Statement Insert – JUNE 2017 – HELOC, VISA, Financial Education

Wauna Credit Union June Statement Insert

Home Equity Line of Credit
It’s the DO Days of Summer!
What’s on your list?
Open up the possibilities with a Home Equity Line of Credit!
Learn more about our special summer HELOC offer on our website or at any Wauna CU branch, and apply today!

Credit Cards
Planning a vacation?
Take a Wauna CU VISA credit card along!
Platinum VISA Credit Cards
Reward VISA Credit Card
Apply on our website or at any Wauna CU branch!
Lower Interest Rates & Fees, Secure EMV Chip Cards, Great Rewards, Balance Transfer Bonus, Introductory Rate Offer

Financial Education
When it comes to money management, we could all do better. Wauna CU now offers Financial Education programs for everyone!
BALANCE for adults
Elements of money for teens
M3 for younger kids

waunafcu.org
800-773-3236

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Force Ghosts and Your Credit

Last week was Star Wars Day, which Wauna Credit Union always dutifully celebrates—we’d also celebrate John Wayne Day if anybody wants to help us get that going. On its surface, Star Wars Day is just a fun way for us to dress up like Darth Vader and have fun with our members, but there are actually several things that the preeminent saga of our time can teach us.Image of WCU employees wearing Star Wars garb

One of those things is how things we do and decisions we make can stay with us throughout our life. In Star Wars Luke literally sees and hears Obi Wan, Yoda and eventually Anakin–Sebastian Shaw not Hayden Christensen thank you very much—who continue to guide him. Similarly, we are all guided by the lessons imparted on us by our parents, teachers and other influences. Very often these lessons help us, but sometimes people learn the wrong way to handle finances.

Often people fall behind early and are constantly being visited by malevolent ghosts who encourage them to spend more than they have, not pay bills on time and consistently over-extend themselves. Wauna CU has multiple online ways to help with this, education programs like Balance for adults, The M3 Money Club for young children and The Elements of Money for teens.

A lot of us prefer in person help as well, for that we offer a credit enhancement program. As a community-oriented institution we want to help be that positive Smiling woman helping members-Stock Force Ghostinfluence for our members. Our member consultants will sit down with a member whose credit isn’t quite where they want it to be, and go over their credit report, explain what the different notes and indications mean, provide a plan of attack and then periodically check in to apprise progress. Teaming with our members like this is one of the ways we stay true to our goal of being a true member of the areas we serve.

Celebrating Credit Union Youth Week

Wauna Credit Union’s Mission is to provide opportunities for our members to build their financial well-being. One of the most important places we demonstrate this core belief is through financial education and helping our members either improving, or starting, their financial setting. Nowhere is this more evident than our commitment to providing our youngest members with the financial start to lead them to a positive lifetime relationship with money. One of the ways we’re doing this is partnering with thousands of credit unions across the country for Credit Union Youth Week, April 24-29.

Youth week 17 - poster 1

This week in order to encourage parents to begin their child’s savings, and start that financial conversation with their family we’re doing a few extra things to help our members out.

  • During Credit Union Youth Week, we will match all new member $5 deposits when they open a Jump Start Club savings account for youth from age 0 to 17Kids dressed as superheros
  • All new and existing members who make a minimum $5 deposit into their account during the week will be entered to win a $250 prize. Also, each branch will award an additional $50 prize.
  • In addition to matching the first $5 deposited, Wauna Credit Union will donate $1 for every new account opened during Credit Union Youth Week to the local Backpack Program that helps feed hungry children
  • We are also launching two new additions to our Balance education program aimed for children to give them a fun way to learn about money
    • M3 Money Club® for kidsThe M3 Money Club for kids. An immersive kid-friendly adventure featuring superheroes, fun and valuable money lessons
    • Elements of Money for teensThe Elements of Money for teenagers. A financial education, site that gives teens more than 100 podcast episodes, educational articles, eLearning modules and videos

WCU passbook photoEvery person is unique, but most people who save regularly developed the habit early on in life. Learning to understand money and save for long-term goals is a crucial life skill, and one Wauna Credit Union is committed to helping our youngest members achieve. Credit Union Youth Week is just one way we do that.

Learn More About Your Finances

One of the complimentary benefits all our members receive is a comprehensive financial education program through our partner BALANCE. BALANCE offers free lessons and amazing personal budgeting tools to help our members improve their money management skills. It also provides housing counseling, assistance making a debt repayment plan, a credit report review, and a toll-free information line.tablet on top of books

In April BALANCE is offering a webinar on using your home equity. This is a great opportunity for members looking to take advantage of their largest asset to improve their lives.

If you’re interested you can register for either of the two times below.

 

Session 1: Tuesday, April 11, 2017
Time: 10:30 a.m. – 11:30 a.m. (PST)
Register: bit.ly/2jbjlAu

Session 2: Thursday, April 20, 2017
Time: 5:30 p.m. – 6:30 p.m. (PST)
Register: bit.ly/2jbjlAu

The Importance of Financial Education

One of the things that makes Wauna Credit Union special is our Mission to provide opportunities for our members to build their financial well-being. If you live, work, attend school or worship in Clatsop County, Columbia County, Western Washington County, or Pacific County Washington, we want to help you realize your financial goals. Sometimes, that is very hands by providing personal loans, mortgages or credit cards to help you grow. We pride ourselves on is our commitment to helping provide financial education to all our members. Sometimes this takes the form of our credit enhancement program, where we sit down with a member whose credit isn’t quite where they want it to be, and go over their credit report and help them make a plan to improve it. But financial education isn’t only us telling members what they need to do, one of the features we offer is BALANCE, which offers a ton of ways for members to take control of their finances.

What is BALANCE

BALANCE gives members the training they need to take control of their finances

BALANCE offers amazing personal budgeting tools to help our members improve their money management skills. Some of the things it offers are housing counseling, assistance making a debt repayment plan, a credit report review, and a toll-free information line, all free to Wauna Credit Union members. BALANCE also offers educational modules on a variety of subjects related to money, saving and spending goals. Read the modules or listen to many of them on podcasts and improve your relationship with money forever.

MoneyDesktop and MoneyMobile

MoneyDesktop can give members a snapshot of how their money is spent

MoneyDesktop is available directly from Online Banking. It gives members an easy and secure way to track finances and budget. You can add any account you want, whether it’s with us, or somebody else to get a full view of how you spend your money. Members can also download the free MoneyMobile app and take all of that information with you wherever you go.MoneyDesktop & MoneyMobile allow members to visualizes their spending as well. They both are great ways to offer help you take control of your finances.

We really hope that members can take advantage of these great free programs Wauna CU offers.

 

Ways to Financially Prepare Before College, Or Smart College Budgeting

college_nerdwallert_blog

No matter your major, you can graduate from college with an honorary degree in personal finance by paying attention to where your money is coming from and where it’s going.

Here’s how to get started:

Set a budget

Start by identifying the income sources you’ll have in college, such as wages from a part-time job, scholarships and financial aid. Then estimate how much you’ll be spending. You can probably ballpark costs such as tuition, room and board, school supplies, laundry and transportation.

You should also allocate some money for discretionary spending, such as food outside your meal plan and entertainment. Consider limiting these expenses with a weekly allowance.

Your budget can show you when you need to cut back on spending and when you can afford a treat. If you need help, try an online tool like Mint.com.

Apply for the right financial aid

There are two main types of student loans: federal and private. It makes sense to borrow as much as you can in federal loans before resorting to private ones, because federal loans generally have lower interest rates and broader repayment options.

Fill out the Free Application for Federal Student Aid, or FAFSA, to get federal loans and see if you qualify for need-based aid, including grants, work-study and some scholarships.

Do your best to figure out how much you’ll need before you take out loans, whether they’re from the government or a private lender. Either way, you’re on the hook to repay them, so borrow only what you have to.

Manage credit cards responsibly

Credit cards can be tricky, particularly if you’ve never had one. They’re useful tools for building a credit history — but they’re also fraught with danger if you overextend yourself.

To get the greatest benefit out of a credit card, use it wisely. That means paying off your balance in full each month to improve your credit score and avoid costly interest charges.

It helps to view your credit card as you do your debit card: You can’t spend what you don’t have. Speaking of debit cards, make sure you don’t authorize your banking institution to charge an overdraft fee if you inadvertently withdraw more money than you have in your account.

If you want a credit or debit card, consider getting one from a nonprofit, member-owned credit union like Wauna Credit Union. These financial institutions generally offer lower interest rates and fees than traditional banks.

Take advantage of your student status

Many major companies offer student discounts. Among them: Amazon, Apple, Microsoft and Banana Republic. If you’re hoping to make a purchase and the merchant hasn’t advertised a student discount, there’s no harm in asking.

You can also save money on textbooks by buying used copies from websites such as Abebooks and Chegg.

A degree doesn’t guarantee you a great-paying job. But college graduates still generally out-earn people without degrees, according to a 2014 report by the Pew Research Center.

And this much is certain: Developing smart budgeting and spending habits in college will continue to pay off long after you graduate.

Peter Lewis, NerdWallet

© Copyright 2016 NerdWallet, Inc. All Rights Reserved

*Thanks to our friends at NerdWallet for this informative guest blog!

What is Credit Union Strong? Great Links & $$$ Prizes!

FB_Poster Polaroid_1200_9What is Credit Union Strong?

Our month-long youth celebration is focused on the theme of “Credit Union Strong”.

Young people face a bewildering financial landscape in their immediate future—one where technology has made spending as easy as breathing and the cost of higher education continues to skyrocket. That’s why we believe it’s more important than ever to ensure our youth possess strong money management skills.

As a not-for-profit financial cooperative, our core values include member education and social responsibility. We care about the community where we live and work, and the people in it. We look forward to watching the next generation grow and make it even better.

By instilling the habit of saving at a young age, offering positive encouragement, and providing financial education, we can prepare our community’s youngest members for brighter futures by helping them grow into financially capable adults. Credit union strong means having the money skills to embrace an awesome future, and leaving your community better than you found. That’s why we take our mission of helping youth so seriously.

Of course, we realize the biggest influence on anyone’s life is his or her parents. So if you want to start your kids on a path to financial strength, participating in Credit Union Youth Month is a good start.

Bring your financial fitness buffs into Wauna Credit Union and help them pump up their savings.

Young People Can Win at Wauna CU!FB_Make Your Future Awesome

  • Coloring Contests! Prizes will be awarded for Coloring Contest winners!
  • Download the coloring sheets: EAGLE / STRONGMAN
  • New Jump Start Club members drawing! Win bonus deposits of $25 or $50 just for opening a Jump Start Club account!
  • JUST ANNOUNCED! Make a video & Win $100 (All Jump Start Club Members are welcome to participate) – Grab your phone, video camera or other device, and make a quick video, tell us in one minute what you like about Credit Unions, and especially Wauna Credit Union. Post it on any of our social media channels, and we will pick a winner and a runner up! $100 for the winner & $50 for the runner up.

GREAT LINKS FOR KIDS & PARENTS:

YOUTH MONTH: How to Do Allowances Right, According to the Experts

Allowance rulesOne of the best ways to ensure your children grow up financially fit is to give them practice managing money with an allowance.

But what’s the best way to do an allowance? There are many theories on that.

Ron Lieber, personal finance writer for The New York Times, says he and his wife pay their 7-year-old daughter $3 a week, no chores necessary.

Lieber’s daughter puts $1 in a “save” jar and $1 in a “give” jar for a cause of her choosing. The final $1 she can spend as she wants. Lieber’s reasoning is that an allowance is a teaching tool, and making it contingent on chores muddies the issue. What if the children decide they don’t want money? Do they still have to do the chores?

Lewis Mandell, a financial economist and professor emeritus at the State University of New York, Buffalo, however, says unconditional allowances are a “terrible idea,” citing a 2000 study that showed kids who received a regular allowance left high school knowing less about personal finances than kids who received no allowance—though the differences were slight.

One problem may be that, like many Americans, kids aren’t the most diligent about saving. While 61% of parents pay an allowance, only 1% report that their children save any of it, according to a 2012 survey by the American Institute of CPAs.

The survey found that as children age, they receive a higher allowance, but across all ages the average take is $780 a year. That’s enough to buy an iPad or a good start for a college savings plan—if they were saving.

About 90% of the parents who paid their children an allowance required them to do chores to earn it, but only 81% had spoken to their kids about money management. More parents had spoken to their kids about good manners, their grades, and healthy eating habits than how to handle their money.

So how should you handle an allowance with your own children?FB_Poster Polaroid_1200_4

Use it as a teaching tool

Regardless of how your children earn an allowance, use it as a tool to reinforce good money habits from an early age. Talk about finances early and often, and set a good example.

Consider matching their savings

To encourage savings, tell your children for every $1 they set aside for long-term goals, you’ll match it in their Wauna Credit Union Jump Start Club youth savings account. Share the statements with them so they can see their money grow.

FB_Poster Polaroid_1200_1Gradually introduce them to financial products

Deposit their allowance into a Jump Start Club youth savings account, later a share draft/checking account, and help them manage them wisely. And we can help. Bring in your children to participate in Credit Union Youth Month at any of our branches, and we’ll help them pump up their savings.

Research shows that kids who learn to manage money at an early age are better prepared to handle their finances when they leave home. And, ultimately, teaching children good money skills is a sound investment for parents, who often are the ones helping their adult children when they run into real-world problems.

Learn More about Credit Union Youth Month in this previous blog: https://waunafcu.org/blog/its-credit-union-youth-month-coloring-contests-more/