A Fitness Plan For Your Finances

It’s a New Year, and time to make those New Year’s resolutions!  Two of the most common New Year’s resolutions have to do with financial health and physical health.  Starting a new year on the right foot is important, so getting your finances and your body right are both fantastic goals.  As you think about getting your wallet and yourself in shape, here are a couple of similarities between your local credit union and the gym to get you on the way to achieving your new year’s goals:

• All The Tools To Succeed – One reason people join a gym is to get access to all the equipment to get in shape that they just don’t have at their own house.  You can get a better workout when you have access to many of these machines, and your wallet can get in better shape with access to all of the products and services that credit unions have to offer!   

• Work Independently or Utilize a Personal Trainer – Some people prefer to work out on their own, while others like a personal trainer with them every step of the way.  At a credit union, like Honor, we can give you both scenarios, too!  Our team is here waiting to walk you through our products and services if you want, but we also give you the tools to manage your finances on your own with easy to understand and use technology like our mobile app, or online bill pay!

• No Judgment Zone – A good gym will welcome you with open arms regardless of your physical health.  They will help you achieve your goals, no matter how big or small they may be.  You can expect the same at a credit union!  We are here to help you get in the best financial situation possible, no matter your starting point!  No two people’s finances are exactly the same, and you can have confidence that there will be no judgments or comparisons at Honor! Every member matters!

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

Listen to Honor's Scott and 97.5 Y-Country's Wild Bill talk about their financial fitness tips in Mason Jar Monday!

Tips To Avoid The “After-Holiday” Headache

Christmas is behind us, and 2014 is coming to a close! As hard as it is to believe that the next Mason Jar Monday will be in 2015, the holidays are tapering off.  We hope everyone had a wonderful Christmas with their family and friends that left you feeling relaxed and rejuvenated and ready to start the New Year!  If, however, you (and your wallet) have been left with an “after-holiday” headache, here are a few tips to get back on track in time for the New Year!

• Assess The Situation – If the holidays put a bit larger of a dent in your wallet, savings, or credit card balance than you anticipated, the first step is to make a new plan.  Instead of stressing over your after holiday situation or living in denial of how much you spent, accept it and breakdown your current situation so that you can make a plan to get back to your pre-holiday situation.
• Set Goals – So you’ve assessed the situation, and you know the areas that need improvement.  Now it’s time to set some goals.  What area of your finances took the biggest hit this holiday season?  Your savings, your credit card, ect.?  Set a savings goal or a debt payoff goal that includes an end date so you make a new monthly budget given your new goals.
• Don’t Be Afraid To Ask For Help – If assessing your situation and setting goals has you with a bigger headache than you started out with, swing on in to your local credit union for some help.  We are here to put you in the best financial position possible, and have tools that can get your new year started off right.  If your credit card took the biggest hit this holiday season, Honor’s Visa balance transfer could help you consolidate your debt into a more manageable monthly payment to help you achieve your goals faster.  If building up savings is what you are after, an account specialist can help you set the savings goals you need with a plan to get you there!  

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

You can listen to the last Mason Jar Monday of 2014 below! 97.5 Y-Country's Wild Bill and Honor's Scott talk about their tips to avoid the "after-holiday" headache!

Three Quick Cash Traps To NOT Get Caught In

Especially this time of year when consumer spending is at an all-time high, many Americans are looking for quick and easy ways to add a little cash to their wallet to fill the gas tank, fit all those bills in for the month, or simply put food on the table.  If you are struggling to fit holiday shopping in and still make ends meet, looking for some extra cash isn't a bad thing, but here are a few traps to avoid*:

Payday loans – while getting a small loan that you plan on paying back your next paycheck may sound simple enough, there are usually HUGE catches.  The fees and interest rates on these types of loans can be massive, leaving you in a bigger hole than you started in when you go to pay it back with your next paycheck.  These loans can cycle out of control very quickly, so approaching your credit union for an alternative that doesn't include those huge fees is a much safer bet. Low balance loans, like Honor’s current Cash For Christmas loan special, can get you the same result as a pay day loan with a better interest rate and a much more reasonable repayment plan.

Car-title loans – like payday loans, car title loans are small dollar amounts that can come with HUGE interest and fees, but instead of holding your next paycheck hostage, they hold your car title AND a set of keys hostage.  If when the amount of money you borrowed is due, you find yourself in another situation, they can come and take possession of your car no questions asked.  Once again, come visit your credit union if you find yourself even considering one of these types of loans for a safer and smarter alternative.

Credit Card Advances – there is a lot of confusion on the difference between 

using your credit card for purchases and taking cash advances on your credit card.  Cash advances often come with a higher interest rate and that interest starts accruing right away.  If a credit card is your solution, it would be wiser to make purchases with your card and make a plan to pay them back quickly to avoid the cash advance trap. 

If you find yourself in need of a few extra bucks this Holiday season, or any season for that matter, make your local credit union, like Honor Credit Union, your first stop.  We can help you assess your personal financial situation and come up with the best scenario for you and your family!

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

Listen to 97.5 Y-Country's Wild Bill and Honor's Scott talk about cash traps on Mason Jar Monday! 

*Source - http://www.bankrate.com/finance/debt/payday-loan.aspx

Three Tips To Save On Holiday Shopping

There’s only 9 days left until the biggest shopping day of the entire year!  Whether you are planning on braving the Black Friday crowds bright and early or sleeping in and wait for the crowds to disburse a little bit, here are three tips to save your wallet this holiday shopping season!

1.  Plan ahead and stick to your mission!  The aisles and displays at stores are meant to draw you in and inspire you to fill that cart fuller.  Avoid impulse buys that you don’t really need by making a solid plan of what you want to accomplish beforehand and stick to it!  Along these lines means making and sticking to a budget, too!  Online budgeting tools, like Honor’s MoneyDesktop, can help you figure out what your budget is and help you stay disciplined in sticking to it!

2.  Price-Match!  More and more stores are willing to match prices, but you’ll never know unless you ask!  Take advantage of that smart phone in your pocket and do a quick search of items you find in the store you are currently in to make sure it’s not cheaper elsewhere.  If it is, show the cashier your smartphone and see if they will match it!  The most they can say is no!

3.  Coupons! Coupons! Coupons!  All that mail that you typically put right in the recycle bin or emails you usually swipe to delete before opening might be worth a second look this time of year!  Paying attention to who is having the sales will help you create your plan and stick to your mission like we mentioned in tip #1!  The dollars that some of those coupons can save you collectively can really add up meaning extra money that stays in your mason jar!

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

Source - http://www.bankrate.com/financing/saving-money/jean-chatzky-4-holiday-shopping-secrets/?ic_id=News4

Four Money Myths That Can Lead To Money Problems

Last week we talked about common financial problems in America, and this week we are continuing on the same track with some money myths.  Here are four money myths that can lead to money problems if taken too literally*.

Myth #1 – Two incomes are better than one.  It’s obviously the case that two incomes give you more money than one.  Counting on both of those incomes to pay your families bills often the case for most families, but make sure you don’t get caught in a situation if one of those incomes goes away unplanned.  You can avoid this by watching your monthly expenses to leave more room for savings.  Stacking that nest egg up will protect you from getting in real financial danger should your double income be suddenly cut in half.

Myth #2 – Owning is always better than renting.  While owning means your payments are building up your equity vs. your landlords in the case of a house, renting is not always a bad thing.  Everyone’s financial situation is unique and owning a home is not for everyone.  If you think you may not be in the same city in 3 years, buying would probably not be the best option for you at that time.  The key is to look at your own unique situation and really assess what your finances will allow to meet your long term goals. 

Myth #3 – A near-perfect credit score will get you the best loan rate.  Technically speaking, the higher the score the better, but there really is no “magic” number.  When determining a loan rate, many factors are taken into consideration in addition to your credit score.  Different loans and different lenders have different criteria and standards.  Having good credit is never a bad thing, though.

Myth #4 – You need to earn more to save more.  Earning more may increase your ability to stack more away for savings IF you are disciplined enough to do so.  Your ability to save is determined more on your discipline and responsibility with your budget than how much your paycheck is.  Make a budget, include savings in that, and then stick to it regardless of how much you earn each month.

Listen to Honor's Scott and 97.5 Y-Country's Wild Bill talk about money myths on Mason Jar Monday! 

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

*Source - http://www.nasdaq.com/article/why-these-4-personal-finance-myths-perpetuate-money-problems-cm396086

Three Financial Tips For College Freshmen

Now that most college students have been at it for a couple weeks now, they can start thinking about a bit more than getting through the first day jitters.  For all of you college freshmen out there, or if you have a student that is a college freshmen, it is not too early to start getting those finances in line!   Before you know it you will be donning the cap and gown on graduation day, and you will thank yourself then for thinking about a few of these things now:

1. Get organized!  This sounds like a no-brainer, but staying on top of the little things like avoiding parking fines and late fees for library books can really add up!  There is nothing worse than watching you bank account diminish because you were running late and had to park in the “Permit Only” zone crossing your fingers you would fly under the meter monitor’s radar.  Those fines can add up when they could have been a cushion in your savings!  Plus, with outstanding parking tickets or library fees, some colleges may put a hold on your account and not let you sign up for your next semester of classes!
2. Avoid ATM fees!  Wherever in the United States you are attending school, there is no excuse to pay those pesky ATM fees.  You may be thinking, “but my family credit union is a state away, what am I supposed to do?” The answer is simple…Benefits Checking!  Get up to $20 a month in ATM fees reimbursed by meeting a few simple requirements.  More details on www.honorcu.com.
3. Don’t get caught up in a gimmick!  You are going to start getting mail and offers for these seemingly fabulous credit cards and loan offers that will give you a free t-shirt or a even cash for signing up.  Don’t get fooled!  Often these offers are incredibly high interest rate cards targeted at students.  Stick with your local credit union options where you know all of the details and can still get some pretty cool perks with…check out Honor’s Visa rewards program for example!

We just can’t reiterate enough that it is never too early to start thinking of putting yourself in a great financial position.  We know you have a lot going on in that first semester away at school, but following a few of these simple guidelines can really add up. 

What other tips would you give a college freshmen?  Let us know by commenting on this post or by following us on Twitter @honorcu using #askhonorcu! 

Four "To-Do's" To Winterize Your Finances

Although we hesitate to say it out loud, it appears that summer is actually coming to an end.  Fall is here, and instead of continuing to live in a world of denial wishing for flip flops and beach days, you will have a much more relaxing winter if you follow these four financial* “to-do’s” this fall:

1. Prepare your vehicles or summer toys for winter – take care of the engines that will either get a lot of use this winter (new tires, tune up, ect.) and get the engines you won’t use until next summer winterized early.  Don’t wait until last minute when you may be forced to paying a little more for a rush or have fewer options.
2. Make your holiday shopping list now! I know this sounds a little crazy, but budgeting for the holiday season now will allow for less of a monthly burden than starting December 24^th.  Scope out the sales while you have plenty of time to hunt for the best prices.  You will also feel mentally more relaxed approaching the holidays with a plan. 
3. Clean out your summer closet – Make room for your warmer clothes by cleaning out the summer items that you won’t wear again.  Take them to a consignment shop to make a few bucks or donate them.  Not only will you have a better idea of what you actually need (vs. want) for your winter wardrobe, but you will also have room in your closet for the new items you find on sale (because you obviously will be bargain hunting for those new items, right?!).
4. Take a look at your flex spending account – don’t wait until the last two weeks of December when you have to use it or lose it.  Plan now what you can use, whether it’s a new pair of glasses for your kid that just started school or that dentist visit you’ve been putting off. 

What other ways are you preparing your finances for the colder months?  Let us know on Twitter @honorcu using #askhonorcu!

Listen to Honor's Kaylee chat with 97.5 Y-Country's Wild Bill about their fall finance tips!

*Source - http://www.mydollarplan.com/15-must-do-fall-finance-tips/

Four Ways To Keep With Your Finances & Still Be A Football Super Fan!

We know you have been waiting for this season for a long time, and football is finally back.  Obviously keeping up with your favorite team or your fantasy league should take first priority, so here are three ways that you can keep up with your finances without missing a second of the big game.

1. Mobile App -  If you haven’t downloaded Honor’s mobile app from the app store yet, you need to do it now.  Watch the game, keep tabs on all of your accounts, transfer funds, and so much more all while still not moving from your seat (either at the game or on the couch).
2. Mobile Deposit Capture – Why waste precious minutes that could be spent tailgating to run to the credit union and deposit your check when you can do it from your phone using Remote Deposit Capture?!  Take advantage of this FREE convenient tool and don’t miss a second of your tailgating experience or the big game.
3. Auto Pay – You are already stressed out enough about how your fantasy league is doing, let us worry about paying your bills on time. Enroll in auto pay through online bill pay and check this off your list.  You can trust that your bills will all be paid on time so you can focus on the important things, like the status of your team’s starting QB.
4. Benefits Checking – You’re at the big game and you need a little more cash to get just one more hot dog, and the concession only takes cash.  We’ve all been there.  If you have benefits checking, you can withdraw cash from the ATM at the stadium without worrying about that pesky ATM fee if you meet a few simple requirements.  You can find out more about benefits checking and the requirements on honor’s website.

Now back to football, which team are you rooting for this year?  Let us know on twitter @honorcu using #askhonorcu!

Listen to Honor's Scott and 97.5 Y-Country's Wild Bill talk about their football favorites and financial tips for football season in last week's Mason Jar Monday episode! 

Credit Union Mythbusters - Common Financial Tips

We all have that friend or co-worker or just that guy you met on the street that is full of financial tips.  Many financial tips are repeated so often that you begin to wonder…should I be doing that?  We are taking a closer look at three common financial tips* to determine if they are Myths or True good advice!

• Cut Up Your Credit Cards – MYTH! Some people’s opinions of credit cards is that they are a dirty word and should be cut up to get out and stay out of debt.  Don’t do this!  While abusing credit cards is a no-no, credit cards are WAY more secure than carrying cash, and in the issue of fraud or theft can be dealt with easier and faster to get your life back to normal.  Be responsible with your credit cards, but don’t cut them up!  If you have a hard time controlling your spending when there is a credit card at your fingertips, consider cutting up all but one and asking for a low limit so you can’t overdo it.

• Leave A Buffer In Your Checking – A great idea, but not true for everyone!  To avoid the issue of overdraft fees, it is always a good idea to keep a determined amount sitting in your checking.  However, not everyone can do this.  It’s a great goal to lead up to, but if this doesn’t work for your situation right now, don’t sweat it.  Just keep a good eye on your checking balance and budget to avoid overdrafting that way.

• Skip that latte – MYTH! While it may not be a great idea to choose that morning latte over your electric bill, treating yourself a little bit is alright!  Even if you are on a tight budget and watching your pennies, if you compensate in your budget in some other area and that latte is what really sets your day off on the right foot, then do it!  Once again, just keep an eye on your budget and balance so you can enjoy your morning treat, or whatever your splurge may be, without worrying or feeling guilty about it!

What other common financial tips have you heard that make you think twice?  Let us know on twitter @honorcu using #askhonorcu!

Listen to the Mason Jar Monday episode that aired on 97.5 Y-Country with Wild Bill! 

*Source: http://www.dailyfinance.com/2014/07/28/common-financial-tips-you-should-ignore/#!slide=2774313

Three Reasons You Should Be Using An Online Personal Finance Tool

Do you use an online personal finance tool?  Personal finance tools are tools that can make managing your money easier.  These convenient applications can make a big difference when it comes to managing the coins in your mason jar even more effectively!  There are many different options that you can use, but Honor’s version is called Money Desktop.  Here are three reasons that you should be taking advantage of one of these tools:    

1. Account Aggregation – We know that a lot of you have more than one financial institution or credit card, and that’s ok!  Keep track of all of your accounts on one website with account aggregation.  Whether it’s tracking your Kohl’s credit card, a retirement account, or a checking/savings account, you can view everything at one time on one screen with personal finance tools like Honor’s Money Desktop.   
2. Debt Payback Breakdowns – Did you know that the average number of credit cards per household is 3.5*? If this is you, did you also know that with an online personal finance tool you can track and look at different options to pay down all of your credit cards, loans, or other debt with just the click of a button?  For example, with Honor’s Money Desktop, an interactive tool with a graph for easy viewing will show you how to pay down debt based on “Fastest Payoff,” “Highest Interest First,” “Lowest Balance First,” or “Highest Balance First.”  And once you select one of those options it even projects when you will be out of debt based on the minimum payment!
3. Set Goals! – With an online personal finance tool, you can integrate your financial goals right in with all of your accounts.  You can set savings goals or debt payoff goals and keep track of your progress all in the same place.  No need to keep an excel spreadsheet that you may or may not remember to update each month, when you have an online personal finance tool to update it for you automatically!

If you want to learn more about Honor’s online personal finance tool, Money Desktop, visit our website!  Don’t forget to follow Honor Credit Union on twitter @honorcu and let us know using #askhonorcu!  

Listen to the Mason Jar Monday episode and hear Scott & Wild Bill's full conversation on Personal Finance Tools below! 

*Source - United States Trade & Development Agency

Tips To Spot The Best Deal At The Grocery Store

It’s cookout season!  As you prepare for your next family barbecue, a trip to the grocery store is most likely going to be needed.  Keep more coins in your Mason Jar with these tips on spotting the best deal at the grocery store!

• Look at more than just eye-level.  Shelf space and placement is a hot commodity in stores.  The eye-level items may not be the best priced, but rather the company that paid the most for that shelf space.  Look high and low on the shelf for other options of the same item.

• Take a second look at the generic brand.  Now there might be items that your family isn’t willing to go generic on, but many times the generic brand (like Meijer or Spartan) is just as tasty if not better for less than ½ the cost!

• Bulk is not always better.   Look at the price and total quantity of the per pound option vs the bulk before assuming the bulk is better.  Often times bulk is exactly the same cost per unit.  If your family really really loves that item and would have no issue eating it before it spoils, then bulk may be the way to go, but not always. There’s nothing worse than thinking you got a great deal, to end up throwing half of it away because it went bad in the back of the pantry.

• Read your coupons carefully.  Some coupons are the golden ticket and save you tons, and then some don’t end up saving you that much at all.  If a coupon requires you to buy 10 of the item to get the discount then you could run into the bulk isn’t always better issue.  Or sometimes a coupon on a brand name item still makes the item more expensive then the generic substitute!  

What other ways is your family being smart with their coins this summer?  Follow Honor Credit Union on twitter @honorcu and let us know using #askhonorcu!

Listen to Scott & Wild Bill talk about their tips for grocery shopping in this week's Mason Jar Monday!  

Comment on this post, or follow us on twitter @honorcu and use #askhonorcu to get involved! You can also comment with the topic you want to see discussed next week! It's your money, and we want to talk about things you care about!

Three Ways Credit Unions Can Help Your Credit Score

We all need a little help from time to time, and when you need help with your credit score a credit union is the place to go!  Whether you are trying to establish credit or rebuild your credit score, credit unions can provide the tools you need for financial success.  Here are three ways that credit unions can help your credit score:

Education & Guidance

When you are a member of a credit union, you are an owner.  We truly care about your financial success and are a wonderful, free, unbiased source of information to help you get your credit back where you want it!  We will teach you how to build your credit up, and then keep paying attention to it!  It doesn’t take much to knock your credit score down, but the professionals at credit unions, like Honor Credit Union, can teach you how to build it back up.

Products to Rebuild Credit

On top of providing tips and guidance, credit unions have financial products that will put your credit score on the right track.  Products like Honor’s Secured Loan options or Fresh Start Visa can help you build credit, or give your limited credit a boost.  Both of these products are great tools that will give you loan options and build your credit at the same time.  You can learn more at www.honorcu.com. 

Free Tools and Resources

Online banking and mobile banking give you visibility and access to your accounts virtually 24/7 helping you stay on top of your balances and spending.  Budgeting tools like Money Desktop can help you look at the big picture of what you are spending and set budgets every month to stay on track.  Credit unions will teach you the value in looking at your credit score! Through Honor’s website there is a link to pull your credit report.  You get one free report every year, and taking advantage of that resource can help you stay ahead...knowledge is key!  All these tools are free, to help you get your credit score where it needs to be and achieve financial success!

Once you have done all the hard work to build or rebuild your credit, we’ll be celebrating right there with you!  Your financial success is our financial success!  Share your story @honorcu using #askhonorcu

Listen to the full Mason Jar Monday episode on how credit unions can help your credit score below!

Comment on this post, or follow us on twitter @honorcu and use #askhonorcu to get involved! You can also comment with the topic you want to see discussed next week! It's your money, and we want to talk about things you care about!

"Go Green" With Your Banking!

Being conscious of the environment is more than just a trend, and is something that everyone should make a part of their daily life.  There are so many little things that you can do in your daily routine to make a positive impact on the environment.  Honor is taking the next steps to go paperless, and here are three easy tips to help you “go green” with your banking, as well:

• E-Statements!  Not only is this a more secure and environmentally conscious method of receiving your statement, but it is a faster and more convenient way to receive your statement as well.  Almost 50% of Honor members take advantage of this free service, but that still leaves the other 50% that could take the next step to “going green!”

• Online banking!  Utilizing online banking can not only save you the gas of coming into the credit union to do transactions, but also the time.  We love to see our members, of course, but taking advantage of online banking options is an easy way for members to go paperless with their daily transactions.

• Recycle!  Whether you are still one of the members that haven’t made the switch to e-statements, or you just have other sensitive documents (i.e..tax forms) that have been accumulating, recycle them! 

• One easy way to start recycling is through one of the seven community shred days Honor planned for 2014 where anyone in the community can bring their old paper statements or sensitive documents and have it securely recycled.  The first one is actually at our Stevensville branch location on April 5!

You can listen to the full Mason Jar Monday episode on real estate below.  Join Honor’s initiative to go paperless, and start adopting a few of these tips into your banking routine!  Don't forget to follow Honor on twitter @honorcu before Friday 3/28 for a chance to win a $50 Visa gift card!  

Comment on this post, or follow us on twitter @honorcu and use #askhonorcu to get involved! You can also comment with the topic you want to see discussed next week! It's your money, and we want to talk about things you care about!

Financial "Faux-Pas" To Avoid In Your Twenties

Whether you are graduating from college, moving out on our own for the first time, starting your first real job, or making your first big purchase, your twenties are an exciting time often full of life milestones.  With those life milestones, comes the increased responsibility of managing your own money.  As exciting and fun as this time of your life can be, here are three financial “faux-pas” that you should avoid to set up your thirties and beyond to be a success. 

• Not setting financial goals: setting a savings goal is crucial regardless of your age.  As you approach the stage of looking at your first job, your first car, or even your first home, you will thank yourself for setting a savings goal and sticking to it when it comes to making a life purchase.

• Buying more than you can afford: on the flip side of savings, is spending.  We’ve all be tempted once we start to receive those first paychecks to go out and splurge.  Splurging a little is just human nature and is ok, but within reason.  Don’t spend more than you can afford (especially at the expense of your credit card!) just because you now have an income or are trying to keep up with your friends who are all buying brand new cars.  Set your limits, make a plan, and stick to it.  Your older self will thank you, later!

• Not starting a retirement fund: You’re probably thinking that you just started working, why in the world should you think about retiring?! It’s never too early and you will REALLY thank yourself when you are in your thirties and already have a head start on reaching your retirement goal.  Even if it is the bare minimum each paycheck, setting aside something towards retirement will literally pay off as the years go by. 

The full Mason Jar Money conversation between Honor’s CEO Scott McFarland and 97.5Y-Country’s Wild Bill on Financial “Faux-Pas” To Avoid In Your Twenties is below.  We just listed a few, but what are some other financial tips that you would give to someone in their twenties just starting out on their own?


Comment on this post, or follow us on twitter @honorcu and use #askhonorcu to get involved! You can also comment with the topic you want to see discussed next week! It's your money, and we want to talk about things you care about!