How To Make 2016 Your Best Financial Year

Something many of us still have trouble with when budgeting is curbing our frivolous spending and remembering to pay ourselves first! But these are crucial steps towards reaching a goal of personal financial success. To get a leg up on your finances for 2016, start by finishing 2015 with a big financial bang!

Follow these steps:

1. Start automated payments (if you haven’t already!)

• If you’re a spender, not a saver, and have trouble making your payments every month because of this, start automatic payments. This way, your payments are made on time, and you find your credit score going up while your frivolous spending and loan amounts go down

2. Get a financial advisor

• Not everybody is money savvy, but everyone is responsible for their own money. Call up your local credit union and begin talks with a financial advisor. They can help you ensure your future financial success.

3. Create small, specific, yet achievable, savings goals

• Make SMART goals (Specific, Measurable, Accurate, Realistic, Time-bound). Be sure you KNOW what you are saving for (pay off a credit card, save for a trip, etc.) as this makes it easier to attain your goals.

4. Ditch those Friday nights OUT with friends, and opt for Friday nights IN

• People are more likely to spend if their friends are spending. Eliminate the problem by avoiding those spending traps by opting to stay in, instead of going out.

 

Keeping your finances in check can be easy as pie, if you put your mind to it. Keep your money on your mind, and you’ll see your nest egg grow as a result!

Don’t forget to follow us on twitter @honorcu and let us know what you want to hear about next week using #askhonorcu! 

To listen to Y-Country's Mark Durocher and Honor Credit Union's Scott McFarland talk about having your best financial year yet, click on the Mason Jar Monday episode below!

 

Stop Spending Money….And Start Spending Time

Every year, it seems more people are spending much more money on gifts, holiday décor, holiday meals, and the like. Even if you’re normally perfectly sensible about money, the holiday season can send us all into a spending frenzy! But it doesn’t have to be that way- Christmas can be just as special without all the spending of money.

Here are some tips to make your season merry and bright, without handing over cash!

1. Spend time instead- Make all homemade ornaments and decorations & decorate with the kids, have a home-based wine and dine with friends, or just relax at home with Christmas movies and snacks!
2. Have a potluck Christmas dinner- Invite friends and family over for a big feast, but have each person bring a traditional Christmas dish. You never know how many yummy family recipes are out there until you have a good ol' fashioned potluck!
3. Buy experiences for people instead of traditional presents-  Buy gift cards for experiences like movie theaters, children’s museums, snow mountain passes, indoor sports, etc. Making memories through fun experiences can be much more valuable than another pair of socks any day!

Don’t let the holidays deplete your savings account- Buy or make meaningful, inexpensive gifts as presents, and remember- Time spent together, enjoying each other’s company is the best kind of spending!

Don’t forget to follow us on twitter @honorcu and let us know what you want to hear about next week using #askhonorcu! 

Holiday Spending: How To Keep It Under Control

Have you blown your Holiday budget this year, or are you holding onto your cash with an iron fist? The holidays are definitely a time to take into consideration what you can realistically afford for children, friends, and family. Sure, Sally may really want that $50 Christmas Barbie, and Joey may have been dreaming about that insanely expensive Star Wars collectible. But can "Santa" buy those items for them without going broke, or worse, into debt? Whatever your stance on spending around the holidays, it’s safe to say most families are thinking about how to afford them. Here are some things to consider when getting ready to shop:

1.  Setting a budget and sticking to it- Many times, people will just blindly go to the stores without a set budget in mind. This is dangerous, as 9 times out of 10 you will end up spending much more than you anticipated.
2. Write down what you want to buy for everyone on your list- If Dad wants a new pocket knife, Mom has been dreaming about this new necklace she saw on TV, and the kids have been wishing for specific toys, write it all down. You won't forget what everyone really wants, and you may even find something very similar for a more affordable price once you start looking and are thinking about those specific items!
3. Do not deviate from your list-This way, everyone gets what they desire, and you won't end up buying a bunch of other items they really don't care about to go with what they actually want. AND you won't be tempted to buy for yourself and spend money you probably don't have!
4. Don’t be swayed by “good deals” near the checkout line! PS- usually, they really aren't good deals, anyways. Companies put items near the checkout line to help sway you and tempt you into spending when you don't need to. Do you really need that $8 nail polish? That chocolate bar looks tasty, but will it taste as good as $5 feels in your pocket? Think before you grab these little temptations off the checkout shelf.

 If you know that you need a little extra help to get your shopping done, a holiday loan or a special credit card rate might be good options. Honor Credit Union has a couple solutions:
 

1. A holiday loan with 12 month financing can help spread your purchases out throughout the year
2. Or take advantage of a discounted credit card rate for all Honor Credit Union Visa purchases made throughout the holiday season

If one of these sounds interesting to you, let us help you shop for the holidays smarter! Check out Honorcu.com or stop into your local branch for details

Don’t forget to follow us on twitter @honorcu and let us know what you want to hear about next week using #askhonorcu! 

5 Tips To Avoid The Sandwich Generation Squeeze

It’s happening more and more often these days- parents are reaching their early 90s just as their children have entered their retirement years. These “children” are part of what is now called the Sandwich Generation; Baby Boomers who need to learn how to retire while caring for both elderly parents and young adult kids—Millennials who still need financial assistance. This new trend threatens to squeeze Boomers’ finances and put their retirement nest egg at risk—unless they learn how to navigate the looming pitfalls. Here are five tips to help with just such a situation.

1.       Protect your retirement assets and put yourself first; If your kids need help with tuition, help them apply for student loans. If your parents are struggling, help them learn to stretch their assets.

2.       Anticipate your financial needs by increasing your monthly reserve, in the case that your children move back home.

3.       Consider long term care insurance for you and your parents. Price policies and learn what’s covered—it may help defray some of the enormous expense of nursing homes.

4.       Research tax breaks for caregivers. If your parents live with you for half the year, you may be able to pay for caregivers and other expenses by claiming the dependent-care credit on your tax return or contributing to an employer’s dependent-care flexible spending account.

5.       Set clear financial limits if kids move back. Encourage them to work or pay some rent to help offset costs.

If you have questions and would like to meet with a financial representative, Honor Financial Group is a great first step.  Give us a call to set up an appointment today.  And, don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!

Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.  Honor Credit Union and Honor Financial Group are not registered broker/dealers and are not affiliated with LPL Financial.

Not NCUA Insured -Not Credit Union Guaranteed -May Lose Value

Transforming Those Thanksgiving Leftovers

Let’s face it – Holiday meals like the recent Thanksgiving get together you might have just had means a LOT of leftovers. Most everyone makes far more food than they’ll need, then eats the leftovers throughout the next few days and freeze whatever is left over from the leftovers! This is much better than wasting food by throwing it away. But, there’s just one little issue. Even though it’s yummy leftovers are still leftovers. That turkey and stuffing was probably an awesome meal the first night or two, but after a couple of days, the last thing you want is another plate of reheated turkey and mashed potatoes. So, here are a few ways you can use leftovers from either Thanksgiving or any of the upcoming Holiday get togethers you might have on your calendar:

·         Transform your turkey. Turkey is so easy to make into other meals! Use it as a chicken substitute for practically any meal you’ll make throughout the week. Turkey pot pie, turkey soup, turkey alfredo…the list is endless!

·         Make magic with your mashed potatoes. Mashed potatoes are just as easy as turkey to make into a plethora of different meals. Potato pancakes, shepherd’s pie, fry them up for a breakfast side dish, etc.

·         Pick apart that Pumpkin pie. Turn that leftover pie into- gasp!- breakfast! Check out this easy Pumpkin Pie Breakfast Casserole recipe! Or, what could be better than pumpkin pie? Bite-size pumpkin pie! Chop the leftovers up into bite-size pieces and keep in a dish in the fridge.

Don’t let your leftovers bore you to death then go to waste!  After all, throwing away leftovers is like throwing away money…and that is definitely not what Mason Jar Monday’s are all about! Use them up smartly, and you can save your money by NOT ordering that take-out pizza!

And, don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!

To listen to Y-Country's Mark Durocher and Honor Credit Union's Scott McFarland talk about Thanksgiving leftovers, click on the Mason Jar Monday episode below!