Latest News https://wwfcu.org/media/?p=2700 https://wwfcu.org/media/blog/why-use-a-digital-wallet/ Digital Wallet Apple Pay digital wallet Fraud Google Wallet online shopping Why Use a Digital Wallet? If you haven’t fully jumped on the digital/mobile wallet bandwagon, now might be the time. A digital wallet is a smartphone app like Apple Pay, Google Pay or Samsung Pay that lets you store your debit and credit cards in it and then pay for transactions with just a tap. Many people haven’t used a Thu, 12 Sep 2019 10:57:25 Z Amy Neale <p>If you haven’t fully jumped on the digital/mobile wallet bandwagon, now might be the time. A digital wallet is a smartphone app like Apple Pay, Google Pay or Samsung Pay that lets you store your debit and credit cards in it and then pay for transactions with just a tap.</p> <p>Many people haven’t used a digital wallet in fear of fraud or that it’s just something new that they haven’t tried yet. However, more and more stores and online retailers are including digital wallets in their checkout, so it might be time to give it a try. Here are some other reasons to start using a digital wallet:</p> <ul> <li><strong>Reduced Fraud</strong>– It’s become easy for fraudsters to get your credit card number thanks to breaches or more traditional thefts. By storing your credit and/or debit cards in a digital wallet, you’re safeguarding yourself from this kind of fraud. Your full credit card number is never displayed when making a transaction. Plus, there are other safety precautions such as biometrics and encryption.</li> <li><strong>Simplicity</strong>– We already take our phones with us wherever we go. Using a digital wallet means you can pay with your phone and leave your credit cards at home. Oftentimes, using a digital wallet means online or in-store checkouts are much faster as well.</li> <li><strong>Perks</strong>– Many digital wallets let you store your loyalty cards as well as credit/debit cards, so you’re sure to get any rewards or discounts you’ve earned. If you earn rewards on the credit card itself, using your card via a digital wallet is just the same as using a physical card. You still earn the points, miles or cash back you would with the actual card.</li> </ul> <p><strong>Apple Pay at WWFCU</strong></p> <p>Did you know that you can link your WWFCU credit and debit cards with Apple Pay? <strong>Speak to a Member Service Specialist either <a href="https://www.wwfcu.org/about-us/get-in-touch/atms-locations-hours">in our branch</a> or on the phone at (734) 721-5700 to find out how. </strong></p> 2019-09-12 10:57 +00:00 2019-09-12 05:57 -05:00 https://wwfcu.org/media/?p=2697 https://wwfcu.org/media/blog/money-lessons-with-back-to-school-shopping/ Kids shopping back-to-school budget needs vs. wants Save school shopping school supplies Money Lessons with Back-to-School Shopping For most kids, back-to-school shopping is all about finding the perfect pencil bag or backpack. But as their parents, it’s up to you to take it up a notch and use it to teach them a few financial lessons as well: Budgeting– Work with your kids to put together a shopping list and then a Thu, 05 Sep 2019 10:53:39 Z Amy Neale <p>For most kids, back-to-school shopping is all about finding the perfect pencil bag or backpack. But as their parents, it’s up to you to take it up a notch and use it to teach them a few financial lessons as well:</p> <ul> <li><strong>Budgeting</strong>– Work with your kids to put together a shopping list and then a budget of what they can spend on their school supplies and even clothes. Be sure to take the list with you when you shop – and remember to stick to your budget.</li> <li><strong>Comparison Shopping</strong>– Thanks to store websites and weekly flyers, you can get a good idea of what those pencil bags and backpacks will cost and who has the best price. Write the name of the stores next to the items on your list.</li> <li><strong>Needs vs. Wants</strong>– This is a valuable lesson for kids, one you’ll probably need to keep reminding them of as they grow! You can prioritize your list to the items they really need for school vs. what they just want. Let them know that you’ll have to buy the items on the “need” section of the list and then maybe splurge on a “want” once all your shopping is done and you have some leftover money.</li> <li><strong>Low vs. High</strong>– This lesson is especially relevant when it comes to clothes shopping. Does your child have to have the latest $200 sneakers? You have two great choices here. One, either explain how much they could actually get for their $200 if they picked a $50 pair and then spent the rest on other clothing. Two, you could find a comparable yet lesser expensive pair of sneakers, jeans or whatever high-price item you’re battling over. If they can’t live without those $200 sneakers, offer to pay $50 of it – or the price of a regular pair of sneakers – and they have to pay the rest. They may soon realize they don’t really want those high-price sneakers after all!</li> <li><strong>Cash vs. Credit</strong>– As with most shopping, it’s ideal to use cash when back-to-school shopping instead of credit cards. Let your child understand the difference and why it’s better and usually less expensive to pay cash for items rather than pay by credit and accrue interest.</li> <li><strong>Earning More</strong>– If your child decides they must have items beyond their budget, you can give them the option to work off the balance. Explain your monthly income and expenses, highlighting that you get paid for the work you do and that you try not to spend more than you earn.</li> </ul> <p>The above are all lessons you may need to teach over several back-to-school seasons, depending on your child’s age. Or you may need to repeat them every year or so to refresh their memories on good financial habits.</p> 2019-09-05 10:53 +00:00 2019-09-05 05:53 -05:00 https://wwfcu.org/media/?p=2649 https://wwfcu.org/media/blog/how-to-raise-money-smart-kids/ Kids children give kids money Save spend talk about money youth account How to Raise Money-Smart Kids For some parents, talking to their kids about money is almost as difficult as discussing the birds and the bees. Don’t be one of those parents! Talking to your kids about money should basically be a series of easy, simple and straightforward conversations that you have throughout their lives. No pressure, right? Early Elementary Before Thu, 29 Aug 2019 11:05:46 Z Amy Neale <p>For some parents, talking to their kids about money is almost as difficult as discussing the birds and the bees. Don’t be one of those parents! Talking to your kids about money should basically be a series of easy, simple and straightforward conversations that you have throughout their lives. No pressure, right?</p> <p><strong>Early Elementary</strong></p> <p>Before age 7 or 8, you’ll want to teach your children money basics. That means explaining what the different coins and bills are worth. There are many online games and mobile apps to help with this. You’ll also want to start going over what things cost – the grocery store is a great place to start with this lesson. Show them price tags and explain how many dollars, quarters, dimes, nickels and pennies it costs.</p> <p><strong>Ages 7-9</strong></p> <p>Around second or third grade you’ll want to go beyond the basics. Get your children involved with daily financial decisions. Again, the grocery store is a great starting point. Let them know what your grocery budget is for your next shopping trip and put a list together of what you need. Show them how you stay within your budget, even excluding the luxuries like ice cream or chips if you can’t afford them this trip. Check out the store’s flyers and websites/apps to determine costs.</p> <p>This is also the age you might want to consider starting an allowance. General rule of thumb is a dollar for each year of their age. So, if they’re 8, they’ll get $8. Whether that’s per week is up to you and should also depend on what they’ll be doing to earn their allowance. Normal chores like making their beds each day or doing their dishes shouldn’t be included. But extra cleaning or yard work are all good ways to show them how they can earn money for the work they do – just like a grown-up!</p> <p><strong>Ages 10-13</strong></p> <p>Around fifth or sixth grade you can take the financial education up a notch and start including goals and the three jars approach. Each allowance or gift of birthday/holiday money they get starts getting divided into three categories: save, spend and give. This will teach them about giving back to their communities and those less fortunate, as well as delayed gratification. The latter is something all kids – and many adults – need help learning!</p> <p>Work with them to decide how much to put in each “jar,” which could be an actual jar, envelopes or accounts at your credit union. The most should go into the save jar, with a smaller portion going to the give jar and even smaller portion to the spend jar. Help them determine a savings goal like a new toy, book, game or even an upcoming event or movie they’re interested in attending. Either use a notebook, spreadsheet or mobile app so they can track their progress in reaching their goal.</p> <p><strong>Teenagers</strong></p> <p>The older children get, their needs and wants usually become more expensive. The teen years are the ideal time to start showing them how to create personal budgets, use a checkbook register (or other way of tracking their income and expenses) and the pros and cons of borrowing money.</p> <p>If your older teen has a job, help them track how much income is really coming in and if/when they can buy things they need like clothes, a tank of gas, video games or a movie with friends. You could even have them start helping with school-related expenses like sports fees, field trips, etc. Guide them through budget-related questions like whether it’s better to buy a single pair of expensive shoes versus two less expensive pairs. This is a great time to go over the value of items and how better-quality things usually cost more and are worth the money.</p> <p>If they are looking to purchase something they can’t afford, you could lend them the money. Attach some form of interest, whether it’s actual money or an alternate option like doing extra chores around the house. Figure out the terms of the loan like the interest and amount of time they have to pay you back – as well as the ramifications if they don’t. Again, this could be monetary or task-related. As they age, you can step it up even more and get into the nitty gritty of auto loans, mortgages and credit cards.</p> <p><strong>Make it Fun</strong></p> <p>Finally, make learning fun! There are dozens of mobile apps out there that feel like games but are designed to help your children learn. Also, don’t forget the oldie but goodie &#8230; Monopoly. It’s a great lesson in saving, earning, owning and mortgaging property and even income taxes! Here are a few apps you might want to check out:</p> <ul> <li>Coin Junior (Google Play)</li> <li>Kidsbank (Google Play and App Store)</li> <li>Count Money (Google Play and App Store)</li> <li>Cha-Ching Challenge (Google Play and App Store)</li> <li>Pennybox (App Store)</li> </ul> <p>Let your children help guide what they need or want to learn and give them plenty of room to ask questions. This enables you to get a feel of what they actually already know and where to go from there. <strong>If you have some financial questions of your own, don’t forget to </strong><a href="https://www.wwfcu.org/about-us/get-in-touch/atms-locations-hours"><strong>stop by our branch</strong></a> <strong>or call (734)721-5700.</strong></p> 2019-08-29 11:05 +00:00 2019-08-29 06:05 -05:00 https://wwfcu.org/media/?p=2646 https://wwfcu.org/media/blog/get-the-most-out-of-online-banking/ Online Banking account banking bill Checking computer deposit laptop online banking savings Get the Most Out of Online Banking If you’re like most of us, you use online banking to check your balances, account statements and maybe pay a bill or two. But there’s so much you can do! As much as we love seeing you in our lobby or drive-thru, you can perform many of your daily transactions using our online banking. What Thu, 22 Aug 2019 11:02:45 Z Amy Neale <p>If you’re like most of us, you use online banking to check your balances, account statements and maybe pay a bill or two. But there’s so much you can do! As much as we love seeing you in our lobby or drive-thru, you can perform many of your daily transactions using our online banking.</p> <p><strong>What You Can Do</strong></p> <p>Using your laptop, PC, tablet or phone, you can use online banking to:</p> <ul> <li>Access account balances and history for any of your WWFCU accounts</li> <li>Make one-time and recurring funds transfers</li> <li>View statement and check images and downloads</li> <li>Research transactions</li> <li>Make loan payments</li> <li>Get a loan payoff quote</li> <li>Skip a loan payment</li> <li>Apply for a loan</li> <li>Pay a company, person or credit union/bank</li> <li>Place and monitor stop payments</li> <li>Make loan advances or draws</li> <li>Transfer funds between financial institutions</li> <li>Download account information</li> <li>Manage personal information like your email or <a href="https://www.youtube.com/watch?v=gT04HzigRUU">password</a></li> <li>Update your mailing address</li> </ul> <p><strong>We hope you’ve discovered a few tasks you didn’t realize you could do with WWFCU’s online banking. If you haven’t signed up for it yet, just visit our website and click on Sign Up or just </strong><a href="https://www.netteller.com/login2008/Authentication/Views/OnlineEnrollmentAgreement.aspx?returnUrl=%2fwwfcu"><strong>click here</strong></a><strong>. Questions? </strong><a href="https://wwfcu.org/about-us/get-in-touch/atms-locations-hours"><strong>Stop by our branch</strong></a> <strong>or call (734)721-5700.</strong></p> 2019-08-22 11:02 +00:00 2019-08-22 06:02 -05:00 https://wwfcu.org/media/?p=2643 https://wwfcu.org/media/blog/top-5-reasons-you-need-a-cd/ CD certificate certificate of deposit deposit interest money Save Top 4 Reasons You Need a CD There are literally dozens of ways you can save and invest your money these days. But the truth is, most of us are looking for something simple, dependable and relatively risk-free. If that’s what you want, then a certificate of deposit (CD) may be the answer. (They’re called share certificates at WWFCU.) The ABCs of Thu, 15 Aug 2019 10:56:40 Z Amy Neale <p>There are literally dozens of ways you can save and invest your money these days. But the truth is, most of us are looking for something simple, dependable and relatively risk-free. If that’s what you want, then a certificate of deposit (CD) may be the answer. <em>(They’re called share certificates at WWFCU.)</em></p> <p><strong>The ABCs of CDs</strong></p> <p>A CD is a savings certificate that has a fixed maturity date and a specified fixed interest rate. They can be issued in varying amounts and term lengths. Your access to the funds is restricted until its maturity date. Once the CD matures, the entire principal and the earned interest can be withdrawn. WWFCU offers share certificates for terms of 3, 6, 9, 12, 15, 24, 35, 48 and 60 months. <a href="https://www.wwfcu.org/products-services/loans/our-rates">Click here to view our rates</a>.</p> <p>Most CDs are what’s called non-negotiable, which means they can’t be transferred, sold, bought or exchanged. And if you withdraw your funds before the maturity date, you’ll pay a penalty fee. The cost of the fee depends on the length of your CD, and are usually based on the established amount of interest.</p> <p><strong>Why Choose a CD?</strong></p> <p>With all of the savings/investing options out there, why should you choose a CD? We have four great reasons why:</p> <ol> <li><strong>Risk</strong><br /> If you like to play it safe with your investments, then a CD is probably an excellent choice for you. The National Credit Union Administration insures deposits up to $250,000 per individual, so your money is protected. (<a href="https://www.wwfcu.org/Portals/0/Docs/NCUA_insured-funds-brochure-10.16.pdf">Click here to learn more</a>.) A main benefit of a CD is that it doesn’t work like stocks, the amount doesn’t fluctuate depending on the market. Your CD will slowly grow at a steady rate.</li> <li><strong>Rates</strong><br /> Speaking of steady rates, a CD’s rate will be higher than your average savings account. Here’s a good comparison &#8230; A 5-year CD at our current rate of 1.66% annual percentage yield (APY) compounded monthly will earn $2,065.03 on an initial investment of $25,000. The same amount put into a savings account that pays at our current rate of 0.05% would earn just $62.58 in five years if the interest rate remains the same.</li> <li><strong>Dates</strong><br /> Whether you’re saving for a car in six months or college in five years, you can find a CD to meet your needs and align with your financial goals. They are a great option if you have a large, one-time expense you know will be heading your way. And you can usually time the CD’s maturity date to when you’ll need it for that expense.</li> <li><strong>Fees<br /> </strong>One of many great aspects of a CD is that they usually don’t come with any fees. However, if you redeem your certificate before it matures, you may have to pay an “early withdrawal” penalty or forfeit a portion of the interest you earned. Just make sure you read the fine print before you sign so you’re aware if there are fees and what the penalties will be.</li> </ol> <p><strong>If getting a CD sounds good to you, </strong><a href="https://www.wwfcu.org/products-services/savings/investments/certificates"><strong>learn more about WWFCU’s CDs here</strong></a> <strong>or speak to a member service specialist either </strong><a href="https://www.wwfcu.org/about-us/get-in-touch/atms-locations-hours"><strong>at our branch</strong></a> <strong>or by calling (734)721-5700.</strong></p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> <p>&nbsp;</p> 2019-08-15 10:56 +00:00 2019-08-15 05:56 -05:00 https://wwfcu.org/media/?p=2640 https://wwfcu.org/media/blog/paying-for-college-at-wwfcu/ Student Loan graduate school Loan MBA medical school Sallie Mae student loan Paying for College at WWFCU It’s no secret that college tuition seems to increase by leaps and bounds every year. According to U.S. News &#38; World Report, in-state public college averages $9,716 for the 2018-2019 year and $35,676 for private colleges. Multiply that by the two to four years you’ll need to attend, it really adds up. Never fear, Wayne Thu, 08 Aug 2019 10:53:22 Z Amy Neale <p>It’s no secret that college tuition seems to increase by leaps and bounds every year. According to U.S. News &amp; World Report, in-state public college averages $9,716 for the 2018-2019 year and $35,676 for private colleges. Multiply that by the two to four years you’ll need to attend, it really adds up. Never fear, Wayne Westland Federal Credit Union (WWFCU) is here to help.</p> <p>WWFCU has partnered with Sallie Mae to offer its members multiple student loan options at great rates. For undergraduate students, we have the Smart Option Student Loan. Here’s a look at what it offers:</p> <ul> <li>Multiple in-school repayment options plus a choice of competitive fixed and variable interest rates, providing even more flexibility</li> <li>No origination fee and no prepayment penalty</li> <li>Benefits and an interest rate reduction available</li> <li>Rates that reward creditworthy borrowers</li> <li>Applying with a creditworthy cosigner may help you qualify</li> <li>100% US-based Student Loan Specialists</li> </ul> <p><strong>Other Student Loans</strong></p> <p>Thanks to Sallie Mae, our members can also apply for these loans:</p> <ul> <li>Parent Loan</li> <li>Graduate School Loan</li> <li>MBA Loan</li> <li>Medical School Loan</li> <li>Dental School Loan</li> <li>Graduate School Loan for Health Professionals</li> <li>Medical Residency and Relocation Loan</li> <li>Dental Residency and Relocation Loan</li> <li>Law School Loan</li> <li>Bar Study Loan</li> </ul> <p><strong>To learn more about how WWFCU members can get great student loans through Sallie Mae, </strong><a href="https://www.wwfcu.org/products-services/loans/personal-loans/student-loans"><strong>click here</strong></a> <strong>or call (734) 721-5700. </strong></p> 2019-08-08 10:53 +00:00 2019-08-08 05:53 -05:00 https://wwfcu.org/media/?p=2633 https://wwfcu.org/media/blog/save-money-this-back-to-school-season/ Kids back-to-school save money school school supplies Save Money this Back-to-School Season Who knew that erasers and binders could cost so much? Americans spent over $28 billion on back-to-school purchases in 2018. That’s an average of about $650 per child. Scary, huh? Your bottom line doesn’t need to be so scary or so high. We have a few tips to help you save some money this back-to-school Thu, 01 Aug 2019 11:01:24 Z Amy Neale <p>Who knew that erasers and binders could cost so much? Americans spent over $28 billion on back-to-school purchases in 2018. That’s an average of about $650 per child. Scary, huh?</p> <p>Your bottom line doesn’t need to be so scary or so high. We have a few tips to help you save some money this back-to-school season.</p> <ol> <li><strong>Take an Inventory</strong><br /> Chances are, you have some unused, left over school supplies from the previous school year. Lay everything out and make a list of what you have and what you need. Be sure to wait till the school’s or teacher’s school supply list comes out before making your final shopping list.</li> <li><strong>Create a Budget</strong><br /> Time to get your kids truly involved. Go through the list with them and come up with estimates on how much you’re going to spend on each item. A little online research will help you come up with a realistic number. It will also show your children just how much supplies really cost! It may also help them stick to their budget better.</li> <li><strong>Review Your List</strong><br /> There are usually items on a school list that your child probably doesn’t really need or may not need right away. Prioritize what items are “must haves” and what items you can wait to buy. If they’re asking for three containers of sanitized wipes, maybe buy one now and the other two later in the school year. This is also a good time to think about what sells out at stores first, like those cute, trendy folders and pencils bags, and move them up the prioritized list.</li> <li><strong>Shop the Sales</strong><br /> From Office Depot to Target, every store has a different time period they offer huge bargains on supplies. Keep an eye on the store flyers, either in the mail or online, to see when it will be the best time to hit up each store. A good example is Staples usually offers 1¢ reams of paper once a year, usually around early August. Take out your list and write next to the items the stores and dates to get the best deals. Don’t forget that many stores offer price matching guarantees if you want to do all your shopping in one place but another store has a better deal.</li> <li><strong>Wait to Purchase</strong><br /> While many school supplies and deals will run out before the end of September, clothing is one item that can definitely wait. Sure, buy that outfit for the first day back at school, but wait till at least the end of September to buy the bulk of your school clothes – that’s when most of the clothing sales occur.</li> <li><strong>Buy in Bulk</strong><br /> If you’re not already a Costco or Sam’s Club aficionado, now is the time to jump on the bandwagon. They’re terrific school supply destinations, especially if you have more than one child or to stock up for the year if you have just one child. Mechanical pencils, clothes, shoes, plastic baggies and snacks can all be found in great quantities at usually even better prices at these warehouse stores.</li> <li><strong>Shop Inexpensively </strong><br /> Don’t forget your local dollar or thrift stores when back-to-school shopping. Dollar stores usually have a great inventory of school supplies to choose from. Thrift stores are a fantastic place to get gently worn kids’ clothes, which is a great option when they’re younger and grow out of their clothes quickly. You may even be able to find school uniforms basics like polos and khakis.</li> <li><strong>Use Gift Cards</strong><br /> Store gift cards are a great way to stay on budget. Get them for the amount you’re able to spend at each store and don’t go above that amount when shopping. An added plus is many stores like Kroger offer you extra perks when you buy gift cards for local stores or Visa/Mastercard gift cards.</li> <li><strong>Get Social</strong><br /> If you’re on Facebook, Twitter, Instagram or Snapchat, follow your favorite back-to-school brands and retailers. Many of them will post exclusive savings on their social media accounts. So, why not be in-the-know and save at the same time?</li> <li><strong>Have Some Fun</strong><br /> Back-to-school season can be very stressful – and expensive – for parents. Don’t forget to take some time to remember how magical and fun this time of year is for your kids. Let them splurge on that cute character lunch box they’ve wanted or the trendy must-have backpack. It’s these little things that your children will remember when school is over.</li> </ol> <p><strong>Still have supplies to buy but can’t make ends meet? WWFCU has a Summer Loan Special that can help with that. Call (734) 721-5700 or stop by our branch to learn more.</strong></p> <p>&nbsp;</p> 2019-08-01 11:01 +00:00 2019-08-01 06:01 -05:00 https://wwfcu.org/media/?p=2630 https://wwfcu.org/media/blog/three-jars-teach-your-kids-to-save-spend-and-give/ Kids donate Save spend three jars youth account Three Jars: Teach Your Kids to Save, Spend and Give If your kids are like most, any money you give them burns a hole in their pockets. This isn’t that different from most adults, come to think of it! As parents, you want to set your kids on the right money path as soon as possible so they learn the value of saving and giving Thu, 25 Jul 2019 11:00:20 Z Amy Neale <p>If your kids are like most, any money you give them burns a hole in their pockets. This isn’t that different from most adults, come to think of it!</p> <p>As parents, you want to set your kids on the right money path as soon as possible so they learn the value of saving and giving – as well as the fun of spending. Around the age your child begins either preschool or kindergarten is probably a good time to start with the three jars method.</p> <p><strong>Three Jars</strong></p> <p>You can probably tell from the name, you’ll need to get three jars. Three pint-sized Mason jars and work with your children to decorate them as they see fit. The only requirement is that you label them <strong>Save</strong>, <strong>Spend </strong>and <strong>Give</strong>. Feel free to make a slot in the jar lid, buy the lids <a href="https://www.amazon.com/s?k=slotted+mason+jar+lids&amp;gclid=EAIaIQobChMIm6iY0orQ4gIVRL7ACh2KWgxwEAAYAiAAEgKAKvD_BwE&amp;hvadid=241910478874&amp;hvdev=c&amp;hvlocphy=9016909&amp;hvnetw=g&amp;hvpos=1t2&amp;hvqmt=e&amp;hvrand=5226857323560906508&amp;hvtargid=kwd-134719668321&amp;hydadcr=24632_10399690&amp;tag=googhydr-20&amp;ref=pd_sl_14dwz3pklj_e">already slotted</a> or just open the jar for every deposit.</p> <p>Now it’s time to determine an allowance. While many parents feel allowances teach children the wrong lessons, we feel this exercise is just what a child needs to learn money basics. If you’re dead-set against allowance, use the three jars for birthday money they receive, etc. The standard rule of thumb for allowance is a dollar for every year. So, if you’ve got a 6-year-old, you give them $6. Whether that’s weekly, bi-weekly or monthly is up to you.</p> <p>Once you’ve figured out the allowance, you divide that number by three and have your child put it in the jars. Using our above example, the $6 would be $2 per jar. Kids immediately understand the spending part of the exercise, but you’ll need to work with them on the Save and Give parts.</p> <p><strong>Keep Them Motivated</strong></p> <p>It may help motivate your child to save if you work with them on goals. Is there a bigger ticket item they’d like such as a video game or stuffed animal? Get a notebook and write down the price of the item and then track how much is in the jar with each deposit to show how close they’re getting to their goal.</p> <p>For the Give jar, let them do the research into where they’d like to donate their money. Do they love animals? A local shelter would be a good choice. Do they want to help out other children? There are plenty of shelters or medical-based charities to choose from. Decide with them how much each donation should be and keep track of that number as well.</p> <p>Depending on how old your child is and how well the three-jar exercise goes, you may want to progress to a savings account after six months or a year. That way they can learn about the benefits of interest as well as saving! Plus, WWFCU has youth savings challenges and raffles to help make savings fun. No matter how you proceed, you can be happy knowing you’re teaching your child valuable money lessons.</p> <p><strong>To learn more about our youth accounts, <a href="https://wwfcu.org/about-us/get-in-touch/atms-locations-hours">stop by our branch</a> or call (734)721-5700.</strong></p> 2019-07-25 11:00 +00:00 2019-07-25 06:00 -05:00 https://wwfcu.org/media/?p=2627 https://wwfcu.org/media/blog/should-you-retire-or-become-an-entrepreneur/ Retirement business owner entrepreneur investment risk Should You Retire or Become an Entrepreneur? The average age that people are retiring these days is 60. For the past twenty years, that number has slowly been rising. The main reason is that we’re living longer so we’re choosing to work longer. The other reason is aging workers can’t rely on a pension or social security to sustain them in their Thu, 18 Jul 2019 10:55:08 Z Amy Neale <p>The average age that people are retiring these days is 60. For the past twenty years, that number has slowly been rising. The main reason is that we’re living longer so we’re choosing to work longer. The other reason is aging workers can’t rely on a pension or social security to sustain them in their old age, so they need to work longer to earn and save more. Finally, some retirees just want to work to give back to their communities during their retirement.</p> <p>On the flip side of that retirement coin is the fact that people are discovering they haven’t saved enough to retire when they’d like. In fact, 60% of workers have less than $25,000 in retirement funds, and 43% of Millennials lack any kind of retirement savings. These are all reasons why many retirees are choosing to get creative in their retirement years versus moving to Florida.</p> <p><strong>Why Choose Entrepreneurship?</strong></p> <p>A major trend among retirees is becoming an entrepreneur and/or a small business owner. The Kauffman Foundation found that almost a quarter of entrepreneurs are age 55 or older. And Merrill Lynch states that 70% of pre-retirees are planning to work in retirement.</p> <p>Continuing work after retirement doesn’t just come with financial advantages, but health-related benefits as well.  83% of surveyed retirees feel that working after retirement helps them to stay more youthful. If you choose to not work in retirement, keep in mind that 66% that do experience a decline in their physical and mental abilities.</p> <p>Why else should you consider being an entrepreneur in retirement? According to Duke University, there are twice as many successful entrepreneurs over age 50 than there are under age 25. Older entrepreneurs have more financial strength, self-awareness and personal stability than those that are just starting out. Plus, older workers can often face age discrimination in the workplace, so it often pays to work for yourself!</p> <p><strong>Things to Consider</strong></p> <p>If you’ve been bitten by the entrepreneur bug and want to start your own business in retirement, here a few things to consider before taking that leap:</p> <ul> <li><strong>Risk</strong>– Being a business owner comes with perks, but it also comes with significant personal liability and threats to your personal estate. Be sure to protect yourself beyond your basic homeowners’ insurance. Talk with your attorney and insurance agent about the best way to protect yourself and your business. You might need to form an LLC, LLP or corporation and start a business insurance policy to safeguard your assets.</li> <li><strong>Investment</strong>– How much should you spend to start a business? While that number differs for everyone, you won’t want to threaten the financial security you’ve worked so hard for. Consult with your financial advisor to see if your business plan is what’s best for you and if borrowing or tapping into your savings makes the most sense.</li> <li><strong>Enjoyment</strong>– After all is said and done, you want to enjoy your senior years regardless of if you relax by the pool or start your dream business. You don’t want to dread going to work each day if it’s your own business – be sure it’s meaningful yet fun.</li> </ul> <p><strong>If you decide to take the entrepreneurship leap and have decided it makes sense to borrow some money to do it, WWFCU has a </strong><a href="https://www.wwfcu.org/products-services/loans/business-loans"><strong>business loan</strong></a> <strong>to help. Speak to a member service specialist at (734) 721-5700 or </strong><a href="https://www.wwfcu.org/about-us/get-in-touch/atms-locations-hours"><strong>stop our branch</strong></a><strong> to</strong> <strong>learn more. </strong></p> 2019-07-18 10:55 +00:00 2019-07-18 05:55 -05:00 https://wwfcu.org/media/?p=2624 https://wwfcu.org/media/blog/yes-you-can-get-a-personal-loan/ Personal Loans credit rebuilder flexible terms interest rate personal loan Yes, You Can Get a Personal Loan By now, you’ve probably heard a lot about the “credit union difference” and how credit unions are better than banks (at least we think so!). But what does that mean to you, our members? Well, a heck of a lot when it comes to personal loans. Consider making a credit union your first stop when Thu, 11 Jul 2019 10:50:38 Z Amy Neale <p>By now, you’ve probably heard a lot about the “credit union difference” and how credit unions are better than banks (at least we think so!). But what does that mean to you, our members? Well, a heck of a lot when it comes to personal loans.</p> <p>Consider making a credit union your first stop when shopping for a personal loan. Historically, credit unions like ours offer these benefits over banks:</p> <ul> <li><a href="https://www.wwfcu.org/products-services/loans/our-rates">Lower interest rates</a> even if you have average or poor credit</li> <li>Loan specialists willing to work with you and look at more than your credit score</li> <li>More flexible terms</li> </ul> <p>Credit unions will almost always have better loan rates than banks. That’s because we’re not-for-profit and member-owned. That means any profits we make go back to our members in the form of better rates and fewer fees. The lower the rate, the better the chance that you’ll be able to get a personal loan.</p> <p>Oftentimes, getting the personal loan you need boils down to the relationship you already have with your financial institution – especially at a credit union. If you’ve been a long-term member in good standing, chances are the loan specialist will look at your whole financial picture, even overlooking an occasional credit blemish.</p> <p><strong>Types of Personal Loans</strong></p> <p>There’s more than one type of personal loan out there. There’s always the traditional secured personal loan, where you use some sort of collateral to get your loan. WWFCU offers these various types of personal loans as well:</p> <ul> <li><a href="https://www.wwfcu.org/products-services/loans/share-pledge-loans"><strong>Share Pledge Loan</strong></a> – This personal loan lets you use your savings as loan collateral for an extremely low interest rate. The only requirement is that your savings (shares) must be on deposit at WWFCU. There’s no waiting and no approval time needed when you apply.</li> <li><a href="https://www.wwfcu.org/products-services/loans/first-chance-finance-loan"><strong>First Chance Finance Loan</strong></a> – If you’re age 18 to 20, this loan lets young adults start building a solid payment history. We’ll loan you $500 after you’ve had your WWFCU account for at least ​60 days and have been employed for 60 days or more. No credit or cosigner needed.</li> <li><a href="https://www.wwfcu.org/products-services/loans/all-other-loan-types"><strong>Bounce-free Loans</strong></a> – If you have a negative account balance, this loan not only helps you turn that negative into a positive – it also gives you the chance to re-establish your good credit. Interest rates are based on your credit score. <a href="https://www.wwfcu.org/products-services/loans/all-other-loan-types">Check out all of the loan requirements here</a>.</li> <li><a href="https://www.wwfcu.org/products-services/loans/all-other-loan-types"><strong>Credit Rebuilder Loan</strong></a> – If you’re looking for a little extra cash and want to boost your credit score at the same time, this loan ranges from $500 to $1,000 with a 12-month term. <a href="https://www.wwfcu.org/products-services/loans/all-other-loan-types">Requirements can be found here</a>.</li> </ul> <p>Whether you get a personal loan with us or somewhere else, just be aware that you have many options and to shop around for the best fit. <strong>To speak to a WWFCU loan specialist, call (734) 721-5700 or </strong><a href="https://www.wwfcu.org/products-services/loans/apply-now"><strong>click here to apply for a loan today</strong></a><strong>.</strong></p> 2019-07-11 10:50 +00:00 2019-07-11 05:50 -05:00