Dollars and Sense

Saving & Spending During the Holidays

The holiday season is upon us, and with it comes the commercials, advertisements, decorations… and desires to spend money.  Even if you don’t get into debt, overspending can take away from important saving goals.

 

Here are some tips to help you shop wisely this holiday season and beyond:

 

Get Organized
Develop a plan to relieve stress, time, and money.  Set up a holiday spending budget and include your gift list, food, decorations, cards, postage, travel and entertainment.  Plan time for shopping.  If you can, take a couple of days or half-days off so you won’t be rushed.

 

Keep Track of Your Spending
Using cash or your debit card will help you keep track of your spending.  When using cash, you should use envelopes to allot specific amounts for gift giving and other holiday spending.  With your debit card, make sure to write down every transaction.  Or, you can use Andrews Federal’s Online Banking to track your account transactions. 

 

Remember Your Goals

Do you want to get out of debt? Buy a home? Save for an emergency fund?  Take a long vacation?  Retire early? Don’t allow the pressures to spend during the holiday season take your focus from your goals.  Keep those goals ahead of you and resist the urge to splurge.

 

Watch Out for The Media
Television and Internet ads play a large role in enticing us to spend money.  Understand that marketers study consumer buying habits and the psychology that surrounds spending.  You have your list and your plan, stick to it!

 

Other Shopping Tips

• Comparison shop online and through weekly sales papers. 
• Make sure your Internet purchases are secure and done at well-known websites. 
• Review return and exchange policies. 
• When purchasing gift cards, find out any fees or restrictions associated with its usage.   
• Keep all sales receipts.

 

Plan for Next Year

Each year brings another opportunity to do better than previous years.  Keep in mind that there are great sales after the holiday season and you can grab some good items for next year.  Finally, open an Andrews Federal Planners’ savings account to set aside money each month for 2010 holiday expenses.  By saving $50 per month starting in January, you can have $500 by November 1^st!

 

To learn more about creating a spending plan and to access tools to help you better manage your finances, visit the Andrews Federal Online Education Center at www.andrewsfcu.org/education.

New Mt.Laurel Branch Opening

We are excited to announce that our new Mt. Laurel branch is now opening for business! Our new branch is located at 3113 Route 38, Mt. Laurel, NJ 08054.  This new location will make it more convenient for our members in Southern New Jersey to conduct business with us. We invite you to visit our new branch and take advantage of the extended hours, multi-lane drive-thru, drive-up ATM, safe deposit boxes, night depository and coin counter. The new Branch Manager, Mark Blunt, will be happy to assist you with any of your financial.

Operation Best Wishes

Service members and their families can record video webcasts to send back home or to deployed loved ones during Operation Best Wishes. Andrews Federal sponsors this free service. Visit www.andrewsfcu.org/bestwishes to learn more or sign up at Andrews AFB (October 28th) or McGuire AFB (October 29th).

Employment Open House - October 24, 2009

Andrews Federal Credit Union – named Air Force Credit Union of the Year – invites you to their Employment Open House on October 24th from 9 am – 12pm at 5801 Allentown Road, Suite 202 in Suitland, MD.  We will be interviewing for Teller and Customer Service positions. Bilingual candidates are encouraged to apply. Visit www.andrewsfcu.org/careers for position qualifications and more information.

International Credit Union Day

Ownership in Membership. That's the Credit Union Difference!

Each year, credit unions worldwide join together to remember our proud history and promote awareness of and support the difference of member ownership. Even as we see more and more changes with our economy, it reminds us that we must have the collective responsibility to protect our financial future.  

Join us October 15th as we celebrate the credit union and cooperative spirit, reminding all of us that credit unions were founded not for profit, not for charity, but for service.

Pass along the message of membership. Tell your friends, neighbors & family to open an account today.

Eight Steps to Simplify Your Finances

If time is a precious commodity for you, Andrews Federal has eight ideas to save time and reduce the stress and anxiety of managing your financial affairs.

1. Enroll for direct deposit.  It eliminates trips to the bank and keeps your money working longer.
2. Sign up for Andrews Federal overdraft protection.  By linking your checking account to a line of credit you avoid the cost, hassle and embarrassment of a bounced check.
3. Establish an automatic savings plan.  Regular, automatic transfers to a savings account will add up.
4. Use electronic Bill Pay.  Eliminate the dreaded task of writing checks.
5. Consolidate your financial relationship.  Dealing with one institution, like Andrews Federal, makes everything easier.
6. Consider personal finance software.  Many programs make handling your finances easier and quicker.
7. Build a safety cushion.  Be ready for unexpected expenses or use some extra for a special vacation.
8. Review your investments.  Make sure your asset allocation matches your time horizon and risk tolerance.

For more money management tips, visit the Andrews Federal online Education Center at www.andrewsfcu.org/education.

Remembering September 11th...

Today we honor the men and women of our Armed Forces that sacrifice greatly for our country. May we all continue to uphold the pride and courage that keeps American strong.

Remember when... Tell us your experiences!

- Do you remember when a Ford Pinto was the common car in town and $2000 could get a new model?
- Do you remember when a floor model TV weighed over 100 pounds and cost around $350?
- Do you remember when a gallon of milk was 89¢ and watching Saturday morning cartoons also meant eating a bowl “popping” with Kellogg’s Rice Krispies?

Share with us some of your memories on how the cost of living has changed over the years.

Financial Tip of the Month

Maintaining and Improving Your Credit Score

The credit landscape is constantly changing – now more than ever.  Even in this volatile economy, the basic “rules” to maintaining and improving your credit score still apply. Your score may take a negative turn due to a job loss, a reduction in pay, a medical emergency, or a missed payment, but remember that you can recover from a financial setback and your score can improve over time. Here are some tips to help you navigate the credit maze: 

Request a free copy of your credit report.  No one is exempt from experiencing changes to their credit card terms.  Card companies are looking at every part of your credit picture and you should, too.  Each year, you are entitled to one free credit report from each of the three credit bureaus: TransUnion, Experian, and Equifax.  You can request your free report online at www.annualcreditreport.com or by phone at 877.322.8228.  The free reports do not include your credit score, but you can obtain your score for a minimal.

Pay your bills on time.  Your payment history makes up approximately 35% of your credit score.  Pay your bills early if you can and try to make more than the minimum payment. Develop a plan to keep track of due dates and amounts so you do not miss a payment.  You can use Andrews Federal’s Online Bill Payment to assist you in paying your bills on time.  If you do miss a payment, try to get current as soon as possible.

Keep balances low on credit cards and other debt.  The amount currently owed on your debt counts as 30% of your score.  Focus on paying down the balances on your credit cards and other debt.  Read the fine print of any credit card or loan terms carefully because there may be hidden fees and stipulations that can increase your outstanding balances. 

Stop creating new debt.  Making payments on time is excellent, especially if you can pay off the entire balance immediately.  But if you carry a balance on your debt from month to month and still use the credit card, your payments aren’t going to make much of a dent in what you owe.  Create a spending plan and try to live using cash only.  Then, formulate a plan to get out of debt.  You can use a free online program like www.powerpay.org to generate a way to pay down debt fast.

Do not close good accounts.  You may want to close an account with a card company if they change your terms and it affects you adversely.  However, you should first try to negotiate with the company if you have a long and solid payment history with them.  This good history positively affects your score.  Closing the account may negatively affect your score.  If you have a card that is unused, it may be in danger of being closed by the issuer.

Correct errors.  Someone else’s credit information may be on your report.  Or, you may have an account that was paid but still shows unpaid.  There are many different types of errors that, if corrected, could improve your score.  It takes patience, but you can dispute any incorrect information. 

Get help.  It’s not easy to understand all the factors that make up a credit score.  To obtain more information, view the “Understanding Your Credit” webcast at our online Education Center (www.andrewsfcu.org/education).  Also, Andrews Federal members can contact the BALANCE® financial counselors at 888.456.2227 for a free and complete credit report review that includes assistance to understand credit scores, manage credit, correct inaccuracies and improve credit.

It takes work to maintain or improve your credit score, but a good score can get you the best rate on a loan and save you money in interest, too! For more money management tips, visit the Andrews Federal online Education Center at www.andrewsfcu.org/education.

Remember when... Tell us your experiences!

- Do you remember when writing to a letter took a 20¢ stamp?
- Do you remember when the rotary telephone costs approx. $5 and it took a majority of your hand muscles to dial a number?
- Do you remember when jackets with shoulder pads were the hottest style for women and cost about $25?

Share with us some of your memories on how the cost of living has changed over the years.