7 Money Myths to Stop Believing Now

Posted by Bethany Dutcher, VP Marketing on Sep 10, 2019 9:10:35 AM

We all grow up hearing the same financial advice: Spend less, save more and invest early. While most of these words of wisdom ring true, there are lots of widespread money management tips that are actually false.

Read on for 7 money myths that might be causing you more financial stress than benefit.  

Myth #1: Debit is always better than credit.

Do you automatically reach for your debit card when making a purchase? While it's true that paying for your expenses with money you already have in your account is often the best choice, there is a time and a place for credit cards as well.  

The real deal: Credit cards get a bad rap for the debt trap they represent, but they should be your payment method of choice on occasion. Building and maintaining a strong credit history is crucial for your financial wellness; one way to achieve this is by using a credit card and paying the bill on time. Some credit cards offer purchase protection, which makes them the smarter payment method for big-ticket items.

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Topics: money, finances, money mistakes

How to Fund an Emergency

Posted by Bethany Dutcher, VP Marketing on Apr 16, 2018 11:38:58 AM

Q: I've had a financial emergency and I don't know how to pay for it! What are my options?

 A: Ideally, you'll want to have an emergency fund in place. If you don't, consider these options...

 1.) Credit cards

Credit cards are super-convenient. You don't have to wait for approval, take on another source of debt, or even think about paying it back until later. Borrowing with a credit card, though, means getting more than you bargained for. With high interest rates, you'll end up owing a lot more money than you borrowed.

Also, credit cards make it easy to push off paying what you owe by only requiring a minimum monthly payment. This means you'll end up carrying that debt for a lot longer than planned.

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Topics: Saving, money, finances, Security

Is A Personal Loan The Answer To My Urgent Money Need?

Posted by Bethany Dutcher, VP Marketing on Sep 1, 2016 9:07:12 AM

Q: I need to get money together in a hurry. What can I do? Help!

A: There are times in your life when you need cash fast. It may be hospital bills, car trouble or crushing debt. A personal loan is for times like these. Personal loans range from $1,000 to more than $50,000, and are not secured with collateral. That means there’s no property that backs the value of the loan. Personal loans may seem attractive, but they do come with some downsides. Is a personal loan right for you? And if so, how do you go about getting one?

Let’s take a look at four critical questions to ask before getting a personal loan.

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Topics: loans, money, finances

Be Financially Fit: Your Personal Money Makeover in 7 Easy Exercises

Posted by Melissa Egeler, Marketing Assistant on Jun 10, 2015 10:23:17 AM

As the summer begins, you may be considering how you’re getting in shape for that beach bod you promised yourself a few months ago. As your credit union, we’d like to encourage you to make one of those changes a dedication to financial security and success. Don’t just resolve to become physically fit this summer; become financially fit, too.

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Topics: Saving, money, finances, credit, mortgage, money management

What's Your Money Personality?

Posted by Accel Financial Counseling on Feb 18, 2015 4:53:39 PM

Have you ever wondered why you use money in a particular way?  Many forces impact the development of your money personality.  You make purchases to fulfill desires and to make yourself feel a certain way.  Some spending influences include: advertising, media, society, friends, family, and easy credit.  In addition, shopping is an “experience” to enjoy and there are so many goods that are so affordable.

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Topics: money

Money, Marriage and Living Happily Ever After

Posted by Bethany Dutcher, VP Marketing on Jul 28, 2014 11:44:00 AM

Whether youre just getting married or have been married for years, youve probably discussed all kinds of things: where to live, whether or not to have children, where you like to vacation, if youll get a dog or a cat (or both), and your hopes for the future. But have you ever had a serious conversation about money and your finances?

No, it’s not very romantic, but your finances are just as important as the love you have for each other. Did you know that money is the number one thing couples fight over and one of the leading causes of divorce? It’s true. So if you want to have a successful marriage, you must figure out how you’re going to handle your money.

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Topics: marriage, money

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