Archive for the ‘ debt management ’ Category

Make the Most of Your Home’s Equity.


BEST WAYS TO USE A HOME EQUITY LOAN OR LINE OF CREDIT

As you continue to navigate through these unusual times, it could be the perfect time to tap into your home’s equity. You start building equity in your home with your down payment and your first mortgage payment.  Over time, you continue to build your home’s equity, which you can use to finance a variety of needs during these tough times. These funds can be used to finance several different things, such as home improvement projects, college and school expenses, debt consolidation, significant events like weddings and more. 

HOME IMPROVEMENTS

Spring is finally here and it’s the perfect time to tackle those spring projects!  Have you been wanting to spruce up your back yard or put in a pool?  Many of us now have extra time at home, so tap into your home’s equity and turn those dreams into reality.   Home equity loans and lines of credit are great ways to finance outdoor projects, kitchen remodels, renovations and other home improvements. 

COLLEGE AND SCHOOL EXPENSES

Do you have a child or family member headed off to college?  Are you worried about how to pay for it?  Home equity loans and lines of credit can be great alternatives to student loans.  Student loans can sometimes have higher interest rates than home equity loans and lines of credit.  These uncertain times may have you worried about your finances, but don’t stress.  Take a look at where your home’s equity could take your education funding.

DEBT CONSOLIDATION

Another great use for a home equity loan or line of credit is consolidating any high-interest debt you may have.  This will allow you to condense many monthly payments into one simple payment.  A home equity loan or line of credit may also have a lower interest rate than that of your credit cards and other loan options.  Tackling debt can be overwhelming but consolidating debt with a home equity loan may be the right solution for you.

LIFE EVENTS

Planning a major life event like a wedding or expecting a new baby?  Home equity loans and lines of credit are great ways to fund these sorts of milestones.  Take advantage of the equity you have built up in your home and use it to finance the wedding or nursery of your dreams!

Tips to Fix Your Finances


Unless you’re born into it or inherit it, most of us have to work for the money we need. Some of us work more than one job to make it all come together. Sometimes we have to borrow money for the things we want or need like a home, car, wedding, or to finance an education. Sometimes people take on more debt in terms of credit cards and loans than the amount of money they bring in to make the payments.

Bob Marquette, our President & CEO, was recently featured on FOX 43’s “Fixing Your Finances“. He discussed how credit score works, why a good credit history impacts your ability to obtain a loan, and provided tips on how you can improve your own credit score.

Looking to fix your finances? Check out Bob’s segment by clicking below:

FOX43 Blog Post

Friendly reminder – Check Your Credit Report Annually

You are entitled to a free copy  of your credit report every year. It’s important to check your credit report regularly for accuracy, discrepancies, fraudulent activity, and identity theft. And federal law requires Equifax, Experian and TransUnion, the big three consumer credit reporting companies, to provide you  with a free credit report every 12 months if you request it. Get your free credit report today.

Need additional help? 

We offer our members access to money management and financial education services through GreenPath Financial Wellness.  As a member, you can receive assistance with:

  • Personal and family budgeting
  • Understanding your personal credit report and how to improve your score
  • Personal money management
  • Debt repayment
  • Avoiding bankruptcy, foreclosure, and repossession

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Think of what you spend in a day


Have you ever wondered during your daily routine if there was something you could be doing to save you money?  Every day, you make simple decisions that can cost you a good chunk of cash that could be saved and used for weekend fun.  Often times you make these decisions without even thinking of the quick and easy alternative rather than spending money.  Luckily for you there are plenty of simple and cheap swaps you can make to have more money at the end of the day.

In this quick video, you’ll see multiple ways that you can save money that are easy to change in your daily life.  You will see how simple it really can be for you to save money, which will make you and your wallet much happier!  Not only could these cheap swaps save you money each week, but they could also result in saving you time.  Begin applying these easy changes to your daily routine, and start saving some serious cash.

swaps graphic-blog

Members 1st Federal Credit Union can help you manage your money. Click here to learn more.

 

Written by guest blogger Zach Heckert, Marketing intern

Infographic: Avoiding Overspending


Did you know that the average American spends $1.33 for every dollar they earn? Often, this spending is on unnecessary items. Our friends at GreenPath share these tips to avoid overspending.

Members 1st FCU members can take advantage of GreenPath’s financial counseling, debt management, and other services completely for free! Additional information is available on our website.

2015 Financial Resolutions – There’s still time


couple with billsWe’re one month down, 11 more to go and 2015 will be a wrap. It’s still early enough in the year to review your finances and set goals. If you haven’t made your financial resolutions yet, here are seven tips that can help you achieve financial success.

  1. REVIEW YOUR BUDGET. List your recurring monthly expenses and compare them to your monthly income. Make adjustments or cuts where necessary to prevent dipping into your savings or using your credit cards. For helpful hints on budgeting basics, download our free brochure on budgeting.
  2. COMMUNICATE. Yes, it may be uncomfortable, but it’s very important to talk with your partner about where you stand financially (debt included). Knowing where you are helps you know where you want to be. Learn how to manage money as a couple or when you find yourself suddenly single by reading our free brochure, “His, Hers, Mine & Ours.”
  3. PAY DOWN DEBT. If you have numerous credit card balances, tackle the one with the highest interest rate first and pay the minimum amount required on all of your other balances. Also consider transferring your higher rate card balances to your Members 1st VISA®, which could save you money.
  4. BUILD AN EMERGENCY FUND. Most specialists suggest saving three to six month’s salary in case of an unexpected setback or job loss. Start by putting aside a little from each paycheck now.
  5. AUTOMATE YOUR LIFE. Utilize the Bill Payer feature of Members 1st Online. It’s simple to set up recurring payments to ensure that you’re always paying your bills on time, every time.
  6. THINK BEFORE YOU BUY. Do you really need that item or is it something that you simply want?
  7. MEET WITH A FINANCIAL PLANNER. Our team of Investment Services representatives can help you develop a customized financial plan that will help you feel confident in your goals.* You may schedule a free consultation at any of our branch locations.

If you need additional assistance, we offer free access to money management and financial education services through GreenPath, a financial management program. Through comprehensive education and exceptional service, GreenPath has been assisting individuals for more than 50 years. As a member, you can receive assistance with:

  • Personal and family budgeting
  • Understanding your personal credit report and how to improve your score
  • Personal money management
  • Debt repayment
  • Avoiding bankruptcy, foreclosure, and repossession

 

 

 

*Registered Representative of INVEST Financial Corporation (INVEST), member FINRA/SIPC. INVEST and its affi liated insurance agencies offer securities, advisory services and certaininsurance products and are not affi liated with Members 1st Federal Credit Union or Members 1st Investment Services. INVEST does not provide tax or legal advice. Products are: • Not FDIC or NCUA insured • Not Bank or Credit Union Guaranteed • May lose value including loss of principal.

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