Welcome To Making Money Prosper

At every stage in life, we all need a routine checkup for our financial health. That is why we’ve launched Making Money Prosper! This blog is dedicated to you, our PEFCU members. We’re here to help you live your best financial life by teaching you to successfully save, invest, and manage your money. Adulting can be hard–we get it! We want you to find success through all of life’s stages: like purchasing your first car, traveling the world, planning for retirement, and everything in between. At PEFCU, our goal is to educate you and your family about your personal finances…

July 6, 2020PEFCU Perks, We Are PEFCU No Comments

At every stage in life, we all need a routine checkup for our financial health. That is why we’ve launched Making Money Prosper! This blog is dedicated to you, our PEFCU members. We’re here to help you live your best financial life by teaching you to successfully save, invest, and manage your money. Adulting can be hard–we get it! We want you to find success through all of life’s stages: like purchasing your first car, traveling the world, planning for retirement, and everything in between. At PEFCU, our goal is to educate you and your family about your personal finances…

How Your First Job Can Impact Your Retirement 

The moment you walk through the front door, hear the ring. You fumble the smartphone out of your pocket and answer it eagerly, talking to the job interviewer that you just saw an hour ago. They happily give you the good news as you barely hold back the scream of joy. You landed your first job and will start work on Monday. When you go to bed, you start thinking about all the things you want to do with your new salary.  Time to Think About Retirement  Initially, you might spend most of your time imagining the luxurious lifestyle your new income will bring, but you should eventually push those fantasies aside to consider a retirement fund. It doesn’t sound that exciting, especially if you are…

August 2, 2021Future Planning No Comments

The moment you walk through the front door, hear the ring. You fumble the smartphone out of your pocket and answer it eagerly, talking to the job interviewer that you just saw an hour ago. They happily give you the good news as you barely hold back the scream of joy. You landed your first job and will start work on Monday. When you go to bed, you start thinking about all the things you want to do with your new salary.  Time to Think About Retirement  Initially, you might spend most of your time imagining the luxurious lifestyle your new income will bring, but you should eventually push those fantasies aside to consider a retirement fund. It doesn’t sound that exciting, especially if you are…

Earn MORE on Back 2 School Purchases

From July 30, 2021, through August 31, 2021, you will earn double ScoreCard® rewards points on all back-to-school purchases with your PEFCU Visa® credit card! That’s double points on clothes, shoes, books, crayons, pencils, snacks, and lunches! To save even more, shop during your tax-free days: Florida: 7/31/2021 – 8/9/2021 Georgia: 7/31/2021 – 8/1/2021 South Carolina:8/6/2021 – 8/8/2021 Tennessee: 7/30/2021 – 8/1/2021 Virginia: 8/6/2021 – 8/8/2021 The ScoreCard® rewards points you earn can be redeemed for a variety of exciting rewards, including: Experiences Local Offers Gift Cards Merchandise Travel Fuel Redemption Charitable Giving Tickets To learn more about our ScoreCard®…

July 22, 2021Wallet Wins No Comments

From July 30, 2021, through August 31, 2021, you will earn double ScoreCard® rewards points on all back-to-school purchases with your PEFCU Visa® credit card! That’s double points on clothes, shoes, books, crayons, pencils, snacks, and lunches! To save even more, shop during your tax-free days: Florida: 7/31/2021 – 8/9/2021 Georgia: 7/31/2021 – 8/1/2021 South Carolina:8/6/2021 – 8/8/2021 Tennessee: 7/30/2021 – 8/1/2021 Virginia: 8/6/2021 – 8/8/2021 The ScoreCard® rewards points you earn can be redeemed for a variety of exciting rewards, including: Experiences Local Offers Gift Cards Merchandise Travel Fuel Redemption Charitable Giving Tickets To learn more about our ScoreCard®…

Should You Have a Credit Card in College?  

Graduating from high school to college is a big milestone in a teen’s life and brings many changes. Since some of these changes are linked to finances, teenagers and their parents often wonder if having a credit card while they are in college is a good idea. Here are some pros and cons of credit card use during college, and some tips to avoid overspending.   The Upsides of Credit Cards  Despite their potential drawbacks, credit cards can also have significant upsides for college students. While the following benefits can be true for anyone, they can be especially useful for students who often have limited financial resources and short credit histories. With a credit card, students can:  Pay for emergency items, like car repairs  Purchase school…

July 19, 2021Borrowing Basics No Comments

Graduating from high school to college is a big milestone in a teen’s life and brings many changes. Since some of these changes are linked to finances, teenagers and their parents often wonder if having a credit card while they are in college is a good idea. Here are some pros and cons of credit card use during college, and some tips to avoid overspending.   The Upsides of Credit Cards  Despite their potential drawbacks, credit cards can also have significant upsides for college students. While the following benefits can be true for anyone, they can be especially useful for students who often have limited financial resources and short credit histories. With a credit card, students can:  Pay for emergency items, like car repairs  Purchase school…

What Parents Need to Know about the Advance Child Tax Credit

Brought to you by KOFE, Knowledge of Financial Education The financial crisis caused by the COVID-19 pandemic has been tough on people’s finances and lives overall. Parents, in particular, have faced some monumental challenges—from how to balance homeschooling with remote work to how to manage childcare as they’re called back to the office. In response to these challenges, the American Rescue Plan Act of 2021 expanded the Child Tax Credit, offering advance payments that are set to begin July 15. If you are a parent with qualifying child dependents in your household, these advance payments may provide crucial funds that…

July 14, 2021Wallet Wins No Comments

Brought to you by KOFE, Knowledge of Financial Education The financial crisis caused by the COVID-19 pandemic has been tough on people’s finances and lives overall. Parents, in particular, have faced some monumental challenges—from how to balance homeschooling with remote work to how to manage childcare as they’re called back to the office. In response to these challenges, the American Rescue Plan Act of 2021 expanded the Child Tax Credit, offering advance payments that are set to begin July 15. If you are a parent with qualifying child dependents in your household, these advance payments may provide crucial funds that…

IRAs: Your Future, Your Money, Your Priorities 

No matter your age, focusing on your financial future is one of the best things you can do. As you are first settling into a career, you may think retirement is far enough away to give you time to come up with a strategy later. But as the years go by, it creeps higher and higher up on your list of priorities.   The best way to plan for retirement is to not let it sneak up on you; start your game plan now, so that you can live comfortably as a retiree. Individual Retirement Accounts (IRAs) are designed to get you there. An IRA is basically a savings account with big tax breaks created specifically to help you put away the…

July 5, 2021Future Planning No Comments

No matter your age, focusing on your financial future is one of the best things you can do. As you are first settling into a career, you may think retirement is far enough away to give you time to come up with a strategy later. But as the years go by, it creeps higher and higher up on your list of priorities.   The best way to plan for retirement is to not let it sneak up on you; start your game plan now, so that you can live comfortably as a retiree. Individual Retirement Accounts (IRAs) are designed to get you there. An IRA is basically a savings account with big tax breaks created specifically to help you put away the…

Make Sure You’re Immune to These COVID-19 Vaccine “Survey” Scams

Make Sure You’re Immune to These COVID-19 Vaccine “Survey” Scams Scammers take a stab at preying on the public health fears with COVID-19 schemes If you’re fully vaccinated against COVID-19 or will be vaccinated soon, you’re probably already feeling safer. However, once you receive both doses of the Pfizer or Moderna vaccine or the one-dose Johnson & Johnson, you may be at risk for a whole new threat: Scammers after your credit card number or other personally identifiable information (PII) for purposes of identity theft and fraudulent charges. That’s according to the U.S. Department of Justice (DOJ), which recently warned…

June 29, 2021Wallet Wins No Comments

Make Sure You’re Immune to These COVID-19 Vaccine “Survey” Scams Scammers take a stab at preying on the public health fears with COVID-19 schemes If you’re fully vaccinated against COVID-19 or will be vaccinated soon, you’re probably already feeling safer. However, once you receive both doses of the Pfizer or Moderna vaccine or the one-dose Johnson & Johnson, you may be at risk for a whole new threat: Scammers after your credit card number or other personally identifiable information (PII) for purposes of identity theft and fraudulent charges. That’s according to the U.S. Department of Justice (DOJ), which recently warned…

What Documents Do I Need to Update When I Get Married? 

You’ve taken vows, heard toasts made toward your lasting happiness, and even waltzed (or tripped up) onto the dance floor. Your big day has finally come and gone. You’re married!   Now the real fun begins — updating all your important documents. Doesn’t sound exciting, does it? But it’s a crucial step once you tie the knot. Here’s a list of essential documents you’ll need to update once you enter the “happily ever after” phase of your life.  Driver’s License & Social Security Card   This should be your first stop if you change your name. For social security, it’s not as simple as applying online. Instead, you must:  Obtain a certified copy of your birth certificate, marriage…

June 28, 2021Future Planning No Comments

You’ve taken vows, heard toasts made toward your lasting happiness, and even waltzed (or tripped up) onto the dance floor. Your big day has finally come and gone. You’re married!   Now the real fun begins — updating all your important documents. Doesn’t sound exciting, does it? But it’s a crucial step once you tie the knot. Here’s a list of essential documents you’ll need to update once you enter the “happily ever after” phase of your life.  Driver’s License & Social Security Card   This should be your first stop if you change your name. For social security, it’s not as simple as applying online. Instead, you must:  Obtain a certified copy of your birth certificate, marriage…

Laddering: A Creative Strategy for Investing in Share Certificates

With so many investment options out there, one popular option is a certificate account. While banks often refer to these accounts as certificates of deposit or CDs, PEFCU refers to them as share certificates.   What are share certificates?  A share certificate allows you to invest your money for a specified time period (typically ranging from 1 to 5 years) of your choosing. During the term of your investment, you are not allowed to withdraw your money without incurring a penalty.   In exchange for having your money “locked–in” during your term, you’ll usually receive a higher dividend rate versus traditional savings accounts. Furthermore, share certificates offer guaranteed returns without risk since the National Credit Union Administration (NCUA) federally insures all…

June 28, 2021Future Planning No Comments

With so many investment options out there, one popular option is a certificate account. While banks often refer to these accounts as certificates of deposit or CDs, PEFCU refers to them as share certificates.   What are share certificates?  A share certificate allows you to invest your money for a specified time period (typically ranging from 1 to 5 years) of your choosing. During the term of your investment, you are not allowed to withdraw your money without incurring a penalty.   In exchange for having your money “locked–in” during your term, you’ll usually receive a higher dividend rate versus traditional savings accounts. Furthermore, share certificates offer guaranteed returns without risk since the National Credit Union Administration (NCUA) federally insures all…

Benefits of a Money Market Account 

Be honest. Like most people, you might have dreamed of winning the lottery, right? Sure, it’s probably not going to happen, but it’s fun to imagine all the things you could do with that lump sum payment…    Now whether you buy a ticket every now and then, it’s up to you. No judgment here. But there are some smarter ways to plan for your future.  Start Saving  Any responsible financial advisor will tell you that a savings plan is vital to your financial health and long-term security. Whatever your age, income, or financial goals, you should start growing your savings now. Putting aside a little cash for “a rainy day” is not just a good idea for the short-term but also a lifelong good habit. Even if you’re still in school, you can make…

June 14, 2021Future Planning No Comments

Be honest. Like most people, you might have dreamed of winning the lottery, right? Sure, it’s probably not going to happen, but it’s fun to imagine all the things you could do with that lump sum payment…    Now whether you buy a ticket every now and then, it’s up to you. No judgment here. But there are some smarter ways to plan for your future.  Start Saving  Any responsible financial advisor will tell you that a savings plan is vital to your financial health and long-term security. Whatever your age, income, or financial goals, you should start growing your savings now. Putting aside a little cash for “a rainy day” is not just a good idea for the short-term but also a lifelong good habit. Even if you’re still in school, you can make…

What is a Balance Transfer?   

You may have a lot of balance transfer offers from credit card companies piling up in your inbox or mailbox, or popping up while surfing the net. Some may seem like junk mail, but if you’re in a financial bind, a balance transfer offer could seem like a lifeline. Now let’s find out if these ads really give you the whole truth.   Balance Transfers Move Debt Between Credit Cards  A balance transfer moves outstanding debt from one credit card to a new one. In exchange for moving the debt to a new card, the card issuer promises an incentive, which may be a promotional or introductory low, balance transfer fee waiver, or bonus rewards of some…

June 1, 2021Wallet Wins No Comments

You may have a lot of balance transfer offers from credit card companies piling up in your inbox or mailbox, or popping up while surfing the net. Some may seem like junk mail, but if you’re in a financial bind, a balance transfer offer could seem like a lifeline. Now let’s find out if these ads really give you the whole truth.   Balance Transfers Move Debt Between Credit Cards  A balance transfer moves outstanding debt from one credit card to a new one. In exchange for moving the debt to a new card, the card issuer promises an incentive, which may be a promotional or introductory low, balance transfer fee waiver, or bonus rewards of some…