Financial Information
Please be aware of IRS phone scams. Fraudulent calls are made to tax payers to pay their debt or face jail time. This scam started two years ago and unfortunately has continued. The callers call from different numbers and those numbers cannot be traced. The call sounds very official and most of the times they are looking for your account information to make a payment on a bogus back tax. Do not give them any information or engage in conversation. Do not be fooled if someone has part of your social security number or gives you their “badge” number. Please keep in mind that the IRS DOES NOT CALL OR EMAIL to discuss unpaid debt or a tax return issue. It is known that these bogus callers will continue to call and leave messages for weeks. Do not provide any personal date over the phone and only use trusted web sites that are secure.
What do you want to achieve?
Setting a goal is as easy as deciding what you want and creating a plan to achieve it. Do you want to purchase your first home or a larger one? Do you want to retire by a certain age or even buy a new car? Choose goals that you want badly enough to give up instant gratification of spending all of your money now. Write your goals down and refer back to them often. Don't just dream of your goals. Dreaming of your goals will not make it happen. Written goals give you something to work toward and saving your money will be more meaningful.
Have you re-evaluated your financial goals lately?
Calculate your net worth; it will tell you where you are headed financially. Your net worth is the difference between the value of your assets and the debts that you owe. It is an eye opening financial snapshot.
Contact Michelle, a Certified Credit Union Financial Counselor, for more information.
52 Week Money Challenge
I challenge you to save. With the New Year right around the corner, the 52 week money challenge is the perfect way to start saving. The idea is very simple, to get started all you have to do is deposit $1.00 into a savings account on week one of 2015. After that you deposit $2.00 on week two, $3.00 on week three and so on until you reach week fifty-two. Once you have completed the challenge you will have saved $1378.00!!
This is a fun and great way to take small steps in creating a habit of saving. Here is a list of the weeks and deposits you should be making, click here, that way you can keep track for yourself. Good Luck and I challenge you to SAVE!!
Preventing Identity Theft
Identity theft is a growing epidemic that is starting to affect more and more people across the U.S.. With new technology and ways to access information it has become easier for hackers to get your personal and financial information. Here are some tips to help protect yourself from being an easy target:
- Periodically check your credit report and dispute any inaccurate information right away.
- Make your passwords hard to guess. Use a combination of numbers, upper & lower case letters and characters
- (ex: MScu15!)
- Request a vacation hold if you are unable to pick up your mail while you are away.
- Always remove mail from your mail box promptly.
- Keep your purse or wallet in a safe place while you are at work.
- Memorize your social security number rather than carrying your card with you.
- Don't have your social security or drivers license number printed on your checks.
- Photo copy both sides of your credit cards so you have all of the account numbers, expiration dates and phone numbers.
- Be aware of people behind you at the ATM or anywhere else where you swipe your cards.
- Know where your checkbook is at all times.
- Check bank account statements for fraudulent activity regularly.
- Update virus protection software periodically on your computers.
- Use a firewall on your computers to further deter hackers.
CREDIT BUREAUS:
Experian: 888-397-3742 www.experian.com
Equifax: 800-685-1111 www.equifax.com
Transunion: 800-916-8800 www.transunion.com
To find out your FICO score go to:
www.annualcreditreport.com OR https://www.creditkarma.com
"Don't Tax My Credit Union" is a national campaign dedicated to ensuring Congress does not raise taxes on 96 million credit union members nationwide and preserves financial choice for American consumers. Join us today to share your story and tell Congress: Don't Tax My Credit Union!
We need your help!
Visit www.donttaxmycreditunion.org to contact your U.S. Representatives and Senators and make your voice heard today!
Financial Information:
Credit Report: Provides details about an individual's history and can be used to determine financial obligations. Your credit report is a window into your financial life and includes credit history, types of credit, judgments, collection accounts, charge off's, etc. Information is provided by banks, credit unions, stores and other creditors.
Credit Score: This number reflects your ability to repay loans or credit cards based on the information reported by your creditors. Credit scores can range from 300 to 800+. The higher the score the better risk the borrower is. This score is also known as your FICO score. The interest rate you receive can be based on your credit score. Insurance companies may also base your rates on your credit score; the lower the score the higher your rates may be.
Did you know?
- One late payment on your auto loan may cause your score to drop 98 points?
- That your payment history makes up 35% of your score?
Below are a list of components that make up your credit score and the % of each component:
- Payment History 35%
- Capacity 30%
- Length of Credit History 15%
- New Credit 10%
- Types of Credit 10%
Why Budget?
Many people are concerned about their financial future. They dream of a large home and sending their kids to college. Arguments about money are very common. “Where does all of the money go every month?”You receive a form of income and you spend. But do you really know where your money is being spent? Managing your money isn’t easy but the first step to managing money and securing a financial future is knowing where your hard earned dollars are going. Budgeting will change your attitude toward money and improve your life.
- Comprehend where your money is going – Most people have no idea where their money is going. Are they spending too much on entertainment? Are they putting enough in their retirement? Without a budget you might not be able to save for a vacation.
- FREE yourself from stress and worrying – Creating a budget and sharing that budget with your family will set a course for spending and eliminating debt while saving for retirement or that family vacation.
Budgeting is outlining a plan, in advance, on how you want to spend your money rather than making spending decisions on the fly.
The Budget Form, will help you budget and allow you to see where your money is going. It is not difficult planning a budget; the tough part is sticking to it.
A little discipline and self control will go a long way.