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!

Ways Your Credit Union Can Help You Raise Your Credit Score

It’s that little three digit number that determines a whole slew of things in your life, from if & when you’ll get that mortgage for the three bed, two bath ranch style on Main Street, or a loan for that Mustang GT you’ve been dreaming about since you could drive. It’s your credit score; And it packs a punch. But if your credit score is less than stellar, never fear! Your credit union is here! Most credit unions offer a number of ways to help out their members with polishing up their tarnished score. Here’s a few ways your credit union may be able to help!

1.    Credit Building Loans-These loans are usually given out in small amounts, usually no more than a few thousand, with relatively low interest rates. They’re aimed at helping members rebuild their credit over time, through making your payments on time each month. The loan amount is deposited into a savings account as collateral, and it can't be touched. When the loan is repaid, the member gets the balance in the account, including dividends. Monthly payments are reported to credit bureaus, bumping up your score.

 

2.    Secured Cards-A secured credit card can be a creditworthy tool for people with little or no credit histories. Typically, a savings account is used as collateral against a credit card loan. Your borrowing power builds over time, as you make more deposits into your account. Many credit unions offer secured credit cards, so there are lots of choices. Some even waive annual fees and give you free credit scores.

3.    Online Tools-Many credit unions offer a multitude of credit building tools. Honor Credit Union has free online resources, such Money Desktop, which keeps all of your accounts and bills in check in one convenient, online location for you to keep track of your finances and when payments are due. Honor CU also has Account Alerts. You can set up automatic reminders for when your payments are due, when automatic deposits or withdrawals are processed, and it can even let you know when your balance is getting low! Check with your credit union to see what sort of online tools they have available that can get you on the right financial track and bring your credit score back up!

Getting out of debt is hard, but bringing your credit score back up is even harder. But don’t be discouraged! With dedication and close attention to bills and due dates, you can have your score back in the green in no time!

 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!

Don’t Do These Four Things If You Want To Save Money

You’re focused on spending less and saving more – especially with the expensive holiday season fast approaching.  You try to be smart with purchases and put money in to your savings each month.  But what if all that effort and hard work you’re putting in is backfiring?  Avoid doing these three things to make your mission to save money more successful:

1.     You spend TOO MUCH time trying to find the best deal.  You know that saying, time is money?  Well, it’s true!  Be diligent, but if every time you find a good deal you spend so much time making sure it’s the best deal that the good deal actually passes or is sold out, you really didn’t save anything did you? Do your research when you’re shopping but don’t over-analyze to the point of missing out on savings!

2.    You buy cheap stuff.  Often times, we try to save money by purchasing the cheapest option available.  Not a bad thing in some cases, but in others that lowest price tag comes with the lowest quality.  Depending on the item you are hunting for keep quality in mind.  Don’t spend more money having to replace something every month if you would have just gone up one price bracket and been able to keep that option for a year or more.

3.    You buy things because they’re on sale.  A good deal can be hard to pass up, but did you really need that item?  Money spent is not money saved any way you cut it.  Avoid purchasing something just because it’s on sale if it’s not something that you really needed in the first place. 

4.    Your savings is a little too accessible.  Technology can be a beautiful thing, but with it comes the need for additional discipline.  It is as easy as a few swipes on your smart phone to transfer that hard earned savings in to your checking account when you’re at the store staring at that new item you just have to have.  If you find yourself tempted like this often, maybe make it a little harder to make that transfer.  Utilize the tools available in online banking to set some limits for yourself and make your savings stay in savings.  

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!