The Benefits of Using Your Tax Refund as a Car Down Payment

It’s always a good plan to set some money aside to use as a down payment when financing a new or “new to you” car. As a general rule, you’ll want to pay 20 percent of the vehicle’s value as a down payment for a new car and 10 percent as a down payment for a used vehicle. This makes tax season an excellent time to shop for a car and use your tax refund as part of your down payment.   Below, you’ll find five reasons using your tax refund as a down payment works in your favor.  Your Down Payment…

February 29, 2024Wallet Wins No Comments

It’s always a good plan to set some money aside to use as a down payment when financing a new or “new to you” car. As a general rule, you’ll want to pay 20 percent of the vehicle’s value as a down payment for a new car and 10 percent as a down payment for a used vehicle. This makes tax season an excellent time to shop for a car and use your tax refund as part of your down payment.   Below, you’ll find five reasons using your tax refund as a down payment works in your favor.  Your Down Payment…

How to Maximize Your IRA Contributions

Retirement planning can be a confusing subject. With so many differing opinions and investment opportunities, people often second-guess their savings strategies. However, one instrument that remains commonplace today is an IRA or Individual Retirement Account.  Even if you have an employer-sponsored 401(k), incorporating a tax-advantaged traditional or Roth IRA into your retirement plan is beneficial. By making timely contributions that will compound over the years, your IRA will help build a solid foundation for your golden years. In this article, we’ll review tactics to ensure you’re maximizing your IRA investments.  For additional information and resources, click here.  Start Early   Because…

January 26, 2024Future Planning, Wallet Wins No Comments

Retirement planning can be a confusing subject. With so many differing opinions and investment opportunities, people often second-guess their savings strategies. However, one instrument that remains commonplace today is an IRA or Individual Retirement Account.  Even if you have an employer-sponsored 401(k), incorporating a tax-advantaged traditional or Roth IRA into your retirement plan is beneficial. By making timely contributions that will compound over the years, your IRA will help build a solid foundation for your golden years. In this article, we’ll review tactics to ensure you’re maximizing your IRA investments.  For additional information and resources, click here.  Start Early   Because…

The Power of a PEFCU Visa® Credit Card

In today’s fast-paced world, you need a reliable credit card packed with exclusive benefits to help you stay on top of your game. At PEFCU, we understand your need for financial flexibility and security, too. That’s why we make our Visa® credit card stand out with its exceptional rewards.  Competitive Rates at 9.90% APR: One of the key advantages of choosing the PEFCU Visa® credit card is the low Annual Percentage Rate (APR) of 9.90%. With rates lower than the national average and no fee for balance transfers, it’s one of the best financial decisions you’ll ever make. No Balance…

January 10, 2024Wallet Wins No Comments

In today’s fast-paced world, you need a reliable credit card packed with exclusive benefits to help you stay on top of your game. At PEFCU, we understand your need for financial flexibility and security, too. That’s why we make our Visa® credit card stand out with its exceptional rewards.  Competitive Rates at 9.90% APR: One of the key advantages of choosing the PEFCU Visa® credit card is the low Annual Percentage Rate (APR) of 9.90%. With rates lower than the national average and no fee for balance transfers, it’s one of the best financial decisions you’ll ever make. No Balance…

What’s the Optimal Down Payment on a New Car?

In today’s world, purchasing a new car seems straightforward. Many rely on their trade-in vehicle to cover upfront costs, such as a down payment. However, the amount you put down on a new car plays a much more significant role than most realize.   Between taxes and the slew of add-on products peddled by dealerships, the amount you finance for a new vehicle could be substantially higher than the car is worth. Preventing this situation is not only critical for your finances, but it also protects your investment.   This article sheds light on the importance of your down payment and provides…

December 22, 2023Wallet Wins No Comments

In today’s world, purchasing a new car seems straightforward. Many rely on their trade-in vehicle to cover upfront costs, such as a down payment. However, the amount you put down on a new car plays a much more significant role than most realize.   Between taxes and the slew of add-on products peddled by dealerships, the amount you finance for a new vehicle could be substantially higher than the car is worth. Preventing this situation is not only critical for your finances, but it also protects your investment.   This article sheds light on the importance of your down payment and provides…

Traditional or Roth IRA: Which Is Right for Me?

Time is your best friend when it comes to saving for retirement. Ideally, you’ll start putting money into retirement accounts in your early 20s, but it’s never too late to start. The reason is two-fold: 1) it allows ample time for your money to grow and compound over the years, and 2) it’ll provide the greatest tax benefits – a component of retirement planning people tend to overlook.  Many tax-advantaged retirement accounts limit how much you can contribute per year. To maximize your tax savings, you’ll want to start early. One such account that everyone should consider is an IRA. …

December 22, 2023Wallet Wins No Comments

Time is your best friend when it comes to saving for retirement. Ideally, you’ll start putting money into retirement accounts in your early 20s, but it’s never too late to start. The reason is two-fold: 1) it allows ample time for your money to grow and compound over the years, and 2) it’ll provide the greatest tax benefits – a component of retirement planning people tend to overlook.  Many tax-advantaged retirement accounts limit how much you can contribute per year. To maximize your tax savings, you’ll want to start early. One such account that everyone should consider is an IRA. …

Unlocking Your Home’s Equity: A Responsible Approach

One of the most significant financial benefits of being a homeowner is the ability to tap into your home’s equity. With a home equity loan, you can finance almost any project, and the borrowing costs are much lower than other loan options.  As savings balances continue to shrink due to inflation, more people are exploring home equity loans to fill the financial gaps. However, is this a smart use of your home’s equity?   In this article, we’ll look at what makes home equity loans so attractive and identify potential pitfalls to avoid.  What is Home Equity?   Home equity can best…

December 1, 2023Borrowing Basics, Future Planning, Wallet Wins No Comments

One of the most significant financial benefits of being a homeowner is the ability to tap into your home’s equity. With a home equity loan, you can finance almost any project, and the borrowing costs are much lower than other loan options.  As savings balances continue to shrink due to inflation, more people are exploring home equity loans to fill the financial gaps. However, is this a smart use of your home’s equity?   In this article, we’ll look at what makes home equity loans so attractive and identify potential pitfalls to avoid.  What is Home Equity?   Home equity can best…

What Does It Mean to Be Financially Independent?

In the world of finance, the phrase “financial independence” is tossed around frequently. The challenge is that this concept isn’t one-size-fits-all; it means different things to different people. For instance, for someone in their golden years, financial independence might signify the ability to retire comfortably without the burden of a 9-to-5 job. However, for hardworking adults, it often boils down to breaking free from the paycheck-to-paycheck grind.  This article addresses the latter – helping working-class adults build confidence and peace of mind, knowing they’re financially equipped to handle whatever comes their way. Explore the four components of modern financial independence…

December 1, 2023Wallet Wins No Comments

In the world of finance, the phrase “financial independence” is tossed around frequently. The challenge is that this concept isn’t one-size-fits-all; it means different things to different people. For instance, for someone in their golden years, financial independence might signify the ability to retire comfortably without the burden of a 9-to-5 job. However, for hardworking adults, it often boils down to breaking free from the paycheck-to-paycheck grind.  This article addresses the latter – helping working-class adults build confidence and peace of mind, knowing they’re financially equipped to handle whatever comes their way. Explore the four components of modern financial independence…

Ways to Save Money on Holiday Travel

With the holiday season right around the corner, you may already be thinking about your travel plans.  Whether you’re heading home to be with family, visiting friends, or going on a well-deserved vacation, travel costs can consume a significant portion of your holiday budget.   In this article, we’ll explore ways to reduce travel expenses and keep your money and accounts safe on your journey.   Save on Holiday Travel Expenses  Flights   While airlines offer one of the quickest means of transportation, tickets typically cost the most. To prevent your budget from being depleted before the holidays even begin, review the following…

December 1, 2023Wallet Wins No Comments

With the holiday season right around the corner, you may already be thinking about your travel plans.  Whether you’re heading home to be with family, visiting friends, or going on a well-deserved vacation, travel costs can consume a significant portion of your holiday budget.   In this article, we’ll explore ways to reduce travel expenses and keep your money and accounts safe on your journey.   Save on Holiday Travel Expenses  Flights   While airlines offer one of the quickest means of transportation, tickets typically cost the most. To prevent your budget from being depleted before the holidays even begin, review the following…

Deck the Halls with a Holiday Loan

The holiday season is upon us, and one thing is for sure: We always forget how pricey these celebrations can be until they’re here. Between the gifts, decorations, parties, and travel, your budget will be put to the test. And with prices continuing to stay high, preparation is crucial.  By now, you’re likely starting to see offers for holiday loans. But what exactly are these financial tools? And how do they compare to other options, such as credit cards? You might be surprised to learn that next to paying in cash, holiday loans are one of the best ways to…

December 1, 2023Borrowing Basics, Wallet Wins No Comments

The holiday season is upon us, and one thing is for sure: We always forget how pricey these celebrations can be until they’re here. Between the gifts, decorations, parties, and travel, your budget will be put to the test. And with prices continuing to stay high, preparation is crucial.  By now, you’re likely starting to see offers for holiday loans. But what exactly are these financial tools? And how do they compare to other options, such as credit cards? You might be surprised to learn that next to paying in cash, holiday loans are one of the best ways to…

How to Reduce Your Reliance on Credit Cards

In early August 2023, the Federal Reserve Bank of New York revealed that US consumer credit card debt surged to its highest level – topping $1 trillion.1 This upswing in credit card spending comes as individuals nationwide grapple with managing their finances amidst escalating prices.   While rising credit card balances are worrisome, it’s the potential long-term consequences of higher interest rates that are cause for alarm. In this article, we’ll reveal tactics you can implement to reclaim your budget and reduce your dependency on credit cards. But first, it’s essential to understand the cause of these record-setting balances.   The Foundation…

October 20, 2023Wallet Wins No Comments

In early August 2023, the Federal Reserve Bank of New York revealed that US consumer credit card debt surged to its highest level – topping $1 trillion.1 This upswing in credit card spending comes as individuals nationwide grapple with managing their finances amidst escalating prices.   While rising credit card balances are worrisome, it’s the potential long-term consequences of higher interest rates that are cause for alarm. In this article, we’ll reveal tactics you can implement to reclaim your budget and reduce your dependency on credit cards. But first, it’s essential to understand the cause of these record-setting balances.   The Foundation…