EducationFirst Federal Credit Union | www.educationfirstfcu.org | September 2013
A Penny Saved Is a Penny Earned
How to Cut Costs On Everyday Expenses
Saving money starts with
small everyday actions.
Don’t underestimate the cost-saving
benefits of couponing.
Buy in bulk to save money
on everyday food items.
From groceries to gas, the basics are getting more and more expensive.
That’s why it is important to save money where you can, now more
than ever. The following are some quick tips on how to cut everyday
expenses.
Make the most of low rates. Mortgage rates are at historic lows,
so if you are considering refinancing, the time has never been better.
With a lower interest rate your monthly payments could decrease, so
contact a mortgage representative at EducationFirst today.
Start couponing. Don’t underestimate the cost-saving benefits of
couponing. Though the savings provided may only be a few cents, it can
add up to be a lot in the long run. Take a few minutes before you run to
the store and check out the local coupons available both in newspapers
and online. Better yet, make time for couponing on a weekly basis and
watch your savings grow.
Use online bill pay. Sign up for online bill pay at EducationFirst.
Opting in to online bill pay will not only save you money on postage,
it can ensure that your bills are paid on time and could prevent you
from incurring late fees.
Buy used. For everything from clothes to kitchen utensils, thrift stores
are definitely worth a look. While it may take a little more time to find
exactly what you’re looking for, you’ll save money and have the comfort
of knowing you’re helping our environment at the same time.
Think Small to Save Big
Saving money starts with small everyday actions. Though cutting
coupons or buying in bulk may not seem to save you a lot of money,
remember that a penny saved is a penny earned. And when you save
a lot of pennies, you can start saving big.
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Buy in bulk. Buying in bulk from warehouse stores can help you save
money on everyday food items. If you’re worried that the bulk amounts
will be too much for you, try splitting the goods (and the bill) with family
or friends for an even lower price.
Look for discount days. Certain places, like grocery stores or movie
theaters, may have certain days of the week or month when prices
are discounted. For example, grocery stores may offer double coupon
rewards to seniors who go grocery shopping on specific days and times.
Look in your local newspaper and online to see if any stores near you
have such days.
Maintain to save. Keep your car in tip-top shape to help cut your gas
expenses. Paying special attention to your engine and making sure your
tires are properly inflated can help you get more miles out of a tank.
www.educationfirstfcu.org
CEO Message
Relationships are at the heart of your credit
union’s business. At EducationFirst, we know
that sound, long-term relationships are built
by earning client trust every day.
The strength of EducationFirst is built on a solid
foundation of the durable, mutually beneficial
connections we have with our members. It’s
what pushes us to continually provide better
products, better service and better insights.
It’s what keeps us constantly in tune with your financial well-being.
And it’s what motivates us to discover new and innovative ways to
help you meet your financial needs and serve you better.
We have nine locations to serve your financial needs. In this issue,
we are spotlighting our Beaumont offices. We have three locations
in Beaumont to serve your needs. Our office at 3831 Phelan is open
Saturdays from 9 a.m. to 1 p.m. We recently moved to this larger
facility to serve your needs. Our Lamar branch is located at 4695 Rolfe
Christopher across from Lamar University and our Main office is located
at 6885 Eastex Freeway. Come by and get to know our staff.
Thanks to prudent management and responsible lending
practices, EducationFirst is in a strong financial position to
continue serving the needs of our members for years to come.
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Assets .......................................................$311,231,702
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Capital ......................................................... $33,165,109
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Members ................................................................ 32,810
Saturday, May 11, will be our annual Shred Day. We will have a mobile
shredding truck on-site at our Rosedale Branch, 6885 Eastex Freeway
from 9 a.m. to noon. Bring your tax returns, statements or other
documents to be shredded for FREE.
As of Feb. 28, 2013.
Jimmy Lackey
President and CEO
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Tips to Manage Your 1st Credit Card
The lower the APR, the less you’ll
pay in interest on your card.
Thinking about getting your first credit card?
Follow these tips to make your first credit
experience a step toward a strong financial
future.
Choose your first card wisely. All credit
cards are not created equal. It’s important
to know your card’s three key terms: APR,
fees and rewards. APR stands for annual
percentage rate, and it tells you how much
interest you’ll be charged for the balance you
carry from month-to-month. The lower the APR,
the less you’ll pay in interest on your card.
Some cards have fees such as annual fees, late
fees and cash advance fees. Look for a card
that has no annual fee, or a low annual fee,
and pay attention to other fees before using
your card. The last term to know is rewards.
Rewards can often be a fun
part of owning a credit card.
Create a reminder in your calendar
to help you remember to pay on time.
Rewards can often be a fun part of owning a
credit card. Some cards offer cash back or
other incentives for using them. Often rewards
have limits or expiration dates, so look at the
terms carefully when choosing a card.
Once you have chosen your card, it’s time to
start using it the right way.
Pay your bill on time every month.
Not only do many cards charge a late fee if
you miss a payment deadline, but it will also
damage your credit history. Create a reminder
in your calendar to help you remember to pay
on time.
Pay more than the minimum balance.
While it may be tempting to pay only the
minimum balance on your card, doing so will
extend the time it takes to pay off any balance.
That means you’ll be paying more in interest
than if you made a larger payment sooner.
Limit your monthly spending. Spending
to your card’s limit can be dangerous and may
hurt your credit history. A good rule is to keep
your monthly spending at less than 30% of the
card’s limit to show creditors that you can use
credit responsibly.
Are you ready for the financial responsibility
of your first credit card? EducationFirst offers
low-rate credit cards to get you started on
the path to a strong credit history. To apply,
visit www.educationfirstfcu.org, or call
409.898.3770 or 800.456.4684.
Spending to your card’s limit can be dangerous
and may hurt your credit history.
Get a Great Deal on a Used Car
You’ll want to be thorough in your research of
a used vehicle in order to avoid costly surprises.
Learn as much as you can about
past owners, use and maintenance.
If you’re in the market for a car, you might want to consider one that’s
new to you, but not brand new. Buying a 2- or 3-year-old vehicle may be
more affordable than buying off the showroom floor in the long run.*
Ownership costs such as insurance and taxes are generally lower than
those for a new car.
It pays to be cautious, though. Used vehicles may not come with a
warranty and their condition largely depends on how they were driven
and maintained by previous owners. You’ll want to be thorough in your
research of a used vehicle in order to avoid costly surprises.
Have the vehicle inspected
by a professional mechanic.
What’s the best value? Kelley Blue Book® (www.kbb.com) allows
you to do side-by-side comparisons of different makes and models.
What’s the vehicle’s history? Learn as much as you can about past
owners, use and maintenance. Use the vehicle identification number
(VIN) to investigate whether the car has been damaged in a flood or
a crash. Carfax (www.carfax.com) offers vehicle history reports. You
can also check the National Motor Vehicle Title Information System
(www.vehiclehistory.gov).
®
Find the One That’s Right for You
Will a qualified mechanic sign off on it? Have the vehicle
inspected by a professional mechanic. Be sure the mechanic checks
the vehicle’s frame, tires, airbags, undercarriage and engine.
What do you need? Make a list of features you consider necessities
and a separate list of items you would like to have. These might include
good MPG, ample cargo space, safety, sunroof, reliability, high resale
value, etc.
Does it fit comfortably into your budget? An auto loan from
EducationFirst can help get you in the driver’s seat of the vehicle you
choose. Our competitive interest rates and loans in a variety of terms
can make buying your new wheels affordable. Call 409.898.3770
or 800.456.4684, or visit us at www.educationfirstfcu.org
to apply today.
Answering a few questions will help you narrow your search until you
find the right vehicle for you.
* Source: www.ConsumerReports.org.
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What Could a Financial Plan Do for You?
Financial planning should be tailored to
your individual circumstances and concerns.
The financial outlook of many Americans is
still reeling from the effects of the Great
Recession. But a recent survey found that
a key differentiator that separates some
people’s financial circumstances from others
has nothing to do with the economic slump.
The survey indicates that financial planning can
play a critical role in meeting financial goals.*
Furthermore, that’s true at all income levels.
The survey reveals that, regardless of income,
people who plan:
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Feel more confident about their financial
decision-making.
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Manage to save more money.
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Feel better about their progress to date
in saving for financial goals.
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Are more likely to report that they live
comfortably.
The survey asked about financial planning
in six areas: 1) saving for emergencies,
2) for retirement, 3) for a major purchase,
4) for a child’s college education, 5) for a down
payment on a house and 6) to help a parent or
older relative with living or medical expenses.
The idea is to plan
financially for life events.
Create a Comprehensive Plan
Financial planning should be tailored to
your individual circumstances and concerns,
but in general, a comprehensive plan may
cover savings and investments, taxes, debt
management, planning for retirement,
insurance needs and estate planning. The idea
is to plan financially for life events such as
buying a new car or home, sending children to
college, retiring and passing along an estate.
It also includes planning for the unexpected
through adequate insurance coverage.
A comprehensive plan recognizes that you
have finite resources and helps you allocate
them among your competing goals in a manner
that’s in line with your values. It also ensures
that your assets are protected so that all your
efforts aren’t undone by something that you
didn’t anticipate. Protection may include any or
all of these insurance policies: life, disability,
long-term care, property and casualty.
Finally, a comprehensive plan should include at
least some basic estate planning so that you
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A comprehensive plan recognizes
that you have finite resources.
have plans in place in case you become unable
to manage your own affairs and to see that
your wishes for your estate are carried out
after your passing.
You Don’t Have to Do it Alone
With today’s busy lifestyles and sophisticated
financial products, many people feel they
lack the time and knowledge to adequately
plan their financial lives. If you’re among
that group, the experience and expertise of
a financial professional may be just what
you need. An investment professional at
EducationFirst can help you get started. Call
409.898.3770 or 800.456.4684, or visit
www.educationfirstfcu.org today!
* Source: “2012 Household Financial Planning Survey”
prepared for Certified Financial Planner Board of Standards
and the Consumer Federation of America, July 23, 2012,
www.consumerfed.org.
Investment products:
Not federally insured.
Not a deposit of this financial institution.
May lose value.
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2 C EO Message
P.O. Box 26751
Beaumont, TX 77720-6751
www.educationfirstfcu.org
3 T ips to Manage
Your 1st Credit Card
Call us 24/7 at 409.898.3770
or 800.456.4684.
3 G
et a Great Deal
on a Used Car
4 A
re You Ready to Buy
a Home?
5 W
hat Could a Financial
Plan Do for You?
6 $
100 Bill Gets a New Look
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$100 Bill Gets a New Look
This October, a new $100 bill
begins circulating.
It will be more colorful.
These improved high-tech features are more
difficult for counterfeiters to replicate.
This October, a new $100 bill begins circulating. It will be more colorful –
and more secure – thanks to a blue, 3-D security ribbon on the front of
the note that shifts patterns when the bill is tilted back and forth and
side to side. Images of an inkwell and bell, and the number 100 on the
front right-hand corner will also change color – from copper to green –
when the note is tilted. These improved high-tech features make it
easier for the public to know if a bill is the real thing, as they are more
difficult for counterfeiters to replicate. Other design enhancements
include a portrait watermark, raised printing and new background color.
To learn more about the new $100 note, visit www.newmoney.gov.
These improved high-tech features make it easier for the
public to know if a bill is the real thing, as they are more
difficult for counterfeiters to replicate.
This publication does not constitute legal, accounting or other professional advice. Although it is intended to be a­ ccurate, neither the publisher nor any other party
assumes liability for loss or damage due to reliance on this material. Websites not belonging to this organization are provided for information only. No endorsement
is implied. Images may be from one or more of these sources: ©Thinkstock, ©iStock, ©Fotolia. ©2013 BlueSpire Strategic Marketing | bluespiremarketing.com