What is College Savings Day?

Hey there, savvy savers! May 29th is College Savings Day (or 529 Day), and it’s all about getting a jump start on saving for college. Think of it as a yearly nudge to remind you to stash away some cash for your kid’s future. And why May 29th? This day, cleverly chosen to correspond with the 529 college savings plan—your secret weapon in the battle against sky-high tuition costs!

The Rising Costs of College in 2024

Let’s talk numbers! In 2024, the average annual tuition and fees are $11,260 for in-state students at public colleges and $29,150 for out-of-state students. If you’re looking at private colleges, the average tuition and fees are a whopping $41,540​ (College Tuition Compare)​​ (CollegeData)​. Add in room, board, and other expenses, and the total cost can be quite daunting. But don’t worry, with a little planning and some savvy saving, you can make it happen!

How to Plan Ahead for College

1. 529 College Savings Plans: These plans are like the superheroes of college savings. They grow tax-free and can be used for a variety of education expenses.
2. Coverdell Education Savings Accounts (ESAs): Think of these as 529 plans’ cute little cousins. They come with lower contribution limits but are still tax-friendly.
3. Savings Bonds: Good old savings bonds are a safe bet and can be tax-free if used for education.
4. Custodial Accounts (UTMA/UGMA): These accounts let you put away assets for your child, which they can use when they reach adulthood.
5. Regular Savings Accounts: They might not come with tax perks, but they’re straightforward and flexible.

How Much Can You Save by Setting Aside $100 a Month?

Let’s do some math! If you start saving $100 a month from the time your baby is born until they turn 18, you’ll have a nice chunk of change waiting for them. Assuming an average annual return of 6%, you’d save about $38,000. Here’s the breakdown:

• Monthly Savings: $100
• Years of Saving: 18
• Total Contributions: $21,600
• Estimated Future Value: ~$38,000

That’s a solid start toward covering those college costs, all thanks to the magic of compound interest!

How The Family Credit Union Can Help with College Savings

We’re here to make your college savings journey as smooth as possible. Here’s how:

1. Savings Accounts: Open a savings account specifically for college savings. Watch your money grow!
2. Financial Coaching: Our advisor, Abby is like a personal trainer for your finances. She can help you craft a perfect savings plan.
3. Student Loans: Our student loans are designed for the needs of undergraduates and graduate students.
4. Financial Education: Check out our fun and informative resources like Banzai and Zogo to learn all about saving and budgeting.
5. College Scholarships: See our list of potential college scholarships to apply to.
6. Coverdale Education Savings: This account allows for saving for a child’s education expenses through nondeductible contributions, offering the potential for tax-free withdrawals..

College Savings Day is your yearly reminder to get serious about saving for college, but it doesn’t have to be a chore. With the right strategies and the support of The Family Credit Union, you can make saving fun and effective. Start today, and give your child the gift of a brighter future. Happy saving!

Welcome to spring, the season of renewal and rejuvenation! Just as we refresh our homes during spring cleaning, it’s also the perfect time to spring clean your finances. At The Family Credit Union, we believe that organizing your money is essential for a healthy financial future. Let’s delve into why financial decluttering matters and explore practical steps to get your finances in order this spring.

Why Financial Decluttering Matters

Just like clearing out clutter from your living space can bring a sense of calm, decluttering your finances can reduce stress and pave the way for better financial health. Spring is an opportune moment to review your budget, reassess your financial goals, and ensure you’re on the right track for the rest of the year. If you set New Year’s financial resolutions but have found yourself off course, don’t worry! Spring presents a great opportunity to re-evaluate those goals and restart with renewed vigor.

Practical Steps for Spring Financial Cleaning

1. Review Your Budget: Take a close look at your income and expenses. Are there areas where you can cut back or save more? Use a budgeting tool or consult with our financial coach to fine-tune your budget for maximum efficiency.
2. Set New Financial Goals: Spring is a great time to set fresh financial objectives. Whether it’s saving for a vacation, paying off debt, or boosting your retirement fund, establishing clear goals will guide your financial decisions.
3. Utilize Financial Coaching: We’re excited to introduce Abby, our financial coach at The Family Credit Union. Abby specializes in helping members like you navigate financial challenges and achieve financial success. We’ve recently enhanced our services with an online scheduling calendar, making it easier than ever to book personalized sessions with Abby. You can choose the time and format that works best for you, whether it’s an in-person meeting, video call, or phone consultation.
4. Explore Christmas Club Accounts: If you haven’t already, consider opening a Christmas club account. It’s never too early to start saving for the holidays, and our club accounts offer a convenient way to set aside funds throughout the year.

Ready to Spring Clean Your Finances?

Don’t let another season pass without taking control of your financial well-being. Reach out to Abby, explore our financial resources, and start your journey towards financial freedom this spring. Together, let’s organize your money, set meaningful goals, and pave the way for a brighter financial future. Let’s make this spring a season of financial renewal!

Financial literacy is a fundamental skill that can shape a child’s relationship with money for life. Research suggests that by age 3, your kids can grasp basic money concepts and by age 7, many of their money habits are already set. This makes early education about finances crucial. As we observe Credit Union Youth Month, let’s explore how parents can raise money smart kids from a young age.

Starting Early- The Power of Childhood Education

By age three, children can already grasp basic money concepts. This early age is the perfect opportunity for parents to introduce simple ideas like waiting to buy something they want, teaching delayed gratification that is vital for financial success.

By age seven, many of a child’s money habits are already set. This underscores the importance of starting financial education at a young age to establish positive money behaviors early on.

Age-Appropriate Financial Lessons

Financial education should evolve as children grow. Here’s a breakdown of age-specific financial activities parents can implement:

1. Ages 3-5:
   • Savings Jars: Introduce “Saving,” “Spending,” and “Sharing” jars. Encourage children to allocate money received (e.g., allowances, gifts) into these jars to teach the concept of budgeting and prioritizing.
   • Waiting and Saving: Use everyday situations to teach delayed gratification. For instance, explain that waiting to buy a favorite toy can be rewarding when they save up for it over time.
2. Ages 6-10:
   • Decision Making: Involve children in simple financial decisions, like choosing between two snack options at the store based on price and preference.
   • Chores and Earnings: Introduce the idea of earning money through chores. Assign a monetary value to tasks to demonstrate the relationship between work and income.
3. Ages 11-13:
   • Goal Setting: Encourage children to set savings goals for larger purchases, such as a video game or bicycle. Help them create a plan to achieve these goals over time.
   • Compound Interest: Introduce the concept of compound interest by showing how saving money in an interest-bearing account can grow over time.
4. Ages 14-18:
   • Budgeting Practice: Give teenagers more responsibility over their own money by setting a budget for discretionary spending (e.g., entertainment, clothing).
   • College Cost Discussions: Discuss the costs associated with higher education and explore different options for funding college, including scholarships, grants, and student loans.

Beyond Saving: SGSG Approach

To raise financially savvy individuals, adopt Jeanie Ahn’s “SGSG” acronym:

• Save: Encourage immediate saving of received money into a savings account.
• Grow: Teach the concept of investment and patience through stories of growth.
• Spend: Emphasize budgeting to prevent overspending and debt.
• Give: Engage in philanthropy to instill values beyond financial gain.

Saving with The Family Credit Union

For parents seeking structured support in teaching financial literacy, consider The Family Credit Union’s Kirby Kangaroo Club. This club offers specialized programs for kids up to 13 years old, encouraging good savings habits early on. There is also a Lil Kirby Roo Club for those under 4 years old. Members of the Kirby Kangaroo Club receive special introductory gifts with each deposit, invitations to sponsored events and contests, and access to fun online activities.

April is here, and it’s not just about spring flowers and warmer weather—it’s Financial Literacy Month! This annual observance aims to raise awareness about the significance of understanding personal finance and making informed financial decisions.

This is a month offers a unique opportunity to enhance our financial knowledge and skills. Here’s why it’s so valuable:

Education

Financial Literacy Month encourages individuals of all ages to learn about essential financial concepts, such as budgeting, saving, investing, and managing debt. By improving our understanding of these topics, we can make more informed decisions about our money. Resources like Banzai and Zogo are great ways to educate yourself on financial wellness.

Empowerment

Financial literacy is a transformative tool that empowers individuals to make confident and informed decisions about their financial futures. By understanding how to budget effectively, save for important goals, invest wisely, and manage debt responsibly, individuals gain greater control over their money. At The Family Credit Union, we believe in empowering our members to achieve their dreams and build a solid foundation for lasting financial well-being.

Protection Against Scams

In today’s digital age, financial scams are prevalent and evolving. Financial literacy equips individuals with the skills to recognize and avoid scams, protecting them from fraud and loss. By educating ourselves about common scams and best practices for secure financial behavior, we can safeguard our financial assets and personal information.

Improved Financial Well-Being

Studies show that those with higher levels of financial literacy tend to have better financial outcomes. They are more likely to save for retirement, build emergency funds, and make sound investment decisions.  The Family Credit Union provides financial coaching to assist members with reaching their money goals.

Celebrate Financial Literacy Month with The Family Credit Union

The Family Credit Union will have a month of events and highlights of the products to help you break down your spending, saving, and borrowing. Click here to see a list of month-long, weekly activities/events that are scheduled.

Stay tuned to our facebook page for daily updates, financial tips, word games, and more throughout April. Let’s celebrate Financial Literacy Month together and empower ourselves with the tools for financial success. Happy Financial Literacy Month!

Achieving financial wellness and securing a brighter future starts with understanding and improving your credit score. At The Family Credit Union, we’re committed to empowering our members with the tools and resources they need to take control of their financial health. That’s why we’re excited to introduce you to our innovative Credit Climber tool – your key to unlocking a world of possibilities, including credit improvement!

What is the Credit Climber Tool?

The Credit Climber tool is a comprehensive resource designed to simplify the process of meeting your financial goals, including credit improvement. With its user-friendly interface and powerful features, the Credit Climber tool makes it easy for members to:

• Review Your Credit Report: Worried about the impact of a hard credit pull? With our Credit Climber tool, you can review your credit report without providing your Social Security Number, and without any hard credit inquiries. Gain insights into your credit profile and identify areas for improvement with ease.
• Understand Your Credit: Dive deep into your credit report and gain a clear understanding of your financial standing. Learn about the factors influencing your credit score and explore personalized recommendations to enhance your creditworthiness.
• Crunch Some Numbers: Curious about the potential savings you could achieve by refinancing or consolidating your existing credit products? Our Credit Climber tool allows you to compare different credit products and calculate potential savings, empowering you to make informed decisions about your finances.
• Learn About Personal Finance: Elevate your financial literacy and take your credit IQ to new heights with our educational resources. From articles, tools such as rent reporting and subscription reporting, the Credit Climber tool provides valuable insights and tips to help you navigate the world of personal finance with confidence. In addition, the platform will notify you when they’re ready to apply for the loan/goal you’ve set!

Why Use the Credit Climber Tool to Help With Credit Improvement?

• Simple and Easy: We believe managing your finances should be hassle-free. With the Credit Climber tool, reviewing your credit report and exploring your financial options has never been easier – no SSN required, and no hard credit inquiries.
• Empowerment Through Knowledge: Knowledge is power when it comes to financial decision-making. The Credit Climber tool empowers you to take control of your credit health by providing clear insights and actionable recommendations tailored to your unique financial situation.
• Drive Financial Progress: Whether you’re looking to boost your credit score, optimize your credit utilization, or explore opportunities for savings, the Credit Climber tool is your trusted companion on the journey toward financial progress and prosperity.

Get Started on Improving Your Credit Today!

Ready to take the first step toward a brighter financial future? Visit The Family Credit Union’s website and explore the Credit Climber tool today. With its intuitive interface and powerful features, it’s never been easier to understand, improve, and optimize your credit score. Unlock your financial potential with The Family Credit Union and the Credit Climber tool – your pathway to financial empowerment awaits.

Contact Our Financial Wellness Coordinator

Our Financial Wellness Coordinator, Abby Eaton, is all about helping you choose a path to achieve your own financial success. She is a great resource to help you achieve your goals, and provide the information and resources you need to optimize your credit improvement. Contact her today and get the support you need!

In today’s fast-paced and ever-changing world, achieving and maintaining financial stability is a top priority for individuals and families alike. Just as we visit doctors for regular health check-ups, our financial well-being also demands careful attention and assessment. This is where The Family Credit Union’s Financial Health Check-Up comes into play. It helps to explore the significance of utilizing this invaluable tool and how it can pave the way to a secure and prosperous financial future.

Understanding Financial Health

Financial health goes beyond income and expenses. It’s a comprehensive evaluation of your financial landscape, covering income, expenses, savings, investments, debt, and goals. Similar to a doctor’s tests, The Family Credit Union’s Financial Health Checkup examines your finances to give you a view of your current financial status.

The Importance of a Financial Health Check Up

• Clarity and Awareness: The first step towards a healthy financial future is understanding where you currently stand. Reviewing your financial situation sheds light on your financial strengths and weaknesses, helping you identify areas that require attention. This awareness is crucial for making informed decisions and setting realistic financial goals.
• Goal Setting and Planning: Without clear goals and a well-defined plan, it’s easy to drift through life without a sense of purpose. A Financial Health Check Up helps you establish concrete financial objectives and map out a roadmap to achieve them. Whether it’s saving for a home, funding your child’s education, or planning for retirement, this tool provides the necessary insights to create a tailored financial strategy.
• Risk Assessment: Just as doctors evaluate risk factors for potential issues, The Family Credit Union’s Financial Health Check Up assesses potential financial risks. Whether it’s an excessive debt burden, inadequate emergency funds, or insufficient insurance coverage, identifying these risks empowers you to take proactive measures to mitigate them.
• Optimizing Savings and Investments: Are your savings and investments aligned with your goals and risk tolerance? The Family Credit Union can help you answer this crucial question. By analyzing your investment portfolio, the tool can suggest adjustments that optimize returns and reduce risk, ultimately working towards your financial aspirations.
• Debt Management: Unmanaged debt can quickly spiral out of control and jeopardize your financial stability. We will work with you to evaluate your debt situation. Plus we can help offer insights on how to consolidate, refinance, or create a repayment plan. This guidance can help you regain control of your financial situation and alleviate stress.
• Educational Resource: The Family Credit Union’s Financial Health Check Up isn’t just a tool; it’s an educational resource. It equips you with knowledge about budgeting, saving, investing, and other critical financial concepts. This knowledge empowers you to make informed decisions and develop healthy financial habits.

Achieve the Financial Wellness You Seek!

Need we say it? It’s that time of year again! Tax season. With this in mind, it is a great time to review all the financial wellness tools, and other helpful offerings that we have available on The Family Credit Union website to help you navigate this tax season.

It is our hope that we can help make your life a little bit easier. Let’s break down what is available, and where you can find it:

TFCU’s Financial Wellness Center

Your financial well being is our priority! That is why we have resources available to you this tax season in our Financial Wellness Center. In order to help answer your tax related questions, you can read the following articles:

• Federal Income Taxes
• Completing a Tax Return
• Tax Brackets and Statuses

In addition, we also offer a Withholdings Calculator, available in our Financial Wellness Center. Federal Income Taxes are withheld from your paycheck by your employer. At tax time, you’ll determine whether you owe more or have over-paid and get a refund. This calculator will help you determine how much is being withheld as a percentage and monthly dollar amount.

• Federal Income Tax Withholding Calculator

The Wellness Center Coach

Another great resource that is part of our financial wellness center is the Wellness Center Coach. Here you will find short, information packed, learning sessions. Related to tax season, you will find the coaching session called “Your Tax Return Pre-Game“. Get the information you need to get prepared to file your taxes, so that filing is smooth and easy this year.

Additional Resources from TFCU

After you have visited our financial wellness center, you can also access additional resources available on our website to assist you this tax season. We have TurboTax at your fingertips on the site, to easily provide you access to personal filing. You’ll get your biggest possible refund and be confident your taxes are done right.

If you find that you owe a tax payment after completing your tax return, The Family Credit Union also offers personal loans to pay help off what you owe. If you would like more information about a personal loan, contact a branch near you or apply online!

This tax season, rely on The Family Credit Union to help you every step of the way. Our commitment, is to you, our members! Access our financial well-being center any time you need tools and information to help you become more informed and financially savvy. We cover all the financial topics that you care most about!

Whether you are just starting out as a young adult, or have been on your own for a long time, understanding financial health and literacy is a key to a secure lifestyle. You may feel confident, or you may be feeling as though you are stumbling around in the dark when it comes to finances. 

TFUC is here to help. What is financial literacy, and what tools are available to get the financial education that you need?

Where do I start to gain financial literacy? 

Financial literacy is the ability to understand and effectively use a variety of financial skills. This includes: 

• Management of your personal finances
• Budgeting 
• Investing 
• Earning 
• Spending
• Borrowing 

At The Family Credit Union we are fully committed to being a part of your financial well-being. We understand that you have to start somewhere in the learning process, and you can start with us. 

Introducing ZOGO

Learning anything new can be daunting, however it does not have to be. Learning financial wellness can actually be fun. TFCU is teamed up with ZOGO, a gamified app that rewards you for taking on your financial education. Get lessons on subjects such as: 

• Smart saving 
• Spending wisely
• Managing your money
• And more! 

As you learn through short modules, you will earn gift cards from your favorite brands. Zogo is available on both Google Play and the Apple App Store. 

TFCU and Your Financial Literacy

With ZOGO, you have a place to start on the road to financial literacy. It does not stop there, as a member of The Family Credit Union, we stand with you as you continue to learn. Our team is here to answer your questions and help you secure your financial future. Stop by and visit one of our branches today! 

Family Credit Union’s Hidden Gems – Financial Wellness Tools

Did you know that The Family Credit Union offers tools for ALL members to improve their financial literacy and well-being? It’s one of our “hidden gems”!

Financial literacy is essential for individuals of all ages and backgrounds to achieve financial stability, security, and independence. It empowers our members to make better financial choices, avoid common pitfalls, and plan for their financial future effectively.

When you click on the “Financial Well-Being” tab on our website, you will be taken to a website that has a wide variety of tools and articles available to help improve your financial literacy and wellness. We have partnered with Banzai, an award-winning, interactive content platform that teaches real-world finance.  It is available and free to use for all members of our credit union.  Banzai offers experience-based online games that teach skills like budgeting, saving, understanding debt, using the internet safely, and more. 

If online games don’t appeal to you, Banzai also provides a comprehensive digital library with articles about everything from going to college to using credit cards to buying a home, and more. No matter what stage of your life you are in, you will be able to find information or tools that are useful for you. There are even budget and savings calculators! There are courses and a wealth of information for adults on topics including insurance, retirement, taxes, investment, and even running a business.  However, there are also courses geared more towards children and teens on how to start saving, how to stay safe on the internet, and so much more.  

Didn’t know about this feature of ours? Make sure to check it out!  We are pleased to be able to offer our members this fantastic tool to increase financial wellness and knowledge.  At the Family Credit Union, it’s part of our mission to ensure our members have the necessary knowledge and competence to manage their money prudently, budget effectively, invest wisely, and make sound financial decisions.

What is financial independence? Financial independence is the ability to live comfortably off one’s savings and investments with no debt. While this might seem impossible, it can be easier than you think. If you can create a plan, be disciplined, and have some sort of financial guidance, you can reach your goal. The Family Credit Union has come up with a list of tips to help get you started on your way to financial independence.

1. Make A Plan

Making a plan is a very important step when working towards becoming financially independent. Think about what your plan should look like, then take time to actually do some research to make sure your plan is attainable.  Each person’s plan is going to be different. Someone who is in their 20s isn’t going to have the same plan as someone who is in their 60s. The longer you have time to save and invest your money, the better. No matter what your age is, be realistic in your plans.

2. Create A Budget

Creating a budget can be an extremely helpful tool in tracking your finances and becoming financially independent. So what does the budget consist of? It is the process of measuring income, subtracting expenses, and helps to figure out where you need to cut costs to reach your goals.

3. Spend Less Than You Make

This is a common rule. According to moneyunder30.com, if you are in your 20s or 30s and can earn an average investment return of 5 percent a year, saving 20 percent of your income will give you a shot at achieving financial independence before you’re too old to enjoy it. If you are married, consider saving a large part of one salary. If you can try to limit your spending and live a lower standard of living, you can help put more money into savings and investments sooner.

4. Get Rid of Debt

According to USA Today, the average American household carries $137,063 in debt. Working to get rid of debt is one of the most effective things you can do to free up money and begin saving.

5. Buy Assets That Create Income

Investing can be a great way to earn money. However, it is important to remember that all markets have ups and downs. Make sure to fully understand what you are investing in and keep your focus on assets that will make you money over the long run. Do your research and read up on investments so you know when to buy low and sell high. Also, make sure to look at the tax ramifications of any investment transaction you make.

6. Always Know Where You Stand Financially

Finances can change all the time. You can’t expect to make one plan and for it to always stay the same. Make sure that your financial planning is flexible enough to withstand both positive and negative changes.

7. Downsize

You don’t need to always be “Keeping up with the Joneses”. If you can cut your overall living expenses, you can reach your goal much faster. Some people choose to sell their home and move to a smaller one or move to an area where living costs and taxes are lower. Others may choose to sell part of their property and put the money into savings or investments.

Being able to pay for and live a comfortable lifestyle is very rewarding. Use these steps to help being your process of becoming financially independent. The Family Credit Union is here for you with all you financial needs. Check out our education center or learn about our financial coaching we offer.