Credit Unions and College Students

Last week we talked about ways that all of you parents with school aged children can save money this time of year.  This week, we’re talking about ways college students getting ready to get back into focus for the fall semester can save a few bucks.  Even as a college student, it’s never too early to start looking at your financial future and Honor is here to help!  Here are three ways that credit unions can help college kids save money:

1)      Techy Resources – The old myth that credit unions don’t have all the cool and convenient technology resources that the big banks have is just that…a myth!  We know that as a college student, you are BUSY!  You need tools like online banking, an easy to use mobile app, mobile deposit capture that lets you deposit checks with your smart phone, HonorPay that lets you pay back virtually anyone anywhere all from your phone, and automatic bill pay so that you never have to remember to pay for your cell phone bill so that you can use all these fancy tech tools on the go!  You want to access your account in a way that’s easy for your on-the-go lifestyle from wherever in the country that your education is taking you, and credit unions tech tools make that possible!

2)      Easy Access - Moving away for school, but need to have access to your account from your hometown? No problem! When you’re a member at a credit union like Honor, you have access to 30,000 surcharge-free ATM’s and 5,000 shared credit union branches! This means you can take care of your financial needs through your honor account at any of our shared branches! To find a list in your area, visit honorcu.com.  Between shared branching and accounts like Honor’s Benefits Checking that reimburses up to $20 in ATM fees every month if you meet a few simple requirements and the techy resources we already talked about you can access your account from virtually anywhere you are. 

3)      Student Loans. Did your federal loans, scholarships, and grants not quite cover tuition this semester? Many credit unions like Honor offer private student loans with competitive rates. Through our partnership with SallieMae, Honor Credit Union now features the Smart Option Student Loan.  This is an ideal solution to help cover the extra costs that always seem to pop up when it comes to higher education.

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!

The Back To School Budget

 

Back to school shopping is much more intense (and expensive) than it was years ago, when all you needed was a few notebooks, some #2 pencils, and a couple pairs of jeans that didn’t look like you were preparing for a flood.  Nowadays, teachers equip their new students with lists of supplies way in advance of the new school year (I’m talking July, sometimes even June!) that include a multitude of supplies. Many they will probably need and use. But many are questionable. So how do you determine the balance of what they need, and what you can afford? Here’s a few simple tips to stick to when you enter the jungle of back to school shopping.

1.       Take Stock & Re-Use.  Go through last year’s collection of supplies and see what you already have that can be used for the new school year. Your child only used half of their English notebook last year? Use that notebook! Are the highlighters and book covers still in good shape? Don’t buy more! Still have whole crayons and markers that aren’t dried out? Use those, too! If the old isn’t broken or used up or in bad shape, why buy new?

2.       Set A Budget & Make A List.   If you only have $100 to spend on school supplies this year (like me), then don’t spend more than that. Seems simple, but spending can easily and quickly get out of control, especially if you’re using plastic money and don’t see it dwindling in front of you. Bring in cash to the store, so you can visibly see your budget. It helps. Then, list specific items that you KNOW you need, and don’t put anything else on the list. If you have money left over in your budget, BONUS! Save it, or spend it on something else you or the kids would like to have for school.

3.       Skip New Clothes. Unless there is something your child just HAS to have (and it fits in your budget), buy as few NEW clothes for back to school as you can. Chances are they’ll be wearing their summer clothes for the first couple of months of school, anyways. After that, head to the thrift stores in your area! Kids go through so many growth spurts, it can be financially painful to spend $50 on a pair of jeans they’ll wear for a few months, then get rid of because they no longer fit. Thrift stores are a great alternative- super low prices on fairly nice, gently used items that fit your kids, and you won’t feel the financial pinch once they grow out of them! Win-win!

Back to school shopping can be fun and cheap, if you do it right. Follow these tips while at the store, and your wallet, your kids, and their teachers, will be happy!

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 Punch In Your PIN; Sign Your John Hancock!

Whether you’re out on the town, shopping at the local mall, or just paying for lunch, you may use your debit card. And when you swipe your card, the cashier might ask you if you want to pay by Credit or Debit. But what does that really mean in relation to a debit card?

When you swipe your debit card and choose "credit," this means you are requesting to conduct a signature-based transaction, which requires 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.  And there are benefits to signing off instead!

Benefits of using your signature-

1.  Signing instead of using your PIN greatly reduces the risk of exposing your PIN number to identity thieves.
2.  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
3. You can even up the security of your card by registering your MasterCard SecureCode
4. 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-

1.  With most store signature pads, selecting Credit allows you to sign your name instead of punching in your PIN
2.  Even if you have already selected Credit, you may be asked to enter your PIN. Ask the cashier to run the purchase as Credit.
3. Many times, this means hitting the “red” button or the “cancel” button
4. For smaller transaction amounts, a signature may not be needed.

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!