Loans
10 Back-to-School Hacks to Beat Inflation
Back-to-school season is here, and while it’s known as the second-biggest shopping season of the year, it’s shaping up to be more expensive than ever. But don’t worry! You can trim your back-to-school spending and keep your budget intact with some smart strategies. At SRI Federal Credit Union, we’re here to help you make the most of your money with our Visa and account products. Here are 10 back-to-school hacks to beat inflation and make your finances work for you: Create a realistic budget for your back-to-school shopping and stick to it. Start with a list of essential items and set a target amount for each category. This will help you avoid impulse purchases and stay within your financial limits. Plus, using any of our SRI FCU Visa cards can help you track your spending easily. One of the best ways to save money is to start shopping early. This will help you take advantage of sales and avoid the last-minute rush when prices may be higher. Planning ahead also means you can use our SRI FCU Mobile App to manage your finances on the go. Before heading to the stores, check out the inventory of supplies and clothes you already have at home. This can help you avoid buying more of what you already have and save a lot of money. Many states offer tax-free holidays, where certain items are exempt from sales tax. Plan your shopping around these dates to maximize your savings. For items you’ll need to buy many of, like notebooks, pens, and paper, buying in bulk can be cost-effective. You’ll generally find discounts on bulk purchases at warehouse stores and office supply retailers. Harness the power of technology to find the best deals as you shop for school supplies, gear, and clothing this season. A price comparison website or app will automatically compare prices across different retailers to find the best deal. Thrift stores, consignment shops, and online marketplaces like eBay and Facebook Marketplace can be treasure troves for gently used clothing, backpacks, and other school supplies. While buying the cheapest option available may be tempting, investing in high-quality items can save you money in the long run. Many retailers offer student discounts on many items, from clothing to electronics. Check out the sites of your favorite retailers to see what they offer before completing a purchase. Using an SRI Federal Credit Union Visa card can be particularly beneficial during back-to-school shopping. For example, our Visa Uchoose Rewards cards offer cashback and rewards on purchases, giving you a little extra back from your spending. Just remember to pay off the credit card bill in full to avoid interest charges. By incorporating these tips and utilizing the financial products offered by SRI Federal Credit Union, you can navigate the back-to-school season with ease and keep your budget intact. Happy shopping! 1. Set a Budget and Stick to It
2. Start Early and Plan Ahead
3. Take Inventory of What You Already Have
4. Shop During Tax-Free Holidays
5. Buy in Bulk
6. Use Price Comparison Tools
7. Consider Secondhand Options
8. Choose Quality Over Quantity
9. Take Advantage of Student Discounts
10. Leverage Cashback and Rewards Programs
What is a Credit Report?
Q: I’ve heard that I should be checking my credit report regularly to ensure my ongoing financial wellness. What is a credit report and how do I read mine? A: Your credit report plays a crucial role in measuring your financial health and the outcome of many related opportunities. Whether you’re applying for a loan, a credit card, or even a job, your credit report can significantly influence the outcome. A credit report is an important part of your financial health, so it’s important to understand what you’re looking for when you review it. Here’s everything you need to know about a credit report and how to read one. What is a credit report? A credit report is a detailed record of your credit history compiled by credit bureaus. It includes information about your credit accounts, such as loans, credit cards, and mortgages, as well as your payment history, credit limits, and balances. Credit reports are used by lenders, landlords, employers, and others to evaluate your creditworthiness and financial responsibility. There are three major credit bureaus in the United States: Equifax, Experian, and TransUnion. Each bureau collects and maintains its own version of your credit report, so it’s important to check all three regularly to ensure complete accuracy. What’s in my credit report? Understanding the components of your credit report can help you better manage your credit and identify any errors or fraudulent activities. Here’s what you’ll typically find in a credit report: Why does my credit report matter? Your credit report is more than just a summary of your financial history. It’s a tool that can affect many aspects of your life. Here are some reasons why your credit report matters: How can I access my credit report? Under the Fair Credit Reporting Act (FCRA), you are entitled to a free credit report from each of the three major credit bureaus once every 12 months. You can request your free reports through AnnualCreditReport.com. Here’s how to review your credit report effectively. First, verify that all personal information is correct. Look for any errors in your credit accounts, such as incorrect balances or payment statuses. Next, look for any potentially unauthorized accounts. If you spot any accounts you don’t recognize, it could be a sign of identity theft. Now review the list of inquiries to ensure you recognize all the entities that have accessed your report. Unauthorized hard inquiries can also indicate fraud. Finally, examine all public records and collections on your credit report. If you’ve resolved a debt, make sure it’s reflected correctly. How can I improve my credit report? Maintaining a healthy credit report requires hard work and responsible financial behavior. Here are some tips to improve and maintain your credit report: Your credit report is a vital tool in your financial toolkit, influencing many aspects of your life. Use this guide to learn what a credit report is, how to read one, and how to improve yours for optimal financial wellness.
Navigating Government Shutdowns: Introducing SRI Federal Credit Union’s Assistance Loan
At SRI Federal Credit Union, we recognize that government shutdowns can bring unforeseen financial challenges that impact the lives of hardworking government employees. In times like these, we believe that support should be readily available, and that’s why we’re introducing our Government Shutdown Assistance Loan.
Our Government Shutdown Assistance Loan is designed to provide relief when you need it most. With loan limits based on your gross pay, you can access up to $5,000 to help bridge the financial gap caused by a government shutdown. Whether it’s unexpected bills, essential expenses, or simply peace of mind, this loan is here to assist you.
Flexible Term, Competitive Rate
We understand the importance of flexibility during challenging times. That’s why we offer a 18-month term, giving you the time you need to regain financial stability without the stress of a short repayment period. What’s more, our loan features a highly competitive interest rate of just 4.99%, making it an affordable solution to your financial needs.
Special Benefit: Interest-Free Repayment
We appreciate your commitment and hard work, and we want to make your recovery as smooth as possible. If you manage to pay off your Government Shutdown Assistance Loan in full within 60 days of your return to work date, we’ve got a special benefit for you: no interest will be charged. It’s our way of giving you a helping hand as you get back on your feet.
Exclusive to Government Employees
To qualify for this program, you must be a government employee. We’re here to support those who serve our nation, ensuring that you have access to the financial assistance you deserve when faced with the unexpected.
At SRI Federal Credit Union, our commitment to our members extends beyond everyday banking. We’re here to stand with you during the most challenging moments, offering tailored financial solutions that make a difference in your life.
For more information about our Government Shutdown Assistance Loan please reach out to our dedicated lending team. To apply click HERE. We’re here to support you every step of the way.
Step 1 Of 12 Toward A Debt-Free Life: Take Stock Of Your Debt
You’re determined that this will be the year you finally pay down (or pay off) that debt. Get ready, because every month, our Do It Today plan will have you taking another step on your journey toward living a debt-free life. First, sit down and take stock of all your debts. Don’t let the numbers scare you; you need to do this to move forward. Get out every single credit card bill, personal loan, student loan, and any other debt you’re carrying (except your car and mortgage payments). Tally up the numbers to give yourself an idea of what you’re dealing with. Next, organize your debt into different categories, such as credit card debt, student debt, personal loans, etc. Use a spreadsheet to list your debt, the remaining term of each loan (if applicable), the minimum payment, and the interest rate. Finally, contact one of our loan officers (lending@srifcu.org) to see how we can help you with consolidating your debt to a lower rate or transferring it to a different low-interest product. If you already know what you want, you can apply by clicking HERE.
The Tesla Model 3
The Tesla Model 3 at a Glance:
- Vehicle type: Electric-powered, 4-door, 5-passenger, AWD sedan
- Base price: $48,440
- Power: 450 hp@5000 rpm
- Charge time: Supercharge 175 miles in 15 minutes; level 2 can charge 80% in 3-6
- Range per charge: 358 miles per charge
- EPA fuel efficiency: 118/MPGe city, 107 MPGe highway
Pros Cons Infotainment Safety features Interior If you’re looking to finance an auto loan for your new car, look no further than SRI Federal Credit Union! Our auto loans offer low-interest rates, a 0.26% rate discount for Zero Emissions Vehicles, easy payback terms, and a quick approval process. Click here to get started or discuss available options!
The Benefits of Getting a Loan for Your Manufactured or Mobile Home Through a Credit Union
In today’s sizzling housing market, purchasing a manufactured or mobile home can be a great way to find an affordable place to call home. However, you’ll likely need a way to fund this sizable purchase. Although smaller than a typical home loan, a loan for covering a manufactured or mobile home is a big deal, so you’ll want to choose your lender carefully. Unfortunately, most large lenders and banks offer little flexibility in terms, conditions and rates when it comes to financing manufactured or mobile homes. A credit union, on the other hand, can be a great way to cover the cost of one of these homes. Let’s take a look at some of the benefits of financing a manufactured or mobile home loan through a credit union. One of the primary advantages of taking out a home loan from a credit union is lower interest rates on your loan. As member-owned institutions with lower operational costs, credit unions are better able and willing to offer favorable interest rates on all large loans. This difference can equate to thousands of dollars in savings over the life of the loan. And while this benefit is a boon in any kind of large loan, it’s especially important in a manufactured or mobile home loan, which tend to have higher interest rates than conventional home loans. Qualifying for a manufactured or mobile home loan through a bank can be a long and frustrating process. You’ll need to meet a long list of rigid requirements, including a high credit score, low debt-to-income ratio and more before being approved. When you take out a similar loan from a credit union, though, you can expect a more flexible process. If you’re already a member of the credit union, you’ll likely be approved for your loan fairly quickly. Otherwise, it will take a bit longer for you to join the institution and qualify for the loan, but if your finances are in order and your credit score is strong, you’ll likely be approved without too much trouble. Credit unions are famous for their superior service levels. As smaller, community-minded institutions, credit unions pride themselves on building and maintaining a personal connection with each member. You can expect to experience a high level of service throughout the application process and the life of the loan. Member service representatives will always be available to answer any questions you may have and to assist you with any issues relating to the loan. Home owners choosing to take out a home loan through a bank or large lender will typically see their lender change several times throughout the life of the loan. This happens when a bank or lender sells a mortgage to another company. While the homeowner’s monthly payment terms won’t change when this happens, adjusting to the various kinds of service and communication methods of a new lender time and again can be bothersome and frustrating. When you take out a loan from a credit union, you can generally expect to be paying this same institution until the loan is paid in full. As a means of better managing your cooperatively owned financial institution, some credit unions do choose to sell the loan to another lender, but will still retain the servicing of the payments to ensure that frustration isn’t a factor. You’ll enjoy the same level of service and communication throughout the loan, without surprises. As smaller, member-owned institutions, credit union rules are rarely unyielding. When you take out a manufactured or mobile home loan through a credit union, they’ll be happy to work with you to customize aspects and details of the loan to better meet your needs. Taking out a manufactured or mobile home loan from a credit union has several distinct advantages as described here. To learn more about SRI Federal Credit Union’s loans, call, click or stop by today!
Should I Buy an Electric Car?
Q: With gas prices soaring and expected to continue climbing into the foreseeable future, I’m wondering if this is a good time to consider purchasing an electric car. Should I buy an electric vehicle now?
A: Thousands of drivers are grappling with this question as gas prices peak. While an electric vehicle (EV) might be the right choice for many, there are lots of variables to consider before making this decision. Here’s what to know about electric cars before going this route: What are some pros of owning an electric car? The most obvious and prominent advantage of owning an electric vehicle is saving on fuel costs. Driving a car that runs on electricity instead of gasoline means saving money on a large expense category of your budget, month after month. Of course, the higher the cost of gas, the more you save. Right now, with most drivers experiencing pain at the pump, going electric is more popular than ever. Another budgeting bonus to consider is the fact that electricity costs tend to be far more stable than gasoline prices. Another well-known advantage of driving an electric-powered car is the environmental benefits. Lower fuel emissions means a smaller carbon footprint on the environment, which is always a good thing. Yet another advantage to EVs is their superior efficiency. EVs can convert more than 77% of their electric energy to power their wheels. In contrast, gas-powered cars can only convert 12-30% of the fuel stored in their gas tanks into driving power. What are some disadvantages of owning an electric vehicle? There are several disadvantages to owning an EV to be aware of before making a purchase. First, it’s important to note that the battery of every EV may need replacement sometime down the line. Federal regulations require automakers to cover the battery of their vehicles for a minimum of eight years or 100,000 miles, whichever comes first. Some automakers also cover battery degradation, which is when a full charge powers fewer miles than it should. However, if the battery dies after the warranty expires, the cost of replacing it, which can run from $5,000 and $16,000, will need to be covered by the owner. The good news is that, as EVs become increasingly more popular, they are also becoming less expensive to manufacture and the prices of their parts are decreasing as well. In addition, automakers are working to manufacture EVs with batteries that last longer than most drivers will own the vehicle. Another disadvantage to owning an EV is being limited in the number of miles you can drive before you will need to recharge your vehicle. The number of miles you can drive on a full charge, also known as the vehicle’s range, will vary with each car. Most EVs will average 250 miles of range. While this will cover most people’s daily commute, road-tripping in an EV will take some planning. Luckily, as electric cars become more commonplace, finding a charging station on a major highway is becoming a non-issue. However, if you plan to take many road trips with your EV, you may want to purchase a car that is capable of fast charging so you don’t have to spend hours at a charging station every few hundred miles on your trips. Can I charge my electric vehicle at home? Yes, you can charge your EV at home. Plug it in at night, and it’ll be ready to go in the morning. How’s that for convenience? However, before ordering a Tesla, it’s good to be aware that the standard 110-volt wall outlet (Level 1 charging) is relatively slow, adding approximately four miles of range per hour. If you depleted a full 250 miles of range, it can take several days to fully recharge your vehicle. If you’ll be charging your car outside, be sure to verify your charging cord is designed for outdoor use. Most EV owners hire an electrician to install a 240-volt outlet in their garage. This allows for Level 2 charging, which can add 25 miles of range per charging hour. Be sure to get a reliable quote to know the cost of such work. How much does electricity cost? Electricity, though much cheaper than gas, typically isn’t free. The exact price will vary by state, so check how much electricity will cost in your own home state before purchasing an EV. To save more on charging your EV, consider these points: Charging an EV at home is typically less expensive than charging it at a public charging station – unless, of course, you find one of those rare cost-free public charging stations. In addition, charging your EV overnight, or on the weekend will cost less than charging it at peak times, such as weekday afternoons and evenings. You may want to reach out to your utility company to learn exactly what it’ll cost you to charge your vehicle. Some companies offer special plans for EV owners, so be sure to inquire about that as well. What kind of maintenance will my electric vehicle need? A big bonus of owning an EV is having lower maintenance costs. Electric motors have fewer moving parts than gasoline engines. This makes EVs far easier to maintain than their gas-powered counterparts. In addition, many car parts, which generally need replacing after a while – like spark plugs, filters, and oil – are irrelevant to EVs. This means fewer trips to the mechanic and significantly lower maintenance costs. How much will an electric vehicle cost? All the convenience and long-term savings of an EV comes at a high price, and most of them have a higher starting cost than gas-powered cars. Of course, there’s a large range, starting with the Nissan Leaf at just $27,400 and going all the way up to the Tesla Model 3 at $58,990. Fortunately, there are many government-sponsored incentives for purchasing an electric car. These incentives are offered on the federal, state, and local government levels, so be sure to see what’s available before completing your purchase. It’s important to note, though, that many of these incentives are not open to every buyer and every kind of EV. For example, the most well-known incentive, the Federal Qualified PEV Tax Credit, which offers up to $7,500 off the MSRP of qualified EVs, is only available for the first 100,000 EVs an automaker manufacturers and is no longer available for the purchase of any Teslas. If you’re looking to finance an auto loan for your new electric car, look no further than SRI Federal Credit Union! Our auto loans offer low-interest rates with a discount rate [see for current rates], easy payback terms, and a quick approval process. Apply today!
The Nissan Rogue – A Buyers Guide and Breakdown
The Nissan Rogue at a Glance:
- Vehicle type: AWD, FWD, 5-seater SUV
- Base price: $26,700
- Engine/transmission combo: 1.5 liter, VC-turbo, 3-cylinder direct engine hooked up to an Xtronic CVT
- Power: 201 horsepower @5,600 rpm
- EPA fuel economy: 30/37 mpg
Pros Cons Infotainment Safety features Interior Trim levels: If you’re looking to finance an auto loan for your new car, look no further than SRI Federal Credit Union! Our auto loans offer low-interest rates (click here for current rates), a choice of term lengths, and a quick approval process. Click here to apply or call 650-859-5477 to speak with a loan officer to get started or discuss available options!
12 Steps to Financial Wellness-Step 4: Have the Money Talk with Your Partner
You’ve tracked your spending, created a budget, worked on ridding yourself of debt, and are well on your way to a financially secure life. Now you’re ready for step four, in which you’ll have the money talk with your partner. Talking finances with your partner may not be your idea of a shared romantic moment, but communicating openly about how you manage your money is a crucial part of having an honest and trusting relationship. It’s fairly common knowledge that arguing about money is the leading cause of divorce in the U.S., and no one wants to be the next statistic. Unfortunately, though, people often grow defensive when discussing the ways they choose to spend their money. How, then, can two partners have a calm, productive discussion about money? Here are six tips we’ve compiled to help guide you in this super-important conversation. It’s never a good idea to bring up a potentially explosive topic without warning. Instead, broach the topic to your partner a few days before you want to have the “Big Money Talk” and ask if you can have an open discussion about money sometime soon. This way, you’ll each have time to prepare the details you’d like to talk about, and you’ll both be ready to focus on the conversation without distractions. Instead of starting the conversation by bringing up a time your partner overspent or wondering aloud why your better half doesn’t seem to be saving enough for the future, start with a vision you can both share. For example, you can talk about how wonderful it would be to take a luxury vacation to the Cayman Islands, or how you’d love to start saving for a home. This way, you are communicating a shared dream and putting a positive spin on your money talk, which will set the tone for the rest of the conversation. You may be the more responsible, or the more detail-oriented partner, but it’s still important to listen carefully to what your partner has to say. Your partner will have their own ideas about money management, and you may be surprised at the insights they have to share into your own spending habits or expensive vices. At a certain point in your relationship, you may decide to share expenses, split them evenly and have each partner cover different expenses, and/or to pool your savings. Whether you’ve already reached that level with your partner or you plan to bring up the topic now, be sure to talk openly about the way you feel so you have a better chance of avoiding future resentment. For example, if you earn more than your partner, should you be splitting expenses evenly? Can one partner take additional financial responsibilities, such as paying the bills, in lieu of contributing an equal amount of income to the pot? If one partner goes over budget, will they be responsible for patching up the difference by contributing more money? All of these questions, and more, are important to discuss up front to help prevent future blowups and/or hurt feelings. At this time, consider linking one of your accounts or opening a shared account at SRI Federal Credit Union. We’ve got convenient checking and saving accounts to suit every preference. Just stop by and ask how we can help. Sharing expenses and a budget can be liberating in a partnership, but it can also feel constricting. Sometimes, you just want to splurge without having to explain the purchase to your partner. You may also want to spend money on a surprise gift for your partner without them knowing you’ve just dropped a large sum of money on an expensive purchase. Having a slush fund, or money set aside for your personal “just for fun” spending, can help you maintain a sense of independence and keep some of your purchases private. You can keep this fund in a separate checking account under your name at SRI Federal Credit Union. No, you don’t need to have the Big Money Talk every week, but it is a good idea to touch base about finances once a week, or once every two weeks. You can talk about recent purchases, big expenses that are coming up soon, surprise bills and more. Setting aside time to talk about money will keep the stressful money arguments out of your everyday conversations. You did it! You had the money talk with your partner, and you are closer than ever. Be sure to stick to your commitments and to bring up any money issues that may arise during your regular money talks for continued harmonious collaboration about all financial matters.
We are #1 in “Return of the member” (ROM)!
Credit unions pride themselves on offering superior products, services, and experiences. But quantifying member value is tricky. That’s why more than two decades ago, Callahan & Associates developed the Return of The Member (ROM) calculation. ROM considers three core credit union functions: SRI Federal Credit Union is rated #1 for Return of the Member in our asset group, nationwide. This is out of 704 credit unions. We also are #3 in California (out of 141 credit unions) and #25 in the Nation (out of 5,048 credit unions). Per one of the Senior Advisor’s at Callahan, being 25th nationally is a HUGE accomplishment-our members should be proud (and very happy with the great value they are receiving). A big shout out to the credit union staff for making this happen, our Asset Liability Committee for keeping the dividends high, and the Board of Directors who approve and support all the wonderful products that help keep our members happy!