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!

 

 

Start Saving For Long Term Health Care

It’s that time of year when many people start taking a second look at their health insurance coverage.  Did you know that at least 70% of American adults will need long-term care services and support sometime in their lifetime?* Saving for long term health care is important as median costs continue to rise: $87,600/year for private nursing home rooms, $42,000/year for assisted living facilities, and $45,188/year for home health aide services are just a few of the annual cost averages reported on a 2014 Gemworth Cost of Care Survey!*  How will cover these expenses for yourself and your family?

·         Out of Pocket – Costs vary greatly by state – around $8,000 per year to upwards of $100,000 per year; start saving early!

·         Medicare + Medicaid – Benefits may be available for home health care, but only if certain conditions are met.  Don’t assume you’ll be covered.

·         Insurance – Helps pay for care and protects assets up to the amount of your policy.  Evaluate coverage options before you need it.

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!

To listen to Y-Country's Mark Durocher and Honor Credit Union's Greg Hildebrand talk about long term health care, click on the Mason Jar Monday episode below!

 

 

Swipe, Sign, & Done!

It’s Holiday Shopping Season! And while some Bah Humbug at the thought, if you’re like me, you’re excited! The holiday decorations, the lights, the smells, the yummy holiday treats- I can’t wait! But there’s one little thing you should keep in mind when heading to the shops for gifts and sales- debit vs credit when swiping your plastic.

 

The Facts–

·         When you swipe your debit card and choose Debit, this means the machine will ask you to enter your PIN (Personal Identification Number). Then the money will automatically come out of your checking account right then and there. However, if you choose Credit, this means you are requesting to conduct a signature-based transaction, which requires just your signature--not your PIN--to complete.

·          You can also conduct signature-based transactions over the Internet or telephone, where you don’t have to have a physical signature  

·         Not only is swiping and signing better than swiping and punching in your super-secret number, there are other benefits to signing off instead!

·         Signing instead of using your PIN greatly reduces the risk of exposing your PIN number to identity thieves.

 

  For signature transactions –

·         Make shopping easier by just swiping your card and signing for your purchase. At Honor, we recommend you sign and run your Debit card as “credit” when you are given the option

·         You can even up the security of your card by registering your MasterCard Secure Code.

·         Honor’s Debit MasterCard Prewards allow you to save at your favorite stores instantly via text, email, or online! Sign up online at Honorcu.com

 

Tips for signing-

·         With most store signature pads, selecting Credit allows you to sign your name instead of punching in your PIN

·         Even if you have already selected Credit, you may be asked to enter your PIN.  Ask the cashier to run the purchase as Credit.

·         Many times, this means hitting the “red” button or the “cancel” button

 

·         For smaller transaction amounts, a signature may not even be needed.

 

 

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!

Baby Steps: Planning For Your Child’s Financial Future

Guest Writer: Greg Hildebrand – Honor Financial Group Financial Representative

With a new school year right around the corner, the success of the community’s youth is on the top of our minds.  Whether you are expecting or have a child in school, planning for their future is important.  But where do you start?  Here are four steps to start your child on the right path from Day 1:

 

·         Open A Savings Account – Most credit unions, like Honor, make it easy to transfer money into a savings account on a regular basis – you can even start before our baby arrives.  Think of it as your go-to fund for supplies and surprises.

·         Modify Insurance Coverage – First, add your newborn to your health plan.  Then, make sure your life insurance policy includes a growing family.  Next, update beneficiary designations on 401(k)s and IRAs.

·         Create An Estate Plan – No matter how old you are, plan to protect your family and assets.  Update your will and trusts, and put in writing who will take care of your child if you’re not around.

·         Start A College Fund – Yes, college may be 18 years away, but starting to save early is the key.  Take a look at tax-advantaged investment options – such s a 529 plan – and make regular contributions.

If you have questions and would like to meet with a financial advisor, 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.

Not NCUA Insured -Not Credit Union Guaranteed -May Lose Value
As it pertains to the portion of the broker/dealer disclosure above, when read you should say, "Investments are not NCUA Insured, not credit union guaranteed and may lose value

Financial Lessons Millennials Should Be Thankful For

Millennials (those born between 1980 and 2000) make up one of the highest unemployment rates in the country.* As a result, all of the classic milestones of adulthood-marriage, kids, mortgage-are happening later in life.  However, growing up as Generation Y has its advantages- hard money lessons! These economic clouds that hang over the heads of Gen Y actually have a silver lining.

1.      Lesson 1-Hard Financial Lessons Have Been Learned Early  Those of us described as Millennials learned (and understood) at a very young age how money works, and why it’s important to live within one’s budget. Our parents were frugal (for the most part) because of the downturn of the economy. Not overextending on loans, saving pennies, and not spending more than you earn were lessons we were forced to reckon with.

2.      Lesson 2-Expectations Have Been Revised  Gone are the days of the traditional American Dream of an 18 bed 12 bath mansion on a hill with a butler named Jeeves and a Ferrari in the five car garage. Many young adults are realizing early on how utterly unrealistic these expectations are. More and more, Millennials are choosing to drive around their old beater car until it dies, and to bunk with their parents past graduation and well into their twenties. This used to be a major social stigma, but now it’s seen as the smarter choice.

3.      Lesson 3-Historic Collapses Are Also When Fortunes Are Made  When would you rather get off your butt and start a career- during an economic boom, or bust? The answer is a no-brainer. According to a recent study by T. Rowe Price, those who began systematically investing in equities in the past severe bear markets (or an economic downturn) were significantly better off 30 years later than investors who began in bull markets (when the stock market is thriving).

So yes, millennials have had it rough so far, being thrust into the workforce during uniquely volatile times. But the past is the past, and the future has yet to be determined. The full life story of Generation Y isn’t done!

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!

*According to The Fiscal Times

Does Your Financial Advisor Put You First?

Guest Writer: Greg Hildebrand – Honor Financial Group Financial Representative

The decision to trust someone with your hard earned money is very personal.  And since you’re basically hiring someone to provide expertise that you don’t have, it can be tough to sort out the good expertise form the fluff.

Whether you’re looking for a financial advisor on your own, or are referred by a loving uncle, consider these tips before you begin your relationship.

·         Customization – Your needs are unique and your investment strategy should be too!  Make sure your advisor takes the time to understand your personal goals in order to recommend a customized plan.

·         Compensation – Consider an advisor who charges a fee for services rather than commission-only sales from stocks, insurance, or other types of investments.  This helps ensure that they are working to grow your investments not profiting primarily from sales.

·         Experience – While it’s a good rule of thumb to look for at least three years of experience working as a financial advisor, be sure to ask what type of investing your advisor is most experienced in to ensure it is a good match for your goals.

·         Investment Approach – Every investor is unique.  So make sure your advisor’s investing philosophy isn’t too conservative or too aggressive for your investing style. 

·         Accessibility – Regardless of how much you have to invest, your financial advisor should be working with your best interests in mind.  Whether you prefer to meet monthly, quarterly, or even yearly to discuss your portfolio, if you have questions your advisor should always be available to give you answers. 

If you have questions and would like to meet with a financial advisor, 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.

Things Your Credit Union And Your Mom Have In Common

It’s hard to believe, and a little weird to think about, but your credit union and your mom have a lot more in common than you think! Check out these strange (but true!) similarities.

1.      They both care about you (a lot!) Your mother is your mother and will always love and adore you, no matter what. So does your credit union! Credit unions care about their members, and want them to succeed, especially financially.

2.      They give great advice! Just like your mom always tells you the truth and backs it up with great advice she earned from living and learning, your credit union does, too! Credit unions have been around for quite some time (Honor Credit Union has been around since 1934!) and the unique collections of professionals know their stuff. Walk into any credit union, and I’ll bet you can find someone within minutes that can help you with whatever financial situation you’re in.

3.      They both always have your back  Your mom would never leave you hanging in any situation- just like your credit union! If you’re in need of a personal loan, mortgage, or anything else financially related, your credit union can help, and quickly! Credit unions value their members (just like your mom values you!) and want to make sure you’re comfortable financially. If you aren’t, they want to assist you in getting on the right track. Take advantage of that help (but don’t forget to let them know- and mom-how much they’re appreciated)!

So go ahead, give mom (and your credit union) a call or a visit. They both would love to hear from you, and are ready to lend a helping hand whenever you need.

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!

You Gotta Buy Food…But You Don’t Have To Break Your Budget

With food costs rising and falling and rising again, it’s hard to stick to a budget and save a few dollars at the grocery store. Not to mention the hassle of looking for the best bang for your buck! Here are a few simple tips to follow that will help you stay on the right financial track when it’s time to load your cart.

1.      Don’t shop when you’re hungry - You’ve heard it before, you’ve heard it a thousand times. If you grocery shop on an empty stomach, chances are you’ll end up with a lot more in your cart than what’s on your list and in your wallet. Plan out your shopping trip and go after you’ve had a satisfying meal at home. You’ll be able to concentrate on your shopping and be able to differentiate between needs and wants easier.

2.      Don’t shop on a time limit - If you’re crunched for time when you stop to shop, you’ll end up grabbing the first product you see with the label “spaghetti sauce” on it, rather than looking at all of the brands of sauce and choosing the better deal. If you have less time to check all of the brands and prices, you’ll most likely spend a lot more than you anticipated.

3.      Make a list - Before you go to the store, make a clear and concise list of everything that you NEED. Don’t put down that Ben & Jerry’s ice cream you’ve been thinking about all day- unless you plan it into your budget. Temptations for buyers are everywhere at the grocery store. Avoid them with a specific list.

Saving while will truly bring a long list of benefits in your life. Just like any other changes, this can be a monumental challenge and oftentimes, you won’t realize its importance until you see it clearly i.e. the savings building in your credit union account!

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 97.5 Y-Country’s Wild Bill and Honor’s Kaylee Williams talk about saving at the supermarket, listen to the Mason Jar Monday episode below.

Three Tips For First Time Home Buyers

So you’ve decided to go for it. You’re ready to take the plunge into home-ownership! But before you start searching for the perfect home, here are a couple of things to get you started:

1.      Crunch Your Numbers - No one knows the ins and outs of your financial situation like you do.  So start paying more attention to what you are paying for and bringing in each month.  Are all of those expenses things you plan on keeping when you make the big purchase of a house?  Do you expect your income to stay about the same?  Make a budget given those numbers so that you have a grasp on what mortgage payment you would be comfortable with.  Having that knowledge in your back pocket when you come chat with your local credit union about getting pre-approved for a mortgage will make the process much easier.

2.      Debt To Income – Your debt to income ratio, among other factors, contributes to the mortgage pre-approval process.  What does this even mean?  Well, it’s simple.  Grab a piece of paper and write down all of your debt.  This would be credit cards, student loans, car payment…basically anything you are required to make a minimum payment on.  Then add up what all of those minimum payments equal.  That is your debt.  Your income is easy – just write down what you bring home in a given month.  The debt divided by the income gives you your debt to income.  But if math isn’t your thing – just bring all those numbers you wrote down into your local credit union and we can do the work for you and let you know exactly what your debt to income is. 

3.      Down Payments – The amount of down payment that you put down is dependent on your financial situation and how much you have stocked away in that trusty savings account over the years.  It is in your best interest to have at least some money down when you do decide to apply for a mortgage, but how much that is depends on you and the price of the house you have your eye on.  When you come in to your local credit union to get pre-approved for a mortgage, we can give you the nitty gritty on your unique situation and what that would mean for a monthly mortgage payment.

You may have noticed a trend in all three of those tips – talk to your local credit union!  Credit unions, like Honor CU, have mortgage experts just waiting to help you and get you into the best financial position for your unique situation in life! 

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 97.5 Y-Country’s Wild Bill and Honor’s Kaylee Williams talk about buying your first home, listen to the Mason Jar Monday episode below.

 

 

Money Savvy Tips For Recent Grads

 

If you’re a recent grad, you’re probably basking in the glory of wrapping up your school career, earning your degree, and jumping headfirst into the real world. But with that real world comes the jolt of real financial responsibilities. Here are some tips to help get you through that initial shock of pure adulthood.

1.      Begin paying your student loans!  Most student loan lenders give you six months after your graduation date to begin paying back student loan debt.  If you need this time to get settled and find a job, of course take it.  But if you have a job lined up and find yourself with a little extra cash each month, slap it in your student loan!  You can start getting that principal balance down little by little so that when that six month grace period is up you are in even better shape than you would have been otherwise!

2.      Keep your expenses as low as possible! Just because you graduated and may have a job right away, doesn’t mean you can now go out and purchase that brand new car you’ve been eyeing up. Also, don’t feel like you need to take on big expenses or purchases right away. If you don’t have to move out of your parents’ house yet, don’t! If you can stick it out in your shabby little apartment for the time being to save a couple hundred bucks a month, do it! This is a great time to start socking away some cash to start building on your savings account.

3.      Ask for help! If you’re struggling to make your payments on your loan, car, credit card, etc., or you need help figuring out a game plan for your budget, ask for help. Swing by your local credit union, explain your current financial situation, and we can help you come up with a plan.

The sooner you get your financial situation in check after graduation, the easier the real world will be.

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 97.5 Y-Country’s Wild Bill and Honor’s Scott McFarland talk about getting your budget in check after graduation, listen to the Mason Jar Monday episode below.