Designate No Spend Days

How many times a day do you swipe your credit card? It’s common for most people to do this without thinking twice about it. From the coffee you pick up on your way to work to dining out for lunch, you may not realize just how often you’re spending money. The problem is, spending so frequently makes it difficult to save. From tapping your mobile device to making a purchase online, how much are you spending?  Spending Made Easy Makes Saving Difficult  Back when you had to pay in cash for everything, spending was much harder. These days, it’s too easy. You don’t even need to have your card in hand while shopping online, right now! While this helps you…

February 22, 2021Wallet Wins No Comments

How many times a day do you swipe your credit card? It’s common for most people to do this without thinking twice about it. From the coffee you pick up on your way to work to dining out for lunch, you may not realize just how often you’re spending money. The problem is, spending so frequently makes it difficult to save. From tapping your mobile device to making a purchase online, how much are you spending?  Spending Made Easy Makes Saving Difficult  Back when you had to pay in cash for everything, spending was much harder. These days, it’s too easy. You don’t even need to have your card in hand while shopping online, right now! While this helps you…

4 Reasons Your Credit Score Changed

Your credit score carries a lot of weight in your ability to get credit. Not only that, it affects the interest rate you’re approved for, the cost of your insurance premiums—even your ability to be employed in certain occupations.    Many people don’t realize small actions cause ripple effects that can lower your credit score. If you monitor your credit score routinely, you may find these changes perplexing. These are four reasons why your credit score may have changed.  You made a large purchase on your credit card. If you make a big credit card purchase, it increases your Credit Utilization Ratio (CUR). The credit utilization ratio is the amount of credit you have available compared to the amount of credit you use. Ideally,…

February 22, 2021Uncategorized No Comments

Your credit score carries a lot of weight in your ability to get credit. Not only that, it affects the interest rate you’re approved for, the cost of your insurance premiums—even your ability to be employed in certain occupations.    Many people don’t realize small actions cause ripple effects that can lower your credit score. If you monitor your credit score routinely, you may find these changes perplexing. These are four reasons why your credit score may have changed.  You made a large purchase on your credit card. If you make a big credit card purchase, it increases your Credit Utilization Ratio (CUR). The credit utilization ratio is the amount of credit you have available compared to the amount of credit you use. Ideally,…

Simple Way to Pad Your Nest Egg: Save Bonuses & Tax Returns 

As tempting as it is to buy that luxury pool, that plane ticket to Hawaii, or those new red stilettos, it’s more important to ensure your financial future. That means not living from paycheck to paycheck. You need to put money into a savings account to stay out of debt and prepare for financial emergencies. An unexpected illness, job loss, or costly repair can send people with no savings into financial ruin. A couple of missed paychecks, and they could lose their house, car, and other cherished necessities.   While committing to a savings plan may seem hard, there are easy ways to save. Start with cutting out that daily artisan coffee drink, 100+ cable channels, and eating out for lunch. These all add up over time. But, if you want a big boost to your savings goal, use those big windfalls of cash that you receive from the government or your…

February 22, 2021Future Planning No Comments

As tempting as it is to buy that luxury pool, that plane ticket to Hawaii, or those new red stilettos, it’s more important to ensure your financial future. That means not living from paycheck to paycheck. You need to put money into a savings account to stay out of debt and prepare for financial emergencies. An unexpected illness, job loss, or costly repair can send people with no savings into financial ruin. A couple of missed paychecks, and they could lose their house, car, and other cherished necessities.   While committing to a savings plan may seem hard, there are easy ways to save. Start with cutting out that daily artisan coffee drink, 100+ cable channels, and eating out for lunch. These all add up over time. But, if you want a big boost to your savings goal, use those big windfalls of cash that you receive from the government or your…

Why Personal Lines of Credit May Be the Best Choice

Many people turn to credit cards when financial fires need to be put out quickly. While credit cards can serve as a solid plan B, a Personal Line of Credit (PLOC) may be a better choice in certain situations.  A PLOC can be used to consolidate debt, make home improvements, pay off higher-interest debts—even help you with unplanned rainy days.   Understanding the opportunities PLOCs present can help you take full advantage of the services the credit union provides members.  Benefits of PLOCs  While some people find the convenience of credit cards in these situations alluring, there are distinct benefits that make PLOCs far preferable in the long-term. These are just a few of the benefits of PLOCs worth considering when exploring…

February 17, 2021Borrowing Basics No Comments

Many people turn to credit cards when financial fires need to be put out quickly. While credit cards can serve as a solid plan B, a Personal Line of Credit (PLOC) may be a better choice in certain situations.  A PLOC can be used to consolidate debt, make home improvements, pay off higher-interest debts—even help you with unplanned rainy days.   Understanding the opportunities PLOCs present can help you take full advantage of the services the credit union provides members.  Benefits of PLOCs  While some people find the convenience of credit cards in these situations alluring, there are distinct benefits that make PLOCs far preferable in the long-term. These are just a few of the benefits of PLOCs worth considering when exploring…

Does Closing a Credit Card Affect Your Credit Score? 

Your old credit card. It has plagued your thoughts and haunted your monthly bottom line for years—even decades. That exhilarating moment you FINALLY pay it off gives you such relief that you want to cut the card up and bid the credit card company good riddance forever.   But is this really the best move for your credit score? Starting off with a clean slate might feel good, but sometimes holding on to an “old friend” is better. Let’s dig a little deeper.  Anatomy of a Credit Score  Before we get too deep, it’s wise to explore the anatomy of a credit score and how closing a credit card may affect it.  Your credit score consists of five factors:  Payment history  Amount owed  Length of credit history (how long accounts…

February 15, 2021Borrowing Basics, Wallet Wins No Comments

Your old credit card. It has plagued your thoughts and haunted your monthly bottom line for years—even decades. That exhilarating moment you FINALLY pay it off gives you such relief that you want to cut the card up and bid the credit card company good riddance forever.   But is this really the best move for your credit score? Starting off with a clean slate might feel good, but sometimes holding on to an “old friend” is better. Let’s dig a little deeper.  Anatomy of a Credit Score  Before we get too deep, it’s wise to explore the anatomy of a credit score and how closing a credit card may affect it.  Your credit score consists of five factors:  Payment history  Amount owed  Length of credit history (how long accounts…

A Celebration of Black History

In celebration of Black History Month, PEFCU would like to explore the rich history of the Black community’s relationship to banking and the cooperative spirit that many credit union members share. Mutual Aid Societies & Cooperatives Before modern credit unions began, community-oriented institutions were set up to serve freedmen in the North. Like credit unions, they were co-owned by all their members, provided the community with affordable alternatives for financial services, and fostered self-sufficiency. By the late 18th century, northern Black populations had established mutual aid societies and cooperatives, creating networks that helped advance the community by supplying clothes, healthcare,…

February 5, 2021We Are PEFCU No Comments

In celebration of Black History Month, PEFCU would like to explore the rich history of the Black community’s relationship to banking and the cooperative spirit that many credit union members share. Mutual Aid Societies & Cooperatives Before modern credit unions began, community-oriented institutions were set up to serve freedmen in the North. Like credit unions, they were co-owned by all their members, provided the community with affordable alternatives for financial services, and fostered self-sufficiency. By the late 18th century, northern Black populations had established mutual aid societies and cooperatives, creating networks that helped advance the community by supplying clothes, healthcare,…

Which Savings Options Are Right for YOU? 

When it comes to saving money, most people begin with a basic savings account. Then, they move directly into market-based investments, like stocks and bonds. However, before you jump into higher-risk market-based investments, know that PEFCU offers many investment options that have great returns with little to no risk. Let’s review these options in more detail so you can choose some that will help you live your best financial life.  PEFCU Prime Share Savings Account  Savings accounts are your first step to saving money. This option is good to use as an emergency fund account; if an unforeseen event occurs, you have the money available to pay for any costs. Another use of a savings account is to save for the holidays or vacations,…

February 2, 2021Future Planning, Wallet Wins No Comments

When it comes to saving money, most people begin with a basic savings account. Then, they move directly into market-based investments, like stocks and bonds. However, before you jump into higher-risk market-based investments, know that PEFCU offers many investment options that have great returns with little to no risk. Let’s review these options in more detail so you can choose some that will help you live your best financial life.  PEFCU Prime Share Savings Account  Savings accounts are your first step to saving money. This option is good to use as an emergency fund account; if an unforeseen event occurs, you have the money available to pay for any costs. Another use of a savings account is to save for the holidays or vacations,…

5 Budget-Friendly Ways to Romance Your Valentine

The chocolates. The hearts. The flowers! Valentine’s Day is the most romantic day of the year, right?  It can also be one of the most expensive, especially if you’re wining and dining your sweetheart.  We’ve got a secret for you: Valentine’s Day doesn’t have to be pricey. There are plenty of fun, romantic, cute things you can do to romance your honey on that date without wondering if your card will be declined at the end of the night.  Cook Dinner Together.  It’s popular to dine out at an expensive restaurant on Valentine’s Day. However, having more diners means that restaurants get crowded and that their employees are pushed to their limits. Plus, the price of the…

February 1, 2021Wallet Wins No Comments

The chocolates. The hearts. The flowers! Valentine’s Day is the most romantic day of the year, right?  It can also be one of the most expensive, especially if you’re wining and dining your sweetheart.  We’ve got a secret for you: Valentine’s Day doesn’t have to be pricey. There are plenty of fun, romantic, cute things you can do to romance your honey on that date without wondering if your card will be declined at the end of the night.  Cook Dinner Together.  It’s popular to dine out at an expensive restaurant on Valentine’s Day. However, having more diners means that restaurants get crowded and that their employees are pushed to their limits. Plus, the price of the…

Q & A with Tina Green, Head Teller, 25 years 

At PEFCU, we are proud of what each of our employees brings to our Credit Union. We are especially proud to showcase the employees who have contributed to our organization for many years. When our employees love PEFCU enough to stay with us, it shows that we have a lot to offer.  One of those employees is Tina Green, Lakeland Head Teller, who has been with PEFCU for 25 years. We interviewed Tina to find out why PEFCU won her heart. Check out the interview below:    Q: Why did you choose to join the PEFCU team?  A: I chose PEFCU because I heard it was a wonderful place to work. The Credit…

January 25, 2021We Are PEFCU No Comments

At PEFCU, we are proud of what each of our employees brings to our Credit Union. We are especially proud to showcase the employees who have contributed to our organization for many years. When our employees love PEFCU enough to stay with us, it shows that we have a lot to offer.  One of those employees is Tina Green, Lakeland Head Teller, who has been with PEFCU for 25 years. We interviewed Tina to find out why PEFCU won her heart. Check out the interview below:    Q: Why did you choose to join the PEFCU team?  A: I chose PEFCU because I heard it was a wonderful place to work. The Credit…

4 Ways to Stop Impulse Buying

Right now, you can easily buy anything with a quick swipe, tap, or click at any online or brick-and-mortar store. All these stores constantly push impulse buying on you by design, and that makes it hard to say no. But you can take control of impulse buying once you stick to a few of these rules.    1. Don’t Go Cold Turkey. Cutting yourself off cold turkey from impulse buying is not always the right move. This makes many people feel like they’re being punished, and they may want to rebel against their self-imposed restrictions. Be realistic and admit that everyone deserves a fun treat occasionally, even you. Allow yourself a couple of impulse purchases.   To stay in control, give yourself a weekly or monthly allowance, but don’t spend more than that. This helps you balance your need to enjoy the fruits of…

January 25, 2021Wallet Wins No Comments

Right now, you can easily buy anything with a quick swipe, tap, or click at any online or brick-and-mortar store. All these stores constantly push impulse buying on you by design, and that makes it hard to say no. But you can take control of impulse buying once you stick to a few of these rules.    1. Don’t Go Cold Turkey. Cutting yourself off cold turkey from impulse buying is not always the right move. This makes many people feel like they’re being punished, and they may want to rebel against their self-imposed restrictions. Be realistic and admit that everyone deserves a fun treat occasionally, even you. Allow yourself a couple of impulse purchases.   To stay in control, give yourself a weekly or monthly allowance, but don’t spend more than that. This helps you balance your need to enjoy the fruits of…