Posts by Francisco Saenz
New Year, New Money Habits: How to Stick With It in 2022
If you’re like most people, you likely start each year with a list of resolutions to help you improve various aspects of your life. The list may include resolutions to help you become more physically fit, further your career growth and improve your personal relationships. Another category of resolutions you may make centers on those that affect your finances. If the latter is true, there’s probably a good chance that your list of resolutions for the new year looks the same, year after year … after year. Yes, it’s easy to come up with ways you can improve at year’s end, but seeing those resolutions through and actually making them happen is another story entirely. Spend less, save more, pay down debt — how can you make 2022 the year you actually stick to these and other financial resolutions? Below, we’ve compiled a list of tips that can help you keep your financial resolutions throughout the new year. Set measurable goals Don’t just resolve to be better with money this year. Set realistic, measurable goals to help you stay on track and to ensure you’re actually making progress. For example, you can resolve to increase your spending by a certain amount by the time you hit the mid-year point, decide to trim your spending in a specific category by a set percentage or promise to pay all your bills on time for the entire year. Bonus tip: To make it easier, keep those goals SMART: Specific Measurable Achievable Relevant Time-based Spend mindfully Creating a budget can take some time and lots of number crunching, but it’s not the real challenge of financial wellness. The hard part comes when you’ve got to actually stick to that budget and make it part of your life. And one reason many people don’t end up keeping their budget is because they spend money without consciously thinking. Resolve to be more mindful about your spending this year, which means actually thinking about what you’re doing when you swipe that card or hand over that cash to the cashier. You can accomplish this by taking a moment to think about what you’re purchasing and how much you’re paying for it. You can also set yourself up for better success by staying off your phone while you complete your in-store transactions. Bonus tip: To make this easier, use this calculator to determine how much you actually earn in an hour, and to see how much of your work time you’re “spending” when you make a large purchase. Is it really worth the price? Partner up with a friend According to MyFitnessPal.com, dieters who share their food diaries with a buddy lose twice as much weight. It’s basic psychology: When we know we have to answer to someone else, we’re more likely to stick to our resolutions — and this works for financial resolutions as well. Choose a friend who is in a similar financial bracket as you are and has a comparable relationship with money. Also, it helps if they have similar resolve to set and stick to those financial resolutions together. Set up a weekly time to review progress (or regression) you each have made, and make sure you both come prepared with details and proof to show how you’ve handled your money. Bonus tip: To make it even easier, you can use a money management app, like Mint, to help you track your spending, find your weak areas, and stay accountable for your friend. Write it down In an era where some people can go without touching a pen and paper for days, writing down New Year’s resolutions can seem obsolete, but that doesn’t mean it shouldn’t happen. The act of putting your financial resolutions into writing will help to imprint them on your memory. Plus, you’ll have a list of your resolutions to reference throughout the year to help keep you on track. Bonus tip: Writing doesn’t need to be physical in order to count. You can use a resolution-tracking app, like Strides, where you can record, track and reference your New Year’s resolutions at any time with just a few quick clicks. Sticking to your financial resolutions isn’t easy. Follow the tips outlined here to make 2022 the year you truly get your finances into shape.
Don’t Answer Calls from These Area Codes
Robocalls have got to be one the most annoying inventions of the 21st century. Unfortunately, those phone calls can do a lot more than disrupt your dinner to send you running to the phone just to hear about an offer for an extended warranty on your car. Using sophisticated spoofing methods and dogged persistence, they can swindle unsuspecting targets out of hundreds, or even thousands of dollars, using nothing but a phone. In fact, according to data from Trucaller, Americans lost close to $30 billion to phone scams in 2020. Technology has made it far too easy and cheap for scammers to place a huge number of robocalls in seconds. New robocall platforms can make up to 5,000 simultaneous calls a second for as little as a dollar. Even if only 10 of these phone calls have their desired effect on the targets, the scammers have pulled in a solid profit. Here’s what you need to know about phone scams and how to avoid them. Traffic pumping According to federal law, rural carriers are allowed to charge wireless and long-distance carriers higher fees for calls to local subscribers. To earn a quick buck – or a few hundred – rural carriers partner up with chat lines, adult entertainment numbers and “free” conference call service providers, as well as other numbers that are based overseas. Their goal is to artificially inflate the call volume in the home area codes of the rural carriers so they, in turn, can bill the wireless and long-distance companies an exorbitant amount of money and give the chat lines a kickback, too. This is known as “traffic pumping.” The bad news for private consumers is that their wireless or landline provider will pass the higher cost structure onto them. Sometimes, the caller will be warned of a higher charge, but other times, the consumer will believe these calls are completely free – until the bill arrives. Area code alert: The 712 area code and the 218 area code are infamous for traffic pumping. The one-ring scam In this ruse, scammers use robocalling technology to call wireless numbers and hang up after only one ring. The scammers are hoping the target will be curious and careless enough to return the call. If they do, they will likely be calling a number in the Caribbean, which can cost them up to $30 a minute. A prevalent one-ring scam that originates in Japan brings that cost up to $50 a minute! Whenever you receive a call from an unfamiliar number, it’s best to let it go to voicemail instead of picking up. Curious enough to return a one-ring call? First Google the number to see who the caller is. If it’s a scammer, you’ll likely find some warnings posted online when you look up the number. Area code alert: The FTC warns consumers about returning one-ring calls from these area codes: When an unfamiliar number comes up on your phone screen, you’re better off waiting for a voicemail to determine if you have a legitimate caller before calling it back. You can also Google the phone number itself. If the number is a scam, chances are good that others will have posted warnings about it online. Protect your phone If the robocalls are driving you crazy, there are steps you can take to limit the amount that reach your phone. First, place your number on the Do Not Call list. You can also reach out to your phone service provider to ask about robocall blocking functionality they may offer, though you may need to pay for this extra service. Finally, consider using a robocall-blocking app, like Hiya, YouMail or RoboKiller. Think twice before picking up the phone from an unknown caller, or returning a call from an unfamiliar number. Stay safe!
‘Tis the season to shop until you drop-or until you go broke. But you don’t have to overspend.
There’s no need to rack up a huge credit card bill or go into debt just to cover your holiday expenses. Enjoy a stress-free season by keeping your spending in check with these six tips: 1. Create a detailed list of all your expenses Don’t leap into your holiday shopping armed with nothing but a credit card. Before you hit the mall or start browsing, sit down and draw up a complete list of every holiday expense you can anticipate. Include all gifts, holiday décor, travel expenses, charitable donations and food costs. Try to keep this list as trim as possible by cutting out any non-essentials and using stuff you may already have in storage from previous years. Bonus points for any homemade gifts! 2. Determine how much money you can spend Once you have all of your expenses written out, work on finding a magic number that will cover everything on your list and that you can realistically afford. Ideally, this money should come from funds you’ve set aside just for this purpose. 3. Divide and conquer Next, assign specific amounts of money in your budget for each expense category and for every person on your gift list. For example, you can decide to spend $300 on your preteen daughter’s gifts and to donate $100 to charity this season. Again, make sure your numbers will work from both a financial and practical perspective. 4. Track as you shop You’re ready to hit the mall! As you shop, keep a careful account of exactly how much money you’ve spent for each person and in each expense category. It’s best to use cash or a debit card when shopping and to review your budget often to make sure you’re staying on track. This way, you’ll know how much you’re spending and you won’t be hit by awful “Santa shock” come January when you need to pay those credit card bills. To make this job easier, use an app designed for this purpose. A common favorite is one called Santa’s Bag. The app allows you to set a budget for each person on your list and then makes tracking the amount you spend super simple. It will even warn you when you’re nearing your preset spending limit or when you’ve gone over budget. 5. Shop smartly and spend less Keep your spending to a minimum by following these hacks: 6. Let SRI Federal Credit Union help If you’re having trouble covering your holiday expenses, or you want to get a head start on next year’s costs, let SRI Federal Credit Union help! Here are three ways we can take the financial stress out of the holiday season: Don’t let financial stress ruin your holiday cheer this year. Follow our tips to keep your spending down, and stop by SRI Federal Credit Union to see how we can help!
Thanksgiving Hacks To Save Time, Stress And Money
Thanksgiving prep stressing you out? Wondering how you’re going to get everything done in time for the big day and stick to your budget at the same time?
We’re here to help! Whether you’re traveling home for the holiday or hosting a houseful of guests, we’ve got you covered. SRI Federal Credit Union is proud to present 15 clever Thanksgiving hacks to save you time, stress and money as you prepare for Turkey Day. 1. Book your flight early If you’re flying home for Thanksgiving, book your flight as early as possible – preferably in September. According to travel app, SkyScanner, booking a Thanksgiving flight in September can save you 4 percent off the ticket price. 2. Travel light You likely won’t be gone for long. Plus, if you’re going home, you can always dig up something to wear if you haven’t packed for every occasion. Why waste all that time packing and pay for extra bag-checking? 3. Get an accurate guest count as early as possible If you’re hosting, this should be your first step – even before you start thinking menus and recipes. Find out exactly how many guests you’re expecting for Thanksgiving dinner so you don’t overcook or need to run out at the last minute for more groceries. 4. Plan your menu early Draw up an exact menu as early as possible before you start stocking up on ingredients. This way, you won’t pick up random food items just in case you may end up needing them. 5. Take stock of your pantry and fridge before shopping Don’t buy a thing until you know what you already have at home, this way you won’t be unpacking three cans of pumpkin filling from your grocery bag only to find you already have four cans sitting in your pantry. 6. Shop early and shop the sales Most supermarkets spread their sales weeks before the big day.. Save big by picking up what you need, as it gets marked down in the weeks leading up to Thanksgiving. As always, be sure to monitor coupon sites like Coupon.com, Flipp.com and RetailMeNot, as well as local circulars, to see what’s on sale before hitting the stores. 7. Use a cooler as a fridge As you cook your way through your menu, refrigerator space will become a precious commodity. Make room by using a cooler to store bottles of salad dressing and condiments you don’t need for Thanksgiving. Fill the cooler two-thirds of the way with ice so your banished foods don’t go bad, and keep it in the garage until your fridge is roomy once again. Use the space these items leave behind in your fridge to store the dishes you’ll need for the great feast. 8. Use pennies instead of pie weights You need to pre-bake your pie shells before filling them, but you don’t want the shells to puff up and crack. Professional bakers recommend using a pie weight to keep this from happening, but there’s no need to waste money on yet another kitchen gadget. Instead, line your pie shell with foil and then fill the center with pennies or dried beans to keep the dough weighed down as it bakes. 9. Keep your mashed potatoes in your slow cooker No one wants cold and lumpy mashed potatoes with their turkey, but how do you keep yours soft and smooth when every burner on your stovetop is occupied in the hours leading up to Thanksgiving dinner? With this hack, of course! After preparing your potatoes, spread some butter on your slow-cooker insert, add some heavy cream or milk and then pour in the potatoes. Keep the temperature low and stir occasionally to keep the spuds soft and creamy. 10. Use aluminum foil instead of a roasting rack There’s no need to rush out and buy a pricey roasting rack so your turkey can cook evenly. You can get the same results by fashioning a rack out of aluminum foil. Twist some foil into thick ropes and weave them across the bottom of your roasting pan until they’re strong enough to hold your bird. 11. Spray-paint plastic fruit instead of springing on expensive décor You can find fake fruit for super-cheap at dollar stores-or you may already have some at home. Spray-paint the fruit in gold, silver or any colors that match your décor for a festive look that doesn’t break the budget. 12. Buy a frozen turkey Frozen turkeys are a lot cheaper than their fresh counterparts, and if you prepare it well, no one will be able to tell the difference. 13. Buy in bulk You can save a ton on your ingredients by buying in bulk. If you can’t see yourself using up a mammoth sack of potatoes or an enormous amount of cranberry sauce, find a friend who is also hosting Thanksgiving dinner and ask about splitting the cost and the item. You’ll still save a ton off the regular price. 14. Skip the appetizer Appetizers can take a ridiculous amount of time to prepare, and you don’t want your guests filling up on miniature fried wontons before you bring out your turkey with all the trimmings. Consider skipping the appetizer this year and just starting with a tossed salad. 15. Cook most things from scratch Convenience is important, especially when your to-do list outpaces your available time, but some shortcuts are just not worth the cost. Instant mashed potatoes and store-bought gravy don’t come close to the authentic version and can be a real waste of money. Sometimes, though, if preparing something yourself means purchasing a pricey item for a small end-product, like pumpkin pie filling or cranberry sauce, you’re better off going with the premade stuff. If you don’t think you can possibly do it all without buying as much premade as you can, split the smaller items on your to-do list with a neighbor or a friend who is also hosting dinner, and share the goods. We promise not to tell your guests. Wishing you and yours a wonderful Thanksgiving holiday from all of us here at SRI Federal Credit Union.
4 Scams to Watch Out for this Black Friday and Cyber Monday
Black Friday has traditionally been the day that kicks off the holiday shopping season, sending hordes of crowds surging through malls and big-box stores all over the nation. Unfortunately, it’s also been a day that kicks off the season of shopping scams. Here are four scams to watch out for this Black Friday and throughout the holiday shopping season: In this ruse, a scammer posing as an Amazon representative will call a target to notify them about an alleged problem with their Prime account. The victim will be prompted to download a tool on their computer or mobile device. That “tool” will give the scammer remote access to “help them resolve the problem” that is at hand. If they comply, the victim will then be instructed to log onto their banking account, supposedly so the caller can be compensated for their time. Unfortunately, doing this will give the scammer direct access to the victim’s accounts. Phishing emails are nothing new, but they can be difficult to spot among the barrage of promotional emails flooding inboxes during this time of year. Here are two common variations of phishing scams: The coronavirus pandemic has forever changed the way Americans shop. It’s resulted in the volume of U.S. online purchases increasing steadily, according to the Census Bureau’s quarterly e-commerce reports. Scammers are well aware of this, and they’ve been quick to capitalize on the opportunities to pull off delivery scams, especially this time of year. Delivery scams generally take the form of a message appearing to be from UPS, FedEx or another delivery service, informing the victim of a “delivery issue” with an order. They’ll be asked to confirm or update their information with the provided link. Doing so will give the scammer access to their financial information and open the door to identity theft and more. In another variation of the delivery scam, a victim will be asked to pay a fee for covering a customs charge or tax. Of course, these fees are invented by the scammer, who will gladly pocket the money. Another scam whose prevalence has spiked with the increase in online shopping is the non-delivery scam, which involves a purchased gift that never arrives. The victim, likely lured in by an ad promising a super-low price on a desired item, rushed to complete the purchase without researching the seller. Unfortunately, the seller then disappears and the victim has no way of notifying them about the no-show or requesting a refund. How to avoid Black Friday scams Follow these tips to keep your shopping free of scams: Stay safe! Your Turn: Have you been targeted by a Black Friday scam? Tell us about it in the comments.
Dress Up and Get Your Scream On!
SRI Federal Credit Union is having a costume contest! Join the fun by emailing us an image of you in your spookiest, most creative Halloween costume. You can also post your image on Facebook or Instagram and tag us using #SRIFCU. We didn’t forget about all of the paws and claws out there. We will hold a separate Halloween pet costume contest. Send all of your pictures by emailing us or by posting them on your Facebook or Instagram account and tagging us by using #SRIFCU. Email all entries to connect@srifcu.org. We will accept entries submitted through Friday, November 5th, 2021. Winners for both Costume contests will also be announced on our website on Friday, November 5th.
Don’t Get Spooked by One of these Scams this Halloween!
That cackling, long-haired witch might send your heart fluttering with fear, but these Halloween scams are even spookier! Here’s what to know about these common Halloween scams. 1. The Joker Desperate for money before the holiday shopping season hits? Looking to pad your pockets with a bit of extra cash? Scammers know this all too well, and target consumers with messages promising loads of money for very little work. All you need to do is send a small amount of money to a designated digital address via CashApp, Venmo, or another money transfer app, and your money will be doubled, tripled, or more. Don’t fall for the tricks! Much like another variation of the money-flipping scam, they’ll ask you to share your account information so they can withdraw the money and then “treat” you with the cash you’ve earned. It’s like getting free money – which, of course, doesn’t exist. Spot a money-flipping scam through the amateur writing and too-good-to-be-true promises. Any request for you to share your banking information is another dead giveaway. 2. Night of the Living Dead This scam can be pulled off at any time of year, but it takes on an extra level of spookiness when yards are decorated with ghosts and cobwebby graveyards. In the deceased identity theft scam, scammers actually steal the identity of someone who is no longer living. They may empty the decedent’s accounts, pass off their credit history as their own and use their Social Security number to collect benefits, apply for a job, and more. Protect a loved one’s identity from being stolen after they pass on by taking steps to lock down their social media accounts, credit report, and Social Security number. Keep an eye on their accounts until their assets have been lawfully divided. 3. Trick or Treat You found the perfect costume online, and for a bargain price! You happily pay up, complete your order and wait for the package to arrive. And wait. And wait. Unfortunately, you’ve been tricked. In a variation of the online order scam, the package arrives on your doorstep as promised, but has little resemblance to the way it looked online. The quality may be lacking, the size and color completely off, or important components missing. You may try to find a customer service line, but there’s no working number listed. You may also try returning the purchase, but a street address for returns will be more elusive than the invisible man. Don’t get tricked! Only order from reputable sites that display complete contact information for the company. Ignore all offers that scream “Hot Deal! Act Now!” and feature prices that are way below the average sale price. Shop with caution and you’ll only walk away with treats. 4. Hitman There’s a hitman at your door – and no, this is no disguise! In the hitman scam, scammers pretend to be assassins who were hired to take out a target. They’ll send the target extortion emails and messages, promising to spare their life for just a few thousand dollars. Often, they’ll even drop the name of the friend or family member who allegedly put a hit on the target’s life. Don’t get scammed! If you receive an extortion message of any kind, contact local law enforcement. Never share money with an unverified contact. And finally, if the scammer shared the name of the person who allegedly hired them, reach out to this person to verify that no, they didn’t put a hit on your life. It’s a frightening world out there, but being aware of these scams and following smart precautions, you can protect your money and your information. Have a happy and safe Halloween! Your Turn: If you think you have been targeted for one of these Halloween scams or any other fraud please let us know as soon as possible.
Why You Need to Be Financially Fit
Individual Americans spend hundreds of dollars a year and at least as many hours on keeping themselves physically fit — but too many people neglect their financial health. Just like physical health, being financially fit is crucial to your wellbeing, your future and your quality of life.
Here’s why being financially fit is so important and how you can overcome common barriers to achieving financial wellness. Financial wellness: a ripple effect Being financially fit is about more than just having enough money in your account to cover your expenses and put away something for tomorrow. Managing money responsibly will affect many aspects of your life: What are the leading causes of money stress? According to a survey by Credit Wise®, 73% of Americans rank money issues as the number one stressor in their lives. Here are the top causes for financial stress: Stressing over money is never fun. Stressing over money, when any of the above applies to you, takes on its own form of angst by adding a level of long-term anxiety. It takes time, sometimes years, to undo the damage of any of these stressors — but it can be done! Barriers to financial wellness and how to overcome them We’re convinced: being financially fit is super-important. But what happens now? Why are 80% of Americans in debt? Why do only 39% of Americans have enough saved up to get them through a $1,000 emergency? Unfortunately, while many people may understand that financial fitness is crucial to their wellbeing, there are several barriers that make it difficult to follow through on their convictions. First, many lack the basic financial knowledge necessary to responsibly manage their money. Second, many people mistakenly believe that budgeting, saving and being more mindful of how they manage their money are too time-consuming and tedious. Finally, some people may have fallen so deeply into debt, they’ve begun believing they will never be capable of ever pulling themselves out. Here are some simple steps you can take today to help you achieve and maintain financial wellness: You give your abs a great workout each day — now it’s time to get those money muscles into shape! Follow the tips outlined above and be sure to talk to our lending officers to see how we can help you save money. You may be overpaying on loans you currently have and would benefit from refinancing them over to us. Look at our balance transfer program, pay off your current credit card debt faster than you thought was possible!
How much will that four-legged pal cost you?
Q: How much does it really cost to have a dog?
A: That ball of fur may be adorable, but having a dog doesn’t come cheap!
Here’s a rundown of what buying and owning a dog can cost. Start-up costs Buying a purebred will run you $500-$2K, but a dog from a shelter can cost as little as $50, or up to $200. You’ll need some doggy gear, including a bed, a collar and leash, a feeding bowl and some toys. These will run you approximately $50. Getting your dog trained can cost as little as $25 for a single class, or up to $300 for a full course of training and resource materials. Getting your dog spayed or neutered can add $20-$300 to your initial costs. Licensing, vaccinations and a microchip will bring that total up by $110-$360. Total one-time costs: $255-$3,060 Ongoing costs Now you’ll need to consider what it costs to care for your pet each month. Dog food The cheapest dog food can cost less than a dollar a pound. But if going gourmet, expect to pay up to $1.60/lb. The size of your dog also plays a role in the total food costs. A 3-pound pup will only need 1⅓ cups of food a day, compared to the 4½ cups of food a 100-pound beast will consume. Finally, consider your dog’s dietary requirements. A bag of food for dogs with sensitive stomachs is $2.60/lb. Total monthly cost: $20-80 Preventative health care and routine visits All dogs will need some medication to prevent common conditions. Most vets also advise dog owners to bring their pets in for a wellness checkup at least once a year. Total monthly cost: $20-80 Grooming and bathing If you’ll be hiring someone to bathe and groom your doggy, these costs can add another $100 to your monthly dog costs. Total monthly cost: $0-100 Doggy daycare, boarding, and walking Doggy daycare averages $40/day, while overnight stays can cost $100 a night. Professional dog-walking services can charge as much as $30 for every half-hour walk. Total monthly cost: $0-600 After the initial costs, expect to pay anywhere from $40 to $960 a month in total dog costs. That furry friend doesn’t come cheap! Make sure you can afford these new expenses before bringing your pet home. Your Turn: How do you pay for your doggy expenses? Tell us about it in the comments.
Beware of Gift Card Scams
Everyone loves a gift card for their favorite retailer or restaurant. It’s like getting money to spend in any way you please! Unfortunately, scammers also love gift cards, but for all the wrong reasons: They often use gift cards to pull off scams. Here’s what you need to know about gift card scams and how to avoid them. How the scams play out There are several ways scammers utilize gift cards to con victims out of their money: How to spot a gift card scam A little bit of knowledge goes a long way in recognizing gift card scams: In general, gift cards should be used for purchases or to send as gifts, and not as payments. Also, as with all sensitive information, the numbers on your gift card should never be shared over the phone or online. Finally, it’s best to only purchase gift cards through reputable sellers or those that have excellent customer reviews and/or offer a cash-back guarantee. If you’ve fallen victim to a gift card scam If you’ve paid a scammer with a gift card or shared your gift card information after being taken by any of the above ruses or similar schemes, take immediate steps to mitigate the damage. First, contact the company that issued the card as soon as possible. You can find the customer service number for most companies on the card itself or through a simple Google search. Tell the representative what happened. If you still have them, hold on to the receipt and the actual card for proof should it be required. Next, if the scammer continues to contact you by phone, text message or email, do not engage further. Block the scammer’s number from your mobile device and mark their emails as spam. Finally, report the incident to the Federal Trade Commission (FTC) and alert your family and friends about the scam. Stay safe!