Newsletter articles for quarter 3, 2016
Quarterly newsletter articles are designed to be consumer-friendly and include tips about personal finance, budgeting, money management, privacy/security, and other items of interest your members. They are provided to credit unions free of charge. Credit unions are encouraged to use them in your publications. Feel free to add your credit union information to the articles, or revise to fit your needs.
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SiX Ways to save on school supplies
The average family spends $600 on school supplies every year. While it’s an annual expense, many families forget to budget for it.
Here are six ways you can save on school supplies:
- Review.
Review the school supply list and see what you already have. This is probably the most important thing you can do, yet many people skip it. Many items come in packs, like pens or pencils, and your child may not use them all in one year. Save the others for next year.
- Browse the Dollar Store.
Visit the dollar store for deals on pens, notebooks or paper. Be wary of buying items like backpacks there, as they can tend to be cheaply made and you’ll end up spending more when it falls apart.
- Buy generic.
Avoid name brand supplies when you can. Some schools list a specific brand on their list for some items, but whenever possible, go with the lower priced store brand. Most of the time, there isn’t much of a difference.
- Team up.
Go in with other parents and buy items in bulk. Often, warehouse stores like Sam’s Club or Costco will have school supplies bundled in bulk, which you can purchase at a lower price per item.
- Research online.
Sometimes online retailers, like Amazon, will have school supplies available at the same or a lower cost. Bonus if you are an Amazon Prime member and receive free shipping.
- Wait.
Sometimes school supplies go on sale after school has started. If you can wait for some items, you may be able to get it at a steal. If your school supply lists don’t change much, and you will be attending the same school next year, consider buying next year’s school supplies on sale too.
your 3 biggest money wasters
Think you have your finances in order? You have a budget and are sticking with it, but have you thought about the money you are wasting? Consider these three money wasters.
See the full list at
Throwing away leftovers.
The average American throws away 25 percent of food and drinks. If you’re guilty of this, you might as well throw away a couple of dollar bills with that food. Food is expensive!
Overdraft and other fees.
If you are paying for overdraft fees or out-of-network ATM fees, you are doing it wrong. ATM fees are easy to eliminate…find ATMs that don’t charge a fee, or if there aren’t any, take out a lump sum all at once to eliminate the $3 charge for each withdrawal. Eliminate overdraft fees by keeping track of your spending!
Not taking advantage of retirement match.
This is a no brainer. If your employer will match how much you put in your retirement account, you should definitely take advantage of this benefit. It's almost like getting free money!
what your college student needs to know about money
This is a revised version of the article here:
Location matters.
College students are thinking about what they want to do after graduation, including what kind of job they want and where. Teach them about cost of living adjustments. The same salary in Los Angeles is far different than Kansas City.
Salary vs. take-home pay.
Be sure your student knows the salary they are expected to make is not what they will actually have to live on. Talk to them about tax withholdings and show them how to calculate their take-home pay.
The difference between a debit card and a credit card, and when to use each.
Seems like a no-brainer, but many people don’t know the difference between debit and credit. A debit card takes money out of your account, while a credit card is essentially a loan you must pay back (with interest). A debit card should be used for regular household expenses or things like going out to eat or gas. A credit card should be used for items like travel arrangements or a big-ticket household expenses.
Every little bit of savings help.
The average American cannot cover a $500 emergency expense with cash. Yet, many of us will have this kind of emergency in the next 12-18 months. Experts suggest you tell your student to view savings as a bill to pay before other bills. How much should they put away? Ten percent of your gross income is a good starting point.
DIGITAL CLEANING: Clean and secure
First in a series about keeping you cyber safe.
We’ve all heard the importance of changing your smoke detector batteries in spring and fall, during daylight savings time. You take your car in for maintenance every 15,000 miles. [Insert credit union name] offers shred days to eliminate documents you don’t need anymore. What about your digital life?
Regular maintenance and cleaning of your digital files and devices can help keep your information secure.
Here’s a handy outline to help keep your devices and computers clean and secure:
- Keep your devices up to date with the latest software, web browser and operating systems.
- Delete unused apps and download the latest updates on the apps you use regularly.
- Check your geolocation settings to ensure they reflect the level of privacy you are comfortable with.
- Turn on two-step authentication on accounts, when available.
- Make sure your passwords are strong.
- Use unique passwords for key accounts like email, banking and social networks to deter hackers.
- Write passwords down and keep them safe!
- Use a passcode or a finger swipe on your mobile devices.
Next time: Purging and Protecting Files