The Credit Union Difference Part II – What’s In A Membership?

As a member of Destinations Credit Union, you are uniquely positioned to manage yourteller counting money to customer finances and watch your money grow on the best possible terms. Like the member of an elite club, you are entitled to exclusive privileges and individualized service, courtesy of your credit union.

Let’s take a quick look at some of the benefits you can enjoy as a member of Destinations Credit Union.

1.) Highly personalized service

Credit unions are well known for the highly personalized and attentive service they provide to members. A 2017 American Customer Satisfaction Index Finance and Insurance Report found that members rate credit unions with better service than banks, scoring an average of 82 out of 100. It’s part of what makes credit unions unique.

When you step through the door of Destinations Credit Union, you know you’ll always be welcomed by familiar faces, warm smiles and friendly greetings. There are no aloof tellers who don’t know you or your financial situation  – just our helpful service representatives who treat you like family. No matter your age or stage, our Member Service Representatives are happy to guide you through any monetary challenge and assist you in reaching your financial goals.

At Destinations Credit Union, our outstanding member service means we’re personally invested in your financial well-being and only want to see your success. To that end, we’ll grant you a loan quicker than most big banks, graciously looking past some tarnished credit history and skipping the overly thorough background check. We also host financial education seminars for our members and the larger community throughout the year, enabling you to broaden your money knowledge and to learn how to make smarter financial choices.

2.) Increased value for your money

As a not-for-profit cooperative, your credit union has modest overhead and marketing expenses. Destinations Credit Union is proud to pass these savings on to you in the form of low or no account fees, better loan terms and higher dividend payments on your savings.

According to a report by the Credit Union National Association (CUNA) that studied credit unions in Maryland from March of 2017 through March of 2018, Destinations Credit Union provided average financial benefits that were equivalent to $95 per member and $203 per household. Another 2018 study performed by Bankrate found that 84 percent of the nation’s 50 largest credit unions offered their members checking accounts with no monthly maintenance fee. Here at Destinations Credit Union we’re proud to offer our members the same; our Checking Accounts are completely cost-free, and we pay interest on some accounts.

At Destinations Credit Union, we don’t have to answer to outside investors. This enables us to be more attuned to your needs without worrying about increasing our own worth. Our not-for-profit status frees us to offer you optimal terms on Share Certificates, Savings Accounts and more. It’s more money in your pocket just for being a member of Destinations Credit Union.

3.) A voice in how the credit union operates

As mentioned, your credit union does not need to answer to stockholders. Instead, Destinations Credit Union is member-owned, operating with only your best interests in mind.

As a full-fledged member of Destinations Credit Union, you have a voice in how your credit union runs. You are invited to cast your ballot in our [annual] elections in which we vote on a volunteer board of directors. The board is then charged with oversight of the credit union and forming all official decisions regarding the way the credit union operates. Our board is comprised of members of the credit union, just like you. This means the decisions they make will always be advantageous to our membership and to the general community instead of trying to pander to outside stockholders. We’re all about doing what’s best for our members.

4.) A chance to give back to the community

Here at Destinations Credit Union, we’re strong believers in giving back to the community. We support many community initiatives and organizations, and we are committed to making decisions that benefit the entire community. We are especially invested Operation HOPE, a cause that is dear to our hearts. Anyone in the community can get no-cost access to a financial well-being counselor.

When you choose Destinations Credit Union, you’re choosing to give back to the community, too.

As a member of Destinations Credit Union, you are entitled to enjoy all of these benefits and so much more. Whatever your particular needs are, we’re here to help you manage your finances every step of the way. Call, click, or stop by [credit union,] today to learn how to make your membership work for you in the best way possible.

Experience the credit union difference.

Your Turn: What does your credit union membership mean to you? Tell us all about it in the comments.

SOURCES:
https://www.creditkarma.com/advice/i/difference-between-credit-union-and-bank/%3Famp

https://www.thestreet.com/amp/personal-finance/credit-unions-vs-banks-14626262
https://www.nerdwallet.com/blog/banking/credit-unions-vs-banks/

The Credit Union Difference Part 1: The History Of Credit Unions

As a member of Destinations Credit Union, you know that credit unions are always blackboard with columns for banks and credit union pros and consstriving to serve their members and community in as many ways as possible. We value each member’s input as an equal owner in the credit union, and offer flexible loan terms as well as low-cost accounts. We also reward our members with higher dividends, and proudly donate our time and our resources to community initiatives and organizations.

This article is the first in a series celebrating the history, contributions and benefits of credit unions.

Both credit unions and banks provide those they serve with a broad range of financial services and products. However, there are multiple distinctions between the two institutions. The primary credit union difference lies at its core: Banks are created to generate profit for their owners; credit unions are created to provide members with a place to manage their finances at the best possible terms.

The noble goal of putting members first is deeply rooted in the rich history of the credit union movement. Let’s take a quick look at the backstory of credit unions and how they came to be the thriving financial institutions we know today.

The first credit union was established in 1864 by Friedrich Raiffeisen in rural southern Germany. Raiffeisen believed his neighbors and friends could enjoy an enhanced standard of living if only they had access to common funds. He proposed that all community members pool their resources so individuals in need of loans could easily access the necessary funds. Raiffeisen’s idea was well received by his community, and the first credit union model was soon established.

In 1909, the credit union movement crossed the ocean to reach American shores. With Edward Filene serving as its pioneer, the movement gained momentum and continued its growth. In 1920, Edward hired attorney Roy F. Bergengren to assist him in generating the movement’s expansion. Roy soon created a more systemized concept for the credit union model we know and love today.

Credit unions were gaining popularity and popping up all over America, but it was only in the 1930s that the credit union movement achieved federal recognition and national acceptance.

When President Franklin Delano Roosevelt signed the Federal Credit Union Act into law in 1934, federally chartered credit unions in every state became legally authorized to create a system of not-for-profit cooperatives to promote thrift and sound financial practices.

The Federal Credit Union Act enhanced the public’s confidence in the credit union movement, and it continued to spread across the country. In 1970, that sense of security grew stronger when the National Credit Union Share Insurance Fund (NCUSIF) was established. Credit union deposits gained federal insurance that functions much in the way the FDIC insures bank deposits. Your money is always safe at Destinations Credit Union!

With the credit union movement growing at its most rapid pace, prospective members flocked to join the new member-owned financial institutions being established all over the U.S. In fact, between 1970 and 1979, credit union assets in America tripled.

In 1977, another credit union-friendly regulation was signed into law, empowering credit unions to offer more services and products to their membership, most notably mortgage lending and share certificates (which function much like CDs).

Today, the credit union movement continues to thrive in the path charted by its predecessors and is backed by the “full faith and credit of the United States Government.” These not-for-profit institutions serve their 103 million+ members by always putting their members’ needs first and helping them achieve their personal goals through sound financial practices and targeted advice.

Here at Destinations Credit Union, we’re proud to be a part of the collective institutions dedicated to the credit union mission. At the core of our values is an unwavering commitment to creating mutual benefits for members and the larger community. To that end, we are always here to help our members and enable them to optimize their savings or manage finances as smoothly as possible. Our innovative banking solutions, low fees and high dividend rates, along with personalized service, helps members achieve and maintain financial wellness no matter the financial goals they have. As a member-owned institution, our only objective is your satisfaction and your success.

Credit union history is still in the making. Be a part of it by calling, clicking or stopping by Destinations Credit Union today to learn about our exceptional financial products and to benefit from our highly personalized service.

Experience the credit union difference!

Your Turn: How does the core credit union value impact your finances in a positive way? Share your thoughts with us in the comments.

SOURCES:
https://www.mycreditunion.gov/about-credit-unions/historical-timeline

https://www.thebalance.com/national-credit-union-share-insurance-fund-ncusif-315404
https://www.creditkarma.com/advice/i/difference-between-credit-union-and-bank/%3Famp
https://www.nerdwallet.com/blog/banking/credit-unions-vs-banks/

7 Money Myths You Need To Stop Believing Now

We all grow up hearing the same financial advice: Spend less, save more and invest piggy banks in bubbles with a sky backgroundearly. 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. First, many credit cards offer rewards in the form of travel miles, cash-back systems and other bonuses. Second, building and maintaining a strong credit history is crucial for your financial wellness; the only way to achieve this is by using your credit cards and paying your bills on time. Finally, lots of credit cards offer purchase protection, which makes them the smarter payment method for big-ticket items.

Destinations Credit Union offers both debit cards and credit cards.

Myth #2: Buy a home at all costs.

It’s part of the American Dream: Go to college, land the perfect job, get married and buy a house, complete with white picket fence and two cars in the driveway.

Unfortunately, though, too many people are fixed on that dream without realizing that owning a home might not be in their best financial interests.

The real deal: For many people, including those who are not yet ready to put down roots or who anticipate a career change that necessitates moving across state lines, renting a home or apartment might be the better choice. It can also be a financially expedient option if you live in a super-expensive area.

If you are in the market for a home loan, visit Destinations Credit Union.

Myth #3: Investing is only for rich people.

Investing is for people who drive luxury vehicles and have homes in three different states.

Or is it?

The real deal: Anyone with a small pile of money squirreled away can get a foothold in the stock market. A smart investment strategy can be the best way to let your money grow and put you on the track to financial independence. If you’re a beginning investor, look into passively managed index funds for an easy way to start building your wealth.

Myth #4: My partner manages our finances, so I don’t need to think about money at all.

Are you living in blissful financial oblivion, confident that your partner is managing your money?

The real deal: Every adult should have a handle on their family’s finances, regardless of their partner’s involvement. While it is fine for one partner to actively manage their money, it is crucial for both partners to be aware of the state of the family finances and to be capable of managing the household expenses and investments if something happens to their partner.

Myth #5: Credit cards will get me through any financial crisis.

Why would I need an emergency fund? I have credit cards!

The real deal: Depending on credit cards to get you through a financial emergency is the perfect way to dig yourself into a deep pit of debt. Thanks to interest, you’ll be paying back a lot more than you spend. You’re also more likely to overspend when you pay with plastic.

Credit cards should not be relied upon for a real financial emergency, such as a job loss, divorce or illness. It’s best to build an emergency fund consisting of three to six months’ worth of living expenses so you’re completely covered for the unexpected.

Myth #6: I’m so young; I don’t need to think about retirement.

Who can think about retirement when it’s so far down the road because they’re just starting a career? Besides, who can afford to save for retirement when they’re bogged down with more pressing expenses, like saving for a house and putting kids through college?

The real deal: There’s no better time to start planning and saving for your retirement than right now. The younger you start building your retirement fund, the less you’ll have to put away each month, and the more you’ll save by the time you’re ready to retire. Gift yourself with a comfortable, stress-free retirement by maxing out your 401K contributions, and/or opening an IRA or another retirement fund. Start today and let compound interest work its magic!

Myth #7: I have enough in my account to cover my expenses so I don’t need to budget.

Budgeting is for people who are barely squeaking through the month. I have enough money; so why budget?

The real deal: Budgeting is for everyone. Without a realistic budget in place, someone pulling in a salary in the high six digits can easily spend their way into debt. A budget will force you to make responsible money choices and to be fully aware of the state of your finances at all times.

Your Turn: Which money myths have you bought into in the past? Tell us all about it in the comments.

SOURCES:
https://www.google.com/amp/s/www.thenest.com/content/amphtml/money-myths

https://www.listenmoneymatters.com/top-10-money-myths/
https://www.daveramsey.com/blog/foolish-money-myths
https://www.fidelity.com/viewpoints/personal-finance/6-money-myths

When Should I Put My House On The Market?

If you’re thinking of selling your home, think spring. That’s because the season of family in front of houseblossoming flowers and gentle breezes has traditionally held the designation as the best time of year to sell a home.

Before you start prepping your home for a photo shoot that shows it off in the best light, take a moment to consider your particular circumstances and needs. What makes spring so well-suited for house-hunting? Does the seller benefit from this arrangement, or is it only advantageous to the buyer?

Let’s take a deeper look at the sell-in-the-spring rule so you can make an informed decision about when to put your house on the market.

Why spring?

There are two primary factors making spring an excellent season for selling a home: The weather and the time of year.

The beautiful, mild weather of spring showcases the exterior of your home in all its glory. Your yard will be alive with healthy, green grass, your flowers and bushes will be in full bloom, and your property will be free of unsightly piles of leaves or mounds of melting snow. If you have an in-ground pool, there’s a world of difference between presenting it to a prospective buyer when it’s sparkling under a brilliant sun, or pointing to a dark, covered shadow at the edge of your yard surrounded by windswept branches and ice puddles.

The pleasant weather that typically heralds the arrival of spring also makes it easier for you to tend to repairs and upgrades on your property. The cold and the dark tend to lead to neglect. Plus, it’s a lot easier to paint the picket fence, stain the deck, and power-wash the siding when the weather is mild and sunny.

Aside from delightful weather, springtime also brings the end of the school year. House-hunting in the spring often makes the most sense for families that include school-age children. This way, they can be settled into their new homes and schools before the new school year. By listing your home for sale in early spring, you’re making it available for this entire group of house-hunters.

Finally, spring means longer daytime hours. This can be advantageous for shoppers who work full-time and can only spare time for home viewings in the evenings. You can schedule a viewing as late as 7 p.m. and still enjoy the benefits of a daylight showing.

Do homes listed in the spring really sell quicker and at higher prices?

It’s not just hype. There are actually studies proving that houses sold in late spring to early summer are on the market a shorter amount of time than houses listed the rest of the year. Also, they tend to close at higher price points.

Here is a sampling of studies proving this theory:

  • An ATTOM Data Solutions analysis of 14.7 million homes sold over a span of 6 years proved the best month to sell a home is May. Most homes sold during this month closed at 5.9% above their estimated market value when compared with other months.
  • A Zillow study showed that homes sold during the first two weeks of May tend to be on the market less time than homes sold any other time of year.
  • According to Realtor.com, homes listed during the spring are 1% less likely to sell with a price cut than homes listed during the rest of the year.

Does this rule hold true for everyone?

“Springtime to market” might be a good rule of thumb for most home-sellers to follow, but it does not apply in every case. Here are some factors to consider:

  • The local market. If your neighborhood is full of for-sale signs and your home does not have any distinguishing features, you may put yourself at a severe disadvantage by listing your home in the spring. Consider waiting until the market cools off in mid-summer, or even in the early fall months.

On the flipside, if your home has one or more features that set it apart, you’ll want to list it when the neighborhood is full of house-hunters, to give it optimal exposure.

  • Your preferred time to move. When is the ideal time for your family to move to another town? Pick a date and work backward to decide when to list your home. There’s no way to determine exactly when you’ll close on a listed home, but Realtor.com estimates the average home sale takes 50 days to close after going under contract. Add a month for preparing your home for the market, choosing a selling agent, making any necessary repairs or upgrades, and finding a buyer.
  • Local climate. Springtime might mean beautiful weather for much of the country, but in some areas, like Southern California, pleasant, mild weather is an all-year-round delight. Conversely, in many northern states, the warmer weather doesn’t set in until early summer, and you’ll want to wait a bit before putting your home up for sale.

Whether you choose to put your house on the market in spring, or you decide you’d be better off waiting until summer or fall, we wish you a smooth sale at the best possible price. Don’t forget to stop by [credit union] to ask about our fantastic home loan options when you’re ready to start searching for a new place to call home.

Your Turn: Have you sold a home in the spring or summer? Tell us all about it in the comments.

SOURCES:
https://www.pennymacusa.com/blog/what-is-best-time-to-sell-house

https://www.housingwire.com/articles/48685-want-to-sell-your-house-list-in-the-1st-week-of-april
https://www.google.com/amp/s/www.forbes.com/sites/reneemorad/2018/04/30/the-best-month-and-day-to-sell-a-home/amp/
https://www.google.com/amp/s/www.fool.com/amp/retirement/2018/05/31/whats-the-best-time-to-sell-a-house.aspx

 

What To Buy And What To Skip On Memorial Day

Since 1971, Memorial Day has been celebrated as an extended weekend away fromtwo women shopping in the spring work–and the unofficial start of summer. It’s time to get that grill going, dust off your patio set, and break out the white jeans you’ve had stashed away all winter.

More recently, Memorial Day has also turned into a second Black Friday for retailers, each offering loads of sale events in stores and online,and each promising to save you heaps of money. Lots of these sales will run for a full two weeks, starting a week before Memorial Day, which falls on May 27 this year, and continuing until the end of the month.

As always, though, not every marked-down product is actually a bargain. In fact, you can sometimes get the same product a lot cheaper by waiting a few months-or even just a few weeks. And of course, if the for-sale item is not one you need, you’re better off leaving it in the store. But, if you know what to shop for and you’re careful to stick to what you need and can afford, you can find some great deals.

Let’s take a look at what to buy and what to skip this Memorial Day weekend.

Buy: Outdoor essentials

Get ready to welcome summer with outdoor gear like grills, lawn mowers, mulch, ladders, and more, which may be marked down as much as 50% at stores like Lowe’s and Home Depot. Online retailers, like Wayfair and Overstock, host similar events and may offer free two-day shipping in honor of the summer season kickoff.

Skip: Electronics

You’re going to see lots of crazy-low deals on gaming consoles, laptops, and tablets around Memorial Day weekend. But, unless you need one now, it’s better to wait it out. You’ll find even better deals on electronics during Black Friday season, when retailers are looking to clear out last year’s models to make room for the newer inventory. If you need your electronics sooner than November, you may consider waiting until July, when many retailers host “Black Friday in July” events that feature steep discounts on electronics.

Buy: Furniture

Memorial Day weekend is the perfect time to spruce up both the inside and outside of your home with new furniture. You can snag a great deal on a fully-loaded patio set, pick up a comfortable sofa, and even swap your old mattresses for new ones, all at great prices. You may need to use a coupon code to qualify for the reduced price, so be sure to check out a retailer’s website before hitting the store.

Skip: TVs

Don’t make the mistake of picking up a new TV in May just because you found one at an excellent price. Most marked-down TVs you’ll find around Memorial Day are older models with outdated features. You can find much better deals on newer models in November or January.

Buy: Wedding registry gifts

Department stores, like Macy’s and JC Penney, offer discounts on household essentials, like coffee makers and blenders, in advance of the wedding season. You’ll also find markdowns on these items at specialty stores, like Bed Bath & Beyond. If you’ve got any weddings to attend this summer, pick out a registry gift now to save big.

Skip: Cars

If you’re looking for a new set of wheels, wait until after June. You’ll find the hottest deals on cars between July and October, when dealerships are trying to move old inventory and make room for the newer models.

Buy: Tires

Preparing the family car for a summer road trip? You’ll find the year’s best prices on tires around Memorial Day weekend.

Skip: Swimwear

Don’t splurge on swimwear and other summer apparel just yet. Wait until June, or even mid-summer if you can swing it, for the steepest discounts.

Buy: Spring apparel

Retailers have been displaying their warmer-weather line for months now. That makes the end of May a perfect time to stock up on spring wear.

Skip: Power tools

You’ll only have to wait a few weeks for the hottest deals on power tools. Father’s Day sales usually start at the beginning of June, and they offer deep discounts on power tools and other outdoor power equipment.

Buy: Appliances and home décor

Retailers and manufacturers alike offer markdowns on large household appliances, like refrigerators, dishwashers, and ovens, at the end of May. Hold onto your receipts, as you may need to mail them to the manufacturer for a cash-back rebate. You can also score a deal on home décor products, like light fixtures, flooring, and kitchen essentials, at Memorial Day sale events.

Skip: Jewelry

All that glam won’t glow so brightly if you have to drain your wallet to pay for it. Skip the diamonds this month and wait until late summer, when the jewelry business is at its slowest and retailers put some of their products on sale. If you can wait even longer, push off your purchase until the end of February, when jewelry prices are at their lowest.

Now that you know what to buy and what to skip this Memorial Day, you can kick off the season of poolside barbecues and aimless road trips by snagging some great deals!

Your Turn: What was your best Memorial Day find ever? Tell us all about it in the comments!

SOURCES:
https://www.finder.com/memorial-day-sales

https://www.google.com/amp/s/www.marketwatch.com/amp/story/guid/99B0B79C-4236-11E7-AE38-779A9096A819
https://www.nerdwallet.com/blog/shopping/shopping-tips-news/what-to-buy-skip-may/

Mortgage Rates Are Dropping; Should I Refinance?

Q:  I’ve heard that mortgage rates have dropped dramatically since the start of 2019. three people going over paperworkShould I refinance my mortgage loan to take advantage of these lower rates?

A:  Refinancing a mortgage is essentially paying off the remaining balance on an existing home loan and then taking out a new mortgage loan, often at a lower interest rate. It may sound like a no-brainer, but there are many factors to consider before moving forward with a refinance.

Is it a good time to refinance?

Mortgage rates have been falling steadily over the last few months. During the last week of March this year, rates took their biggest one-week nosedive in more than a decade, and mortgage applications rose 39%, as thousands of homeowners sought out their lenders for a refinance.

However, the downward trend has already reversed as of the beginning of April, when rates hit 4.29 percent. That’s up from 4.17 percent just one week prior. If you’re thinking of refinancing in the near future, it’s best to do move quickly so you can lock in the lowest possible rate. You may be able to save hundreds of dollars a month if you refinance a loan that currently has a relatively high interest rate.

Is a refinance right for you?

While this is definitely an excellent time to take out a new mortgage, that doesn’t mean a refinance is the right fit for everyone.

Here are two reasons a refinance might be a good fit for you:

  1. Your credit is strong and you’d like to lower your monthly payments

The first, and most obvious, reason homeowners refinance their mortgage is to take advantage of a lower interest rate. The drive behind this reason might be a change in finances, personal life or simply the desire to save money. As mentioned, the current mortgage rates make this an excellent time to refinance into a lower interest rate.

Don’t try a refinance unless your credit is in good shape, though. Taking out another mortgage with a less-than-desirable credit score can mean getting hit with a high interest rate, even if national rates are dropping.

Aside from reducing your monthly payments, a lower interest rate can also help you build more equity in your home sooner.

  1. You’d like to shorten the life of your loan

People sometimes choose to refinance their mortgage because they want to finish paying off their loan sooner. If you have a mortgage that has a really high interest rate but you can easily meet these payments, consider refinancing into a shorter-term option. You may be able to pay off your loan in half the time without changing your monthly payment much at all.

When refinancing your mortgage is a bad idea

In the following three circumstances, refinancing your mortgage may not make sense.

  1. You’re in debt.

If you’re looking for the extra stash of cash each month to pull you out of debt, you probably shouldn’t be refinancing. Most people who refinance for this reason end up spending all the money they save, and then some. Without making any real changes to your spending habits, giving yourself extra money is only enabling more debt. While the intention is rooted in sound logic, unless you make an equally sound change in your spending habits, you’ll be right back to your present situation in very little time.

  1. A refinance will greatly lengthen the loan’s terms.

If you’ve only got 10 years left on your mortgage and you want to refinance to stretch out those payments over 30 years, you won’t come out ahead. Any money you save on lower payments will be lost in the cost of the refinance and the extra 20 years of interest you’ll be paying on your mortgage.

  1. You don’t plan on living in your home much longer.

If you plan on moving within the next few years, the money you save might not even come close to the costs of a refinance.

How much will it cost?

Homeowners are often eager to get started on a refinance until they see what it will cost them.

Remember all those fees and closing costs you paid when you first bought your house? Prepare to pay most of them again. Broker fees will vary, but a typical refinance will cost anywhere between 3-6% of the loan’s principal.

Before proceeding with your refinance, make sure you’ll actually be saving money. You can do this by procuring a good faith estimate from several lenders. This will get you your projected interest rate and the anticipated loan price. Next, divide this price by the amount you’ll save each month with your anticipated new rate. This will give you the number of months that will have to pass before you break even on the new loan. If you don’t plan on staying in your home for that long, or you can’t afford to wait until then to recoup your losses, refinancing may not make sense for you.

Rates are still low, and if your finances are in good shape, a refinance can be a great way to put an extra few hundred dollars into your pocket each month. [If you’re ready to talk to a home loan expert about refinancing, call, click or stop by Destinations Credit Union today to ask about getting started on your refinance. We’re always happy to help you save money!

Your Turn: Have you refinanced? What drove your decision? Was it the right decision for you? Let us know in the comments!

SOURCES:
https://www.myfinance.com/5-reasons-to-refinance/?utm_source=Millennial+Money&utm_campaign=millennialmoneycru&utm_medium=mfCRU

https://www.consumersadvocate.org/mortgage-refinance/a/best-mortgage-refinance?matchtype=e&keyword=should%20i%20refinance&adpos=1t2&gclid=CjwKCAjww6XXBRByEiwAM-ZUILOeJrx3aTigcckJXeQcxYZ5KC-gPj1HDcbQYQlprrg3zX08LqGaohoCL14QAvD_BwE
https://www.investopedia.com/mortgage/refinance/when-and-when-not-to-refinance-mortgage/
https://www.investopedia.com/mortgage/refinance/7-bad-reasons-to-refinance-mortgage/
https://www.bankrate.com/mortgages/analysis/
https://www.wkbn.com/news/local-news/with-mortgage-rate-drop-many-buyers-consider-refinancing/1897961701

Home Improvement Hacks

You’ve finally finished scrubbing and purging your home from top to bottom in honor ofcouple working on home improvements spring. And now, with every surface, closet, and room sparkling clean, you’re starting to see all the areas that could use a facelift. Maybe you’re hankering after a complete kitchen makeover. You might be dreaming of a fresh coat of paint for your bedrooms. Or maybe your window treatments are in desperate need of an overhaul.

The only thing standing between you and your dream home is finding piles of cash for funding it, right?

Maybe not. Lucky for you, you don’t need to spend a fortune this spring to give your house a new look. Read on for our list of home improvement hacks and learn how to upgrade your home on a budget.

  1. Cabinet makeover

Instead of dropping a ton of money on replacing your kitchen cabinets, you can give a tired kitchen a fresh new look by replacing just the cabinet fronts. You’ll pay a fraction of the price and no one will know it’s your old, shabby cabinets hiding behind those beautiful new doors.

Want to go even lower-cost? Consider painting the front of your cabinet to upgrade the look without spending much money or time. You can also replace those dated cabinet pulls with something nicer and trendier for a more modern look.

  1. Cover your countertops with contact paper

Granite countertops can be gorgeous, but they’re also incredibly pricey. Instead of taking out a second mortgage for beautiful counters, try covering them with pretty, patterned contact paper. You’ll find loads of granite lookalikes at home improvement stores and you can learn how to apply your knockoff covers neatly from DIY tutorials on YouTube. You might even fool your friends and family into thinking it’s the real thing. But don’t worry: We won’t tell anyone it’s fake!

  1. Use PVC pipes for curtain rods

Pretty curtains and drapes add a splash of color and personality to any room. You can make your own inexpensive curtains by picking up some fabric from a sewing supply store. The only issue? You’ll need rods to hang up those curtains-and if you need specific measurements and colors, that can get pricey.

Make it happen with this hack: Use PVC pipes instead of curtain rods. You can paint your pipes to match the décor of the room and hang them with inexpensive hooks that fit well. Curtains, done!

  1. Create a mirrored backsplash

All you need for this fantastic hack is a pack of self-adhesive mirror tiles. These retail for about $15 per 20-tile pack and you can find them online or at a home improvement store. Use your snazzy tiles to create a mirrored backsplash in your kitchen. Decorate with inexpensive decals to up the glam or just leave it bare. The mirrors will give the illusion of greater space and you won’t have to deal with grout and caulking. It’s a super-cheap way to make your kitchen sparkle!

  1. Slipcover your sofa

If your sofa is hopelessly stained and you’d love to update it, but can’t spare the cash, try covering it in a slipcover. You can find a leather-look slipcover to match the shape of your sofa for $100 or less. They’re not just for protection; the right slipcover will give you an (almost) brand new couch! Make sure you read reviews before purchasing, because quality really makes a difference here.

  1. Let the light in

Light fixtures can really make or break an area in your home, and you don’t have to spend a fortune to get it right. Walk through your home and take note of the light fixtures that are relics from a past life, paying close attention to highly visible areas. Then, take a trip to a home improvement store or check out sites like Wayfair and Hayneedle for trendy, striking light fixtures. For less than $100, you can give your house an entire new look!

  1. DIY paint

If the walls in your home desperately need fresh coats of paint, look no further than your local home improvement store. No, you don’t have to be a genuine DIYer to get this right; it’s fairly simple. You’ll find loads of painting tutorials on YouTube, and you’ll only have to spring for the actual paint plus a few supplies. Best of all, when you’re in charge, you can get as creative as possible. Using painter’s tape and your imagination, you can paint funky designs on your walls, like diamond contrasts, vertical and horizontal stripes, or, if you’re feeling really artsy, go for a full-blown mural!

These hacks will make your home beautiful this spring for just a bit of money. If you need more major home improvements that require serious cash, though, we can help. Call, click or stop by Destinations Credit Union today to ask us about opening a HELOC or taking out a home equity loan. We can make that happen, too!

Your Turn: Are you making home improvements on a budget? Share your best tips and tricks with us in the comments!

SOURCES:
https://www.google.com/amp/s/www.thrillist.com/amphtml/home/home-improvement-hacks-under-50-diy-home-projects

https://diyjoy.com/diy-remodeling-hacks/
http://www.architectureartdesigns.com/15-smart-hacks-that-will-save-you-money-while-remodeling-your-home/
https://www.google.com/amp/s/www.remodelista.com/posts/apartment-rental-simple-easy-budget-hacks/amp/

9 Ways For Kids To Make Money

The best way to teach a child financial responsibility is by encouraging her to earn and 3 kids at lemonaide standmanage money on her own. As the weather warms and summer nears, there are many opportunities for your kids to pull in some extra money.

If money-making is not on your children’s minds, you may need to direct them toward that line of thinking. The next time they ask you to buy something that’s out of budget, tell them they can earn the money to buy it themselves. As an alternative, suggest that you’ll cover half the cost if they earn the other half. Talk to them about finding a summer job, the work they can do on weekends, or suggest a one-time gig they can initiate.

In honor of Youth Savings Month, let’s take a look at 9 easy ways your kids can earn some extra cash.

  1. A lemonade stand

It may be old-fashioned, but kids can bring in good money by selling cups of America’s favorite hot-weather drink. For optimal exposure, let your kids set up their stands near a local yard sale or another neighborhood event. Don’t forget to check local municipality laws to make sure your stand is completely legal.

  1. Help a senior

Your pre-teen can be a huge help to a local senior while earning money on the side. Let your child run some errands, take out the trash, clean the litter box or just chat with a lonely senior. If your own parents or in-laws live nearby, speak to them about having your child help them out for payment.

  1. Hold a yard sale

Spring-cleaning season is the perfect time to host a yard sale on your front lawn. Let your kids be in charge by having them choose the items to feature, set the prices and run the sale. You’ll want to be available to oversee their work and to make sure the prices are fair, but let them make most decisions on their own. Take off your helicopter-parent helmet and let your kids learn lessons that will stay with them for life.

  1. Do yard work

If your children are old enough to handle a gas-powered mower and can be relied upon to trim shrubs and weed gardens, let them hire themselves out to do yard work. Your neighbors will be glad to have the help, and your kids will be out in the sunshine while earning some money on the side.

  1. Help with pets

Are your kids animal-crazy? Let them use their penchant for pets to help people with pet-related chores. They can walk dogs around the neighborhood and offer to pet-sit for the afternoon while a neighbor is out. If your child is truly a budding entrepreneur and has the necessary skills, they can even set up a pet-grooming station out in the yard. Let them scrub the neighborhood dogs and cats, brush the hair and trim claws for some extra cash.

  1. Be junior tech-support

Generation Z kids are practically born holding smartphones in their hands. Let your kids use those skills to help some older folks who may not be as tech-savvy. They can offer to organize digital photos and create albums, assist with data entry and filling out online forms, or help a senior create a Facebook page or learn how to use a new phone or device.

  1. Help a mom

Your child may be too young to babysit on their own, but they can offer their services assisting a neighborhood mom while she’s at home. Let your child take the kids out to the yard while mom watches from the deck, play with the kids at home while mom does laundry or help them with their summer homework while mom’s busy in the kitchen.

  1. Collect recyclables

Call up a local recycling plant to find out how much they pay for every pound of recyclable materials. Then help your child gather empty bottles, cans, cardboard boxes and old newspapers to bring to the plant. You’ll be keeping the planet green and helping your child earn some pocket money at the same time.

  1. Wash cars

Let your child try out her car-washing skills on the family car. Once she’s got the technique down pat, have her offer the service to the neighborhood. Your neighbors will cross another weekend chore off their list and your child will be learning that hard work can really pay off.

Encourage your kids to earn their own money and you’ll be teaching them financial responsibility in the best way possible. And, don’t forget to teach them to save part of what they earn in their Destinations Credit Union account!

Your Turn: How do your kids earn money? Tell us about it in the comments.

 

 

SOURCES:

 

https://www.moneytalksnews.com/10-ways-for-preteens-make-money-this-summer/

https://www.thebalancecareers.com/how-can-kids-make-money-2085398

https://selfsufficientkids.com/how-to-earn-money-as-a-kid-elementary-age/

Spring Cleaning Hacks

The sun is shining, the birds are chirping, the flowers are blooming-and your cluttered man cleaning up child's roomclosets are calling. Time to roll up your sleeves and whip your home into shape. And yes, this means you! It’s been a long winter and you’ve let the clutter grow, all over your garage, across your basement and up into your attic crawl space. And your bedroom closets? We’re not even going there.

As always, Destinations Credit Union is here to help! Use this handy list of creative cleaning hacks to banish those dust bunnies without spending a fortune on organizers and cleaning solutions. Plus, you’ll be doing your part to help keep the planet green by skipping over those toxic cleansers this year.

Let’s get cleaning!

Schedule smart

Before you get started, create a master list of every part of your home that you plan on attacking. It’s best to make this an old-fashioned physical list so you can post it somewhere you’ll see often-like the door of your fridge.

Once you have every area listed, divide the chores according to the amount of time you estimate it will take to clean them. Make smaller sub-lists of 3-hour jobs, 1-hour jobs and 15-minute jobs. This way, when you have large chunks of time, you can find a larger job to do at a glance. And when you have smaller pockets of time, like those 10 minutes in the kitchen when you’re waiting for the water to boil, you can quickly tackle a smaller job, like straightening out the catch-all drawer in your kitchen.

Once you’ve got it all written out, it’s time to roll up those sleeves and get to work!

DIY cleansers

Why blow your budget on pricey, toxic cleansers when you can make your own for so much less at home? Try these DIY solutions and hacks for all those hard-to-clean places around your home:

  • Use a lemon for cleaning stainless steel sinks and faucets.

Slice a lemon in half, and rub the fruit against hard water stains and rust spots in your kitchen and bathroom. You can also sprinkle on some baking soda for the really stubborn marks. The stains should now lift easily. Plus, instead of chemical fumes that make you gag, you’ll leave behind that springy, lemony scent.

  • Steam-clean your microwave.

Is your microwave plastered with hardened food stains? It’s time to make your appliance shine! Grab a microwave-safe bowl, fill it with 1-2 cups of water, 2 tablespoons of white vinegar, plus a few drops of your favorite essential oil. Nuke it for five minutes and then wipe those stains right off!

  • Wash your windows with 1 teaspoon of mild dishwashing soap added to several gallons of water.

Pour your homemade solution into an empty spray bottle and use old newspapers to wipe away the grime. Leave this job for a rainy day-literally. Sunshine can make your windows dry too quickly and leave unsightly streaks behind.

  • Use coffee filters for your monitors and screens.

Get rid of those fingerprints and itty-bitty dust mites on your computer monitors and TV screens. Let the gentle fibers in coffee filters leave your screens squeaky-clean!

  • Clean your shower heads with white vinegar.

Fill a sandwich bag with white vinegar, and then use a rubber band to secure it around your showerhead. Let it soak overnight. The water stains and calcium buildup should wash right off in the morning.

Tips and tricks

Cleaning is easy with these helpful hacks!

  • Use a lint roller to dust.

Instead of sticking brushes and feather dusters into every little corner and cranny in your home, use a lint roller. Run the roller over your light fixtures, mantels and shelves. It’ll pick up all those tiny dust mites and leave you with clean surfaces in just minutes! For corners that are super-dirty, use a strip of duct tape for stronger pickup power.

  • Use your dishwasher for more than just dishes.

Stop scrubbing those teeny-tiny pieces of Lego and load up your dishwasher instead. You can also throw in your hair brushes, pet dishes, refrigerator shelves, soap dishes, tweezers and drawer knobs. When the cycle is through, it’s best to clean your dishwasher by placing a cup of white vinegar on the top shelf and running it through its hottest cycle.

  • Use a window squeegee to scrape pet hair off your carpet.

The rubber edge of the squeegee is perfect for gripping and removing pet hair from your rugs and carpet.

  • Use a hair dryer to get rid of water rings.

Is someone forgetting to use coasters? Let your coffee table look beautiful again by blasting a hair dryer over the water rings until they start to fade and disappear. You can also rub olive oil over the area to return the wood to its original shine.

Let’s get organized!

Banish the clutter for good with these tips.

  • Create a space for clutter.

When you’re deep in the throes of spring cleaning, you’re convinced your home will never see clutter again. But all it takes is one art project, a stack of unread mail and one lone toy truck to give your home that cluttered look again. Be proactive and create a place for every bit of clutter that passes through your door. You can pick up perfectly functional organizers and storage bins at the dollar store. Consider investing in a storage ottoman for favorite toys and hanging a shoe organizer in your foyer closet for unsorted mail, keys and gloves.

  • Use Velcro to keep drawer organizers in place.

Those adorable organizers are no use if they’re slipping and sliding all over your drawers. Fasten strips of Velcro to the bottom of your organizers to keep them in place.

Happy cleaning from all of us here at Destinations Credit Union!

Your Turn: What’s your favorite spring cleaning hack? Share it with us in the comments!

SOURCES:
https://www.google.com/amp/s/www.forbes.com/sites/capitalone/2018/02/21/spring-cleaning-tips-for-saving-time-and-money/amp/

https://money.usnews.com/money/blogs/my-money/articles/2017-03-23/5-ways-to-make-and-save-money-with-spring-cleaning
http://mentalfloss.com/article/62170/15-brilliant-life-hacks-speed-your-spring-cleaning
https://www.google.com/search?q=spring+cleaning+hacks&rlz=1CDGOYI_enUS753US753&oq=spring+cleaning+hacks&aqs=chrome..69i57j0l3.8546j0j7&hl=en-US&sourceid=chrome-mobile&ie=UTF-8

7 Signs You’re Living Beyond Your Means And How To Fix Them

In the age of plastic spending and mobile payments, it’s easier than ever to buy stuff you couple looking at billscan’t pay for right away while supporting a lifestyle you can’t really afford.

Let’s take a look at seven red flags that might mean you’re living beyond your means and the steps you can take to get back on track.

1. You’re carrying a credit card balance from month to month

Credit cards are a great way to earn rewards, pay for emergency purchases when things are extra-tight and build a strong credit history. Unfortunately, though, they also make it far too easy to fall into the spending trap. It’s a lot harder to feel like you’re spending money when all that stands between you and a purchase is a plastic card.

If you have an outstanding balance on one or more credit cards and you’re only paying the minimum payment each month, you can end up carrying this balance for years while paying hundreds of dollars (or more!) in interest. You might also be tempted to make more purchases on this card since you already have an open balance.

The fix:  Try to double down on your monthly payments and/or make one extra payment each month instead of paying just the minimum amount. Stop using your card until the debt is paid off.

2. You stress about paying your bills

No one likes paying bills, but if you’re losing sleep over your bills, you need to take a step back to review your monthly budget and spending habits. Bills should be fixed into your budget and you should be able to pay them easily without any stress or nail-biting involved.

The fix: Take a long look at your monthly budget to find ways at cutting back. Cancel a subscription you never use, trim impulse purchases, start brown-bagging it at work more often or tighten the belt in any other way possible.

3. You can’t save 5% of your monthly income

Financial experts recommend putting 20% of your monthly income into savings, or even more if you can swing it. At the very least, you’ll want to sock away 5% of your monthly take-home pay to fund your retirement and any other expensive purchases or events you might need to pay for in the future. If you can’t possibly do that now, and you’re left with little or no money at the end of the month, you’re living beyond your means. Savings aren’t an extra; they are a necessity that should be a fixed part of every budget.

The fix: Again, you’ll need to trim your expenses and restructure your budget to include a minimum of 5% for savings.

4. You don’t have emergency and rainy-day funds

Unexpected expenses, like a household repair or extra tutoring for your child, can disrupt your monthly budget and really set you back-unless you have some way to pay for them. Ideally, you’ll want to have an emergency fund to cover major unexpected expenses, like a job loss or a medical emergency, and a rainy-day fund for small expenses you can anticipate, like replacing an aging appliance and sending your child to summer camp.

The fix: Start building your funds now by putting away as much as you possibly can each month.

5. Your mortgage payment eats up more than 30% of your monthly income

Most financial experts agree that your monthly mortgage payments should not exceed 30% of your take-home pay (that’s after taxes). Take a few minutes to do the math. If your mortgage is more than 30% of your income, you’re in over your hea

The fix: You have two choices here:

  1. Find ways to boost your income. You can seek a raise or promotion at your current job, freelance for hire or find another side hustle to bring home extra cash.
  2. Scale back your mortgage payments by considering a refinance. [Speak to a home loan counselor at (credit union) to see if this is the right choice for you.] If your mortgage is really crippling your budget, you might want to consider downsizing to a smaller and cheaper place.

6. You lease a car you can’t afford to buy or finance

Leasing lets you live the life of a high-roller without the huge bills. The problem is that many people can’t really afford their leases either. You might be covering your monthly payments, but if you can’t do that while also putting money into savings and meeting your other expenses, your car is too expensive.

Can you afford to pay for or finance your car? If the answer is no, you’re in financial trouble.

The fix: Downgrade your vehicle to one you can actually afford.

7. Your financial decisions are influenced by your friends’ spending habits

Thanks to social media and the hyper-sharing culture it introduced, the pressure to keep up with the Joneses is stronger than ever. If you find yourself making financial decisions-from what kind of footwear to buy to where you vacation-based on your friends’ choices, you’re likely spending more money than you can afford.

The fix: Stop looking over your shoulder and keep your eyes on your own life and your own wallet. If your friends have expensive tastes, try to be the budget-conscious influence in the group. You may just start a new, financially responsible trend!

If you’re in over your head, Destinations Credit Union can help! Stop by today. Our HOPE Inside Financial Wellbeing Counselor will be happy to help.

Your Turn: What’s your personal red flag that your spending has gotten out of control? Share it with us in the comments.

SOURCES:
https://www.google.com/amp/s/www.hermoney.com/invest/financial-planning/warning-signs-of-living-beyond-your-means/amp/

https://www.investopedia.com/articles/pf/08/in-over-your-head.asp
https://rockstarfinance.com/7-signs-that-you-might-be-living-well-beyond-your-means/