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
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…

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
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,…

Make Your Retirement Money Now

The best reason to start saving for retirement now is that your money will grow right away. The money your savings earn this year will keep growing for many years in the future. It‘s this cumulative effect of saving over time that makes today’s $1,000 contribution to your retirement plan much more valuable than the $1,000 you might sock the day before your retirement.    Why Take Responsibility for Your Retirement Early?  Imagine you just turned 25. If you were able to save just $250 per month in an investment account earning 5% APY, by the time you hit your 65th birthday, your savings would be over $370,000!  But if you waited until you were 50 years old and plan to still…

January 19, 2021Future Planning No Comments
Make Your Retirement Money Now

The best reason to start saving for retirement now is that your money will grow right away. The money your savings earn this year will keep growing for many years in the future. It‘s this cumulative effect of saving over time that makes today’s $1,000 contribution to your retirement plan much more valuable than the $1,000 you might sock the day before your retirement.    Why Take Responsibility for Your Retirement Early?  Imagine you just turned 25. If you were able to save just $250 per month in an investment account earning 5% APY, by the time you hit your 65th birthday, your savings would be over $370,000!  But if you waited until you were 50 years old and plan to still…

Building Good Financial Habits for Life 

Where do you see yourself a year from now? Hopefully, you see yourself better off financially. But resolutions and goals with no plan are bound to fail.   While it’s reported that around 73% of Americans plan to start the new year with resolutions, about 12% of them don’t even think their goals are possible. In fact, an average of 80% of us don’t meet our resolution goals.   But failing to meet your resolution doesn’t make you a failure. In fact, you’re an amazing person who might not have an amazing plan. We want to see you live your best financial life as much…

January 4, 2021Borrowing Basics, Future Planning, Wallet Wins 3 Comments
Building Good Financial Habits for Life 

Where do you see yourself a year from now? Hopefully, you see yourself better off financially. But resolutions and goals with no plan are bound to fail.   While it’s reported that around 73% of Americans plan to start the new year with resolutions, about 12% of them don’t even think their goals are possible. In fact, an average of 80% of us don’t meet our resolution goals.   But failing to meet your resolution doesn’t make you a failure. In fact, you’re an amazing person who might not have an amazing plan. We want to see you live your best financial life as much…

4 Smart Ways to Use Your Stimulus Check 

If you are fortunate enough to have a secure job during this COVID-19-related economic downturn, you might not need the stimulus money offered to struggling American families. While everyone could use the extra money, here are four wise tips for using your stimulus checks:    1. Pay Your Most Important Bills First.  Some families are hurting right now. If your family is among them, prioritize and pay the most important bills first. If feeding your family is most crucial, then use the money to buy groceries. Otherwise, prioritize your bills according to need. Just be aware that deferments and forbearances must eventually be repaid.    2. Build Up Your Savings.  There’s nothing wrong with putting your money aside for a rainy day. Today is a rainy day for millions of Americans. If you’ve kept your head…

September 21, 2020Future Planning, Wallet Wins No Comments
4 Smart Ways to Use Your Stimulus Check 

If you are fortunate enough to have a secure job during this COVID-19-related economic downturn, you might not need the stimulus money offered to struggling American families. While everyone could use the extra money, here are four wise tips for using your stimulus checks:    1. Pay Your Most Important Bills First.  Some families are hurting right now. If your family is among them, prioritize and pay the most important bills first. If feeding your family is most crucial, then use the money to buy groceries. Otherwise, prioritize your bills according to need. Just be aware that deferments and forbearances must eventually be repaid.    2. Build Up Your Savings.  There’s nothing wrong with putting your money aside for a rainy day. Today is a rainy day for millions of Americans. If you’ve kept your head…

Financially Preparing for the Unknown 

Predicting the future down to every detail is impossible. Now more than ever, people are questioning the future of their health, finances, and careers. We understand this is troubling.  One lesson you can learn as you look ahead is how prepared you are for financial uncertainties. Many events in life are unpredictable, but you can plan financial stability through sudden setbacks.   Here are a few tips to help you plan for the unknown and improve your current financial life:  Stick with Your Savings Plan.  If possible, keep working as much as you can. If there are other opportunities to earn extra money during this time, go for it. Then, save all you can and limit unnecessary spending. This will help you build an emergency fund.   While it may be tempting to spend your stimulus check, put it into savings instead. Since the future is unknown, it’s better to have emergency funds to fall back on if…

September 14, 2020Future Planning, Wallet Wins No Comments
Financially Preparing for the Unknown 

Predicting the future down to every detail is impossible. Now more than ever, people are questioning the future of their health, finances, and careers. We understand this is troubling.  One lesson you can learn as you look ahead is how prepared you are for financial uncertainties. Many events in life are unpredictable, but you can plan financial stability through sudden setbacks.   Here are a few tips to help you plan for the unknown and improve your current financial life:  Stick with Your Savings Plan.  If possible, keep working as much as you can. If there are other opportunities to earn extra money during this time, go for it. Then, save all you can and limit unnecessary spending. This will help you build an emergency fund.   While it may be tempting to spend your stimulus check, put it into savings instead. Since the future is unknown, it’s better to have emergency funds to fall back on if…

IRA Investing for Beginners 

Although many employers offer 401k and other retirement options, it’s a good idea to set aside personal funds as well to ensure you can enjoy retirement the way you want to. A great place to start is to invest in an IRA (or Individual Retirement Account).   What is an IRA?  An IRA is a personal savings account set up specifically for retirement. Employees under the age of 50 can contribute up to $5,500 a year into an IRA – after age 50, you may contribute up to $6,500 a year. Because it’s designed for use during retirement, there are specific…

June 25, 2020Future Planning No Comments
IRA Investing for Beginners 

Although many employers offer 401k and other retirement options, it’s a good idea to set aside personal funds as well to ensure you can enjoy retirement the way you want to. A great place to start is to invest in an IRA (or Individual Retirement Account).   What is an IRA?  An IRA is a personal savings account set up specifically for retirement. Employees under the age of 50 can contribute up to $5,500 a year into an IRA – after age 50, you may contribute up to $6,500 a year. Because it’s designed for use during retirement, there are specific…

4 Investment Options You Should Know About   

The investment world can be as complex or simple as you would like to make it.  There are many options available from which to choose when you have your investment plan ready to implement.  Let’s look at some of the different investment tools available in more detail so you will have a better understanding of each.    1. Stocks Stock is purchased as an investment in a company with the understanding that the company will be profitable, and the stock price will go up.  The value of stock is dependent upon the market conditions at the time of purchase and the time of sale.  Most people hope…

June 22, 2020Future Planning 1 Comment
4 Investment Options You Should Know About   

The investment world can be as complex or simple as you would like to make it.  There are many options available from which to choose when you have your investment plan ready to implement.  Let’s look at some of the different investment tools available in more detail so you will have a better understanding of each.    1. Stocks Stock is purchased as an investment in a company with the understanding that the company will be profitable, and the stock price will go up.  The value of stock is dependent upon the market conditions at the time of purchase and the time of sale.  Most people hope…

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
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…