Latest News https://wwfcu.org/media/?p=2896 https://wwfcu.org/media/blog/twelve-easy-ways-to-save-money/ Credit Cards Savings save money savings Twelve Easy Ways to Save Money In honor of National Savings Day on October 12, we thought we’d give you some realistic ways to save money. If you’re like most, you have the best intentions when it comes to saving, but have a hard time following through. That’s why we have twelve easy ways to save: Credit Cards Pay your cards Thu, 10 Oct 2019 09:47:45 Z Amy Neale <p>In honor of National Savings Day on October 12, we thought we’d give you some realistic ways to save money. If you’re like most, you have the best intentions when it comes to saving, but have a hard time following through. That’s why we have twelve easy ways to save:</p> <p><strong>Credit Cards</strong></p> <ol> <li>Pay your cards off each month. Impossible? Then pay off the one with the highest rate first.</li> <li>Did you know credit card companies are often willing to negotiate your interest rate? If you’ve got decent credit and have been making your payments on time, give them a call and see if they’ll reduce your rate.</li> <li>In case you were unsuccessful at getting your rate reduced, you may want to transfer your balance to a card that has a 0% introductory rate or to a <a href="https://www.wwfcu.org/borrow/visa-card">credit union credit card</a>. Credit unions are known to have some of the lowest rates around</li> </ol> <p><strong>Shopping</strong></p> <ol start="4"> <li>Buying things on sale isn’t going to always save you money. Think of all the times you purchased something you didn’t need, just because it was on sale. Next time, don’t.</li> <li>Cheaper isn’t always better. Cheaper often means poorer quality than a more costly option. You’re not saving any money if you have to replace the item sooner than expected.</li> <li>Think used. Whether it’s clothes, furniture or household goods, your local thrift or consignment store or Salvation Army/Goodwill should become your destination, not Amazon. You can find gently used items at a fraction of the cost if they were new.</li> </ol> <p><strong>Home</strong></p> <ol start="7"> <li>Think of cutting the cable and go with streaming services instead. This could save you around $1,000 per year. Not ready to cut cable? Call your cable company and see if they have any discounts to help bring your bill down. This works with your cell phone service as well.</li> <li>Don’t ignore your major appliances or car. Replace parts when needed and make sure you get your oil changed on your vehicle regularly. Maintaining these items is way cheaper than having to buy new ones.</li> <li>Get smart when it comes to grocery shopping. Make a list and stick to it. Buy generic brands when possible. Cook more and go out to restaurants less.</li> </ol> <p><strong>Entertainment</strong></p> <ol start="10"> <li>Find free events to go to whenever possible. Check out Facebook events or local websites and newsletters to see what’s going on near you.</li> <li>Forget the gym membership. Get some weights or check out some exercise videos on YouTube. You can also run/walk outside for free.</li> <li>Go to the library. Not only can you check out the latest best sellers, but most libraries today have e-books, DVDs, CDs and even video games. They also have many fun, free events you might want to check out.</li> </ol> <p><strong>Have your own ways to save money? Let us know on </strong><a href="https://www.facebook.com/WayneWestlandFederalCreditUnion/"><strong>Facebook</strong></a><strong> or </strong><a href="https://www.linkedin.com/company/10242815/admin/"><strong>Twitter</strong></a><strong>. Happy saving!</strong></p> 2019-10-10 09:47 +00:00 2019-10-10 04:47 -05:00 https://wwfcu.org/media/?p=2893 https://wwfcu.org/media/blog/do-you-need-life-insurance/ Insurance insurance life insurance Do You Need Life Insurance? Oftentimes, life insurance is one of those things we put off getting. If you have people relying or depending on you, chances are you should think about getting a policy. Types of Insurance If you decide to take the plunge, you’ll need to decide what type of life insurance policy you need. There are two Thu, 03 Oct 2019 09:46:59 Z Amy Neale <p>Oftentimes, life insurance is one of those things we put off getting. If you have people relying or depending on you, chances are you should think about getting a policy.</p> <h6><strong>Types of Insurance</strong></h6> <p>If you decide to take the plunge, you’ll need to decide what type of life insurance policy you need. There are two main types of life insurance: term life and whole life.</p> <p><strong>Term Life Insurance</strong></p> <p>When you buy term life insurance, your policy will be for a set period of time from five to 30 years. You make payments on it until it expires. Term life insurance is usually the most affordable option and the premiums depend on your health and the amount of coverage you choose. If you’re young and healthy, this is definitely an inexpensive choice.</p> <p><strong>Whole Life Insurance</strong></p> <p>Whole life insurance is pretty much what it says, it covers you for your lifetime. The rate and premiums are usually locked in when you buy it, so you know what you’re paying. A major benefit of this type of insurance is that it gains value over the years so you could actually borrow against it or withdraw money from it if needed. The main downside to whole life insurance is that it can be expensive compared to term life.</p> <h6><strong>Which Type of Insurance is Right for Me?</strong></h6> <p>We thought we’d break down what life insurance policies are best for different types of people:</p> <ul> <li><strong>Married, No Children<br /> </strong>Just because you don’t have children, it doesn’t mean you shouldn’t get life insurance. The surviving spouse will probably need help paying off debt and funeral costs. Term life insurance is a great option.</li> <li><strong>Married with Children<br /> </strong>This one is a bit of a no-brainer. If you have children and a spouse, you want to make sure expenses are covered if one parent passes away. If your children are older, you might want to make sure you have a solid inheritance in place. Again, term life could solve most of your problems.</li> <li><strong>Single Parent<br /> </strong>Like above, if you have dependents, life insurance will cover important expenses when you die. It could also mean an inheritance if that’s in your plans. Also, if you make child support payments to your ex, a policy could help cover those payments.</li> <li><strong>Retiree<br /> </strong>Hopefully if you’ve reached retirement age, you’ve been covered by a life insurance policy for years, if not decades. If you have whole life insurance, you could be using some of the funds to maintain the lifestyle you’ve worked so hard to achieve.</li> <li><strong>Small Business Owner<br /> </strong>You should definitely have life insurance if you have both loved ones and business to protect. There are several ways to set up a policy to protect not only your business, but any business partners you may have. Speak to your financial advisor to determine what’s best for you, your family and your business.</li> </ul> <p><strong>Whichever life insurance policy you decide is right for you, you’re in luck! WWFCU has teamed with TruStage Insurance to get you discounted prices. </strong><a href="https://www.trustage.com/life?orgIdentifier=000000007401&amp;marketingCampaignCode=BCLGLXBLB4&amp;utm_source=000000007401&amp;utm_medium=CULK_Link&amp;utm_campaign=BCLGLXBLB4&amp;utm_content=CB000159"><strong>Click here to learn more</strong></a><strong> or call (734) 721-5700 and speak to a Member Service Specialist. </strong></p> 2019-10-03 09:46 +00:00 2019-10-03 04:46 -05:00 https://wwfcu.org/media/?p=2883 https://wwfcu.org/media/blog/tips-to-help-protect-yourself-from-fraud/ ATM Credit Cards Debit Card Fraud Identity Theft atm debit cards Tips to Help Protect Yourself from Fraud You wouldn’t leave your cash or credit cards out in public for anyone to use, would you? These days you need to protect yourself and your money from thieves and hackers in all you do. The smarter technology becomes, the savvier thieves are becoming as well. The amount of credit card numbers being exposed to Fri, 27 Sep 2019 12:41:17 Z Amy Neale <p>You wouldn’t leave your cash or credit cards out in public for anyone to use, would you? These days you need to protect yourself and your money from thieves and hackers in all you do. The smarter technology becomes, the savvier thieves are becoming as well.</p> <p>The amount of credit card numbers being exposed to fraud totaled $14.2 million in 2017. That’s an astounding 88% increase from the year before. Also worth noting, Michigan has the highest per capita rate of reported identity theft in the nation.</p> <p>While these figures can seem overwhelming, don’t let them discourage you from being proactive about protecting yourself from fraud. We’ll walk you through two popular types of fraud and what you can do to safeguard your identity and your money.</p> <h6><strong>ATM Skimming</strong></h6> <p>ATM skimming occurs when fraudsters place a device on the card reader part of an ATM or other card machines like at a gas station. The skimmer will record your credit card information while a small nearby camera will record your PIN.</p> <p><strong>How to Protect Yourself</strong></p> <ul> <li><strong>Inspect the ATM or card machine.</strong> The skimmer will usually vary in color from the actual machine. You can also jiggle the card reader area to see if it’s part of the machine.</li> <li><strong>Hide your PIN. </strong>Cover the keypad when entering your PIN. Or pretend to hit extra buttons in addition to your PIN to throw thieves off your actual code. It may seem like you’re being overly cautious, but you’re better off playing it safe.</li> <li><strong>Check your account.</strong> Whether you review your monthly statements or go online and check your account, do so frequently and thoroughly. Nobody knows your purchases better than you do, meaning you’ll be able to find fraudulent charges that much sooner. Keep in mind, you have 60 days from your last statement to dispute any charges.</li> <li><strong>Use technology to help.</strong> You can set up e-alerts using WWFCU’s online banking. E-Alerts can be set up using any dollar amount you choose. For example, if you set it to $50, you’ll get a message whenever there’s a charge for $50 or more. WWFCU also offers <a href="https://www.wwfcu.org/member-benefits/other-benefits/cardnav-by-co-op">CardNav</a> which lets you manage how, when and where your card is used.</li> <li><strong>Be picky about your ATMs.</strong> Although it’s tempting to use ATMs at restaurants and bars or very public places like concerts or football games – don’t do it! These types of ATMs can be the most attractive to fraudsters wanting to steal your credit card information.</li> </ul> <h6><strong>Compromised Cards</strong></h6> <p>A compromised card is one that’s at risk of being used fraudulently. This potential fraud can be due to computer theft, network intrusion and other suspicious activity such as all of the recent big store security breaches. It’s important to keep in mind that just because your account hasn’t been compromised yet due to one of these events, it doesn’t mean the fraudsters won’t eventually use it.</p> <p><strong>How to Protect Yourself</strong></p> <ul> <li><strong>Shop using trusted websites.</strong> Sure, there are no-name online stores out there that have great prices on what you need, but don’t fall for it. Stick with larger, well-known online retailers when shopping online.</li> <li><strong>Monitor accounts.</strong> As with skimmers, keeping a close watch to your accounts online or your monthly statements will help you spot fraudulent changes.</li> <li><strong>Replace compromised cards.</strong> If you find out you’ve been part of a scam or larger security breach, don’t wait for the fraudsters to find you. Take action and replace your card ASAP.</li> <li><strong>Shred documents.</strong> There’s a reason paper shredders exist – to help you protect valuable information like account numbers, etc. Shred any sensitive documents so they won’t get in the hands of thieves.</li> <li><strong>Review all receipts before signing.</strong> Periodically, retailers and restaurants will have a bad apple. Before signing a receipt, review it to make sure the correct items and totals are on it.</li> <li><strong>Create strong passwords.</strong> We know, you already have too many passwords as it is. Don’t let that stop you from creating complex passwords. Also, don’t reuse passwords between various accounts, it’s basically opening a door to identity theft.</li> </ul> <p>Don’t let the bad guys get your money. You’ve worked hard for it, so work just as hard to protect it. We promise, you’ll be happy you did!</p> <p><strong>WWFCU members can get FREE ID theft protection. </strong><a href="https://www.wwfcu.org/member-benefits/free-member-services/free-identity-theft-protection"><strong>Click here to find out how</strong></a><strong> or call a Member Service Specialist at 734-721-5700.</strong></p> 2019-09-27 12:41 +00:00 2019-09-27 07:41 -05:00 https://wwfcu.org/media/?p=2708 https://wwfcu.org/media/blog/all-about-credit-unions/ Credit Unions Credit Unions vs. Banks Uncategorized bank credit union credit union member field of membership member-owned membership not-for-profit All About Credit Unions If you’re a WWFCU member, we’d like to thank you. We also have a question for you &#8230; Have you ever really thought about what being a credit union member means? Sure, in many ways being a credit union member is similar to being a bank customer. You can have checking and savings accounts, get Thu, 26 Sep 2019 10:14:47 Z Amy Neale <p>If you’re a WWFCU member, we’d like to thank you. We also have a question for you &#8230; Have you ever really thought about what being a credit union member means?</p> <p>Sure, in many ways being a credit union member is similar to being a bank customer. You can have checking and savings accounts, get a loan or a credit card, and even open an IRA or money market account. But there are many ways it means more to be a credit union member.</p> <p><strong>What is a Credit Union?</strong></p> <p>Credit unions are not-for-profit, member-owned organizations. That means we’re owned and controlled by you, our members. Our board of directors is elected by our members and any profits we make go back into the credit union in the form of lower fees, <a href="https://www.wwfcu.org/products-services/loans/our-rates">better rates</a> and more.</p> <p><strong>Credit Unions vs. Banks</strong></p> <p>We thought we’d break down the difference between credit unions and banks.</p> <p>&nbsp;</p> <table class="tableWithBorders"> <tbody> <tr> <td width="90"><strong> </strong></td> <td width="267"><strong>Credit Unions</strong></td> <td width="267"><strong>Banks</strong></td> </tr> <tr> <td width="90"><strong>Purpose</strong></td> <td width="267">For people, not profit</td> <td width="267">For profit</td> </tr> <tr> <td width="90"><strong>Ownership</strong></td> <td width="267">Members share ownership</td> <td width="267">Customers have no ownership</td> </tr> <tr> <td width="90"><strong>Decision</strong></td> <td width="267">Controlled by members</td> <td width="267">Controlled by paid officials</td> </tr> <tr> <td width="90"><strong>Service</strong></td> <td width="267">Service driven</td> <td width="267">Profit driven</td> </tr> <tr> <td width="90"><strong>Profits</strong></td> <td width="267">Profits go back to members in lower fees, better rates, etc.</td> <td width="267">Profits go to shareholders</td> </tr> <tr> <td width="90"><strong>Insurance</strong></td> <td width="267">Federally insured by NCUA</td> <td width="267">Federally insured by FDIC</td> </tr> </tbody> </table> <p><strong><br /> Who Can Join?</strong></p> <p>Anyone can become a bank customer, but the ability to join a credit union is based on what’s called a field of membership. More often than not, most credit unions’ field of membership requirements are so broad that you can join. In general, it’s based on your:</p> <ul> <li><strong>Employer</strong>– A lot of employers sponsor their own credit unions</li> <li><strong>Family</strong>– You can usually join a credit union if you have a close family member that belongs</li> <li><strong>Location</strong>– If you live, work, worship, go to school or volunteer in a geographic location, you can join specific credit unions</li> <li><strong>Groups</strong>– This is based on if you are part of a community group, school, place of worship or even homeowner’s association.</li> </ul> <p><a href="https://www.wwfcu.org/about-us/become-a-member/membership">Click here to view WWFCU’s field of membership</a>.</p> <p><strong>Perks of Membership</strong></p> <p>Oftentimes, credit unions like WWFCU offer <a href="https://rewards.lovemycreditunion.org/">special discounts</a>or <a href="https://www.wwfcu.org/member-benefits/free-member-services/budget-counseling-debt-management">free financial counseling</a> to help their members. Credit unions are also known to look at more than a credit score when approving loans. We look at the whole picture when a member applies, so we have more flexibility in approving loans compared to banks. And don’t forget the previously mentioned lower fees and better rates!</p> <p><strong>If you have any questions on being a WWFCU member, stop by our branch or speak to a Member Service Specialist at (734)721-5700.</strong></p> 2019-09-26 10:14 +00:00 2019-09-26 05:14 -05:00 https://wwfcu.org/media/?p=2703 https://wwfcu.org/media/blog/how-to-boost-your-credit-at-wwfcu/ Credit Credit Report boost credit Financial Counseling Loan secured credit card How to Boost Your Credit at WWFCU Is your credit not as good as it could be? You’re not alone. About 20% of Americans have credit in the poor to fair range (669 or lower). WWFCU is always looking out for its members and your financial health. So, we thought we’d share a few general tips on how to boost your credit Thu, 19 Sep 2019 10:02:26 Z Amy Neale <p>Is your credit not as good as it could be? You’re not alone. About 20% of Americans have credit in the poor to fair range (669 or lower). WWFCU is always looking out for its members and your financial health. So, we thought we’d share a few general tips on how to boost your credit and some specific things you can do at WWFCU to help as well.</p> <p><strong>How to Increase Your Credit Score</strong></p> <ul> <li><strong>Review and Fix Your Credit Report</strong>– You’re allowed one free credit report per year from one of the major reporting agencies (TransUnion, Equifax and Experian) at <a href="http://www.annualcreditreport.com">annualcreditreport.com</a>. Review the report to make sure it’s accurate and contact the credit reporting agency and creditor to dispute any errors.</li> <li><strong>Contact Your Creditors </strong>– If you’re going through a tough financial time, credit unions, banks and other creditors are usually more willing to work with you if you reach out to them <em>before</em>you default on your payments or even if you’re already missing a few payments.</li> <li><strong>Set Up Payment Reminders </strong>– Stop letting payments slip through the cracks by setting up payment reminders on your calendar or through an app, or by setting up automatic bill pay on your main checking account.</li> <li><strong>Diversify Your Accounts </strong>– To build credit, you need a good combination of both revolving and installment credit. Credit reporting agencies like seeing both, especially if you have a good payment history with both kinds of credit. This includes credit cards, personal loans, auto loans, mortgages, etc.</li> <li><strong>Shop Around </strong>– Just because your credit has hit rock bottom, that doesn’t mean you can’t build your credit. There are secured credit cards and quick loans to help build your payment history and improve your score.</li> </ul> <p><strong>How WWFCU Can Help Boost Your Credit Score</strong></p> <ul> <li><a href="https://www.wwfcu.org/products-services/loans/first-chance-finance-loan"><strong>First Chance Finance Loan</strong></a> – If your credit score is low because you’re just starting out, this loan can help. If you’re age 18 to 20, you can start building a solid payment history. No credit or cosigner needed! <a href="https://www.wwfcu.org/products-services/loans/first-chance-finance-loan">Get more information</a>.</li> <li><a href="https://www.wwfcu.org/products-services/loans/all-other-loan-types"><strong>Credit Rebuilder Loan</strong></a> – Increase your credit with loan amounts from $500 to $1,000 with a 12-month term. <a href="https://www.wwfcu.org/products-services/loans/all-other-loan-types">Click here for requirements and terms</a>.</li> <li><a href="https://www.wwfcu.org/products-services/loans/all-other-loan-types"><strong>Bounce-free Loan</strong></a> – Have a negative WWFCU account balance? Fix it and re-establish credit. Rates are based on your credit score. <a href="https://www.wwfcu.org/products-services/loans/all-other-loan-types">Click here for details</a>.</li> <li><a href="https://www.wwfcu.org/products-services/loans/all-other-loan-types"><strong>Loan Extension</strong></a> – Is your WWFCU loan more than you can handle right now? Loan extensions go up to three months. <a href="https://www.wwfcu.org/products-services/loans/all-other-loan-types">Learn more about it here</a>.</li> <li><a href="https://www.wwfcu.org/borrow/visa-card"><strong>Secured Visa</strong></a> – If you have bad credit but you still need a credit card, a WWFCU Secured Visa is equal to the cash in your WWFCU account. <a href="https://www.wwfcu.org/borrow/visa-card">Get more info here</a>.</li> <li><a href="https://www.wwfcu.org/online-services/24-7-home-banking/online-bill-pay"><strong>Bill Pay</strong></a> – Paying bills on time is easy with WWFCU’s Bill Pay through our online banking. <a href="https://www.wwfcu.org/online-services/24-7-home-banking/online-bill-pay">Learn how to set up Bill Pay here</a>.</li> <li><a href="https://www.wwfcu.org/member-benefits/other-benefits/cardnav-by-co-op"><strong>CardNav</strong></a> – Take control of your WWFCU Visa with CardNav. It lets you manage how, when and where your card is used. It also lets you set controls based on transaction type, location and retail merchants. <a href="https://www.wwfcu.org/member-benefits/other-benefits/cardnav-by-co-op">Find out more</a>.</li> <li><a href="https://www.wwfcu.org/member-benefits/free-member-services/budget-counseling-debt-management"><strong>Free Financial Counseling</strong></a> – Need help with budgeting or debt management? We offer free counseling through our partner, GreenPath. <a href="https://www.wwfcu.org/member-benefits/free-member-services/budget-counseling-debt-management">Learn more</a>.</li> </ul> <p><strong>If you have any questions about the WWFCU products listed above or need additional help, </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 a Member Service Specialist at (734)721-5700.</strong></p> 2019-09-19 10:02 +00:00 2019-09-19 05:02 -05:00 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>Set up e-alerts</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