When you get your first real job and earn your first paycheck, you suddenly are faced with the prospect of managing your money. You have to figure out how to pay for rent, groceries, electricity, and other necessities. Budgeting when you are in school or when you have help from your parents is one thing, but once you are on your own, successful budgeting is the only thing that will keep you financially afloat now and into the future.
Even in the age of digital transactions, everyone still needs a checking account. Your checking account is still the focal point for family finances and is the bank account that gives you easiest access to your cash. It’s where your paychecks are deposited, it’s used to pay household bills, and it’s even used to fund online wallet services like PayPal and Apple Pay. But how much do you really know about your checking account?
If you have ever bought a house, signed for a loan, applied for a credit card, or opened a savings account, then you have some idea what interest rates are. When interest rates go up, credit becomes more expensive and you have to pay a higher percentage rate for a loan or credit card. At the same time, higher interest rates also mean you make more money from your savings or investments. But what drives interest rates up or down?
Finding the right investment tool to get the most from your savings can be a head-scratcher. There are so many options available, from savings accounts to stock investments. Most savers want to find the right investment tool that provides maximum yield with minimum risk, which is why more savers are purchasing certificates of deposit (CDs), also known as share certificates at credit unions.
Is life really cheaper by the dozen? It seems the only case where that saying is true is at the grocery store when buying a carton of eggs. Turns out, life gets more expensive when families expand. Plane tickets multiply during summer vacation, birthday presents double in size, and the need for laundry detergent skyrockets after soccer practice. Kids have so many hobbies these day it’s hard to keep up and stay within budget.
Making the right investment move to meet your financial goals and suit your budget can be tricky—and frustrating. Many people just dump any extra cash into a savings or money market account. That’s a safe strategy, but the interest rates are very low. There are smarter ways to put your savings aside and yield a better return without risk.
Do you remember being 10 years old, seeing adults walk by, and thinking, “Man, they look so put together. They must have everything figured out.” BUZZER SOUND. WRONG. Now you’re the adult, and let’s be honest: Everything is not figured out. In fact, as a 20-something, your adult life is just beginning. At 10 years old, you must have thought turning 20 was light-years away. Well, here we are. The same thing goes for imagining yourself as a 60-year-old. It feels like forever away, but eventually, it will happen—no matter how much kale you eat, how much yoga you practice, or how many night creams you apply before going to bed. There’s no way to avoid aging, but you can dodge financial troubles in the future if you start planning for retirement now. Like, right now. Not tomorrow. Now.
OMG, you’re engaged! A million thoughts must be going through your mind right now. From the catering menu to the guest list, future brides around the world want the perfect wedding. Easier said than done, though, right? Each fiancée has her own version of what “perfect” means. Perhaps it’s a country hillside wedding, a snowy mountain reception in Denver, or a minimalistic, modern venue in the heart of Brooklyn. Location is one thing, but what about the wedding cake? The music? The dress? The seating chart? Personally, I know so many girls who have been planning their dream weddings since the age of five. But I also have friends who have no idea what they want when they big day comes—no Pinterest boards or bookmark tabs about anything wedding related. Regardless of where you fall on the spectrum, there’s something to learn from these budgeting tips.
Welcome to the credit union movement. Back in the day, when big banks roamed the earth, member-owned financial cooperatives were practically unheard of. If banking were a popularity contest, Bank of America, Citibank, and Wells Fargo would have won 10 years ago. But times are changing. These days, it seems customers value personality over professionalism. A genuine connection versus being just a number. In fact, members are more likely to recommend a credit union over a bank. It could be because credit unions have stepped up their marketing, or are based locally, or know members by name when they walk through the door. In any case, there’s a reason so many people are switching from banks to credit unions. If you’d like to join the movement, here’s how.
All moms and dads dream of seeing their children walk down the aisle. It’s one of the biggest milestones in a parent’s life. While a wedding ceremony is oh so romantic in theory, it’s quite a different story on paper—namely the receipts. To put it simply, weddings can be crazy expensive. It’s easy to get carried away with flowers, centerpieces, the dress, the catering...and how do you account for hundreds of guests? Here’s a not-so-shocking fact: Did you know that most parents overspend on their son’s or daughter’s wedding? The price tag can be so staggering that only 1 in 10 couples paid for their wedding entirely by themselves in 2016. Parents of the bride and groom typically contribute about $19,000 to the wedding, which is approximately 2/3 of the cost. That’s a lot of money. Obviously budgeting plays a huge role in wedding planning, and here’s how to ace it.