• Review your long-term financial plan.
  • It’s easy to get caught up in trying to cover day-to-day expenses and end up in credit card debt.
  • If you’re finding yourself focused on the present, resolving to consider your long-term goals could be just the ticket to turn things around in 2024.Reviewing our budget and your financial plan to make sure they are on track to meet your long-term financial goals.Start with year-end statements provided by banks, credit unions, and credit card companies to see where your money is going and identify areas of overspending.
  • After making sure you have a budget in place that prioritizes investing, maximize contributions to retirement plans such as a 401(k) or Roth IRA.

• Get started investing.
  • If you’re just getting started, jump into the market in 2024 with a focus on investing for the long term.
  • Aim for a distant goal like retirement or paying for a child’s college tuition.
  • The important thing is simply getting started. With compound interest, your money will grow faster and faster over time, even if economic conditions make your start a bit rocky.

• Earn your employer match.
  • If you didn’t take full advantage of your employer’s retirement plan in 2023, you missed out — and you may want to resolve not to make the same mistake in 2024.
  • Cutting back on retirement investing and hoarding cash during times of economic uncertainty – is a mistake that can jeopardize your future financial security.
  • You have just one chance to max out your employer match each year. And the matching funds your employer provides when you contribute to your 401(k) can provide as much as a 100% return if your company matches your contributions on a dollar-for-dollar basis. If you make just one financial wellness resolution this year, plan to not leave retirement money on the table.

• Be smarter with your cash.
  • Since money market funds and banks and credit unions are paying extremely low interest, make sure you aren’t carrying more cash than you need right now. Also, look for alternatives such as savings certificates. They may be a better place to store your cash heading into next year, generate more yield, and leave you better off overall.
  • Although you need to make sure your emergency fund is accessible in case of an unexpected expense, there’s nothing wrong with optimizing your savings and trying to earn a little better return on investment to help with your wealth-building efforts.

• Stay the course with your investments.
  • For many investors, recent market volatility has been hard to handle. That’s why it’s so important to resolve to commit to your investment strategy and stick with it — even over bumps in the road.
  • One resolution to set at the beginning of each year is to see if you can go the entire year without selling any shares.
  • Approach each year with this mindset of avoiding selling, encourage yourself to think a little bit more about the stocks you want to buy, making sure that you’re confident in your analysis and commitment to owning shares for years as opposed to quarters.
  • Commit to add to your favorite holdings as opportunities arise is a resolution everyone should consider adopting. After all, a buy-and-hold strategy has historically proven to be the best way to build wealth.

• Make tax-efficient investing a priority.
  • With smart investing moves come profits — and taxes on those profits. But you can resolve to make smart moves that minimize the cut the IRS takes.
  • Estimate gains and take the time to explore options to lower tax liabilities before the end of the year.
  • Although thinking about taxes may not be at the top of your list of fun things to do, resolving to make 2024 the year you focus on tax-reduction efforts could help keep more of your gains in your pocket. If you aren’t sure where to start when it comes to tax reduction, a tax adviser can help.

• Start a healthcare savings account.
  • If the COVID-19 pandemic has taught us nothing else, it’s that health risks can come out of nowhere. That’s especially true for seniors who are at an increased risk of ailments and who may be on a fixed income that can’t easily cover medical bills.
  • Resolve to start saving for healthcare in 2024.
  • While 401(k)s and IRAs are more widely known for retirement savings, not as many are prepared for health expenses. Saving for healthcare — now and into retirement — should be everyone’s New Year’s resolution.
  • You need to have a qualifying high-deductible health plan to invest in an HSA, though. If you aren’t eligible, you can still create a dedicated savings account earmarked for medical expenses.

• Put your estate plan in place.
  • Investing is about building wealth, but you’ll also want to make sure you have plans in place to protect the assets you’ve worked so hard to acquire. If you don’t already have an estate plan, you’re falling down on the job and should resolve to make one this year.
  • Seventy percent of Americans don’t have a will. Having an estate plan is critical for helping you leave behind a legacy to your loved ones, as well as to the causes you love.

What goals should you set in the financial new year?

Each of these eight resolutions could help you to improve your financial wellness. But ultimately, you need to consider the state of your own finances when deciding what goals to set.

Whether it’s paying off a personal loan or credit card debt, improving your financial literacy, boosting your credit score, or becoming a better investor, you should set a goal you believe in and then hold yourself accountable.

If you set SMART goals — Specific, Measurable, Achievable, Relevant, and Time-bound — you can maximize the chances that you’ll actually stick to your financial New Year’s resolutions all the way to 2025 and beyond. Get started now so you can ring in the next new year by celebrating the financial progress you made all year long.

Roth Iras are offered by Wheatland FCU.  Wheatland is federally insured by NCUA.

Investment services are offered by Concise Financial Advisement, a separate entity from Wheatland FCU

Source: The Motley Fool

Consult a tax adviser regarding deductibility and tax deferment.

You can create personal wealth. It is possible to meet your financial goals. By choosing to budget, save and invest, you can pay off debt, send your child to college, buy a comfortable home, start a business, save for retirement, and put money away for a rainy day. Through budgeting, saving, and investing, building credit, and controlling debt, all these goals are within your reach.

ASSETS – LIABILITIES = NET WORTH

A wealth-creating asset is a possession that generally increases in value or provides a return, such as: A savings account. A retirement plan. Stocks and bonds. A house.

A liability, also called debt, is money you owe, such as: A home mortgage. Credit card balances.

A car loan. Hospital and other medical bills. Student loans.

Net worth is the difference between your assets (what you own) and your liabilities (what you owe). Your net worth is your wealth.

Budget to Save – When it comes to reaching your financial goals, are you doing or wishing? The difference is that doers put action to their goals and achieve their dreams.

If you are a doer, you are more likely to: Track spending. Live within your means. Stick to a budget. Pay off credit cards in a timely way. Deposit money into a savings account each month. Make regular contributions to retirement savings.

To develop a budget, you need to: Calculate your monthly income. Track your daily expenses. Determine how much you spend on monthly bills.

To help you maintain the discipline to save: Save every month. Have savings automatically deducted from your paycheck or checking account. Base your budget on what is left. In other words, get on automatic pilot and stay there.

Save and Invest – You have budgeted and identified an amount to save monthly. Where are you going to put your savings? By investing, you put the money you save to work, making more money and increasing your wealth. An investment is anything you acquire for future income (interest or dividends) or by growing in value.

Get Guidance – There is an art to choosing ways to invest your savings. Good investments will make money; bad investments will cost you money. Do your homework.

Take Advantage of Compound Interest – Compound interest helps you build wealth faster. Interest is paid on previously earned interest as well as on the original deposit or investment.

Understand the Risk-Return Relationship – When you are saving and investing, the amount of expected return is based on the amount of risk you take with your money. Here are some things to think about when determining the amount of risk that best suits you.

Financial goals. How much money do you want to accumulate over a certain period of time? Your investment decisions should reflect your wealth-creation goals.

Time horizon. How long can you leave your money invested? If you need your money in one year, you may want to take less risk than you would if you will not need your money for 20 years.

Financial risk tolerance. Are you in a financial position to invest in riskier alternatives? You should take less risk if you cannot afford to lose your investment or have its value fall.

Inflation risk. This reflects savings’ and investments’ sensitivity to the inflation rate. While some investments such as a savings account have no risk of default, there is the risk that inflation will rise above the interest rate on the account. The inflation rate must stay below the investment rate for you to realize a profit.

Tools for Saving – A good first step toward saving is to open a savings account at a credit union. With a savings account, you can:

Take advantage of compound interest, with no risk.

Keep your money safer than in your pocket or at home.

Take advantage of direct deposit of your paycheck.

Monitor your balance online.

Other insured accounts offered at a credit union are Money Market Accounts and Savings Certificates.

Tools for Investing – Once you have a good savings foundation, you may want to diversify your assets among different types of investments. Diversification can help smooth out potential ups and downs of your investment returns.

Bonds – when you buy bonds, you are lending money to a federal or state agency, municipality or other issuer, such as a corporation. A bond is like an IOU.

Savings bonds. U.S. savings bonds are government-issued and government-backed.

Treasury bills, bonds, notes, and TIPS. Treasury bills are short-term securities with maturities of 3, 6 of 12 months. Treasury bonds are securities with terms of more than 10 years. Treasury notes are securities with maturities ranging from 2 to 10 years. Treasury Inflation-Protected Securities (TIPS) offer investors a chance to buy a security that keeps pace with inflation.

Stocks – Owning Part of a Company – When you buy common stock, you become a part owner of the company and are known as a stockholder or shareholder.

Mutual Funds – Investing in Many Companies. Mutual funds are established to invest many people’s money in many firms. By diversifying, a mutual fund spreads risk across numerous companies rather than relying on just one to perform well.

Invest for Retirement – Have you thought about how much money you will need when you retire? Many people do not save enough for retirement.

Individual Retirement Accounts – let you build wealth and retirement security. A traditional IRA is tax-deferred, meaning you do not pay taxes on the money until it is withdrawn. A Roth IRA is funded by after -tax earnings. After age 59 ½, you can withdraw the principal and interest tax-free.

401(k) Plans – Many companies offer a 401(k) plan for employees’ retirement. Participants authorize a certain percentage of their salary to be deducted from their paycheck and put into a 401(k).

Qualified Plans – A qualified plan is a plan designed to help self-employed workers save for retirement.

Rule of 72 – The Rule of 72 can help you estimate how your investment will grow over time. Simply divide the number 72 by your investment’s expected rate of return to find out approximately how many years it will take for your investment to double in value. The Rule of 72 also works if you want to find out the rate of return you need to make your money double. Divide 72 by the number of years you want to double your money; this will show you the rate of return required to reach your goal.

Other Investments – Investing in your house. Equity, in this case, is the difference between the market value of the house and balance on the mortgage. The more equity you have in your house, the wealthier you will be.

Start Your Own Business – You can also start and invest in your own business as part of a wealth-creation plan. Starting a small business can be risky, but it is one of the most significant ways individuals have to create personal wealth.

Consult a tax adviser regarding deductibility and tax deferment.

Before You Buy a Used Car

Test drive the car under varied road conditions (hills, highways and in stop-and-go traffic.

Ask for the car’s maintenance record.

Determine the value of the vehicle.

Research the upkeep costs for models you’re interested in, including the frequency of repairs and maintenance costs.

Examine the car using an inspection checklist.

Check whether there are any unrepaired recalls on a vehicle.

Consider hiring a mechanic to inspect the car.

Pay in Full or Finance

You have two choices: pay in full or finance over time.

When financing; shop around, compare offers, and negotiate the best deal you can.

Buyers Guide

The Federal Trade Commission” (FTC) Used Car Rule requires dealers to display a Buyers Guide in every used car they offer for sale and give it to buyers after the sale.

The buyers guide tells you:

The major mechanical and electrical systems on the car

Whether the vehicle is being sold “as is” or with a warranty

What percentage of the repair costs a dealer will pay under warranty

To get all promises in writing

To ask to have the car inspected by an independent mechanic before you buy

To get a vehicle history report

The dealer’s contact information, including the contact for complaints

To remember: spoken promises and difficult to enforce

Warranties

As Is – No Dealer Warranty – When the dealer offers a vehicle “as is,” the box next to the “As Is – Ne Dealer Warranty” disclosure on the Buyers Guide must be checked.

Implied Warranties – State laws hold dealers responsible if cars they sell don’t meet reliable quality standards. These obligations are called implied warranties – unspoken, unwritten promises from the seller to the buyer.

Implied Warranty of Merchantability – The seller promises that the product offered for sale will do what it’s supposed to do.

Implied Warranty of Fitness for a Particular Purpose – Applies when you buy a vehicle based on the dealer’s advice that it is suitable for a particular use.

Full and Limited Warranties – Dealers may offer a full or limited warranty on all or some of a vehicle’s systems or components. Most used car warranties are limited and their coverage varies.

Warranty Documents

Make sure you get a copy of the dealer’s warranty document if you buy a car that is offered with a warranty.

Unexpired Manufacturer’s Warranties

To make sure you can take advantage of the coverage, ask the dealer for the car’s warranty documents.

Service Contracts

A service contract may be arranged any time and always costs extra. The separate and additional cost distinguishes a service contract from a warranty. To decide if you need a service contract consider:

Whether the service contract duplicates warranty coverage or offers protection that begins after the warranty runs out.

Whether the vehicle is likely to repairs and how much they’re going to cost.

Whether the service contract covers all parts and systems.

Whether a deductible is required and, if so, the amount and terms.

Whether the contract covers incidental expenses.

Whether repairs and routine maintenance have to be done at the dealer.

Whether there’s a cancellation and refund policy for the service contract, and if it has cancellation fees.

Private Sales

Buying a car from a private individual is different from buying from a dealer.

Private sellers are not covered by the Used Car Rule and don’t have to use the Buyers Guide.

Private sales are not covered by the “implied warranties” of state law.

The car may be covered by a manufacturer’s warranty to a separately purchased service contract. However, warranties and service contracts may not be transferable, and other limits or costs may apply.

WHAT IS THE NCUA?

The National Credit Union Administration, commonly referred to as NCUA, is an independent agency of the United States government that regulates, charters, and supervises federal credit unions. NCUA also operates and manages the National Credit Union Share Insurance Fund (NCUSIF). Backed by the full faith and credit of the U.S. government, the NCUSIF insures the accounts of millions of account holders in all federal credit unions and the vast majority of state-chartered credit unions.

WHY IS NCUSIF SHARE INSURANCE COVERAGE IMPORTANT?

Share insurance coverage offered through the NCUSIF protects members against losses if a federally insured credit union should fail. You can confidently join and conduct business with federally insured credit unions because no member has ever lost a penny from accounts insured by the NCUSIF.

Historically, insured funds are available to members within just a few days after the closing of an insured credit union. Failures of federally insured credit unions are rare because only those with sound operational standards qualify to receive NCUSIF coverage. The NCUA also regularly reviews the operations of all federal credit unions and works closely with state regulatory authorities to evaluate federally insured, state-chartered credit unions.

WHAT BASIC COVERAGE IS PROVIDED BY THE NCUSIF?

The NCUSIF provides all members of federally insured credit unions with $250,000 in coverage for their single ownership accounts. These accounts include regular shares, share drafts (similar to checking), money market accounts, and share certificates. Individuals with account balances totaling $250,000 or less at the same insured credit union are fully insured. If a person has more than $250,000 at any single credit union, several options are available for additional share insurance coverage because, as discussed in greater detail, the NCUSIF provides separate insurance for other accounts. Members have full NCUSIF coverage at each federally insured credit union where they are qualified members. While the NCUSIF coverage protects members at all federally insured credit unions from losses on a broad spectrum of savings and share draft products, it does not cover losses on money invested in mutual funds, stocks, bonds, life insurance policies, and annuities offered by affiliated entities.

DOES THE NCUSIF PROVIDE ADDITIONAL COVERAGE?

All members of federally insured credit unions have options for coverage that is separate from and in addition to the coverage available to their single ownership accounts.

RETIREMENT ACCOUNTS

Members with traditional and Roth Individual Retirement Accounts (IRAs) and KEOGH retirement accounts at federally insured credit unions have additional coverage available at each federally insured credit union where they qualify and become members. The NCUSIF insures traditional and Roth IRAs for $250,000 in the aggregate at each credit union. Additionally, the NCUA insures KEOGH accounts separately in the aggregate to $250,000 at each credit union. Retirement account insurance protection is separate and apart from insurance coverage on other credit union accounts. For example, if you have a regular share account, an IRA, and a KEOGH at the same credit union, the NCUSIF insures the regular share account for up to $250,000, the IRA for up to an additional $250,000, and the KEOGH for up to an additional $250,000.

JOINT ACCOUNTS

Joint accounts are owned by two or more people who have equal rights to withdraw money from the account and no beneficiaries are named. These accounts can include regular shares, share drafts (similar to checking), money market accounts, and share certificates. The NCUSIF provides each joint account holder with $250,000 coverage for their aggregate interests at each federally insured credit union. For example, a two-person joint account with no beneficiaries has $500,000 in coverage. This coverage is separate from and in addition to the coverage available for other accounts such as individual accounts with no beneficiaries and retirement accounts.

TRUST ACCOUNTS

The NCUSIF provides separate coverage for both revocable and irrevocable trusts. Credit unions can establish a common informal revocable trust payable-on-death account without additional documentation; however, some trusts require additional, valid documentation to qualify for coverage. While this article briefly discusses how the NCUSIF insures trusts, members should consult appropriate professionals to properly establish and document trust arrangements.

REVOCABLE TRUSTS

Revocable trust accounts may qualify for insurance coverage of up to $250,000 per beneficiary named by the owner (if a member of the credit union) that is separate from the individual coverage available to the trust owner (also referred to as grantor or settlor). For example, if a person with a revocable trust for $750,000 names a spouse and two children as beneficiaries, the entire $750,000 would have separate NCUSIF coverage ($250,000 per beneficiary). This coverage is separate from the coverage provided to the other types of accounts held by the trust’s owner at the same federally insured credit union.

IRREVOCABLE TRUSTS

Irrevocable trusts have separate coverage based on the beneficial interest. The interest of each beneficiary in an account (or accounts) established as an irrevocable trust has separate NCUSIF coverage of up to $250,000. In cases where a beneficiary has an interest in more than one trust arrangement created by the same owner, the interests of the beneficiary in all accounts established under such trusts are added together for insurance purposes and insured for a total of up to $250,000.

HOW DO I KNOW MY CREDIT UNION IS FEDERALLY INSURED?

Federally insured credit unions are required to indicate their insured status in their advertising and to display the official NCUSIF insurance sign in their offices and branches. For a complete directory of federally insured credit unions, visit the NCUA’s agency website at ncua.gov.

COVERAGE LIMITS

The standard share insurance amount is $250,000 per share owner, per insured credit union, for each account ownership category. The $250,000 standard share insurance account became permanent through the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

THE NCUA SHARE INSURANCE ESTIMATOR

The NCUA Electronic Share Insurance Estimator is available to help members better understand the protection offered by the NCUSIF. This interactive site allows users to input data to compute the amount of NCUSIF coverage available under different account scenarios. This resource is available at MyCreditUnion.gov/estimator.

WHERE CAN I FIND MORE INFORMATION? The NCUA has more information available to help credit union members better understand how the NCUSIF keeps their accounts safe and protected. A comprehensive booklet entitled Your Insured Funds is available on the ncua.gov and MyCreditUnion.gov websites. This booklet contains a detailed discussion of all available types of NCUSIF coverage, along with examples illustrating how the coverage works in practice. You can get additional information about credit unions and the financial services they offer, as well as tips on how to save, create a budget, and plan for a major purchase at the NCUA’s consumer website, MyCreditUnion.gov.

Creating a budget allows you to track, review, and modify where your money is going each month. If you do not know how to start, this Make a Budget worksheet from the Federal Trade Commission, helps you evaluate which expenses are flexible and which are fixed. This will give you an idea of how you are spending your money. After evaluating your expenses, then determine a method to allocate your spending.

One method is the 50-20-30 budget rule. Apply 50% of your take-home pay to needs, such as your mortgage or rent, utilities, groceries, and transportation; 20% to savings, investments, and debt payments; and no more than 30% to your wants or flexible spending, such as travel or entertainment. These are not exact percentages, and you can modify them to work for you.

Start Saving

The first step in building savings is to start, even if it is a small amount. At many credit unions you can open a savings account with as little as $5.00. To find a credit union in your area click here.

Put Your Savings on Autopilot

To avoid the temptation of overspending or splurging when you receive your paycheck, you can automate contributions to your savings account. Setting up automatic contributions will allow your savings to grow, without having to think about it. You can talk to your credit union about doing this. Also, many employers offer ways to have your pay automatically deposited into a savings account. Click here for more information on savings and investing.

Build an Emergency Fund

A solid emergency fund is one of the most important tools in developing financial security. If you currently do not have an emergency fund you are not alone. According to the Federal Reserve Bank’s 2020 Report on the Economic Well-Being of U.S. Households, close to 40% of Americans would struggle to come up with $400 to pay an unexpected bill. While it is recommended that you save six months of living expenses for financial necessity, do not allow yourself to stress about building six months of expenses overnight. Instead, start off by building a “starter” emergency fund of $1,000. Then, continue to add consistent, small amounts to reach your larger goal. For more tips about preparing for the unexpected, click here.

Decrease Debt

Lower Credit Card Debt

In order to lower credit card debt, it is important to set personal limits, and do not go beyond them. Only charge items you know you can pay off each month. If you already carry a balance, pay more than the minimum payment (or the most you can afford) to bring down your principal balance. If you cannot pay off your balance every month, determine which of your cards has the highest interest rates and try to pay those off first. To better understand your current credit card statement, rate, and fees use this use this credit card statement tool, and for more tips on paying down credit cards click here.

Consolidate

If you are having trouble keeping track of payments and balances on your debts, you may want to consider consolidating them. Debt consolidation loans are typically used for unsecured debts, for example personal loans, credit cards, and student loans. Instead of dealing with multiple bills, you have the ability to manage one consolidated bill. For more information on Debt Consolidation click here.

Consider Refinancing

You may be eligible to get a lower interest rate because of changes in the market or if your credit score has improved. By lowering your interest rate, you can lower your monthly payment. To start, check with your current lender to find out about refinancing options. That lender may want to keep your business and be willing to reduce or eliminate some of the typical refinancing fees. Next, comparison shop by comparing all the terms different lenders offer, particularly interest rates and fees. For more information and tips on refinancing click here.

The internet makes many everyday tasks faster and more convenient, like shopping, researching products, banking, searching for health information, and communicating on the go. Learn more about how to stay safe while online.

Credit Union Website Legitimacy

Before you do anything on your credit union’s website, ensure the URL is correct. Many scammers use URLs that deliberately look very similar to a real credit union, but link to a copycat website. Scammers hope to lure you into the “evil twin” website to trick you into giving them personal information such as your account number and password.

Tips to Keep Your Personal Information Safe and Secure

Always be cautious! Keep your personal information personal and protect yourself from cyber criminals by following these ABCs:

Always

Protect your phone from hackers. Your cell phone holds some of your most sensitive personal information, such as your passwords and account numbers, emails, text messages, photos, and videos. If your phone ends up in the wrong hands, someone could steal your identity, buy things with your money, or hack into your email or social media accounts. To protect your phone, keep it locked when not in use.

Keep your software updated and keep your data backed up.

Secure your computer. Never leave it unlocked or unattended in public areas. Scammers can easily capture your data or hack into your system while you are not looking.

Keep your software up to date. Maintain your security settings to keep your information safe by turning on automatic updates, so you do not have to think about it and set your security software to run regular scans. Whether it is your computer, smartphone, game device, or other network devices, the best defense against viruses and malware is to update to the latest security software, web browser, and operating systems. Sign up for automatic updates, if you can, and protect your devices with anti-virus software.

Be aware of scams and phishing attempts. Think before you click! If the promise looks too good to be true, it probably is. Hackers and scammers may lure you to a website with a virus designed to steal your information. Cybercriminals also use phishing tactics using a familiar site to get you to click on links and attachments. Be vigilant about protecting your information from cyber criminals. When available. use the “junk” or “block” option to no longer receive messages from a particular sender.

Be diligent about password protocols. Use password managers to generate and remember different, complex passwords for each account.

Be a hard target by layering your security whenever possible. This means enabling and using two-factor or multi-factor authentication on your smartphone, an authenticator app, or a secure token.

Cautious

Do not log into your sensitive accounts on public networks that offer free Wi-Fi.

Do not put all your information on social media sites. Never click and tell. Limit what information you post on social media—from personal addresses to where you like to grab a coffee. What many people do not realize is that these random details are all those criminals need to know to target you, your loved ones, and your physical belongings—online and in the real world. Keep Social Security numbers, account numbers, and passwords private, as well as specific information about yourself, such as your full name, address, birthday, and even vacation plans. Disable location services that allow anyone to see where you are—and where you are not—at any given time.

Do not assume that apps are not collecting your information in the background. Keep tabs on your apps. Most connected appliances, toys, and devices are supported by a mobile application. Your mobile device could be filled with suspicious apps running in the background or using default permissions you never realized that you approved. These apps gather your personal information without your knowledge while also putting your identity and privacy at risk. Check your app permissions and use the “rule of least privilege” to delete what you do not need or no longer use. Learn to just say “no” to privilege requests that do not make sense. Only download apps from trusted vendors and sources.

For more information, check out the FTC’s Online Privacy and Security guidance.

Protect Kids Online

Kids have lots of opportunities for socializing online, but they come with certain risks. Parents can help reduce these risks by talking to kids about making safe, responsible decisions.

The Children’s Online Privacy Protection Act (COPPA) helps you protect your children’s privacy. Enforced by the Federal Trade Commission (FTC), COPPA requires websites to get parental consent before collecting or sharing information from children who are under 13 years old.

Take advantage of your COPPA rights. Your child’s personal information is valuable, and you can do a lot to protect it.

The FTC offers an online toolkit of free resources to help you teach people in your community about kids’ online safety.

SUSPICIOUS EMAIL, TEXT, OR PHONE CALLS

WFCU will not text you about your account. Report any suspicious emails, phone calls or text messages representing itself as Wheatland Federal Credit Union or WFCU. Please notify WFCU by either sending the information to info@wheatlandcu.com or call 717-898-7673.

Your credit score is an important number that reflects the information in your credit report. The score summarizes your credit history, which lenders use to help predict how likely it is that you will repay a loan and make payments when they are due. Lenders may use credit scores in deciding whether to grant you credit, what terms you are offered, and the interest rate you will pay on a loan.

When you apply for credit or a loan, your credit score allows you to get an answer faster. Credit scores help lenders make decisions based on financial factors, because they objectively measure the applicant’s risk profile. Credit scores also reflect recent payment patterns, so past credit problems are less likely to influence current loan requests.  

How is my credit score calculated?

To calculate a credit score, your credit report must contain enough information on which to base a score. Generally, this means you must have at least one account that has been open for six months or longer, and activity in that account must have been reported to a credit bureau within the past six months.

Your credit score is based solely on the information in your credit report retained by the company calculating your score. If you obtain a credit score from another credit bureau, it may be different because of the information on file for you.

Types of credit: 10%

Payment history: 35%

Amounts owed: 30%

Length of credit history: 15%

New credit 10%

Note: Credit score calculations vary by credit bureau.

What factors are considered?

The factors impacting a credit score vary depending on the scoring model or formula being used. Your credit score is generally affected by the information contained in your credit report. For example, the number of accounts with a balance (too many accounts could indicate over-extension), the amount owed on specific types of accounts (credit cards, car loans, student loans, residential mortgages, etc.), and the total amount owed across all accounts.

Other considerations include whether you pay your bills on time, have any collection actions against you, and the age of your accounts. Credit utilization is another important variable. If you are close to maxing out your available credit lines, you might have trouble making payments in the future. The number of new accounts recently opened, and whether you have been “rate shopping” for a single loan, are additional elements affecting your credit score.

What factors are not considered?

Under federal law, everyone has an equal opportunity in applying for credit. Your race, color, religion, national origin, gender, marital status, age, or any income received from a public assistance program, cannot be used in a credit scoring formula. Other factors omitted are your salary, occupation, title, employer, or employment history. However, lenders may consider your salary and employment information in making their overall credit approval decisions. Where you live and certain types of inquiries or requests for your credit report also do not affect your credit score.
 

What is a good credit score?

One of the most popular brands of credit scores is the FICO Score, created by the Fair Isaac Corporation. The FICO Score is used by most lenders, and typically ranges from 300 (very poor) to 850 (exceptional). However, there are numerous FICO scoring models, and each of the three nationwide credit bureaus has its own FICO variation. The credit bureaus also have their own proprietary scoring models, often promoted as “educational scores” for consumers. Another popular brand of credit scores is VantageScore, developed as a joint venture by the three nationwide credit bureaus. The latest VantageScore model ranges from 300 (very poor) to 850 (excellent). 

A good FICO Score falls between 670 and 739, while an exceptional score measures 800 and above. A good VantageScore ranges from 700 to 749, while an excellent score is 750 and above. The higher the number, the lower the perceived credit risk. Keep in mind, however, each lender has its own standards and approval process. There is no single or uniform “cutoff score” used by all lenders. Many additional factors are considered to determine actual loan terms and interest rates. 

Why does my credit score matter?

Having good credit is important. It determines whether you will qualify for a loan, and, if you do, what terms you will receive. Depending on the interest rate of the loan for which you qualify, it could mean the difference between hundreds and even thousands of dollars in savings over the life of the loan. A good credit score could also determine whether you are able to rent the apartment you want, or even get mobile phone or internet services you need.

What can cause my credit score to change?

Because your credit score reflects the information in your credit report, changes to your credit report may cause your credit score to change. For instance, if you pay your bills late or incur more debt, your credit score may go down. However, if you pay down an outstanding balance on a credit card or mortgage, or correct an error in your credit report, your credit score may go up.

How can I get my credit score?

In some cases, a lender may tell you your credit score for free when you apply for credit. For example, if you apply for a mortgage, you may receive the credit score or scores that were used to determine whether the lender would extend credit to you and on what terms. You may also receive a free credit score or scores from lenders when you apply for other types of credit, such as a car loan or a credit card. If not provided, it will not hurt to ask the lender about your score. 

You may also purchase your credit score from any of the nationwide credit bureaus by calling them or visiting their websites.

Equifax: Call 1-800-685-1111 or
visit www.equifax.com/compare-products
Experian: Call 1-888-397-3742 or
visit www.experian.com/consumer-products/credit-score.html
TransUnion: Call 1-800-493-2392 or
visit www.transunion.com/credit-score

How can I improve my credit score?

To find out steps you can take to improve your credit score, read the Federal Reserve Board’s 5 Tips: Improving Your Credit Score.

Fun family outings are becoming more expensive. With a bit of creativity, you can have a fun time and entertain the kids without breaking the bank.

Indoor family fun…

1. Rent a movie
   1. Renting movies is much cheaper than the rising megaplex rates.
   1. Though you must wait months after a movie’s release, you can watch it repeatedly without worrying about the baby’s cries disrupting other viewers, and you can pause for bathroom breaks.
2. Watch free movies
   1. Gather all the movies you own and watch them with the kids again.
3. Play a board game
   1. Get out the board games!
4. Go bowling
   1. Turn the hallway into your own personal bowling alley. Clean out and save 2-liter bottles to serve as blowing pins and use a small ball your kids already have.
5. Have a fancy dinner
   1. You can make a mean a special occasion by setting he table a little more formal, lighting candles and serving from our fancy dishes.
   1. Encourage family members to dress up. It can be your Sunday best, pajamas, costumes, or anything you like and have on hand.
6. Try Origami
   1. Research origami online or get a book from a local library.
      1. Kids have a blast turning their paper into birds, windchimes, and frogs.

Venturing out…

1. Go outside and have fun.
   1. Go to a nearby park or out in your own backyard.
   1. Play baseball, kick the can or any other game.
   1. Have the entire family ride their bikes in a safe area.
2. Have a neighborhood party
   1. Get the neighbors together and have everyone who has kids play outside games.
   1. Everyone can play baseball, football, or run through a sprinkler.
   1. Everyone can bring their grills out and make food for their family.
3. Go to the beach
   1. Take the kids and dig in the sand, create sandcastles.
   1. Go swimming, try wakeboarding, fishing, and shell collecting.
4. Go to the playground
   1. Take the kids to every playground near your home. The kids get exercise, you get exercise, and everyone gets fresh air.
   1. You can try to find new playgrounds that you do not usually go to for a new and exciting trip.
5. Free museum days
   1. Museums and zoos have “free days” or exceptionally low children’s rates.
   1. If you have a season pass you can go, there all the time for outings. It relieves the pressure of seeing or doing it all in one day. Then next year you can get a pass to a different place.
6. Watch the planes
   1. Going near an airport (big or small) and watching the planes take off and land is a fun and free way to spend the afternoon.
7. Storytime
   1. Local libraries or bookstores often have “storytime” for kids. Usually this is a free service and as a bonus I get kids interested in literature.
8. College campuses
   1. Colleges provide opportunities to see plays, musicals, and recitals.
   1. College performances are cheaper than your local theatre and are a wonderful way to expose your kids to the arts.
9. Go to the park
   1. Parks are a suitable place to find safe playgrounds, hiking and walking trails, and open spaces for flying kites.
   1. Most parks are free or cheap and you can pack, picnic, and spend a momentous day outdoors.
10. Go to a game
    1. Go to local games such as high school summer football, basketball, baseball, and hockey games. The kids can see teams in action and learn about sports.
11. Join a playgroup
    1. This is great for young mothers. Joining a playgroup is an excellent way to get the kids together with other kids.
    1. Moms can meet other moms and make friends too.
12. Go swimming
    1. Swim at a local school. An entire family can have an exciting time.
    1. Schools often have indoor pools so you can go swimming in spring, winter and fall as well.
13. Check out the community theater
    1. Go to community theater programs. Community theater is just that; local people put on plays ad musical programs.
    1. Take the kids to local performances where other kids perform.

Get creative…

The outdoor activities you will be able to enjoy with your family depend on your area. Getting an area guide from your Chamber of Commerce, Town Hall, or State Welcome Center will give your great ideas about local historical sites and places of interest. Kids will also enjoy everyday activities such as cooking, gardening, and crafting.

So, get creative and have family fun on a budget.

Source: A Dime Saved

Biden Announces Student Loan Forgiveness 

On August 24th, 2022, President Joe Biden announced his three-part student loan forgiveness plan, which included an extended payment pause on federal student loans through December 31, 2022. With 1 in 7 Americans having student loan debt, a student debt forgiveness program could aid a large demographic of individuals. 

Through Biden’s forgiveness plan, borrowers could expect $10,000 to $20,000 of their student loans to be forgiven, depending on annual income and if the borrower had received a Pell Grant. To be eligible, borrowers would have to earn less than $125,000 per year, or $250,000 if married, in the years 2020 or 2021. If individuals only met the income requirements, then they would be eligible for up to $10,000 of relief. However, if the borrower had also received a Pell Grant while attending college, then they would be eligible for up to $20,000 of debt to be forgiven. This plan only applies to federal student loans, including direct subsidized and unsubsidized, Parent PLUS loans, and Grad PLUS loans. 

What’s Happening with Forgiveness Now? 

On October 17th, 2022, student loan forgiveness applications were launched on the Federal Student Aid website. More than 8 million people applied for debt relief within the first weekend of the application being live. However, the Department of Education closed the application within less than a month of its launch. 

After fighting against multiple lawsuits, the Department of Education shut down the student loan forgiveness application on November 11th, 2022. With initially six lawsuits, there were two that had been the deciding factors in freezing the forgiveness applications. 

The first of these lawsuits was brought forth by 6 U.S. states that argued mass debt cancellation would cause financial harm to the country. While the states’ movement against the Biden administration was initially rejected by a lower court judge, they appealed the case to the 8th Circuit Court of Appeals. There, on October 21st, 2022, is when Biden’s plan was temporarily stopped until the legality of student loan forgiveness could be decided.  

In addition, two individuals sued the Biden Administration, in which they were represented by the Job Creators Network Foundation. The JCNF argues that Biden’s plan violated the Administrative Procedure Act by not seeking public comment on the plan. A district judge in Texas ruled in favor of the plaintiffs and stated that the program was an “unconstitutional exercise of Congress’s legislative power.” The Department of Justice then appealed to the 5th Circuit Court of Appeals. 

The Biden Administration, the Department of Justice, and the Department of Education together have laid out their arguments as to why they did not overstep with this forgiveness program. First, President Biden claims that there was no true harm from the forgiveness program. In addition, Biden’s team claims that the HEROES Act of 2003 defends the reason for student loan forgiveness. This act would allow the administration to reduce or eliminate student loan debt during a national emergency. In this case, that national emergency would be the COVID-19 pandemic.  

The Supreme Court has now agreed to hear the arguments from the Biden Administration and the plaintiffs of these two lawsuits. A formal ruling could be released any time after oral arguments, however, major supreme court decisions are expected to be released in June 2023. 

Student Loan Payment Pause Extended… Again 

In March 2020, President Donald Trump announced that all student loan payments would have 0% interest rates and all payments would be paused for at least 60 days. After many more payment pause extensions enacted by Donald Trump and Joe Biden, the latest update is that the payment pause was again extended to June 30, 2023. However, the supreme court ruling of the student loan forgiveness plan could impact this repayment date. If the supreme court rules before June 30th, then the federal loan payments will resume 60 days after the decision, with interest also accruing once again.  

What Borrowers Can Do Now 

At this time, many Americans worry about the unknown of student loan forgiveness. However, there are certain steps to prepare for the Supreme Court decision. First, start budget planning for when student loan payments are resumed once again. A popular budgeting technique is known as the 50/30/20 rule. This rule states that 50% of your monthly income goes to necessities, such as rent, utilities, and groceries. 20% of your monthly income goes to savings and debt payments. This could include an emergency fund, student loan payments, or retirement savings. That leaves 30% of your monthly income for your wants and nonessential expenses.  

Another way to prepare is to put the amount of your monthly payment in an interest-accruing savings account. This not only helps you save money but also builds a good habit to have overall. If you do not yet have a high-interest savings account, here are some recommendations. 

Lastly, if you have private student loans, refinancing those loans is something to consider. Refinancing student loans can allow you to achieve a lower interest rate from one single lender. In turn, this helps drive down your student loan payments. From choosing your desired loan terms to saving money on interest over time, refinancing your private student loans is an option with many advantages. 

Wheatland FCU Social Media Safety Tips

To help you maintain a certain level of privacy on social media sites, here are some tips:

1. Please read Terms and Conditions carefully. It is a bit difficult and time-consuming task, but at least have a look.
2. Go through privacy settings in your account. Don’t rely on default settings.
3. Stop clicking on useless posts like “Check your death day”, “Find which celebrity do you look like” and so on.
4. Install a good antivirus software in your laptop and phone.
5. Turn off your location. Some sites even keep track of your activities in the offline world, but turning off location will at least do the least possible loss.
6. Do not forget to set up Security Answers.
7. Never leave your account logged in. You are in a way inviting cyber criminals to hack your account or act as an impostor.
8. Always check and analyze your post before posting. Try not to put too much revealing photos online.
9. Always try to create strong password for a site and try to change it in regular interval of time. Never ever set same passwords for multiple sites.

Below is the list of few security threats that you might face in social media accounts:

Most social networking sites have information like Birthday or Email address. Hackers can hack your email account by using social information and can have access to all the information he/she wants. You don’t need to hide all information. You just need to take the following precautions: 

-Always set strong passwords. Don’t go for the easy passwords built using your Birthday or child’s name etc. i.e., from the information that is easily accessible from the social media account.

-Do not reveal too much information in a post. Be careful with what you post online. For example, if I write “Happy Mother’s Day “Lisa Money Cardholder.” Now you see someone can guess an answer to a security question “What is your Mother’s Maiden Name?”. This how it works for the thieves to get information by just analyzing your posts. They get so much information that they can even compromise your account.

-Do not reveal your location. Try to keep the location section either blank or set it to a false location.

-Do not use social media accounts from untrusted devices and networks in hotels, cafés, hospitals etc.

-Do not elect to remember passwords for social media accounts when offered by web browsers.

With the advent of Social Media like Twitter, there comes URL Shorteners in picture. Twitter allows a post to be maximum of 280 characters. Thus limiting the size and amount of information that can be shared. Shortened URL’s can trick users into visiting harmful sites since full URL’s are not visible. It is best to keep the following points in mind before clicking on shortened URL to avoid being hacked.

-Before clicking a link, place the cursor on the shortened URL. This will show the complete URL and will give you an idea about where the full URL actually points.

Avoid posting too many details online. Will you ever stand in the middle of a crowd and shout where you are going on a vacation? So why post all the details of your trip on social media? You are clearly giving your house keys to burglars. Try to take following precautions while posting any information online:

-Avoid posting specific travel plans and itinerary. Never mention exact date and time.

-Never post photos during the trip. Try to post photos after your return home from the vacation.

-Try to stay offline during vacation.

-Use the highest privacy controls to let only selective groups like family, selected friends to view your status updates and photos.

Every time we visit a website, it puts invisible markers which we call Cookies in technical terms in our computer. The job of these cookies is to track the user activity as you navigate from one site to another. This is the reason we are able to see the advertisements of our interest on the new page that we open. Cookies are the major loophole in the entire secure scenario. Some sites provide an option to opt out of the tracking feature, but if you don’t get that option, please be careful to clear the cache and the cookies on your browser regularly.

Wheatland Federal Credit Union cares about your security and non-public personal information.

When/If corresponding with your credit union through social media please do not divulge any personal information. Call your credit union instead. Never use your account number, any type of dispute, services being used or other private account information. Also, never ask for a service to be completed during a conversation on social media.

Try to achieve Private and Secure Social Media Accounts.