New Year, New You.

Happy New Year! With a fresh new slate called “2017”, it’s time to plan your new year’s FINANCIAL resolutions. Check out these tips sure to help you improve your financial situation in 2017 and beyond. 

 1. BYOB – Build Your Own Budget. 

Do you even budget, bro? You may think you budget, but there is huge difference between keeping a balance in your head and writing things down. Keeping a monthly budget and noting every single transaction may seem like a tedious task, but it is the only way to fully understand your cash flow. If you’re not a paper and pen type of person, try using a spreadsheet and recording your monthly costs, or use a budgeting app to find out where your money is going. Maintaining this habit will allow you to set goals, adjust your spending, and most importantly, save your money.

 2. Check your credit score. 

Start the year off by checking your credit score. Checking your credit score will allow you to check for identity theft, review your credit history, and understand where you are at for future financial decisions, e.g. applying for a loan. Head to AnnualCreditReport.com and get your free annual credit report from all three reporting bureaus (Equifax, TransUnion, Experian). It will not hurt your credit score and it is free. Not the number you envisioned? Don’t get too discouraged, this is your year to change that. Easy ways to boost your score include paying over the minimum monthly payment, making payments on time, and maintaining low balances.

3. Build your emergency savings. 

Building an emergency savings isn’t a sprint, it’s a marathon, and it is never too late to start. Experts recommend savings up to six months’ worth of expenses. Once you BYOB, you can determine how much you can set aside per month to build your emergency savings. The purpose of an emergency savings fund is to provide back-up in case your car quits, your roof starts leaking, you lose your job, or there’s a health emergency. Don’t wait for something happen; be prepared for when it does happen.

 4. Automatic savings. 

A quick way to save money is to utilize automatic savings. Instead of manually moving money into your 401k or savings account, set up automatic savings. With everything going on in life, sometimes it is easy to forget to move your money from one account to the other. Head to your closest U.S. Eagle branch and set up an automatic withdraw or transfer biweekly, monthly, or quarterly. Watch your savings grow!

 5. Make Extra Income.

If you plan on making a big purchase this year, paying off a large amount of debt, or want to stash some extra cash into savings, making some extra income may be the best option for you. There are so many ways you can make some extra money, it just depends on how much time you have to dedicate and how much you want it. You can go through your closet and sell clothes you no longer wear, pick up a second job as an Uber or Lyft driver, or go outside the box and start blogging. If you live in a large home and have an extra room, consider posting it on AirBnB. Another option is turning a skill set into income. If you’re great at tennis, maybe you can offer lessons on weekends, or if cooking is more your style, offer classes after work! Options are endless.

 2017 is your year for financial success. Before you make a purchase, ask yourself, “Do I really need this pair of shoes?” Challenge yourself! For one month, don’t spend any money on eating out; instead, move it into your savings account. Sometimes, we don’t realize how much money we can save by removing something out of our lives, even if it is temporary. Happy New Year!

12 Ways to Spend $1,000

Imagine $1,000 falls into your lap. How would you spend it? Or would you save it? Here are some ideas on what you should do with that extra cash.

Kick Debt Out the Door.

Take the responsible option and get rid of that $865 balance remaining on your credit card. This option may not be the most adventurous route, but it will definitely be a weight off your shoulders. It could also add an extra $50 to your monthly disposable income and you can say "Good-bye" to interest.

700/300

Ever heard of the 700/300 ratio? Me either, but this option may work the best for you. Pay off some debt with $700 and have some fun with $300; a conservative approach with a spin.

Upgrade Your Wardrobe.

This may be a great opportunity for you to upgrade your wardrobe. Maybe purchase a new suit or that new purse you’ve been eyeing at your favorite high-end store. A new suit or new purse are style staples and can also come in handy when you need to look professional.

Quick Getaway, Anyone?

Sometimes we just need a break to relax, recharge, and getaway. Use $1,000 for exactly this. Purchase a roundtrip flight, or gas up your car and head towards that destination you’ve always wanted to visit. Spend a couple nights in a hotel, experience the culture, eat some delicious food, and then make your way back home.

Save, Save, SAVE!

Some people may consider this a less exciting option, but for those who want to play it safe – invest your $1,000 in a money market account or share certificate. Make that  money work for you!
 

Electronic Upgrade, Please!

It seems like every day there is a new upgrade available for your laptop or your cell phone. Maybe it’s time to upgrade your computer. If it weighs over five pounds, then it’s time to get rid of that desktop still using dial-up and invest in a new laptop. Upgrading your cell phone to the latest and greatest is always useful and, well, fun! Our society uses and relies on mobile devices more and more every day. You can make purchases by paying with your phone, find your location within seconds, or take a photo - all on your 5in x 3in device. It’s a good idea to invest in something so present and usable in today’s age.

Save It for that Unexpected Expense that WILL Come Up Next Month.

This seems to always happen. You get some extra money, spend it, and then shortly after you conveniently get a flat tire. Well, say “NO” to that unexpected expense by saving your spare $1,000. When you find yourself at the dentist with a $500 bill, okay let’s be real, a $900 bill, guess what? You can cover that no prob. Be prepared for these situations that conveniently hit you at the most inconvenient times.

Redecorating; Hello New Walk-In Closet!

Tired of staring at that old couch? Are your wooden floors starting to look like potential firewood? Time to consider a mini-home remodel! Use your extra $1,000 to do some spring cleaning around your house. Maybe organize your closet, hire someone to shampoo your carpets, replace some old furniture, or hire a landscaper to make your backyard a jungle of beautiful vegetation. Did we hear some say, "Pool Day"?

Continuing Education.

Dust off your thinking cap and enroll in some classes to further your skillset. Maybe learn a new language, improve your graphic design skills, or take some cooking classes. Improve yourself mentally by taking on a new challenge.

Healthy YOU!

Take advantage of your extra cash by hiring a personal trainer or joining a gym. Gyms can be on the expensive side, add a personal trainer and a new diet and watch that total grow. Clean up your diet by purchasing organic or shopping at your local grower’s market. Your body will thank you!

Donate.

Give your extra cash to a charitable organization of your choice. The money will be much appreciated and you’ll feel good knowing you contributed to a worthy cause. Go all out and donate some of your time too!

Invest in a New Hobby.

 

Always wanted to learn pottery? Maybe gardening is more up your alley? Well the moment you’ve been waiting for is here – take on a new hobby with your spare cash. Escape your daily routine by cycling through the mountains or canoeing down the nearest river.


There are a lot of ways to spend $1,000. Just remember to weigh out the pros and cons, and make a decision that is right for you and your financial situation.

New Year's Financial Resolutions

It’s that time of year again - time to pencil down your New Year’s Resolutions. According to Statisticbrain.com, “Spending less and saving more” is in the top three New Year’s resolutions in 2015. We are here to help! Although New Year’s resolutions may seem cliché or redundant, they don’t have to be. Resolutions can be a great way to start off the year with a fresh goal in mind. U.S. Eagle has some ideas to help you accomplish your financial resolution – Spend Less, Save More!

The first thing on the list is to create a budget.  How many of our readers budget already? If not, that’s okay – it’s never too late to start! According to Balancepro.net, a  good rule of thumb is to balance your budget using the following breakdown: 35% housing, 15% debt, 15% transportation, 10% savings, 25% other. Check out your checking account and divvy up your expenses under these categories…it’s surprising how much money we can spend in one month on coffee or eating out. Identify where you overspend. You may overspend on something and not even notice. Keeping track of your transactions allows you to be conscious of every purchase and constantly aware of your balance.  Once you have created a budget, find ways to make sure you stick to it! Some suggestions we offer are: direct deposit, manually balancing your checkbook (not relying on online banking), and setting a goal amount to have in your savings account at the end of the year.

Another financial goal that will never go out of style is improving your credit score. Wallethub.com cites that “…the annual difference in cost between good and bad credit is roughly $650 in credit card payments, $1,400 on your auto loan and $2,300 on a mortgage.” That’s a lot of money you could be saving! Keep in mind that debt is not always a bad thing; in fact, it is necessary to build credit. One way to improve your credit score is to maintain a credit card responsibly. Use the credit card and make your payments on time or pay off the balance monthly. This will report positive information to credit bureaus each month. If you’re in trouble with your credit score, U.S. Eagle offers a Credit Builder Credit Card to help you get back on your feet!

Our third financial resolution is to build an emergency fund. Unexpected expenses happen and we need to be prepared for when that time comes. What’s a good amount to have in savings? Six months’ worth of expenses is a good starting point. Calculate how much money you spend every month on your mortgage or rent, car payments, insurances, gas, groceries, etc. and multiply this amount times six. Create your emergency fund based on that number. We encourage you to save a little more than six months’ worth of expenses, but this will take time.

Our fourth financial resolution recommendation is to utilize automated payments. Avoid missing those due dates by scheduling payments to come out of your account automatically. Missing a payment usually results in a late fee, damage to your credit score, and lastly, a phone call to the company asking for mercy for about thirty minutes. If you don’t like automated payments, set up reminders. These alerts will notify you when a payment is approaching.

Our last financial resolution for 2016 is to make financial literacy a priority for you and your family. In a 2015 survey by Stanford & Poor’s, the United States ranked 14^th globally for financial literacy. We need to work together to improve our understanding of managing money starting with our youth.  The internet is a great resource to find information about budgeting, your credit score, saving, and more. U.S. Eagle offers free financial literacy for youth. We also offer free and confidential financial counseling and education through Balance. If you have any questions, come visit one of our friendly staff members who are more than willing to assist you. Remember, our mission at U.S. Eagle is to “Improve the financial well-being of each member and the communities we serve through trusted relationships.”

Tips and Tricks to Help You Save During the Holiday Season

The Holiday Season is upon us! Don’t worry – U.S. Eagle has your back. Check out these Holiday Tips to help you save during the Holiday Season.

1. Budget, budget, budget. Before you map out your shopping route, grab a pen and paper, make yourself a cup of hot cocoa, and create a list of all the people you need to purchase a gift for. Once you make your list and check it twice, set a dollar amount for each person. Plan not to spend more than this amount. Extra credit: Write down some gift ideas for people on your list!
2. Before braving the holiday crowds, do your research. Track down the Sunday paper and check out what’s on sale at your favorite shopping spot. Score some coupons using mobile apps like “RetailMeNot”, “Flipp”, and Target’s new “Cartwheel” app. Since we live in the Digital Age, take advantage of websites that price compare for you. Before you purchase something online, check out FreeShipping.Org and make sure you grab a free shipping code if it’s available! If possible, start your shopping early, saving it for the last minute tends to be an expensive and stressful adventure.
3. Use cash! Prepare for your on-foot shopping adventure by making your first stop at your financial institution. Take out your total budgeted amount and keep it separate from other spending money. Taking this precaution will lessen the chances of you overspending. U.S. Eagle is offering an Instant Holiday Loan through the end of December. We can deposit the cash right in your account. No need to worry about overspending!
4. Didn’t save for the holidays? Use plastic. I may be able to recommend one of the best credit cards around…U.S. Eagle has some of the lowest rates in the state! If you choose to go this route, make sure you don’t overspend. You’re more likely to spend more using a credit card instead of cash. Another tip, Skip-A-Pay at U.S. Eagle will give you some spending leeway this holiday season.
5. If you’re extra tight on money this holiday season, DIY projects are usually inexpensive and allow you to be creative. You can also create in bulk. Sugar scrubs, homemade cookies, coupon books, candles, ceramic tile coasters, embroidered handkerchiefs, or hand designed mugs are a few gift ideas that are affordable, easy-to-do, and personable for this holiday season. Pinterest or a simple Google search will give you endless DIY ideas!
6. If you plan on purchasing lots of gift cards, take advantage of e-cards. A lot of retailers offer gift cards you can purchase online and send to someone via email for little to no cost! Use GrannyGiftCard.com to purchase gift cards at a discounted price. Personalization of your gift card is usually available on websites as well.
7. If you’re a super shopper, plan on taking full advantage of offers on dreaded Black Friday and anticipated Cyber Monday. Prep yourself ahead of time, find the best discounts, map out shops in the city, and do your research. Beware – some of these “deals” are no better than shopping on a Tuesday or Sunday!
8. If you’re worried about your bank account with the holidays approaching, find areas you can cut back. Driving past Starbucks instead of going to the drive-thru twice a week will save you around $40 per month. Making your lunches at home instead of dining out and ordering water when you do dine out, will help save you some money too.
9. Enjoy free activities around town. If you’re short on money this holiday season, check out Christmas light displays with your loved ones. Pack up your family in the car, put some delicious hot chocolate in a jug, and see beautiful light displays. Some other ways you can afford holiday cheer are: gathering your friends and family for a Christmas caroling journey, volunteering at local shelters and charities, or hosting a Christmas potluck.
10. Remember the reason for the season. Although a lot of stress may come with your holiday planning, remember your reason for celebrating. Spending time with family will always be more meaningful than presents. Volunteer some time at local charities and bake your neighbor some holiday cheer! Happy Holidays!