Month: November 2018

How Should I Fund My Holiday Shopping?

On By mutualcuIn Financial Lessons, Saving MoneyLeave a comment

Q: I’ve made my gift list and I’m checking it twice. But, I’m getting a bit panicky just thinking about how I’m going to pay for all this stuff! What’s the best way to get me through this expensive season?  friends_window_shopping

A: Relax! You can keep your budget and your sanity, too! You can do it without having to dip into your savings or rack up a high-interest credit card bill that you’ll be paying off well into 2019. Instead, learn about your choices so you can spend responsibly and keep your holiday cheer all through the season. 

Let’s explore your options and take a look at why they may or may not be right for you.   

1.) No-interest credit cards 

It’s never a good idea to rack up debt. However, if you can get your hands on a credit card that offers an initial no-interest period, you can borrow the money to fund those purchases without it costing you a penny in interest. 

Nice: This can be a perfect solution for you if you have an excellent credit score and concrete plans to pay back the bill before the zero interest period ends. 

Naughty: Don’t go this route if you have a poor track record of paying down your credit card bills. You might end up carrying that balance well after the intro period ends. You’ll then be hit with super-high interest rates that will make your holiday expenses go much higher. 

2.) Personal loans 

Anytime you need a pile of dough, you can stop by Mutual Credit Union to apply for a personal loan. Our representatives are always happy to help, and you can walk out with the money you need to fund your holiday shopping shortly after starting your application. 

Nice: Like all of our lending products, our personal loans have low interest rates, which makes the payback plan affordable for almost any budget. 

Naughty: If you’re already carrying a load of debt and unpaid loans, don’t take out another one just to get you through the holidays. Consider lower cost gift ideas and focus on paying off debt.  

3.) Skip-a-Payment 

Here at Mutual Credit Union, we understand that the holidays can be super expensive for our members. That’s why we offer you our own gift this time of year: the option to skip a monthly loan payment to give you that extra cash flow. It’s more breathing room in your budget, just when you need it most! 

Nice: When you choose Skip-a-Payment, you’ll be able to pay for those presents with the money your saving by skipping your December payment. No high-interest bills to haunt you through the first part of 2019 because you saved yourself from adding another payment to your credit card!  

Naughty: When you choose to skip a monthly loan payment, you are essentially moving that payment to the end of the loan’s life. Every Skip-a-Payment will make the loan’s term one month longer. Consider this: If you skip just one payment a year on an auto loan, the loan will be six months longer than you’d originally anticipated. 

4.) Christmas Club Account 

Don’t wait until Black Friday to start thinking about your holiday shopping. Pay a little bit toward this expensive season all year long by opening a Christmas Club Account. This way, when November rolls around, you’ll actually look forward to buying all those gifts instead of dreading it. Put the cheer back in your holiday season by opening a Christmas Club Account today! 

Nice: Christmas Club Accounts offer you a way to pay for your holiday shopping ahead of the season, instead of playing catch-up on your bills in the coming months. It’s the perfect way to take the stress out of the holidays! 

Naughty: If you want to open a Christmas Club Account to help you make it through this season, you’re a little late. But, it’s never too early to start thinking about next year! 

5.) Deferred-interest financing 

If you’re buying several large purchases at big-box stores, consider signing up for the retailers’ deferred-interest financing. Many chain stores offer customers this interest-free financing option so they can walk out with their purchase today, and pay for it tomorrow. 

Nice: Deferred-interest financing works just like an interest-free line of credit, only it’s exclusive to the store selling the item. If you don’t like the idea of opening another credit card but you need that interest-free option, this can be the perfect solution for you. 

Naughty: If you neglect to pay off your bill before the interest-free period expires, you’ll be slapped with sky-high interest fees. Worse yet, you’ll have to pay interest retroactively for the entire interest-free period. 

If you’re still struggling to get through the holiday season, we can help! Stop by Mutual Credit Union today. We’ll show you how to stay in the black when your holiday expenses have you seeing red. 

Your Turn: How do you pay for your holiday expenses? Share your method of choice and tell us why it works for you in the comments below.

 

SOURCES:

https://www.thebalance.com/pay-for-big-holiday-purchases-interest-free-4154866

https://www.wsj.com/articles/SB10001424052748704782304574541873369727460

https://www.google.com/amp/s/www.thestreet.com/amp/story/12808150/1/how-pay-your-holiday-shopping.html

10 Reasons To Be Thankful for Your Credit Union

On By mutualcuIn Welcome / About MCULeave a comment

We often take life’s many gifts for granted by failing to appreciate them deeply enough. Thanksgiving offers the perfect opportunity to reflect upon everything that is wonderful in our lives and to show our gratitude for each and every gift we’ve been given. 

MSR shaking members hand across the deskThis Thanksgiving, give thanks for your credit union! Here are 10 reasons to be grateful you belong to Mutual Credit Union. 

1. Superior member service

At Mutual Credit Union, you’re always greeted with happy faces and representatives who are ready and willing to help you. There’s no cold, sterile atmosphere here! Instead, at Mutual, every member is part of the family. We’re truly invested in your financial wellness and we’re here to help you achieve and maintain it, every step of the way.

2. You have access to better savings rates

We’re not paying dividends to stockholders, and that means we have more savings to pass back to you. At Mutual, we’re proud to offer you share certificates, money market, and savings rates that are competitive.

3. We make it easy to qualify for credit

We are local and all decisions are made locally. No contacting a corporate office for approval states away on members that we know and value. The more we know you the better our opportunities are to grow together. That makes it easier for you to open a new line of credit, even if your existing credit isn’t perfect. 


4. We offer lower interest rates

Need a stash of cash? Stop by Mutual and take your pick of personal loans – home loans, auto loans, and more, all with reasonable interest rates that are often lower than the regional or national average. We’ll help you get the funds you need with a payback plan you can actually afford!


5. Your money is safe here

Federally insured credit unions and banks both offer insurance on accounts of up to $250,000. But credit unions are also subject to strict regulations on their investments and loans. This means you can keep your money here without worrying about its security. 

6. We offer FREE and Low Cost Checking Accounts

Our checking accounts exist to provide you with a safe, convenient place to store your money—not to milk you for it. We offer checking accounts at Mutual that are free or low cost to set up and maintain.

Conversely, according to a MoneyRates survey, the average monthly maintenance fee for a checking account at a bank is $12. That’s nearly $150 coming out of consumers’ pockets each year!

At Mutual, you’ll have a safe place to keep your money without it costing you and in some cases where you are even being rewarded for your checking account.


7. You own a piece of your credit union

Credit unions are member-owned and member-operated. You get to weigh in on our major decisions instead of being forced to follow along with whatever the higher-ups decide. Your money=your choices. 

8. We support our communities 

Credit unions are invested in the success of our communities. Here at Mutual, we are here to foster relationships within our schools, our community agencies, like The United Way of West Central MS, as well as our community businesses and their employees and families.


9. Fewer fees & added conveniences

From steep overdraft fees to costly ATM fees, there’s another bill to pay at every turn at other Financial Institutions.

Here at Mutual, we want to help you keep as much of your money as possible. If you have a question about your finances, or need help figuring out how to reach the next level of financial freedom, we’re here to help you find a solution. We offer mobile and online banking options to keep you on track and informed when it comes to your money. Mutual offers flexible payment platforms that work with Apple Pay, Google Pay and Samsung Pay for your added convenience. It’s like you own a large corporate company with all the features you need but with all the feels and conveniences that are synonymous with locally owned.

We also want you to have access to your money without worrying about expensive ATM fees. To that end, we provide our members with a large network of ATM’s through our shared branching network that offers Free or Low cost fees to you when withdrawing money. Some of our checking accounts even reimburse you monthly for ATM fees you might incur. 

10. You have access to a variety of financial services 

At Mutual, we’re a lot more than just a gigantic piggy bank. We provide members with an array of financial services to meet every money-related need at every life stage. These include: Credit Cards with low or no annual fees and low interest rates, Direct Deposit, Wire Deposits, Financial Education and Counseling Services, Youth Accounts, Holiday/Vacation Clubs, Holiday/Vacation Loans, Vehicle Loans, Mortgages and Home Equity Lines of Credit, Notary Services, Online Banking and more!

As a member of a credit union, your money is always in good hands. Aren’t you thankful you belong to Mutual Credit Union? 

Your Turn: Why are you thankful for Mutual Credit Union? Share your favorite reasons with us in the comments!

 

SOURCES:

https://www.motionfcu.org/articles/5-advantages-of-a-credit-union-vs-a-bank

http://www.experian.com/blogs/insights/2016/10/top-10-reasons-people-love-credit-unions/

https://www.lovemycreditunion.org/why-join-a-credit-union

5 SCAMS TO AVOID THIS BLACK FRIDAY

On By mutualcuIn Financial Security, Security, UncategorizedLeave a comment

Black Friday Scam Alert

Black Friday and Cyber Monday can be great fun – but they can also put you at great risk. Scams abound on the weekend that heralds the holiday shopping season, and you don’t want a phishing scheme or a bogus bargain to turn you into a Grinch. 

Here are 5 scams to look out for as you brave the frenzied crowds while trying to snag the best deals after Thanksgiving.  

1. Crazy deals that are actually bogus 

The noisy crowds and flashy ads on Black Friday can lead you to make rash decisions and spend more than you planned. But be careful not to leave your senses at home. 

An iPhone X retailing at just $12? A pair of genuine Ugg boots for just $9? These deals sound insane because that’s exactly what they are. And yet, thousands of people happily send their money to online stores that are advertising these laughable prices on Black Friday. And of course, once the scammers have your credit card information, they won’t hesitate to use it for their own shopping spree – all on your dime. 

Be smarter: Don’t believe any advertised price that is ridiculously low. It’s only bait used by scammers to lure you into their trap. Black Friday deals tend to fall within the 20-30% off range or an offer of free shipping. 

2. Black Friday gift cards for cheap 

In the weeks leading up to Black Friday, you might see an explosion of cheap gift cards being sold at online marketplaces. The gift cards are linked to big-name retailers and are offered for a fraction of their real value. 

These cards are usually stolen from their real owners. The victim of the theft will likely report the loss and the card will be disabled. And you’ll have forked over your hard-earned money for a card that’s not worth the plastic it’s made from. 

Be smarter: Don’t buy any gift cards that are retailing at a heavily marked-down price. 

3. Bait and switch 

Want to be the lucky winner of a brand new iPhone X? Just fill out a form with your personal details and take this survey. You may just be the proud new owner of the super-expensive phone! 

If you know anything about online scams, you’ll already recognize this one. Your personal details and a site whose authenticity you can’t verify are two things that should never meet. The sweepstakes is just the scammer’s bait to get at your information. And, with holiday expenses growing each year, it’s the perfect time to lure an innocent victim into thinking they’ve just saved a ton of money. 

Don’t make the mistake of thinking you’re safe from this scam just because you’re doing all your Black Friday shopping at the mall. “Bait and switch” scams can happen offline, too. 

The brick-and-mortar version of this scam is somewhat less nefarious. Retailers will advertise deals so amazing you’ll find yourself travelling across town and battling impossible traffic to grab these bargains. Once you finally reach the store, though, you’ll be told that those items are all sold out, but you can check out the items they do have in stock. You’ll be shown similar, but inferior, products and cheap knockoffs, or nothing you’re interested in at all. These scams are just a waste of your time and often your money, too. 

Be smarter: Don’t enter any sweepstakes or believe advertisements for heavily marked-down prices on sites and stores you’re unfamiliar with. 

4. Delivery problems 

With so much of your shopping happening online, you probably wouldn’t be surprised to receive an email claiming there’s been a problem with the delivery of one of your purchases. But if you get an email like this asking you to click on a link or download an attachment to arrange an alternative delivery date, you’re looking at a scam. You may also receive a message asking you to pay an extra fee for delivery after you’ve completed an order. Again, this email is bogus and you’re being scammed. Ignore these emails. And, if you have a problem with the delivery of your purchase, contact the seller or company directly. 

Be smarter: Never download anything or click on a link from an unverifiable source. 

5. Online purchases that can only be paid for with a wire transfer 

If you’re planning on going on an all-out spending spree this Black Friday, use your credit card. It offers you the most protection against purchases that don’t turn out to be what you expected. 

A debit card can be a good choice, too, if you’re only shopping at stores and retailers you trust and frequent often. 

Never agree to an online purchase demanding payment via money order or wire transfer. These are favorites among scammers since they are similar to paying with cash – once the money has changed hands, there’s almost no way you can get it back. 

Be smarter: When frequenting unfamiliar stores and sites, use your credit card. 

Be an educated shopper this Black Friday and outsmart scammers! 

Your Turn: Have you ever been targeted by a Black Friday scam? Share your experience with us in the comments below.

 

SOURCES:

https://www.finder.com/black-friday-scams

https://www.scam-detector.com/article/black-friday-scam

https://www.makeuseof.com/tag/6-scams-watch-black-friday-cyber-monday/

Be More With Less

On By mutualcuIn Financial Lessons, UncategorizedLeave a comment

be-more-with-less

Look around your home, your room and your life. How much useless stuff is crammed into every available corner and taking up your valuable space, time and money? More importantly – is any of it actually making you happy? 

Courtney Carver believes that our obsessive drive to acquire more stuff complicates our lives on every level. And she is determined to change the world, one reader at a time. 

Courtney is the founder of Project 333, a minimalist wardrobe challenge that requires participants to choose just 33 items of clothing to wear exclusively for the next 3 months. You can read all about Project 333 here. Since launching her project in 2010, Courtney has been on a mission to spread awareness of her passion to readers around the world through her blog, at BeMoreWithLess.com. 

Be More With Less is all about simplifying your life to start living it to the fullest. To do so, you’ll embrace a minimalist approach when taking stock of your possessions and the way you spend your time. If you can’t honestly say that you need something, out it goes!

Courtney promises that joining her journey will help you rediscover the things that really matter. You’ll save money, have more space, create spare time and enrich each of your relationships by cutting down on the energy and resources spent acquiring and maintaining all your “stuff.”

As Courtney says, “Simplifying my life gave me the space, time and love to be more me.”

Be More With Less is updated several times a month with fresh content on a wide range of topics that all lead back to minimalism. You can check out the latest postings on the blog’s homepage or browse through the archives in any of the following categories: Clutter, Busy, Health, Money, Lifestyle, Work, Mini-missions, Project 333.

Some of the recent posts on the Be More With Less blog include: 

  • How to Quit Anything Without Feeling Like a Failure
  • Busy Boycott: Trading busyness for what you really want (+ live challenge)
  • Becoming Debt-Free: 21-day guide to help you get started
  • How to Let Go of 3 Fears that are Holding You Back Every Day
  • How to Simplify Your Life: gifts, downsizing, wardrobe, work and other good stuff
  • Journaling Prompts to Relieve Stress: 10 for Morning + 10 for Evening
  • 3 Little Lessons from Minimalist Fashion Challenge Project 333
  • 90 Days of Discipline: Why I’m Going All In and How You can Too
  • Choosing to Live with Less is a Privilege for Most of Us

Enrich your life by simplifying it. It’s that easy. 

Your Turn: Are you a fan of minimalism? Share your thoughts with us in the comments below.

 

SOURCES:

https://www.google.com/amp/s/experiencelife.com/article/be-more-with-less-qa-with-courtney-carver/amp/

https://bemorewithless.com/category/money/

https://bemorewithless.com