3 Budgeting Tips for Newly-Independent College Students

College is expensive - this is well-known. The real price of college doesn’t really hit new students until they are in the middle of their first semester sitting in their dorm room eating ramen and selling old clothes and shoes to buy one last book.

The rising tuition costs, student loans, and the real world costs of living on your own can hit fast, so preparing yourself for college life will benefit you more than you realize. It may not seem like it, but the decisions you make with your finances while you are beginning and in college will have a significant effect on your financial future. Knowing how to budget your money wisely – especially if you are taking out student loans – will be very important in the long run.

Live Within Your Means

It’s okay to go out with your friends and to make late night runs to the grab-and-go now and then, but don’t make it a weekly event. Knowing how much extra spending money you have each week and not spending more than that said amount is vital to staying afloat financially. You don’t need to order Domino’s every week, no matter what your roommate tries to convince you. The Federal Student Aid website also lays out some guidelines about how to not get behind on your finances when you’re in college.

Don’t Overestimate Your Income

If you work a job where your paycheck is about the same every week, that can make budgeting a bit easier to determine. If you have a college job where you earn your wages on tips or commission, however, this can be tricky. Overestimating your income or your paycheck can really hurt you when you open the envelope and it isn’t what you expected. That is why underestimating your weekly income and spending less than what you think you have will help you save money in the long run.

Start a Budget That Works For You

Everyone has different priorities and everyone spends their money differently. If you are looking to start a budget that works for you, Pinterest has a ton of great ideas for college students from how to balance school, a job, and a social life to where to put your money and what to spend it on.


No matter what school you decide to attend or how you decide to spend your money while you’re there, putting money into savings for books, school supplies and other necessities is very important. Finding a bank that will help you save for your future is also something that can benefit you greatly. St. Cloud Federal Credit Union is focused on your future, let us help you prepare for some of the greatest years of your life!

New Year’s Resolutions for Financial Health

Next to physical health, financial health is at the center of many Americans’ New Year’s resolutions. If you’ve resolved to finally get your finances in check this year, use these tips to save more, spend less, and make this your year!

Like other lofty goals, taking small, manageable steps in the right direction is going to be the key to actually succeeding. And just like other improvements in one’s life, deciding to make a change is the biggest hurdle to making a difference.

1. Save Wherever You Can

A person’s financial health depends on many factors, not the least of which is their ability to pay for emergencies out of savings rather than cash flow. So how do you boost your savings on regular basis?

First, decide on the portion of your tax return, bonus, or financial windfall that will go to your savings account and what will go toward paying off any debt you may be carrying. Second, slide some of your income into savings before it even gets into your hands. Use payroll deductions from St. Cloud Federal Credit Union to put a portion of your paycheck directly into savings.

2. Get on the Same Page as Your Spouse

According to a study by SunTrust banks, nearly half of all respondents have different spending habits than their partners, which is why this made our list. It is difficult to reach financial goals as a couple if you don’t agree on the goals or how to get there. Not to mention that financial stress is the number one cause of marital stress for those who indicated stress in their relationship.

Sit down together and take stock of where your finances are. Make the following decisions together:

• Decide what you’d like to accomplish in the next year, whether it’s paying down debt, opening a college savings fund, or just keeping monthly spending to a specific and firm budget. 
• Decide who is best to manage your finances. If the current arrangement isn’t working, think about having the other person step in.
• Set your budget and make a plan to stick to it. That brings us to the next suggestion.

3. Watch Those Little Purchases

Whether you’re single or attached, make a budget. Look carefully at your monthly and yearly income, and where it was spent last year. Are you happy with what you see? Is it what you expected?

Setting a weekly and monthly budget with spending caps can help you reach your year-end goals. Watch those little purchases that may have made up more of your spending than you thought, such a parking, eating out, coffeehouse visits, or traffic tickets. Although they seem small at the time, adding these small tickets to your burden every single week or month will end up creating a big hole in your financial plan.

4. Watch Those Big Purchases

Ah, the splurge. Whether it was a Christmas gift or a mid-winter vacation, one large purchase outside the scope of your budget can throw things off for months. Discuss these big ticket items with a financial advisor to proactively set a plan for achieving it. Americans often have a habit of buying first and thinking about it later, which is a sure way to rack up debt. Shop around, compare prices, check your impulses, and remember that it’s ok to say no to yourself in favor of your greater goals of financial freedom.

5. Check Interest Rates

If reducing your debt is one of your goals—and if you have debt, it should be—look at the interest rates you’re paying. Get rid of the balances that carry the highest rate, and work down from there. If you’re not sure where to start, this is one strategy for tackling debt.

Similarly, compare interest rates for savings accounts and money market accounts. Talk with a representative at St. Cloud Federal Credit Union to determine if the money you’re saving could be earning you more.

6. Plan for Retirement

According to the 2016 Financial Literacy Survey, one-quarter of Americans don’t save any of their annual income toward retirement. Lauren Brouhard, Senior Vice President of Retirement at Fidelity Investments, recommends saving 15% of your income to ensure a comfortable retirement.

If you haven’t opened your 401k retirement plan or checked in on its performance, do that immediately. If your employer offers a matching contribution to your 401k, be sure to take advantage.


For assistance with any of these tactics, we encourage you to let St. Cloud Federal Credit Union help you maintain this year’s New Year’s resolutions!

4 Fun, Inexpensive Things to Do in St. Cloud This Summer

Summer is right around the corner— as long as the typically temperamental Minnesota weather mood swings calm down. So what are your plans this summer? Lengthy road trips, summer camps for the kids, and excursions to the Mall of America can get expensive very quickly. If you’re looking for fun, inexpensive activities to do this summer while sticking to your budget, read on.

1. Parks and Rec
Whether you are interested in strolling around, people watching, dog walking, or disc golfing, St. Cloud offers a variety of parks for you to enjoy your time outdoors. In fact, with over 90 recreational parks to choose from, you have a site to suit your every need. Additionally, visit one of our specialty parks; you can learn about local history at the Stearns History Center and Nature Reserve, smell the beautiful roses at Munsinger and Clemens Gardens, canoe along the Beaver Island Trail and Park, or swim in the Quarry Park and Nature Preserve in neighboring Waite Park.

2. Sports, Sports, Sports!
What better way to spend a warm summer night than catching a baseball game with the St. Cloud Rox at Joe Faber Field. St. Cloud also hosts a variety of summer league sports programs such as the Central MN Youth Soccer Association for kids or adult-league softball and volleyball. If you are more fan than athlete, visit the Minnesota Amateur Baseball Hall of Fame.

3. St. Cloud Standbys
Every August, the Benton County Fair arrives to the thrill of St. Cloud natives. With amusement rides, a petting zoo, numerous talent contests, fair food classics, and a beer garden, the Benton County Fair offers a mix of fun and entertainment for everybody. This year, the fair will be hosting, ‘The Wall that Heals,’ a 250 foot traveling replica of the Vietnam Veterans Memorial. Don’t miss it!

4. New Classics
Summertime by George at Lake George hosted by the St. Cloud Rotary Club has recently become a summertime classic. Every Wednesday night, Lake George plays host to a free music concert with different local artists every week. Set out a blanket and listen to wonderful music, then visit the craft and food stands with local fare available. This year also marks the 10 year anniversary of the Downtown St. Cloud Art Crawl. With two opportunities to enjoy free art, music, and entertainment, be sure to wander about St. Germain Street on the evening of June 12th and all day August 14th. 

Bonus for Kids A family-oriented town, St. Cloud hosts a variety of kid-friendly activities to enjoy. There are many playgrounds and splash pads around town, such as the River’s Edge Splash Pad, that offer sanctuary on days pushing 100 degrees. The Great River Educational Arts Theatre hosts a children’s theater year round for kids to engage in culture and entertainment on an affordable basis. St. Cloud institutions such as Parkwood Cinema and the Municipal Athletics Complex offer kid-friendly discount days for inexpensive fun for the family.

There are many options all around St. Cloud for you to enjoy a fun, carefree, and budget-friendly summer. Now get out there and enjoy the sun while Minnesota weather allows us!

Financial Fitness Resolutions

With 2014 at a close, it’s time to set your New Year’s Financial Fitness resolution. Setting a financial goal for 2015 will develop a rewarding habit that will continue for many years to come. Whether you are spending less money on the morning coffee, or setting aside a higher percentage of your paycheck for retirement, it’s time to start thinking about your financials, and we are here to help. The following are four easy tips to start your year off right.


Start envelope budgeting- Envelope budgeting is putting cash aside every month for your spending. You can start by dividing your money into certain categories. These can include taxes, rent, child expenses, groceries, date night and more. Assign each category to an envelope and budget your money to each category. Use the money as needed for each category. This will help you decide whether you need to spend the money, or if you can leave it for another time.

Pay down debt- Write down all your cards, their balance, and what the interest rate is on each. Increase payments on the card with the highest rate. If you aren’t already, try paying off the most expensive debt first, and try paying more than the minimum balance on it. Paying only a small percentage of the balance only prolongs the payoff.

Save more for retirement- Start saving, and keep saving! You will reward yourself in the long run if you continue to put 10 to 15 percent of your paycheck in a retirement fund. Make sure you know your retirement needs. Every individual’s retirement needs are different. Determine your needs ahead of time so you can prepare yourself- and your money- for the long haul.

Meet with a financial advisor- These men and women have the knowledge and expertise to guide you through financial decisions. They offer realistic goals that you can reach with their help. Invest in a good advisor and you can get started towards retirement in the right direction.


The best New Year’s resolution you can make is one to develop your own financial fitness. St. Cloud Federal Credit Union is here to answer all your questions you may have about getting yourself “in shape” for 2015. Give us a call at 320-252-2634 for more information. Have a very happy Holiday season and New Year!

How To Stay Financially Fit During The Holidays

Hi everyone it’s Financially Fit Phoebe here! With all the hustle and bustle of the holiday season, it’s easy to feel overwhelmed. I am here give you the tools you need to be financially fit this holiday season, so you can celebrate the holidays with ease!

Allow Time

The holiday season always tends to fly by! Can you believe that there are only 14 more days until Christmas? I can’t! To avoid impulse holiday shopping, make a holiday calendar. This calendar will include what days you will buy gifts for each person, when you will cook & bake holiday treats, and when you want to have your holiday decorations up by. When making your holiday calendar compare it to your paydays and when bills are due.

Decide How Much You Can Spend

The first step to being financially fit during the holiday is creating a budget. The first thing I like to do is come up with a holiday budget (this will include everything). Next I take my holiday budget and divide it into four categories: gifts, food, decorations and other. Here is how you can make sure you follow your budget for each category:

Gifts: First, make a list of all the people you plan to give gifts to. Then, next to each person’s name write the amount of money you will spend on their gift. Lastly add up the numbers next to each person’s name to make sure it does not exceed your allotted gift budget.

Food: Many of us look forward to holiday treats and food; I know I do! To avoid getting a bad taste in your mouths (because you spent too much on holiday foods) I recommend you make a list of all the holiday treats and foods you plan to make. Next to each holiday treat or food write how much it will cost to make. Don’t forget to add ingredients up like sugar and sprinkles! Lastly, add up how much money it will cost to make everything and make sure it fits in your budget.

Decorations: One of the easiest ways to cut back on holiday spending is the decorations. Set up all of your old holiday decorations before you buy any new ones. To save some cash have your kids, nieces and nephews make holiday decorations with you. If after doing all this you feel like your home could use a little more holiday cheer, then go buy a few more decorations- but remember, stick to your budget!

Other: This list is one many people forget about. Under this list should be gas money to go to stores, shipping costs, gift-wrap, and any additional things you will need during the holiday season. They might not seem like they cost a lot, but added all together you’d be surprised!

DIY Gifts

I think the best gifts are handmade. Some DIY gifts that I love are mason jars filled with treats, crayon art, letter art, handmade soaps and upcycled art. If you need some more DIY gift ideas take a look at St. Cloud Federal Credit Union’s “DIY Gifts” Pinterest board. 

If you are feeling overwhelmed with all of your holiday expenses do not hesitate to call St. Cloud Federal Credit Union, we’d be happy to help!

xo,

~Phoebe

The Face (and Voice) of Financial Fitness!

Hi! I’m Financially Fit Phoebe - (my friends call me Phoebs). You might recognize my name from our fun and upbeat radio ads, and now you can put a face to the name and voice! I work with the folks at St. Cloud Federal Credit Union to educate, support, and encourage our Members to become Financially Fit.

I wanted to take a minute (in this case, a blog) to introduce myself and tell you a little bit about me!  As I said, my name is Phoebe, and I’ve been on the team at St. Cloud Federal Credit Union for just a couple months now, and I absolutely love it!  The people here are always so friendly and truly do have a passion for helping their Members.  I grew up in Minnesota and just graduated from college a few years back. 

When I first finished college, I wasn't so great at budgeting my money and saving for my future.  When I realized that by getting my finances in shape, my overall well-being would benefit too – I've had Financial Fitness on the brain!  I got myself into shape, and have never been happier.  I have a monthly budget set up, I contribute to my savings regularly, and I’m working on paying off all my loans to be debt-free.  From experience, I know it’s easier said than done – but with the support, patience, and help the folks at SCFCU give – you can become more Financially Fit too!

I’ll be posting blogs from time to time, so be sure to look for my signature.  I’m really excited to hang around at St. Cloud Federal Credit Union and help not just the Members, but the Employees too!  I know that together we can take the steps toward Financial Fitness, and make your financial dreams a reality!

xo,

~Phoebe