10 Ways to Improve Your Finances

To celebrate National Financial Awareness Day, we’re bringing you 10 ways to improve your finances. Take these steps to protect your financial health through 2022 and beyond!  Address your tendency to overspend. Sticking to a budget is the key to success. Overspending can cause stress and anxiety around money, so addressing it is important for healthy financial fitness.  Consider starting your own business. If you find yourself in need of another source of income during challenging times, consider turning one of your unique skills into a side gig. This year might be your year!  Prepare for major life events. Make sure…

August 15, 2022Future Planning, Wallet Wins No Comments

To celebrate National Financial Awareness Day, we’re bringing you 10 ways to improve your finances. Take these steps to protect your financial health through 2022 and beyond!  Address your tendency to overspend. Sticking to a budget is the key to success. Overspending can cause stress and anxiety around money, so addressing it is important for healthy financial fitness.  Consider starting your own business. If you find yourself in need of another source of income during challenging times, consider turning one of your unique skills into a side gig. This year might be your year!  Prepare for major life events. Make sure…

Smart Money Moves for Members Under 30 

Life in your twenties can be exciting and full of new opportunities. There are many milestones you might check off your lists during this period: graduating college, starting your career, getting married, and even starting your family.   While long-term financial goals might seem a lifetime away, the decisions you make today can significantly impact your future fiscal success. When it comes to building wealth, time is your best friend. The sooner you begin laying the foundation for the future, the better your position will be when you approach your next financial milestone.   Here are several wise money moves you can…

August 1, 2022Future Planning, Wallet Wins No Comments

Life in your twenties can be exciting and full of new opportunities. There are many milestones you might check off your lists during this period: graduating college, starting your career, getting married, and even starting your family.   While long-term financial goals might seem a lifetime away, the decisions you make today can significantly impact your future fiscal success. When it comes to building wealth, time is your best friend. The sooner you begin laying the foundation for the future, the better your position will be when you approach your next financial milestone.   Here are several wise money moves you can…

4 Ways to Boost Your Home’s Equity 

How is home equity calculated? Basically, it’s your home’s current value, minus the amount you owe on it. The equation would look something like this:  The current value of your home: $200,000  – Remaining mortgage balance: $125,000  = Home Equity: $  75,000  But, building home equity takes time. Each month, a portion of your mortgage payment goes toward the loan principal. You build equity as your principal decreases, which usually occurs over many years. If you want to speed up the process so you can build equity faster, here are four things you can do.  Make a Larger Down Payment The…

January 18, 2022Future Planning No Comments

How is home equity calculated? Basically, it’s your home’s current value, minus the amount you owe on it. The equation would look something like this:  The current value of your home: $200,000  – Remaining mortgage balance: $125,000  = Home Equity: $  75,000  But, building home equity takes time. Each month, a portion of your mortgage payment goes toward the loan principal. You build equity as your principal decreases, which usually occurs over many years. If you want to speed up the process so you can build equity faster, here are four things you can do.  Make a Larger Down Payment The…

PEFCU Holiday Club Account 

We get it; the holidays just ended. We’re sure the last thing you want to think about is the hustle and bustle of the next holiday. But here’s one reason why you should: PEFCU Holiday Club Account. Taking just a few minutes to open this account could save you some serious $$ next December.   Here’s the scoop: When you open a PEFCU Holiday Club Account, you’ll have all year to save the money you need for the next holiday season. With this account, you get to decide the frequency and amount of your deposit. To make it easy, we even offer convenient distribution of your payroll direct deposits.  For example, assume the annual percentage yield (APY) is 0.05% (this is subject to change each Tuesday). If you start depositing $10 from each…

December 20, 2021Future Planning, Wallet Wins No Comments

We get it; the holidays just ended. We’re sure the last thing you want to think about is the hustle and bustle of the next holiday. But here’s one reason why you should: PEFCU Holiday Club Account. Taking just a few minutes to open this account could save you some serious $$ next December.   Here’s the scoop: When you open a PEFCU Holiday Club Account, you’ll have all year to save the money you need for the next holiday season. With this account, you get to decide the frequency and amount of your deposit. To make it easy, we even offer convenient distribution of your payroll direct deposits.  For example, assume the annual percentage yield (APY) is 0.05% (this is subject to change each Tuesday). If you start depositing $10 from each…

Hacks to Keep Your Financial Resolutions   

Every January, it’s the same deal: You resolve to save more money, pay off your debts, and get your financial situation in order. Then February comes along, and you’re back to your old habits. If you’ve broken New Year’s resolutions in the past, you’re not alone. The vast majority of people give up on their resolutions within the first month of the year.  But this year can be different. With a few adjustments to your thinking and a few small hacks, you can make sure that your resolutions actually stick.   Start Small  If you usually start the year off with a big goal, only…

December 20, 2021Future Planning No Comments

Every January, it’s the same deal: You resolve to save more money, pay off your debts, and get your financial situation in order. Then February comes along, and you’re back to your old habits. If you’ve broken New Year’s resolutions in the past, you’re not alone. The vast majority of people give up on their resolutions within the first month of the year.  But this year can be different. With a few adjustments to your thinking and a few small hacks, you can make sure that your resolutions actually stick.   Start Small  If you usually start the year off with a big goal, only…

Understanding 401(k) Plans

While retirement may seem like a lifetime away for many, making smart investing decisions early is the best move to ensure you can retire comfortably down the road. There are several retirement accounts to consider, such as Roth IRAs and 403(b) accounts, but one of the most popular options for many is a 401(k) plan. Since most employers offer an easy-to-set-up, low-risk employee 401(k) plan with matching contributions, taking advantage of this option is a no-brainer.  Your company’s HR specialist can help you understand the specifics of your company’s 401(k) offerings, but it’s a good idea to have a basic understanding of how 401(k) plans work and how they can benefit you. After you…

August 30, 2021Future Planning No Comments

While retirement may seem like a lifetime away for many, making smart investing decisions early is the best move to ensure you can retire comfortably down the road. There are several retirement accounts to consider, such as Roth IRAs and 403(b) accounts, but one of the most popular options for many is a 401(k) plan. Since most employers offer an easy-to-set-up, low-risk employee 401(k) plan with matching contributions, taking advantage of this option is a no-brainer.  Your company’s HR specialist can help you understand the specifics of your company’s 401(k) offerings, but it’s a good idea to have a basic understanding of how 401(k) plans work and how they can benefit you. After you…

Retirement Strategies That Work 

Whether you are close to retirement age, or just kicking off your dream job, having a solid retirement plan is essential to a financially secure retirement. Let’s check out a few key strategies to get you started.  Invest a Consistent Amount Each Month. With this strategy, you can automatically contribute to your IRA or other retirement accounts with every paycheck (up to the maximum annual contribution).  Plan for Retirement Adjustments. It is important that you plan to adjust your income after retirement. While some of your retirement income will probably be a fixed amount each month, you will also have some retirement accounts that will pay different amounts based on market performance. If possible,…

August 9, 2021Future Planning No Comments

Whether you are close to retirement age, or just kicking off your dream job, having a solid retirement plan is essential to a financially secure retirement. Let’s check out a few key strategies to get you started.  Invest a Consistent Amount Each Month. With this strategy, you can automatically contribute to your IRA or other retirement accounts with every paycheck (up to the maximum annual contribution).  Plan for Retirement Adjustments. It is important that you plan to adjust your income after retirement. While some of your retirement income will probably be a fixed amount each month, you will also have some retirement accounts that will pay different amounts based on market performance. If possible,…

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…

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…

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…