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! 

Three Ways Credit Unions Can Help Your Small Business

Do you own a small business?  Keeping your business open is the main goal, but have you ever thought of a credit union to help you do just that?  Credit unions are local, but are not too small to help your small business.  Small businesses are the backbone of our community and credit unions understand that.  Here are three ways that a credit union can help your business achieve financial success:

1. Business Checking options that do more!  Many credit unions offer checking accounts for businesses that are more than your basic checking account.  For example, Honor has a business checking account that has no minimum balance, a free debit card, and extra e-services to help you manage your business’s checking account better.  Another type of business checking account that many credit unions, like Honor, offer even earns the business interest! 
2. Business Loans with flexibility!  When many business owners think of a business loan, they think of a bank.  It’s time to start thinking differently!  Credit unions can offer business loans with many of the same features as banks, but often with lower interest rates and more flexibility!  Honor Credit Union’s business loans allow both weekly and bi-weekly payments, has no pre-pay penalties, and competitive interest rates to top it all off!
3. Tech tools to make your life easier!  As a small business owner, you have enough to worry about.  Let some of the extra e-services that credit unions can offer take a little off your plate!  Direct Deposit, employee payroll, online banking, and ACH are all services that credit unions like Honor can offer your business.  Honor’s business checking online banking system is even compatible with Quicken and Quickbooks to make managing your books even easier!

Small businesses are an important part of our community, and managing your small businesses finances shouldn’t be a hassle.  Credit unions are here to help and can offer your business the solution it needs to achieve financial success.

Check out Honor Credit Union’s Business Services Manager, Kathy B. talk with Wild Bill about the business services Honor offers 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!

You Got Accepted To College...Now How Do You Pay For It?

As Youth Month continues and the school year approaches an end, many students (and parents) are already looking ahead to next fall and the tuition that comes with it.  If you or your student is headed to college, here are a couple tips on paying for it:

• Scholarships – This sounds like a no brainer, but make sure you look at all the scholarship options available that you may qualify for!  Your high school counselor is often a great first resource for a list of local scholarships, like Honor’s Community Commitment Scholarship for example.  Every spring Honor awards ten $1,000 scholarships to graduating seniors (we’ll be announcing winners soon!), and many other businesses or organizations may be listed at your high school with scholarship options, too!  Websites like scholarships.com or finaid.org/scholarships are also great resources.  You will be surprised what a little bit of effort and research can get you as far as scholarship options!
• Student Loans – There is approximately one TRILLION dollars of outstanding student loan debt in the United States.  $864 billion of that is federal student loans - that means it is backed by the government.  The other $150 billion is privately funded student loans - not backed by the government¹.  Federal student loans typically provide more benefits than private loans, such as fixed interest rates, no payments until the student is no longer attending class full time, and in many situations no required co-signer.  The Federal Student Aid website is a great resource when comparing federal loans to private and can save you time and confusion when determining the best option for you.
• Other Loan Options – Home Equity loans or personal loans through your local credit union may be another solution to assist with school expenses.  If you just need that little extra to help with your child’s textbooks, for example, a personal loan or home equity may be a good option.  Honor can help you with all of these options, and more information on which route will work for you is at our website.  You wouldn’t have the option to defer payments until your student graduates like the federal student loan, but you may qualify for a lower interest rate than another student loan option saving you money in the long run.

Hear Wild Bill and Honor's Scott McFarland discuss paying for college in this week's Mason Jar Monday here!

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!

¹ Source: http://www.asa.org/policy/resources/stats/

Removing The Confusion From Real Estate

When you are thinking about buying your first house, or selling the one you live in now and moving, you may not know exactly where to start.  Real estate loans can be confusing and intimidating if you don’t know where to start.  Well, fear no more, because Honor Credit Union’s Assistant Real Estate Manager, Kim, was the guest speaker on Mason Jar Monday this week.  Here are a couple of her quick tips to clear the air on the world of real estate:

• Many of you may have heard about regulation changes regarding getting qualified for a mortgage.  Basically, the regulation that took effect January 10^th, 2014 simply required lenders, like Honor, to verify that members looking at a mortgage have the ability to repay the loan.  While this regulation has been updated, Honor has always been diligent with this, so not too much changed for us.

• One of the big mysteries that seem to surround mortgages for many people is the down-payment needed.  We know this is vague, but it truly depends on your situation.  Typically, you can purchase a home for as little as 5% down. One of the great things about credit unions like Honor, though, is we will look at your unique situation when underwriting your loan application.  Because Honor offers a full range of real estate products, we have multiple options for our members.  There is no black and white in our underwriting process.  We look at the whole picture of every member’s situation to find the best options for them and their financial success. 

• The best thing you can do when you have questions about real estate is ask!  Whether you are looking for a new construction loan, a refinance loan, a vacant land loan, an investment property, or a home equity loan, know that there are options for you and your situation.  Getting a real estate loan doesn't have to be scary or confusing when you are dealing with the right people!  Our team of experienced professionals will hold your hand throughout your loan process and be there to answer any questions you might have.

You can listen to the full Mason Jar Monday episode on real estate below.  The real estate market is improving, and people are looking to buy and sell again.  If you are one of those people, get pre-approved and talk to someone that can give you the information and advice you need to clear up the confusion from the process.  At Honor, you can get pre-approved on our website, over the phone, or in any branch location typically in less than 24 hours!

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!