Blog Archive

Wednesday, June 29, 2016

The Sky Isn’t Falling: Financial Repercussions Of The Brexit Vote


article image brexitListening to financial pundits, it’s easy to think that the end of the world occurred last Thursday. The United Kingdom voted to leave the European Union in a contentious referendum. While the implications of this decision are many and wide-ranging, there’s no need to panic.

Tuesday, June 28, 2016

Rent Vs. Buy: College Edition!


One of the most common arguments in personal finance is in determining whether it’s better to rent a place to live or to buy one. The short answer is, it depends, but what it depends on changes a lot from one person to another. It’s especially tricky for college students.

Friday, June 24, 2016

Trust Your Intuition To Shop Online (And Offline) Safely


In one way, shopping online is very similar to shopping at kiosks, in shops and in malls. Personal and financial safety is always of great importance, but it’s easy to forget about safety when we’re distracted or in a rush. Either way, online or offline, searching for the best item at the best price can be very distracting, and distraction can be a real problem.

Thursday, June 23, 2016

The Chores Checkbook       


One of the most difficult things to get kids to do with an allowance is save it. If you give your kids their money in cash, it’s really easy for that cash to go in one pocket and out the other in the form of candy, movie tickets and impulse items at any store checkout line. Trying to get them a real-life checking account is another no-go, even though managing a draft account is one of the most fundamental personal finance skills kids need to learn.

Wednesday, June 22, 2016

Debit Cards – Credit Cards With Training Wheels


When it’s time for teenagers to drive, they’ll need to pay for gas, tolls and vehicle maintenance costs. Plus, whenever they are out on the road, there’s a good chance they may be spending money at restaurants, stores, theaters and parks, too.

Tuesday, June 21, 2016

Plan For The Payoff When You Plan Your Student Loans


Planning ahead for college is not just a matter of getting good grades and accumulating a list of extracurricular activities and awards. It’s also a process of understanding how to pay for tuition and living expenses during the college years, which often extends beyond the typical four-year period and sometimes also includes graduate school.

Monday, June 20, 2016

Savings Certificates: How To Keep Your Money Spinning


A share savings certificate is much like the familiar certificate of deposit (CD) offered by banks. It acts like a traditional savings account in that you deposit money to collect dividends over time. It differs from a traditional savings account, though, because you cannot withdraw or deposit money at will.
 
Instead, you agree to place your money on deposit for a preset period of time, called the “term length,” during which you may not make withdrawals without a penalty. Because you trust your money with the credit union for a longer period of time, longer term CDs are likely to have much better rates than a savings account.
 
You can deposit your money for as few as several months or as long as several years, but the longer you keep it on deposit, the better your rate will be (in most instances). For example, the average rate on a three-year deposit is, at the moment, 0.49%. Also, this rate is usually locked in, meaning it is not subject to change based upon how well the economy is doing at any given moment. In general, share savings certificates offer a much higher return than savings deposits, if you’re willing to wait the time it takes to get your money back.
 
What are the risks involved?
 
First, if you decide to withdraw your money earlier than the term you’ve chosen, a penalty typically applies. On average, these will cost you between three and six months of earned dividends. Depending on when you decide to withdraw, this can cost you more than you’ve made in dividends if you deposit in a certificate and then immediately withdraw it.
 
There’s also the risk of inflation. Should you choose to keep the money in the account for years at a time, you could actually end up losing money when taking inflation into account. Unfortunately, the only way to avoid that is to withdraw your money and take that penalty. Of course, inflation applies to all savings strategies, even the “tin can buried in the yard” approach. Other than inflation and penalties, your money is safe.
 
What insurance do I have against loss?
 
At for-profit banks, all certificates of deposits are backed by the Federal Deposit Insurance Corporation (FDIC). The FDIC insures them for up to $250,000. At a credit union, the National Credit Union Administration (NCUA) or a private insurance corporation (sometimes both) will insure your certificate for the same amount. The insurance works the same way, for the same amount, regardless of who provides it. This insurance for your money happens automatically and requires no action on your part.
 
If you’re unsure, look for stickers near the teller windows with the letters FDIC or NCUA. If you see these letters, your deposit is secured. If you don’t, be sure to ask the representative assisting you with your account about insurance for your deposit. They’ll be able to tell you the name of the institution that provides it. The FDIC and the NCUA will automatically back you and keep you covered through the worst of economic disasters.
 
What are some different options of certificates I can have?
 
Though people tend to stick with the traditional certificate option, there are many more to choose from.

Thursday, June 16, 2016

Five Ways To Partner With CORE Credit Union To Build Your Credit Now

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Perhaps you may have had good credit in the past, but are now experiencing a much lower credit score due to choices or life circumstances. Or, you may be building your credit for the first time as a young adult or as a newly single adult. Whatever the reason, you can rely on CORE as your partner in building or reestablishing your credit.

Here are five ways we can help you get your credit rating going in the right direction if you’re just starting out, or boost your credit rating at any time:

Tuesday, June 14, 2016

New Flood Insurance Requirements: What Does It Mean For Your Mortgage Loan?


Q: I had to buy a flood insurance policy to borrow money for my home. Do I have to keep it in force now and do I have to pay the full annual premium again?

Friday, June 10, 2016

Consider a Security Freeze To Protect Your Identity


Is there any downside to building and maintaining a high credit score? 

Wednesday, June 8, 2016

Portfolio Drift – How To Correct Course In The Face Of Market Performance


Temperatures are rising, kids are getting out of school, and the smell of grill smoke is in the air. It’s summer time! With the arrival of June, it’s time for a great many things, but one of them may surprise you: It’s time to check your portfolio distribution.

Tuesday, June 7, 2016

Overtime Rules Changes


Question: I heard a big change in overtime rules is coming. Can you give me some insight as to what I can expect?

Thursday, June 2, 2016

Memorial Day Celebrations, Yesterday And Today

How Did It All Begin?