feature regarding youth financial education. The feature which aired on WGME News 13 and News 13 on FOX included Atlantic Regional FCU’s President/CEO Roger Sirois and his two children. They were highlighted at an area toy store talking about finances, budgets and money management and included ways parents can teach their children while shopping which included: teach your kids to shop sales, understand return policies and then talk about your shopping experience by asking your child what they learned about spending and saving. The Maine Credit Union League worked with WGME to develop the story as a way to build awareness about the many ways that parents can teach their children about personal finance during everyday activities. Maine credit unions believe that teaching financial literacy at an early age is fundamental to raising financial fit children, for more information on how you can teach your child about money visit Financial Education and Resource link on the Maine Credit Union League site at www.mainecul.org

-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

The holiday season is approaching, and despite the lack of snow, it is already December. And while I usually have most of my shopping and decorating well underway, this year I haven’t found the time yet. With December already here, I am feeling the pressure to finish my shopping before holiday parties start. So like many people in Maine, I will spend the next few weekends searching the malls for and making lists so I won’t forget the dog or that friend who lives in Seattle. As a credit union member, you won’t have to add worrying about accessing your money while you shop. I don’t have to think about where I can make a deposit or withdrawal while preparing for the holidays since most Maine credit unions have Shared Branching and are part of the SURF network.

-Jess H., Maine Credit Union League