August 22nd, 2018

Automate your saving

Sure, you have good intentions to save, but it can be hard to start the habit. Therefore, ask us to set up automatic withdrawals

Tip: When tempted to make a spontaneous purchase, wait at least an hour — perhaps a day — before making the buy. The “I must have that” feeling may dissipate with time, or you may still think it’s a great deal

Loans for lower incomes
If you don’t qualify for a traditional bank loan due to lower income levels and emerging credit, try the FND Credit Union.  Our Credit union leaders promote “character” loans — that is, a person’s desire to repay is as important as their repayment ability or income.  We not only approved her loan, they gave her a new lease on life.

Give yourself a vacation club account
To figure out how much to save from each paycheck for your vacation club account, first estimate how much the vacation will cost and subtract how much you’ll finance by other means. Then, divide the difference by the number of paychecks you’ll receive before your vacation.

Christmas club accounts
Christmas club accounts allow you to regularly save money during the year, and return in a lump sum on a set date-just before Christmas. While the interest rate isn’t high and early withdrawals are penalized, it outweighs a hefty credit card debt with high interest.

Certificates of Deposits
Rather than stashing idlecash in low-yielding checking or savings accounts, you can make better returns — with relative liquidity — putting your money into short-term certificates of deposit and/or money market accounts

High spending, low savings
Spending more and saving less is particularly detrimental during an economic slowdown or recession. You are more likely to rely on credit to buy essentials and pay bills due to zero or minimal savings — digging yourself into deeper debt.

Loans & Debt Reduction Advice

The potential of bi-weekly payments

Bi-weekly payments are the simplest and most effective method for borrowers to save thousands of dollars in interest.

More payments (26 vs.12) cause the principal to be reduced faster than normal.
Each year contains 12 months, but 26 two-week pay periods.

Since interest is charged on the remaining principal, extra money diminishes what’s owing, slashing the total interest cost.

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