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.

Vacay Without Breaking the Bank!

Summer is almost here which means a vacation is in order. How do we go about planning a vacation without breaking the bank? Here are some ideas:

1. ROAD TRIP! Gather the family (or friends) and hit the road. Make a stop at the Grand Canyon or Elitch Gardens and spend some time in nature or touring some shops and museums. Quality time with the fam or your closest pals is always a fun time.

2. Use Airbnb! For those of you who don't know, Airbnb connects people to unique travel experiences, at any price point, in more than 34,000 cities and 191 countries! Talk about some options. If you're home for the summer and looking to make some extra cash, put that spare bedroom on Airbnb and earn some money.

3.  Tour New Mexico. New Mexico is beautiful and if you like the outdoors, then you're in luck because you have a lot of options. White Sands, Santa Rosa Blue Hole, Carlsbad Caverns, camping in Ruidoso, zip-lining in Angel Fire...the list really goes on...be a local tourist!

4. STAY-cation. Yes, this is a thing and it's pretty fun. Here's the idea- you stay at home, but you act like you're on vacation which means no work, eating junk food, going to the pool, shopping, and watching movies until 2am. Affordable, yet still a vacation.

5. Camping. Grab your cooler and fill it with hotdogs, marshmallows - the necessities, and head for the mountains. Set up your tent, lay out your sleep bag, and tell your best spooky story. Camping is affordable and away from the city, so you still get that vacation-feel with the plus of nature for the weekend.

Summer is right around the corner, so remember, you can still vacay without spending thousands of dollars. A vacation can be a tent in the backyard or a movie marathon in your living room. Just remember to take some time off, relax, and maybe spend some quality time with your loved ones or pet!

the LADDER CERTIFICATE!!

Okay guys. We are about to talk about something cool, but also a little bit complicated. Not sure if you have heard the news, but one of our premier investment products is called the “Ladder Certificate”.

What’s a "certificate" and why is it called a “ladder”? Let me break it down…

First, let me start off with the question - what is a CD? And no, I am not referring to those circular disks from the 90s we used to listen to music in a stereo. This type of CD is defined as a certificate of deposit. At credit unions, we call them “Share Certificates”. A CD is a product where you place your money in an account for a period of time (as little as 3 months or as long as maybe 5 years) while you earn a higher interest rate; typically more than your savings or checking accounts.  U.S. Eagle offers a product that most banks or credit unions don’t…ahem, drum roll please…the LADDER CERTIFICATE!

So, what is this infamous ladder certificate you ask? It is five CDs (share certificates) in one. The ladder consists of a one year, two year, three year, four year, and five year share certificates.  Each one of these certificates will earn the 5-year interest rate. When the 1-year CD matures, (meaning coming up for renewal) it will automatically turn into the 5-year CD, while the 2-year CD is now the 1-year (because you only have a year left for maturity), and the 3-year becomes the 2-year, and so on.

The unique thing about this ladder certificate is you can contribute to the CD whenever you have $1,000.00 or more to equally disperse amongst the CDs, (in this case, $1,000.00 will be split into all 5 of the CDs) all the while you still earn the interest rate of the 5-year CD. 

This sets the Ladder Certificate apart from other CDs because it allows you to make continuous equal deposits into each of the 5 CDs whenever you want as long as you do not break your ladder. If you do close out any of the CDs when they mature, you can no longer contribute to the remaining CDs.

So, save up some money and invest it. You'll make money on your money. Plus, you'll sound cool when you explain this investment to all your pals, "Yeah...just invested my money in a ladder certificate...oh you don't know what that is?"

 

Annual Meeting at U.S. Eagle!

Once you deposit $5 into your savings account at U.S. Eagle, you become a member-owner.  It’s the most unique benefit of being a member at U.S. Eagle, which is why we invite all members to our Annual Meeting. We want your voice to be heard.

Who attends an Annual Meeting? Other shareholders, but more importantly, local people in our community who have invested in the same financial institution and share the same goals for the future as you do.

 So, what goes on at an Annual Meeting and why should you attend? 

Status report of U.S. Eagle’s fiscal year
Learn about the current financial standing of U.S. Eagle. Key management officers will also discuss goals and initiatives for 2017.

Board of Directors elections
Members on the Board of Directors serve three year terms. Make your vote count if there's an election.

Open discussion with Board of Directors and  U.S. Eagle staff
Time for some Q & A!

Scholarship recipients announced
Three students will take home big giant checks valued at $2,000 towards school.

Giveaways!
Self-explanatory.

Social Hour
Enjoy delicious hors d’oeuvres and meet some fellow Eagles.

 

 

So, on Wednesday, May 4th at 6:30pm, make sure you're at The Event Center at Sandia Golf Club. We'll see you there!

Crashing the GAC!!

What does “Crashing the GAC” consist of? Over 30 sessions, meetings, and discussions; nearly 85,000 steps; and a 90+ hour work week…all in less than six days. I can now proudly say, I am a GAC Crasher Alum.

Although the list above may seem a bit daunting, Crashing the GAC has been an invaluable experience and one of the best opportunities of my professional career. Before I go on, let me explain what the GAC is. The Governmental Affairs Conference is an annual meeting in Washington D.C. of credit unions from around the nation designed to ignite the credit union movement. The GAC guest list includes top leaders at credit unions, associations and leagues, keynote speakers, and mainly just really important people who have worked hard to get where they are…cue 52 millennials in bright yellow shirts. That would be me, us, THE Crashers. Now, let’s review what exactly a “Crasher” is. A Crasher is a young person selected from each state to attend the GAC and shake things up. We are there to network, learn, and network.


Selfie with Rep. Ben Ray Lujan

Crashing the GAC was amazing. The main thing I took away from this experience is, understanding the credit union movement. I want to make a difference in my position and help people, now, I know even more ways to make that happen. I met so many passionate people at the GAC who were inspiring and on fire about the credit union movement. Credit Unions are more than just financial institutions. Credit Unions are places where people can go to financially succeed. Credit Unions are places that will, of course, hold your money, BUT they serve our members and have their best interest in mind. Credit Unions will sit down with members and have that tough conversation, but then do all we can to help you in the long run. Credit Unions are owned by its members. Credit Unions serve people.


I’m excited to make a difference and impact lives while representing my credit union every day. Being a part of a credit union means that I am an advocate for the credit union movement. I get to spread the news about how people can join a credit union. People need to know they can join and not feel nervous or burdened by their financial situation. People can expect a trusted relationship with the place that takes care of their money. People CAN improve their financial well-being, and, we will do our best to ensure we are there for them every step of the way.

Tax Refund Tips

It's the most wonderful time of the year! Tax Season is here! Let's fast forward to the fun stuff (hopefully). Your tax refund. How are you going to spend your tax refund? Will you tuck your money away for a rainy day? Or, will you buy that new iPad you’ve been eyeing? Before you make a decision, check out these tips from the Eagle!

1.       Emergency Fund

You never know what life is going to throw your way. When something unexpected does happen, make sure you're prepared. Make sure you have money tucked away to cover yourself should something unfortunate ensue. If you’ve been reading up on our blog posts, you know the recommended amount one should save is six months’ worth of expenses. Add up all your bills and multiply the total times six – there’s your goal. This is not an account that will accumulate overnight. This is a long term goal you can set for yourself, but adding a chunk of your tax return to this account definitely would not hurt!

2.       Pay Off Debt

Let me introduce you to what I call the "Debt Cloud". This lil' guy is your shadow when you have credit card debt. He's quiet, and just looms over your shoulder. Maybe the Debt Cloud is hangin’ out with you as we speak. How great does it feel when that cloud is gone? Seriously, can he just leave already? It’s a great feeling to no longer have to make a payment on a credit card. I know for me personally, it’s amazing to have the feeling of freedom from debt! The average American balances around $5,000 in credit card debt. No Bueno. Use your tax refund to pay off some debt. Get rid of the Debt Cloud that’s been your constant companion for the past year. Say “Goodbye” to those monthly payments, interest rates, and credit card balances that never seem to diminish.

3.       Add to Your Retirement Fund or Invest

It’s never too early to save for retirement. It’s never too late to save for…wait. It’s never a bad time to add to your retirement savings! If your current finances are in check, stash some money away for retirement. If you already put in enough money per paycheck into your 401(k) for your company to match, consider starting an IRA. An IRA allows you to have more control over your savings than a 401(k). The sooner you save; the better off you’ll be in the future. In addition to securing your future, consider investing your money in stocks or bonds. Choose to be risky and invest in stocks, or be conservative and invest in bonds. Another saving option is a designated college savings account. Earn a return on your savings by opening a Coverdell IRA and save for your kids or grandkids’ college education.  

4.       Maintenance, Repairs, and Home Additions

Tired of creaky wooden floors? Duct tape no longer working on those leaky pipes? If you’re anything like me…a swimming pool in the backyard will do. Okay, okay, maybe a little bit too extravagant. Take advantage of your tax refund and repair your house or manicure your yard. Save even more by becoming Mr. Fix-It for a day.  

5.       Save, Save, Save! 

If you have an emergency fund already set aside, consider saving for an upcoming large purchase you see in your near future. Maybe you can add some of the funds to your Holiday Account. You can never do wrong when you save your money.

6.       Fun?

Fun?! Did she just list “Fun”? Yes, yes I did. There is nothing wrong with spending your tax refund on a family vacation or that swimming pool you’ve been dreaming of for years because you love swimming and reading a good book near the pool while drinking some iced tea…oh, am I talking about me again? Sorry, got a little bit distracted. Anyways, as long as your savings are in order – have FUN with your tax reFUNd! See what I did there?

7.       Give to Others

You can never go wrong by using your tax refund for the greater good. Donate your funds to charities around town or use the money to help someone else in need. The return will never seem sweeter.

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.”