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‘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:

Use shopping apps, like the Coupons App and Shopular, to get your favorite retailers’ best deals and coupons delivered right to your phone.
Follow the 24-hour rule. Before purchasing anything on the expensive side, wait 24 hours. Sometimes, after sleeping on it, you’ll find that you don’t need to buy that pricey gift after all. Or, you might find the same item somewhere else at a lower price.
Shop online on Tuesday morning. Research shows this time of the week is when you’ll find the hottest online deals.
Shop with a friend. Take advantage of BOGO sales by splitting the cost of a single item with a friend and each of you taking one item home.
Shop late. Everyone likes to get an early start on holiday shopping, but prices actually drop in the weeks leading up to Christmas as retailers seek to clear out their holiday inventory.

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:

Skip-a-Payment. We get it. The holidays are crazy expensive. That’s why we allow qualifying members to skip one payment on a loan [or credit card] this time of year without hurting their credit or defaulting on their loan. It’s extra breathing room, just when you need it most! Apply for a Skip-a-Payment here.
Personal Loan. If you can’t come up with the funds you need for the holidays, consider taking out an SRI Federal Credit Union Personal Loan. Our fantastic terms and affordable rates make it a no-brainer!

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!

Posted in Hello World, Loans

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:

Marriage. According to a recent study by AARP, financial problems are the second leading cause for divorce in the country. Money brings resentment and arguments into a marriage. In a study reviewing over 740 instances of marital conflict between 100 couples, money was found to be the most common topic couples argued about.
Mental health. Money stress can severely affect your mental health, causing depression, restlessness, anxiety and more.
Physical health. Stressing over finances can also directly impact your physical health, leading to recurring symptoms like headaches, fatigue, upset stomach, insomnia, high blood pressure and an increased risk of heart disease and stroke.
Work life. Being bogged down by money worries can make it difficult to focus while at work, which can bring down productivity levels and hamper career growth. In addition, prospective employers tend to review the financial wellness of new hires as part of their background checks; high rates of debt and a poor credit score can cost an employee a new job.
Parenting. Managing money irresponsibly can mean not having sufficient funds to pay for a child’s education, private lessons, medical needs and more.

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:

High-interest debt
Insufficient savings
Medical bills
Living paycheck to paycheck
Lack of retirement planning

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:

Get educated. There is no shortage of financial literacy available to the interested consumer, from financial literacy blogs to personal finance books, podcasts, online classes and so much more. Learning how money works, the power of a long-term investment and how much you’re really paying each time you swipe that high-interest credit card can help you make better choices.
Have the money talk with your partner. Whether you’ve only been sharing expenses for half a year or you’ve been married for more than a decade, it’s important to be on the same financial page as your partner. Talk openly and honestly, being careful not to be judgmental in any way, and discuss your individual and shared long-term and short-term money goals. Then come up with a plan for how you intend to reach them together.
Pay all bills on time. If you can’t take aggressive steps toward paying down debt just yet, be sure to make the minimum payment on each credit card bill each month.
Create a budget. Giving every dollar a destination makes it easier to spend mindfully and cut down on extraneous expenses.
Start saving. There’s no such thing as a sum of money that’s too small to put into savings. Every dollar counts, and once you get the ball rolling, you’ll be motivated to pack on the savings until they really grow.

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!

Posted in Accounts, Hello World, Loans

Did You Know that We Offer RV loans?

If you’re thinking of road-tripping your next getaway, think RVs. Recreational vehicles and their close cousin, campervans, are growing increasingly popular as more families hit the road for a true American adventure that’s easier on the wallet and heavy on the fun. When purchasing an RV, you can go all out with a fully loaded luxury vehicle, or go the less costly route by opting for a campervan, also called a Class B motorhome. The best part is that our current New and Used RV Loan rates are 5.99% APR both up to 180-month term (15 years)!

If you’re still not convinced, here are seven reasons to buy an RV or a campervan:

1. Save money

With a means of transportation and a place to stay all rolled into one, an RV helps you save significantly on your vacation costs. Plus, when you travel with an on-the-go kitchen, you can stock up on staples before heading out to cut down on the money you’ll spend feeding your family while on the road. In fact, despite the cost of fuel, a 2018 study conducted by the CBRE Hotels Advisory Group found that RV vacations were anywhere from 27-61% less expensive than conventional getaways.

2. Privacy and comfort

Why fight for legroom on a crowded airplane when you can travel in a vehicle that gives you plenty of space to stretch your legs? Move around as much as you’d like (as long as you’re not in the driver’s seat), enjoy a private bathroom, and catch a few winks in the sleeping area, all while traveling to your destination. No unpacking and repacking the vehicle when you stop at hotels along the way or sleeping with your face pressed to the window while stopped at rest areas. What more could you ask for while traveling?

3. Increased flexibility

When you travel with your own means of transportation and a place to stay while on your vacation, there’s no need to be locked into specific dates for your getaway. Instead of working around the cheapest flights and hotel stays, you can come and go as you please and vacation on the schedule that works best for your family.

4. Explore more

Traveling by RV will give you the opportunity to take in the sights and sounds of each place you’ll pass through. You’ll enjoy every bit of picturesque scenery on your travels and have the leisure of stopping to watch a glorious sunset or a passing herd of deer.

5. Bring your pets along

No need to arrange pet sitters or to keep your furry friend in a carrier under an airline seat as your plane wings its way across the skies. When you travel by RV, you can bring your pets along and keep them nearly as comfortable as they’d be while at home. Plus, you’ll save on the cost of pet care while you’re gone, or footing the cost of an extra airline seat.

6. Tax benefits

In many states, owning an RV can mean enjoying significant tax benefits:

The homeowner’s deduction – if you claim your RV as your primary residence, you may be able to take the homeowner tax deduction for your vehicle.
Sales tax deduction – in many states, the sales tax you paid on the RV is tax-deductible for the year the RV was purchased.
Interest deduction – you may be able to deduct the interest you pay on your RV loan from your taxes.
Business tax deduction – you may be able to claim this deduction if you work from your RV.

Be sure to check with your accountant or tax advisor to see which of these tax benefits applies to you.

7. RV campgrounds are everywhere

You’ll find public, private, and government-owned campgrounds near major attractions all around the country. Fees can be as low as $30 a night, or as high as $150 for upscale resorts with amenities. Look up RV parks near your vacation destination here.

If you’re ready to take the plunge and purchase an RV or a campervan, look no further than SRI FCU! Our RV loans have affordable interest rates, reasonable payback terms, and easy eligibility requirements for qualifying members. Call, click or stop by SRI FCU today to take the first steps on the road trip of a lifetime!

Your Turn: Apply here!

Posted in Hello World, Loans

Deciphering Financial Aid Award Letters

You’ve received your college acceptance letters – congratulations! If you’ve been accepted to multiple schools, one of the biggest determining factors for your final choice may be the out-of-pocket cost for each option. Along with your acceptance letters, you should receive an award letter outlining the financial aid for which you are eligible at each college.

IMPORTANT DEFINITIONS:
Award Letter – An offer sent from a college or university to the student that details how much financial support the student is eligible for. The award letter is sent following the student’s submission of the Free Application for Federal Student Aid (FAFSA) and application to attend a college or university.

Cost of Attendance (COA) – A figure provided by college financial aid offices that estimates the total costs of attending that particular school for a period of one year. Included in the estimate are expenses such as tuition, room and board, books and supplies, personal expenses and transportation. Keep in mind that some of these expenses are not set in stone! For example, your costs may be less if you opt to live in a double dorm room versus a single room; select a smaller meal plan; purchase used books, or do not park a car on campus.

Financial Aid – Your award letter provides a list of the aid for which you qualify at each school. You will let the school know which pieces of your financial aid package you wish to accept. (Hint: take the free money first!)

Types of Financial Aid Offered (not all are available to every student):

• Scholarships and Grants (FREE money for college!)
• Federal Direct Loans
• Federal Direct PLUS Loan
• Federal Work Study Program

Comparing Costs – Unfortunately, there is no standard layout for an award letter, so you will need to carefully look at each offer and be sure you are comparing apples to apples. What type of dorm room or meal plan does each school include in their COA? Do both include the cost of books? Are miscellaneous expenses or other fees broken down and labeled? If you’re not sure about any of the numbers, reach out to the school’s financial aid office for clarification.

Can I appeal the decision for my financial aid package?
Yes! You can always reach out to the financial aid office to discuss your award package, especially if your family’s situation has changed. The following situations can be taken into consideration:
• Recent unemployment of family member(s)
• Medical, dental, or nursing care expenses not covered by health insurance
• Changes in the family’s income and/or assets
• Disability/death or divorce
• Homeless youth
• Parents incarcerated

Need more information about paying for college?
You can also schedule a one-on-one consultation with our College Counselor! Send your questions to scholarhelp@studentchoice.org or visit our College Counselor page to access a submission form and more resources. You can also apply online here.

Posted in Hello World, Loans

We Are Here To Help

Amid ongoing concerns about the Coronavirus COVID-19, we want to reach out and share a few of the ways we are here to serve you during this time:

If you’ve been impacted by COVID-19 and need our support, we’re here to help. Send a message through online banking, contact us or call us at 1-800-9863669 to talk to one of our staff members for assistance. They will be happy to go over all your available options, such as Emergency loans, credit line increases, Special Student Loan Forbearance and Skip-A-Payments.

Fraud Prevention and Security

The Internal Revenue Service (IRS) recently warned taxpayers and tax professionals about a new IRS impersonation scam email.

The email subject line may vary, but according to the IRS, recent examples use phrases like “Automatic Income Tax Reminder” or “Electronic Tax Return Reminder.” The emails include links that are meant to look like the IRS website with details about the taxpayer’s refund, electronic return or tax account. The emails contain a “temporary password” or “one-time password” that purports to grant access to the files. However, these are actually malicious files. Once the malware files are installed on your computer, scammers may be able to secretly download software that tracks every keystroke, giving the bad guys access to information like passwords to your financial accounts.

Don’t be fooled: The IRS does not send unsolicited emails and never emails taxpayers about the status of refunds.

KEEPING YOUR MONEY SAFE

Fraud and scams are realities in today’s world. Here are just a few of the most common schemes fraudsters may use:

“Is this too good to be true?” If it sounds too good to be true, it probably is. Read on for some typical fraud tactics.

“Buy it now – this offer is only good today!”
Pay first, before any of the details or contract are provided.
Offers that discourage potential customers from taking the time to research the product or company thoroughly before purchasing.
Offers in which a fee has to be paid to receive a large amount of money back.

Extremely alarming or threatening messages – threats of account closure and/or jail for yourself or a loved one. Fraudsters use fear in hopes that people will panic and be frightened into providing their personal information.

Promises of money for little or no effort. “Free” trips, life insurance, lottery winnings, etc. They ask you to pay a small processing charge in order to receive your money/gift.

Buy gift cards to pay for services/fees. A legitimate business will not ask for services to be paid with a gift card.

Email or text messages – claiming to need to verify or update your information. Never send your account numbers, card numbers, PIN(s), passwords, Social Security number(s), or any other personal identification information via text or email.

Love of your life (or a really good scam artist?). Be very cautious when a long-distance romance interest, a relative of a romantic love interest or anyone else that you know little about “needs money” or “has passed away and left you a large sum and you just have to send money to get it”.

How do I protect myself? Here are some ways to protect yourself.

PROTECT YOUR IDENTITY

Never share account or card information. This includes your internet banking login/password, account numbers, social security number, personal identification number(s)/PIN(s).

Do not provide personal information via email. Email is not a secure way to communicate.

Wait to “share”. Avoid posting on social media when you are on vacation and when you will be returning advertising that your home will be empty. Wait until you get back to post those fun photos!

Secure your mail. Place outgoing mail in a post office collection box and not in your own mailbox. If you are going to be away from home for more than a couple of days, have the US Post Office hold your mail. SRIFCU online banking and electronic statements are a great option!

Review your account regularly.

Safely dispose of personal information. Shred any documents that have personal or financial information.

Review your credit report annually. Request a free copy of your credit report at: www.annualcreditreport.com.

If you believe your identity and/or account information may have been compromised, contact the Federal Trade Commission immediately for guidance and to report identity theft.

How to protect your SRIFCU debit card from fraud and unauthorized transactions

HOW TO PROTECT YOUR SRIFCU DEBIT CARD FROM FRAUD AND UNAUTHORIZED TRANSACTIONS:

Regularly review account transactions
Do not provide your card number to via unsecure internet or to an unsecure website
Log off any site after making a purchase with your card or close the browser completely
Use a specific debit card tied to a specific account for online purchases only
Track transactions carefully
NEVER share your PIN with anyone
Destroy old cards. Don’t throw them in the trash
Protect your card as you would cash
Use ATMs in well-lit and secure areas
Shield the keypad when entering your PIN

What to do if you see transactions that you did not make?

Contact the merchant immediately to discuss the charge and request reimbursement.

If the merchant will not provide a refund:

Close your card: Call 800-986-3669 or stop by the branch to request that your card be closed immediately so no further transactions can be charged. A dispute form will also be provided for you to complete and submit.

Posted in Accounts, Fraud, Hello World, Loans

Congratulations to the Class of 2023 and their parents!

Preparing for college is an exciting time, but it can also be stressful as you start to tally the costs. College is expensive! Before you get overwhelmed, take a deep breath and take the process one step at a time.

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How much will it cost?

By now you should have received information from your college of choice about your cost of attendance (COA). The COA outlines what you’ll be responsible for paying for one academic year, including room, board, books and other fees. Remember that your true cost of attendance may vary based on things such as your housing situation (a single room will usually cost more than a double shared with a roommate) or where you purchase your books (look for deals online or with used books).

How do I pay for it?

Now that you’ve reviewed the costs, how will you cover them? You should have filed your FAFSA earlier this year in order to find out how much financial aid you will receive from the government or your school. The government and your college will use your FAFSA information to decide how much financial aid you will receive. This aid will come in the form of scholarships and grants. Start with these options because they typically do not have to be repaid – in other words, free money for college!

The next option for financial aid comes from federal student loans. Federal loans come with many options to help you or your parents fund your college education. They also offer great benefits such as fixed rates, deferment, and income-based repayment, to name a few.

Still need more help paying for college?
Private student loans are the final option you should explore. These loans come from a private lender like SRI Federal Credit Union. Our Student Choice lending solution comes with low-interest rates, flexible repayment terms, and a convenient line of credit structure that allows you to get funding for your entire undergraduate career with just one application. By borrowing from a trusted, local lender, you’ll get a fair value loan with the personal service you’ve come to expect from your credit union.

Don’t wait until your fall tuition bill is due – now is the time to look into your options for paying for college! For more information, or to apply click HERE.

Posted in Hello World, Loans

BEAT THE HEAT WITH A STUDENT LOAN REFINANCE

Send Your Student Loan Debt On A Permanent Vacation!

Summer is heating up, and you may be wishing you could send your student loan debt on a permanent vacation! Relax – SRI Federal Credit Union can help you beat the heat when it comes to student loan payments. When you refinance and consolidate your private, federal, and even parent (PLUS) loans into one manageable loan, you’ll get the benefit of one convenient payment and could potentially lower your rate, saving money over the life of your loan!* Grab a refreshing drink and your favorite pool float, and check out these benefits:

Read More

Posted in Hello World, Loans

Take Control of your Student Loans – Student Loan Refinance

Are you juggling multiple costly student loan payments every month? Let us help streamline your debt with our student loan refinance solution! Featuring competitive interest rates (both fixed and variable options) and zero origination fees, our refinance loan can help you take control of your student loan debt. Refinance and consolidate both private and federal student loans, setting up one convenient payment and potentially lowering your rate.

Posted in Hello World, Loans

Overboard

We have a member who is on a trip of a lifetime! It is one of those riverboat cruise trips in Europe. Actually, it is a “barge and bike” trip where you go from city to city on the barge and then bicycle around the various towns, historic sites, and wineries! 10 days into his two-week vacation the barge sank.

Posted in Hello World, Loans

Loans

‘Tis the season to shop until you drop-or until you go broke. But you don’t have to overspend.

Why You Need to Be Financially Fit

Did You Know that We Offer RV loans?

Deciphering Financial Aid Award Letters

We Are Here To Help

Fraud Prevention and Security

KEEPING YOUR MONEY SAFE

How do I protect myself? Here are some ways to protect yourself.

PROTECT YOUR IDENTITY

How to protect your SRIFCU debit card from fraud and unauthorized transactions

What to do if you see transactions that you did not make?

Congratulations to the Class of 2023 and their parents!

Send Your Student Loan Debt On A Permanent Vacation!

Take Control of your Student Loans – Student Loan Refinance

Overboard

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