Smart Tips for Investing in Your 401(k)

How can you make the most out of your 401(k)? Take a look at some ways to maximize this important investment:  Meet regularly with your financial advisor. The best strategy you can take to maximize any investment is to get professional assistance. A financial advisor will discuss growth strategies with you and encourage you to make smart choices with your 401(k). Furthermore, they can help you with any other current or potential investments you may have. Most advisors suggest meeting with them semi-annually or annually to review your entire investment portfolio. Be sure you understand the rules and contribute to the limits if you…

May 27, 2020Future Planning No Comments

How can you make the most out of your 401(k)? Take a look at some ways to maximize this important investment:  Meet regularly with your financial advisor. The best strategy you can take to maximize any investment is to get professional assistance. A financial advisor will discuss growth strategies with you and encourage you to make smart choices with your 401(k). Furthermore, they can help you with any other current or potential investments you may have. Most advisors suggest meeting with them semi-annually or annually to review your entire investment portfolio. Be sure you understand the rules and contribute to the limits if you…

Grow Your Savings or Eliminate Debt? 

Which would you rather do in the next few months? Pay off your credit cards, or build interest on the money in your savings? Most people would choose the latter option. Making more money on your savings appears to be the most stable financial option.   The problem with this scenario is that you may end up paying more interest on your credit cards than what you will make in interest on your savings. This can result in you losing more money overall by postponing paying off your credit card bill.  Understand Your Credit & Savings Interest  Most financial planners will tell you upfront to get rid of…

May 14, 2020Wallet Wins No Comments

Which would you rather do in the next few months? Pay off your credit cards, or build interest on the money in your savings? Most people would choose the latter option. Making more money on your savings appears to be the most stable financial option.   The problem with this scenario is that you may end up paying more interest on your credit cards than what you will make in interest on your savings. This can result in you losing more money overall by postponing paying off your credit card bill.  Understand Your Credit & Savings Interest  Most financial planners will tell you upfront to get rid of…

How to Create Financial Goals You’ll Actually Follow

Studies have shown that people who clearly define their goals, whether it’s losing weight or gaining a new position at their workplace, have a better success rate than those who just wing it.  There’s an easy acronym you can use as a formula for success in setting objectives for a big goal:  Specific Measurable Achievable Realistic Time-Bound  It’s no different for financial goals. Do you want to own a new home, take a European vacation or put your kids through college? Whatever your personal financial goals are, preparing a plan is the first step toward achieving success. Here are some tips…

May 13, 2020Wallet Wins No Comments

Studies have shown that people who clearly define their goals, whether it’s losing weight or gaining a new position at their workplace, have a better success rate than those who just wing it.  There’s an easy acronym you can use as a formula for success in setting objectives for a big goal:  Specific Measurable Achievable Realistic Time-Bound  It’s no different for financial goals. Do you want to own a new home, take a European vacation or put your kids through college? Whatever your personal financial goals are, preparing a plan is the first step toward achieving success. Here are some tips…

Remodeling vs. Selling Your Home: 5 Factors to Help You Decide

Big decisions like whether to remodel or sell your home can become clouded with unrealistic expectations. If you’re a homeowner and are considering whether to remodel your existing home or  buy a new home, here are some factors that you and your realtor should discuss:  Remodel Cost:  To perform the type and size of renovations seen on some cable shows, most people will use a Home Equity Loan. This means that there will be interest rates, closing costs, and other expenses associated with the remodel. It’s also important to get multiple estimates from reputable, licensed companies or contractors in your area for the best strategy. New Home Cost: There are several expenses the homeowners will incur if they a.) sell their existing home and b.) purchase a…

May 11, 2020Borrowing Basics No Comments

Big decisions like whether to remodel or sell your home can become clouded with unrealistic expectations. If you’re a homeowner and are considering whether to remodel your existing home or  buy a new home, here are some factors that you and your realtor should discuss:  Remodel Cost:  To perform the type and size of renovations seen on some cable shows, most people will use a Home Equity Loan. This means that there will be interest rates, closing costs, and other expenses associated with the remodel. It’s also important to get multiple estimates from reputable, licensed companies or contractors in your area for the best strategy. New Home Cost: There are several expenses the homeowners will incur if they a.) sell their existing home and b.) purchase a…

4 Ways to Make Your Credit Cards Work for You

What’s one of the most persuasive pieces of advice that you’ve heard about credit cards? Most likely, your parents told you to pay them all off, cut most of them up, and save only one for emergencies.   But you don’t have to destroy your credit cards or refuse to use them to take control of your spending habits. In fact, refusing to use credit can weaken your credit score. Here are four ways to manage your credit card balances while continuing to use your credit cards.   1. Reschedule Payment Dates for More Convenient Times. Just move your payment date. This is especially helpful if your payday doesn’t match your payment due date. You will lower your chances of missing a payment. FYI: Credit card payment history accounts for about 35% of your credit score.   2. Pay in Full…

May 11, 2020Borrowing Basics No Comments

What’s one of the most persuasive pieces of advice that you’ve heard about credit cards? Most likely, your parents told you to pay them all off, cut most of them up, and save only one for emergencies.   But you don’t have to destroy your credit cards or refuse to use them to take control of your spending habits. In fact, refusing to use credit can weaken your credit score. Here are four ways to manage your credit card balances while continuing to use your credit cards.   1. Reschedule Payment Dates for More Convenient Times. Just move your payment date. This is especially helpful if your payday doesn’t match your payment due date. You will lower your chances of missing a payment. FYI: Credit card payment history accounts for about 35% of your credit score.   2. Pay in Full…

6 Ways Auto Advisors Can Help You Find the Right Car

When was the last time you absolutely knew that you got a great deal when you purchased a vehicle? Probably never! That’s why we’re giving you access to the professional car buying services of Auto Advisors, a no-cost member benefit from PEFCU.   What is “Auto Advisors?”  Auto Advisors is a no-cost auto-buying service that pairs PEFCU members with professionally trained car-buying gurus. Traditional dealership games and tactics don’t work against Auto Advisors; many of which are former dealership employees themselves—so they know first-hand what to avoid.  Hassle-Free Car Buying: 6 Ways Auto Advisors Can Help You  Your Auto Advisor will work with you one-on-one and help to:  Locate Your Ideal Vehicle Get…

May 11, 2020Borrowing Basics No Comments

When was the last time you absolutely knew that you got a great deal when you purchased a vehicle? Probably never! That’s why we’re giving you access to the professional car buying services of Auto Advisors, a no-cost member benefit from PEFCU.   What is “Auto Advisors?”  Auto Advisors is a no-cost auto-buying service that pairs PEFCU members with professionally trained car-buying gurus. Traditional dealership games and tactics don’t work against Auto Advisors; many of which are former dealership employees themselves—so they know first-hand what to avoid.  Hassle-Free Car Buying: 6 Ways Auto Advisors Can Help You  Your Auto Advisor will work with you one-on-one and help to:  Locate Your Ideal Vehicle Get…