Financial Fitness Tips For College Students

Hey, everyone, Financial Fitness Phoebe here, hoping this finds you thoroughly enjoying this beautiful summer season.

If you’re a student, chances are you’re beginning to think about the start of that fall semester, and everything that goes along with it. Now, while we’re all acutely aware of the fact that college tuition is expensive, we might not always meditate on just how much money it costs to live the student lifestyle.

The fact is, a staggering number of students leave their alma maters with tens of thousands in debt - and not just because of tuition loans. So, in the spirit of kickstarting some healthy habits pre-fall semester, we’ve come up with a few ways to minimize unnecessary spending - and none of them involve killing the fun of college. 

PAIR UP WITH A FRUGAL ROOMMATE

One of the best ways to stay on top of maintaining good habits is to stick with someone who will hold you accountable. When it comes time to select living arrangements, look for a domestic pal with budget-conscious tendencies. Like any good routine-building, it always helps to have someone to lean on.


HAVE HEALTHY HABITS

Get exercise; studies show that physically fit people are happier and liable to be more driven and focused in everyday life. If you’re a smoker, ditch it. At over $8 a pack here in Minnesota these days, it’s a habit that few can honestly afford to maintain.


BE A HOMEBODY
Now, this is definitely not to say that you shouldn’t hit the town now and then; after all, as a student, you shouldn’t deprive yourself of much-needed time out with friends.Still, preparing meals at home is a killer method of saving money. By making dinner and drinks out the exception, instead of the rule, you’ll see a lot more green in your bank account at the end of every month...and you’ll be able to splurge guilt-free on those treasured occasions.


USE THE LIBRARY

The best free resource for books, movies and music is right at your fingertips - the library. Sure, you might have to wait for a particular title to return to circulation, but you’ll be enjoying the things you like at no cost to you, whenever you like. Just make sure to avoid pesky late fees by delivering them home on time...


JOIN AN INTRAMURAL SPORTS TEAM

Plenty of us well-intentioned folks sign up for memberships at fitness clubs, only to watch our memberships collect dust on our own dimes. Most colleges and universities boast a wide array of intramural sports, completely free (after buying the necessary gear.) Have a favorite sport? Contact the program board at your school and see if there’s a league you can join!


SAVE YOUR MONEY
Ahh, the no-brainer that must be mentioned. When you manage to stick to your budget (by using the tips above and more) you’ll likely end up in the black after your bills are paid. Get that cash into a savings account!

Now, if you do find yourself short on the cash you need for collegiate expenses, remember, we’re here to help! It really is in your best interest to be frugal, but if you do need short-term funds, we can help with a small loan to help you succeed this fall. We’ll be right here with you to make sure you stay on top of your finances and repayment options!

Stay Cool For Less

Hey there folks! Financial Fitness Phoebe here, hoping you’re all enjoying this Minnesota enigma we call summer.

We all know that once summer hits, and hits HARD, it’s going to be difficult to resist cranking the air conditioner on full-blast. But, while A/C might hit the spot when it comes to comfort, it’s not as satisfying when considering your wallet. In fact, the typical U.S. home spends 17% of its annual energy bill on cooling; that’s about $375!

If you have central air or another AC unit, it’s inevitable that you’ll start it up on those blisteringly hot days. BUT, in this season of family vacations, ice cream outings, and general summertime decadence, we’ve collected a variety of ideas for staying cool without completely relying on that money-sucking air conditioning system - keeping more money in your pocket for fun! Here are 5 favorites!

WINDOWS SHUT AND BLINDS DRAWN

Yeah, I know, I know...it’s a little bit of a bummer to keep the sun out on these gorgeous days. Still, we stand to save a lot of green by shielding our homes from the sun’s powerful rays. tightly-sealed windows coupled with blinds or lined curtains can reduce the need for your air conditioner - just make sure you open up those windows on cool evenings!

FANS

It’s amazing how much cheaper it is to run a fan instead of an air conditioning system. Plus, a few strategically-placed oscillating fans can really move air through your home - and air flow can make all the difference! Another great resource which is part of most homes today - ceiling fans. But, there’s a catch - make sure your ceiling fan is spinning in the direction which forces the air down rather than pulling it up!

LIGHT BULBS

In addition to having a shorter “life span,” incandescent light bulbs kick out a ton of heat. You might not think much of it, but with all those bulbs going at the same time - well, it adds up. In fact, the US Department of Energy’s studies report 90% of the energy from incandescent light bulbs is given off as heat. So, not only is that lost energy hot, it’s basically money you’re just throwing away. Consider shifting over to the cooler and more financially sound CFL and LED bulbs on the market today.

TURN OFF APPLIANCES

Summertime is the perfect time to unplug - and more more than just one reason. You’ll save money and reduce heat output by turning off appliances you’re not using, specifically things like televisions and computers. Consider hooking them up to the same power strip so you can quickly snap it off on hot days.

As for those high-powered, heat producing appliances - I’m thinking ranges, ovens, washers and dryers - avoid using them during the hottest part of the day. Don’t put yourself through that misery!

THE POWER OF WATER

Last but not least, surround yourself with all things water. While not everyone has a lake or pool to plunge into at a moment’s notice, there are ways to use our world’s most valuable resource to take the edge off summer. Place an ice cube on pulse points; this is a slapshot method of quickly cooling down. Make sure to drink plenty of water, too. A dehydrated body doesn’t sweat, and a body that can’t sweat has a much harder time cooling off.





So, there you have it - a short, cool list sans air conditioning. Have something you do to keep cool on the cheap? Leave us a comment. Happy chilling!

Financial Fitness Tips For Summer Vacation Success

Howdy folks - Financial Fitness Phoebe here! After the brutal, relentless winter we experienced, it’s not a stretch to say this: we all deserve a vacation. However, after a season of high energy costs, the ever increasing price of gasoline, and potentially decadent comfort-food consumption, (admit it, you ordered a lot of pizza and chinese food) planning your trip with your budget in mind is crucial.

Here at St. Cloud Federal Credit Union, we always support money-mindedness. With that in mind, here are a few helpful strategies to make your summer vacation a smashing success.



DO YOUR HOMEWORK

Airfare and travel costs seem like a wildly complicated algorithm, but by researching with vacation planning websites, you’ll quickly see certain months, and days of the week, can be much cheaper. Use online vacation booking resources to price-compare and find the best possible rates for your destination. During peak travel times, air, hotel and other expenses tend to rise. Work your trip dates around these times and easily shave hundreds of dollars off your vacation tab.

PLANS ARE SUBJECT TO CHANGE

Be flexible - frankly, some travel destinations will be cheaper than others, and so it’s important to keep your options open to new possibilities. Deal-tracking websites for travel, lodging and meals are your friends in this situation; use them to determine a relative sense of how much you should expect to spend there, reducing the likelihood that you’ll blow your budget.

CREATE A TRAVEL ACCOUNT

Keep your vacation savings in a separate account. Setting up a separate savings account specifically for your summer vacation is easy, and will help you keep better track of your money and focus on making that account grow. Contribute to it weekly if you can, and watch your vacation plans grow!


FRUGALITY GOES A LONG WAY

Cut corners. Take a few months before your planned vacation and live frugally. Don’t go out to eat as often. Studies show that dining out is one of the biggest, and one of the most avoidable, expenses to try and avoid while saving. Take a closer look at your spending habits, and consider how much you are spending on eating out, entertainment or even last-minute trips. Put yourself in a mindset of limiting extra expenses so you can maximize your budget.


ELIMINATE THE BIG COSTS

This one’s a little controversial, but stay with me. Cable television can be a huge strain on your finances, especially if you pay for hundreds of channels you never watch. As the weather becomes balmier and outdoor activities ramp up, consider disconnecting your cable for a while so you can plant those savings into your vacation fund. If you absolutely cannot live without your favorite programs, look into online streaming programs like Hulu and Netflix. And, yes, digital antennas still exist, and you can easily install one at a low cost to watch local and public programming.


USE TECHNOLOGY TO STAY INFORMED

Stay organized with budget apps. Account management is tricky for a lot of people, with or without a vacation on the horizon. U.S. News & World Report recommends using a financial planning app, like Mint, to keep a close watch on your dollars and cents. At SCFCU, we offer a host of smartphone apps that will keep you in close contact with your finances. To use an old but true statement - knowledge is power!


And there you have it - a short but good launch pad for getting your finances ready for that well-earned trip. Have another idea for saving? Did we miss one? Leave us a comment and tell us how you are preparing for vacation! Good luck!

xo,

~Phoebe

Grocery Shopping Tips

Check out the tips below to help you on your next grocery shopping excursion:

Make a List and Stick to It!

• Check your house for items that you need and write them down. Set up a meal plan for the week and buy only the items you need for your meals.
• The second part is key, don’t stray from the list. If you tend to buy items that aren’t on your list, think about adding a “bonus” item. This way you can get something that catches your eye, but make sure to only add one bonus item so you don’t end up with a cart full of unneeded items.

Coupons, Coupons and Coupons!

• We all know that coupons are good. However how many times do you throw out a .50 off or .20 off coupon, or just plain forget… Those small amounts can add up over a year. Check weekly ads for BOGO items too.
• Attach your coupons to your grocery list, this way you will have them in hand when you go to check out.
• Build your weekly meal plan around items that are on sale, you have coupons for or are BOGO. This can save you $$

Buy in Bulk (sometimes)!

• Buy in bulk for items that won’t expire or you know you will use up quickly. Some good items are: canned foods, frozen food, meat (you can store these separate and freeze), spices, cereal, ketchup, canned sauces, noodles, nuts, paper towels, cleaning supplies and toilet paper.

Lose the Brand Names!

• Today you can find pretty much the same item in an off brand or generic brand. Although there are some items that are always better in the brand name, it doesn’t hurt to try something new. Why spend the extra cash on items if you can same thing cheaper with the same ingredients.
• Most stores have the generic brands located right next to the brand name items, making it easier to compare ingredients and price.

Watch the Register!

• Keep an eye out on when the items are being rung up, make sure your sale items and coupons are pricing correctly. Or check the receipt before you leave the store to make sure you got the correct prices.

Financial Fitness Workshop Series

We will be conducting a "Financial Fitness Workshop Series" of financial literacy programs on April 1st, 8th, 15th, 22nd, and 29th from 6:00 to 7:00 p.m. at Great River Regional Library in downtown St. Cloud.

Week 1 – April 1st, 2014 Don’t Be An April Fool! Attend Financial Fitness!

Presenter: St. Cloud State University’s Center for Economic Education

• Intro Quiz- What is your Money Personality? 
• Budgeting Project- How should you allocate your income (activity)? 
• Mending Your Spending 

Week 2 – April 8th, 2014 Your Credit: The Good, The Bad, The Ugly

Presenter: St. Cloud State University’s Center for Economic Education and St. Cloud Federal Credit Union

Credit

• How it works 
• How to build it 
• How to talk to your kids about it 

Week 3 – April 15th, 2014 Home Buying 101

Presenter: Jim Arnold – St. Cloud Federal Credit Union

• Buying vs Renting 
• Analyzing income and expenses 
• Credit Scores 
• Different Loan Types 
• Money needed to purchase 

Week 4 – April 22nd , 2014 Drafting Your Financial Blueprint

Presenter: Jackie Evavold – St Cloud Federal Credit Union

• Funding college education 
• Minimizing taxes by allocating your resources 
• Consider the benefits of a Roth IRA 
• Planning for income in retirement 
• Do you need an estate plan? 

Week 5 – April 29th, 2014 Protecting Your Good Name

Presenter: St Cloud Federal Credit Union

• Credit Monitoring 
• Identity theft 
• Payday loans, credit cards and other products 
• Credit Awareness 
• Program Evaluation & Wrap Up

Saving Money Like an Olympian

The Olympics inspire many athletes to pursue their sports dreams but here at St. Cloud Federal Credit Union it inspires us to be financially fit! In fact we believe the same principles to becoming a Gold Medalist are the same as being a financial fitness champ like our employee Phoebe!

Set a Goal

Setting a goal is the first step into any adventure, whether it is becoming an Olympian or saving money. Your goal doesn’t have to meet anyone’s expectation but your own. To be successful set a goal that you think you can achieve.

Create a Plan

You cannot simply say you want to save money just like you can’t simply walk into the Olympics and ask for a gold medal. You have to create a financial plan like you are training for the Olympics. This plan could be saving $5 a week or it could be saving $100 a week. It can be any amount you choose as long as it makes sense for your ultimate savings goal.

Train For the Gold

Once an Olympian makes their training plan, it’s time to put it into action! The same process can be applied to your savings plan. You have to train yourself to get into the habit of saving. One way to do this is to have a portion of your paycheck go into your savings account.

Patience

Your savings account will not grow rapidly overnight and that’s okay! Every little bit you put into your savings counts. Eventually you will make it to your savings goal just like an Olympian that gets the gold!

Keep Your Eye on The Prize

It is easy for us to slip back into old spending habits. Just like it is easy for an Olympian to have a sloppy practice. One way to stay focused is to write down where all your money goes and how much you want to save each month.

We are here to help you become financially fit champion like Phoebe! Feel free to stop by either of our locations or browse our website to learn more about our services.

Be Financially Fit This Valentine’s Day

Valentine’s Day isn’t always about lavish and expensive gifts. It’s about taking a day to show your loved ones how much you appreciate them! Celebrating Valentine’s Day doesn’t need to put a dent in your wallet; there are many fun, affordable Valentine’s Day activities.

Affordable Valentine’s Day Ideas for Your Sweetie 

Watch a Movie Together

If ice-skating is too much of a slippery slope for you, consider spending the night at home. Make your favorite movie snack, relax on your couch and watch a movie together! Romantic movies are popular on Valentine’s Day but if that is not “your thing”, choose a movie you both will enjoy no matter the genre.

photo credit

Ice Skating

The MAC has open skating both on Valentine’s Day and Sunday February 16^th. Adults are only $6 each and skate rentals are only $3.00 per pair.  Whether you’re a pro at skating or someone who is a board hugger, skating with your sweetie will be a blast! After you make a few laps around the rink, take a break with a cup of Hot Chocolate.

photo credit

Share a Present

Think of one gift you both want and can enjoy together. It could be a practical item like an appliance or it could be something as simple as a fancy bottle of wine. Whatever it is make sure it is something you both want!

Make Handmade Vouchers

This is a gift you can really get creative with! Here are some examples: half hour massage, make dinner for you, do your least favorite chore.

Make “54 things I love about you” gift

It’s an affordable and thoughtful gift. All you need is a deck of cards, paper and a printer (or marker).

Affordable Valentine’s Ideas for Kids

Valentine’s seem to be getting more and more expensive and class sizes aren’t getting any smaller. Below are examples of DIY Valentines you can make at an affordable price with out looking cheap:

Pipe Cleaner Rings:  All you need to buy is a bag of Hersey’s Kiss, and pipe cleaners. Use paper that you have around your house to write the Valentines Day message. (Cost for 30 of these: $6 to $8)

Super Hero lollipop: All you need to buy is a lollipop and use any paper, and crayons you have around the house to decorate your super hero! (Cost for 30 of these: $4 to $6)

Mad Lib Valentine: Instead of getting candy, print off a Valentine’s Day Mad Lib and roll it up and tie a paper heart around it. Add decorative paper if you have some lying around the house. If you need paper, Crafts Directs Discount store has scrapbook paper for 10 to 25 cents a paper (three sheets should be enough). (Cost for 30 of these: $4 to $5)

These ideas are sure to make your Valentine’s Day special. You don’t have to break the piggy bank to celebrate. All that matters is that you are spending the day with the ones you love!

Five Fall Financial Fitness Tips

Whoa, say that title ten times fast!  Fall is always a fun time of year; colors are changing, leaves are falling, and temps are beginning to drop.  Making the most of autumn while staying Financially Fit may be easier than you think! Check out this list of five money-saving tips we put together...

1.  Home-heating costs are not cheap, especially for us Minnesotans.  Before the Temperature cools way down, consider taking another look at how 'weatherproof' your home is.  It may cost you a bit up front, but it will save you a lot in heating and maintenance costs in the upcoming winter months!

2. Fresh foods are plentiful and inexpensive during this time of year.  You can still grab summer favorites like tomatoes, peppers, corn, and cucumbers AND add in fall favorites like butternut squash, grapes, and sweet potatoes for tasty, nutritious, and affordable meals.  And remember, as herbs and summer annuals start to seed, take a few minutes to collect seeds for next year. This can be an easy way to keep your garden going from year to year, without making it a huge investment!

3. Cooking with a crock pot rather than a stove can save you money in energy costs.  You can make a lot of yummy, healthy meals with a crock pot, and it will save you time too.  Simply throw ingredients in and let the crock pot do the work!

4. Fall is a great time of year to use nature for seasonal decorations.  While the goodies at home decor stores can be tempting, you can have a festive home for a lot less!  Gather acorns, twigs, leaves, or corn stalks for a fun Thanksgiving table, or snag leftover Halloween pumpkins to create a harvest scene!

5.  The Thanksgiving season triggers sales on all sorts of baking supplies – flour, sugar, chocolate chips, spices, nuts and more! Do an inventory of what you have to figure out what you're running low on. Then, stock up! *Tip: Be sure to check for coupons before you head to the store. This time of year you'll find coupons for the ‘staple’ baking items!

Bonus Tip:  If the cost of the Holidays is starting to stress you out, make sure to take some time to set a holiday budget and spending plan. If you haven’t done it yet, November is the best time to plan for spending in the month of December.  If you’re Financially Fit during the Holiday Season, you’re bound to enjoy it even more!

There are always ways you can have fun and enjoy the season while keeping your Financial Fitness in mind… Stay tuned for more tips, tricks, and Financial Fitness ideas!

Our mission is to educate, support, and encourage our Members to become Financially Fit.

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6 Tricks to Make Halloween a Treat

Did you know that in 2013, consumers will spend just under $7 billion on candy corn, costumes, and creepy décor? That’s some serious Halloween dedication! However, more of us must have Financial Fitness on the brain, because spending is down from 2012, when spending peaked at over $8 billion.

Let us help you enjoy the Halloween season, without breaking your budget in the process!  Below are 6 frugal (but festive) tricks to make your Halloween a Treat …

1. Do a Costume Swap

Find a neighbor, relative, or family friend, and swap some costumes for the kids! This will help them have a variety of choices to choose from, and save you from those outrageously-priced costumes.

2. Create Your Own Costume
If your little one has their mind set on what they’d like to dress up as, but you don’t want to drop the cash on ‘the perfect outfit’, create your own costume! Figure out what pieces the costume is made of, and see how you can make it yourself for a lot less.  Inexpensive and unique!

3. Don’t Overstock the Candy Bowl

You never know just how many visitors you’ll have, so don’t spend an arm and a leg filling buckets and buckets of candy to hand out. While buying in bulk can get you more bang for your buck, don’t go overboard!  Set a price you want to spend, and know that it’s OK if you run out – just make sure you switch the porch light off.

4. Think Ahead

When buying your candy supply, plan on buying it ahead of time.  No, we’re not talking clearance Easter candy – but don’t wait until the few days before Halloween; that’s when prices are highest.

5.  Shop Around

If you’re looking for the perfect pumpkin, do a little price comparison.  In some cases, a local pumpkin patch can offer reasonable prices (along with hay rides, free activities, and fun) – but sometimes a nearby supermarket may save you more.  Take the time to shop around and you’ll find the pumpkin and price you want.

6. D.I.Y.

If you want to really get into the spirit, look for ‘DIY’ (do it yourself) projects to make your own Halloween decorations!  Many projects use items you may already have around the house, and can be a fun way to spend an afternoon with friends and kids – head to Pinterest for loads of fun ideas!

Halloween fun doesn't have to be expensive! By spending a little time comparing prices and getting your creative juices flowing, you’ll be able to enjoy the Halloween season, without it taking a toll on your Financial Fitness!

Our mission is to educate, support, and encourage our Members to become Financially Fit.

Six Back-To-School Savings Tips

It’s that time of year… you know, right after they put the red, white, and blue  picnic décor away, but just before the Halloween candy comes out – yes, Back-to-School time!  Getting ready to send the kiddos back to school can be exciting, nostalgic, and a little stressful.  Don’t let the rising expense of supplies and list of needs bring you down, there are ways to save and keep you Financially Fit…

1. Sooner isn’t always Better

While it is exciting to see those shiny folders, vibrant crayons, and fresh bottles of glue line the shelf early on, it’s not always the best idea to buy your supplies right when they hit the floor.  According to an article from MSNMoney, holding off on the first ‘Back-to-School Sale’ and waiting for later sales will save you money.

2. Make a list of Needs, BEFORE going to the store

Before you embark on the trip to the store for Number 2 pencils, make a detailed list of what you need.  Take the list the school has given, add any other necessities, and stick to the list.  Remember that in some cases, different children in different grades will need different supplies – so it’s important to look at various necessities.  Remember to stick to the list! If it says 24 pack of crayons and 2 glue sticks, get the 24 pack (not 48) and 2 glue sticks (not 5).

3. Reduce, Reuse, Save Money

Once you've made your detailed list, shop around at home first.  Check the supplies the kids brought home from school at the end of the year and see which folders will hold up, which markers still work, and if there are notebooks with a decent amount of paper left in them.  Reusing school supplies that still have some life left in them will save you money, and create a whole lot less waste.

4. Keep an eye out for Give-Aways

Watch your local ads and flyers for any back to school giveaways!  You might find a deal for a free notebook with a purchase of folders, or a free ruler with a pack of pens, etc.  If you need the items, it never hurts to get a little something free along with it that you can also check off the list!

5. Buy in Bulk

After looking at the handy-dandy list you made, you know you’ll have to pick up a half dozen notebooks and fifteen folders, why not buy in bulk? Depending on the age of your child, a large pack of loose-leaf paper may be a less spendy alternative to notebooks, and splitting a large pack of colored pencils could be cheaper than buying two or three.  If you don’t have multiple kids to split the supplies between, consider going supply shopping with another parent or two and divvy up what you need.

6.  Keep it Basic

There are loads of supplies with sparkles, gems, sports teams, and TV stars on them, but are often more expensive than the generic supplies as well.  While it’s fun to splurge by letting the kiddos pick out 1 or 2 ‘fancy’ items, the ‘plain’ colored folders and yellow pencils will work just as well, and save you some money.

Don’t let the cost of back-to-school time take the excitement out of your school shopping, it doesn't have to break your budget.  Make a list, have some fun, and get the kids ready for a great school year ahead!

Our mission is to educate, support, and encourage our Members to become Financially Fit.

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Summer Fun - For Less {Part 2}

As you may have read, we have a compiled a list of 10 ways you can have fun this summer, without spending 'an arm and a leg' - and below is the second half of that list.  We always strive for Financial Fitness, so this Summer vacation, we encourage you to try some activities that will keep more money in your account and smiles on everyone’s face...

6. Keep Learning

Just because school is out doesn't mean learning needs to stop! Make a calendar with your youngsters and pick a different theme for what you want learn about that week.  Pick fun and interesting topics like stars and constellations, cloud formations, bugs and insects, the environment, animals, and more!

7. Go to the Library

Libraries are a jackpot for afternoons and days of fun, for free! Many local libraries not only offer an endless supply of summer reading, but you can also check out movies and audio tracks as well.  Ask at your local library for any summer activities for the kiddos or book clubs for adults.

8. Plan a game night

Gather a few neighborhood friends and families and host a game night!  Ask each family to bring a snack to share and a game of their choice and make an evening out of it!  You’ll get to know other families and maybe even learn a new game or two!

9. S’more fun

If it’s legal in your neighborhood, pick a night and have a bonfire and camp out!  Grab some hot dogs and s’more ingredients, maybe a game, and some music.  This can be a nice way to spend time with family and friends and enjoy the summer evenings. 

10. Volunteer

There are many places that would love to have extra help during the summer months.  You can volunteer at all kinds of places – an animal shelter, a food shelf, or a recycling center – even an afternoon of picking up littered trash can be a huge help.  You’ll feel better too!

There are hundreds of other ways you can have fun this Summer without spending heaps of money.  Be creative, try new things, and think outside the box!  Whatever you do, make the most of it and have fun – Financial Fitness doesn't have to mean sacrificing a good time!

Our mission is to educate, support, and encourage our Members to become Financially Fit.


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