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!

Being a Member From Abroad—Ashley’s SCFCU Experience

At St. Cloud Federal Credit Union, we pride ourselves in taking care of our members. Whatever your current situation, wherever life takes you, we want to be there to help. One member, Ashley, tells us about her experience with SCFCU while she traveled abroad in her own words:

StSt. Cloud Federal Credit Union is a place that has always been familiar to me growing up, as it still is today- with both of my parents being members there for over 20 years. When I decided to travel to Europe, I turned to my parents for advice on where I should set up my accounts before I leave. I needed a bank account and a debit card that would work for overseas for 3 months, have the features I desired and still be convenient for my family to make deposits. After discussing this with my parents, they suggested I stop into their credit union to learn more.

The next day I went to the St. Cloud Federal Credit Union to discuss my Europe trip and my plans for gaining access to my money while abroad. The staff at SCFCU made me feel valued and respected during all stages of my visit—from inquiry to new membership. They eagerly helped find the best product for me and also took the time to set everything up. I was surprised by all the benefits and features of their accounts—all of which fulfilled my financial needs abroad. 

The employees at the SCFCU understood that I would be away for several months and wanted to make my experience with them as smooth as possible. The staff showed me how to utilize my online banking account and even helped me download and sign into the SCFCU mobile banking apps. I realized that, to SCFCU, it was more than just setting up another checking and savings account, rather it was a new relationship being established with a valued member. This made me realize the clear difference between banks and credit unions.


Throughout my trip,I had no troubles with my checking or savings account, and my parents were able to deposit money into my accounts, which saved me in a couple emergency situations. I knew that if something did occur with my accounts while abroad that the staff at St. Cloud Federal Credit Union would take good care of me. As I am a member now, I see how the staff go the extra mile to ensure their members are taken care of and feel valued.


Thank you for the kind words, Ashley. We are happy to help. If you are heading overseas on vacation, on a study abroad program, or for any other reason and are curious about finances, contact St. Cloud Federal Credit Union.

When Should You Refinance Your Mortgage

When it comes to refinancing your mortgage, you need to determine the best possible plan and method of refinancing. At the St. Cloud Federal Credit Union, we can help you determine the most beneficial mortgage plan for you and your family.

What is Refinancing?

Refinancing a mortgage means paying off an existing loan and replacing it with a new one. Dependent on your financial situation, refinancing can save you money and give you flexibility. It can help shorten the term of your loan or help you build equity more efficiently.

When is the Best Time to Refinance?

People refinance their mortgage when you are buying a new home or property, financing a home addition, constructing a new home, or buying an investment property. People who wish to refinance their mortgages may also be looking for a lower interest rate, a shorter mortgage term, a fixed-rate mortgage (instead of an adjustable-rate mortgage), or debt consolidation.

The two most common types of refinancing include rate-and-term refinancing and cash-out financing. Understanding these two types of refinancing can help you determine if this is the best possible option for your finances. Learn more about the two most common types of refinancing in a blog by bankrate.com.

How Can I Get More Answers about Refinancing? Is it the Best Option for Me?

The New Vanishing Mortgage program offered by the St. Cloud Federal Credit Union was established to benefit members who are approaching the completion of their mortgage and for those who may not have taken advantage of historically low rates due to fees and the hassle of applying. The Vanishing Mortgage program is also open to those who have refinanced but want even lower rates.


Personalized assistance from the Mortgage Department can help you build confidence in your mortgage and loan terms. For more information on refinancing your mortgage and the Vanishing Mortgage program, reach out to representatives from the Mortgage Department at the St. Cloud Federal Credit Union to see if you qualify and to see if you will benefit from refinancing.

Is Debt Consolidation the Best Choice for My Finances?

For many, debt consolidation can be beneficial when it comes to refinancing loans and paying out debt. For others, debt consolidation can help very little in their goals of becoming free of the financial and emotional burdens of debt.

While it may sound tantalizing to consolidate all of your loans into one place, there’s much more to consider when choosing to consolidate your loans. It may be true that consolidating multiple credit accounts into one principle loan with a single payment can help lower your overall monthly expenses and eliminate the stress of multiple payments each month, but it could be possible that you would lose certain benefits, increase your time spent in debt, face higher interest, and more.

Remember that consolidation works best as part of a larger plan to become free of debt, not as a way to postpone repayment. Before you seriously consider consolidating your loans, ask yourself the following questions:

• Is my debt load manageable?
• Is my credit level advantageous for debt consolidation?
• Am I serious about becoming debt-free?
• Is a personal loan the best option for my finances?
• Will it help me face my student loans more efficiently?
• Once I am debt-free, will I be able to stay debt-free?

It may be to your benefit to talk to a Member Advisor at St. Cloud Federal Credit Union to answer the questions above and more to help you determine if debt consolidation is best for you.

St. Cloud Federal Credit Union offers another easy way to help determine whether debt consolidation is right for you. The St. Cloud Federal Credit Union Personal Debt Consolidation Calculator offers a simple method of self-calculating your credit cards, auto loans, and other loans and installment debt. The St. Cloud Federal Credit Union also offers a comprehensive glossary of loans terms for transparency and for those new to the process. To learn more, check out our Personal Debt Consolidation Calculator.

Debt repayment and credit counseling programs can further help you repay your loans more efficiently. Whichever method you pursue in consolidating your debts, know that the experts at St. Cloud Federal Credit Union can help you get your finances in order and can help you on your way to becoming debt-free.

New Look, Same Great Credit Union

St. Cloud Federal Credit Union was founded in 1930 by St. Cloud postal employees, with the first department inside a post office. Over the years, St. Cloud Federal Credit Union has grown in members and services, but our purpose has stayed the same: “We exist for people, not for profit”.

In late September, we unveiled our new modern, streamlined logo. It features an intertwined ‘S’ and ‘C’ over a diamond in two solid versions — black and burgundy. The new and personalized look is more representative of the character and culture of a credit union’s value, and the logo has been received positively by the community.

“The challenge- and much of the fun- of writing an established future history lies in incorporating new knowledge while remaining true to what has gone before. Expanding and enriching, not contradicting.” - Edward M. Lerner

Despite the new look, St. Cloud Federal Credit Union will continue to be a premier financial institution of choice by making a meaningful difference in people’s lives. We will always advocate for people through a member-focused culture, an enthusiastic employee environment, and purposeful action within our community.

“The best way to predict your future is to create it.”- Abraham Lincoln”

Be on the lookout for our new St. Cloud Federal Credit Union logo. Together, our future will be amazing!

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

Be Financially Fit in 2014

Hi everyone, its Financially Fit Phoebe here! The New Year is here and it’s the perfect time to take control of your finances! Here are four things that I plan on focusing on to be financially fit and so can you!


Budget

Create a monthly budget. I know this is easier said than done, there have been times that even I’m temped to break my budget! The key to having a successful budget is to have “fun money” set aside each month for you to spend. As long as you don’t go over your “fun money” limit, you can still have fun and stay on budget. When creating your budget it is important to include EVERYTHING: such as grocery, utilities, mortgage/rent, debt, clothing, transportation, phone/cable bills, “fun money”, insurance, and other bills you may have. Your budget should also include savings goals.

Set Savings Goals

It is important to think “spend what is left after saving” rather than “saving what is left over from spending”. Each month you should have a set amount of what you will put into your savings. I recommend starting out by putting 10% of your income to savings. If that seems like too much for you right now, start by putting $20 in your savings a month. Any little bit will help. Once you have a handle on saving, start setting monthly and yearly savings goals.

photo credit 

Get out of Debt

Write down all of your debts from highest annual interest rate to the lowest annual interest rate. Debt with the highest interest rate should be what you begin to pay off first. One way to pay off debt faster is by reducing your monthly expenses.

Take Control of Your Spending

What I recommend doing is writing down what you spent your money on for the last two months. I mean everything… down to the penny! This will help you determine what you can cut back on. Some ways that I cut down on my spending include: not buying name brands, looking for the best sale price, bringing a lunch from home, upcycling, and using coupons.

Apps

There are many finance and budgeting apps out there. Some of my favorites include iReconcile, Expenditure, MoneyBook, Toshl, and Mint. Our SCFCU Banking app helps you keep track of what you are spending and how much money you have in your account at all times (it can help you spot any potential theft).

Finance Calculators

We have many calculators you can use to help reach your goals!
All Calculators
Household Budget Calculator
“Benefit of Spending Less” Calculators
“Savings Goals” Calculators

It’s never too late to become financially fit. The St. Cloud Federal Credit Union team and I are here to help you gain control of your finances and to help you embrace the “financially fit” lifestyle!



xo,

~Phoebe

Service Upgrade: New & Improved Bill Payer

As a Member of St. Cloud Federal Credit Union, you have the opportunity to use our Bill Payer service, free of charge.  For those of you who don’t know, Bill Payer is a safe and secure way to pay your bills online through your checking account at SCFCU.  It’s a convenient alternative to writing out checks each month, or logging onto individual business websites.  An exciting upgrade is coming soon for Bill Payer service.

Effective August 14^th, we are converting to a new Bill Payer provider.  No worries, current users -  all of your Payees, Payment History, and Scheduled Payments will automatically convert to the new provider.  However, there are a few things we’d like to make you aware of.

• Payments that you set up prior to the upgrade, that had a process date after August 13^th, will now have a different ‘Send Date’.  The term ‘Process Date’ will now be used within Bill Payer instead of ‘Send Date’.  It is extremely important that you log in to your Bill Payer account after August 14^th and review your ‘Process Dates’ (The ‘Process Date’ is the date the funds are deducted from your checking account.) to assure things transferred over.
  
  

• All of your Payees will default to ‘Check Payment’ status at the time of the upgrade.  However, those Payees may convert to ‘Electronic Payment’ status when the first payment is processed with our new provider.
  
  

• The most exciting change is that Bill Payer will be available for your mobile device by the end of the first quarter in 2014.

If you have any questions or concerns about our Bill Payer upgrade, please feel free to contact Barb at (320)258-2150, or Karen at (320)258-2169.

To learn more about accessing Bill Payer, click here.  If you’d like help walking through setting up Bill Payer, check out this video.  Happy Bill Paying!

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

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Fund Your Future!

It’s the time of year we find many High School seniors filled with excitement and enthusiasm (OK, nerves too) as college is on the horizon, closer than ever before.  While many are filled enthusiasm for the ‘next step’ in their life, they may also find they are weighed down with worry of the financial burdens that can come with college.  Have no fear; St. Cloud Federal Credit Union is here!

At SCFCU, we offer a Private Student Loan Program.  Our Student Loan program is affordable, easy to apply for, and has fast approval.  The program has a plethora of benefits, including:
-- Zero Origination Fees for all qualified student borrowers
-- Competitive Interest Rates (and with good grades, you’ll get even lower rates!)
-- 1% Interest Rate Reduction once 10% of the loan principal is repaid during the full repayment period
-- 30-day No-Fee Return Policy – allows you to cancel the loan if you find a better option
-- Cosigner Release available after 24 consecutive on-time principal + interest payments

You can borrow as little as $2,000 or up to the entire cost of attendance per year.  There is a maximum of $120,000 in Undergrad loans and $160,000 in graduate loans.  You can use your Student Loan for a variety of payments including tuition, cost of room and board, books or computer expenses, and even past due tuition bills!

You do not have to be a current Member of our Credit Union to apply, although to receive the loan you must become a Member for final loan approval.  The good news is, anyone who lives, works, or worships in the Tri-County (Stearns, Benton, or Sherburne) county area, or has an immediate family member that does can be a Member of St. Cloud Federal Credit Union!  For more information about our Student Loan program and it's requirements, visit https://stcloudfcu.coop/Student.php.  Or, CLICK HERE to apply now!

Congrats to all graduates, we’re proud of you and excited for what your future has to offer! 


 We are People Helping People.

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