floridacentral Credit Union

What's Best for You- New or Used?

2011-11-03T15:54:00.004-04:00

When it comes to deciding whether to buy new or used, it basically comes down to what you want to drive and how much you can afford. Before you hit the road to go shopping, consider the following:

Do your homework! The Internet is a great tool to help you get more information about the kind of car you want and how much it typically costs - new or used.

Get pre-approved! Credit Unions offer great low auto loan rates, which will save you money and put you in a better bargaining position.

Use an Auto Advisor! Contact a credit union auto advisor to let him know the make, model, color, and price range and he can do the shopping and negotiating for you.

Protect your investment! Take advantage of credit unions great pricing on GAP Insurance, Credit Life and Disability Insurance, and Extended Warranties, all of which can be easily added to your loan package.

It's that easy. The next time you're looking to buy- new or used- take advantage of the benefits your credit offers and do what's best for you.

Payroll Deductions Helps You Pay Yourself First

2011-01-04T15:32:00.006-05:00

When times are tough, it may seem like it's impossible to save. That's why you will want to use this easy technique: Pay Yourself First.

How? Simply set up Payroll Deduction and tuck away money from each paycheck. By setting a little money aside every pay period, you can begin to build a substantial savings account. Once you have been getting along without it, you won't be tempted to spend the money on something you really don't need.

How do set it up?

Simply contact your employer's payroll department to sign up for Payroll Deduction. Then, determine a specific amount to be deducted each pay period and automatically sent to the Financial Institution of your choice to be deposited into your savings account. It's that easy! Start saving time and money with Payroll Deduction and pay yourself first.

What To Look For In a Credit Card?

2010-08-31T11:36:00.004-04:00

What do you look for in a credit card? Nowadays, credit cards are so widely accepted and easy to use, most people don't think about what their purchase will actually end up costing them until the credit card bill arrives in the mailbox. At floridacentral, we think you should consider the following characteristics before deciding which credit card is best for you:

Annual percentage rate. Is there a rate difference on purchases and cash advances?
Annual fee. How much are you paying annually to use the card?
Grace period. How long do you have to make the payment?
Variable Rates. The issuer may start you at a low rate, but one that will vary, perhaps quarterly. Is your rate fixed or variable?
Miscellaneous charges. What are the cash-advance fees, late-payment charges, and over the-limit fees?
Bonus Features. Does the plan offer enhancements such as travel insurance and rewards points at no extra charge?

Any cardholder ideally wants the lowest rate, lowest fee, and the longest grace period. But it also matter how interest charges are figured. A 30-day grace period only applies if you do not carry over charges from a previous month. For example, some issuers charge interest on the unpaid balance. Others charge on the average balance from previous billing cycles, which costs you more.

Whether you use your credit card everyday, for major purchases, or just for emergencies, look for a credit card that meets your needs. Credit cards can be a great convenience if properly used.

Your Financial Plan: Where It All Begins

2010-04-08T12:29:00.004-04:00

They say that "most people do not to fail... they simply fail to plan." What's so important about financial planning? Financial planing is a process of setting goals, developing a plan to achieve them, and putting the plan into action. It's creating a road map for handling every...thing you do with your money- spending , saving, using credit, and investing.

Step 1. Set SMART Financial Goals

If you are going to run a race, you want to know how long it will be and where it will end, so you can plan your pace and even your training accordingly. This is simply called beginning with the end in mind- it helps you maximize your ability to reach your goal.

Do You Need It or Do You Want It? Let's face it, sometimes we say we "need" things that we actually don't. Needs are the very basic things we must have to survive. Wants are the things that make life more interesting and fun, but you could live without them if you had to. Everyone has wants, but when your wallet is looking thin, needs have to come first.

Step 2. Analyze Information

Find out where your finances currently stand, so you can see exactly how much money you're spending or saving. Start with your income, how much do you earn each month? Next, how much money do you spend each month and what are you spending it on? Questions like this are critical because their answers have direct impact on your ability to achieve your financial goals.

Step 3. Decided and Create a Plan

Financial planning requires making decisions about money, which can be challenging. Whether the decision is easy or hard, there's a basic process everyone follows- the six stages of decision making: Identify your specific goal, Establish your criteria, Examine your options, Weigh the pros and cons, Make your decision, and Evaluate results.

Step 4. Implement the Plan: Making It Happen

With your plan in place, the next step is to implement it. Of Course, knowing what you should do and actually doing it can be challenging. It takes discipline. It can be tough sometimes to stick with your plans.

Being a Responsible Spender: When it comes to money, you have a choice. Life is a lot easier, though, if you handle it wisely and respectfully and take personal responsibly for your decisions and actions.

Anticipate any roadblocks

Leave room for flexibility in your financial plan.

Step 5: Monitor and Modify the plan- Staying on Track

Once you start implementing your financial plan, you need to check to make sure that you're staying on track. The best way is to decide to review your plan and your progress at regular intervals- like every two weeks or every month. A plan isn't meant to be written in stone. It's a living document that should change as things in your life change. For Example: A new job, unexpected expenses or new goals.

With a personal financial plan, your journey through life can be smoother. You can spend more time enjoying life and not ' putting out your financial fires'.

Time for a Financial Check Up!

2009-10-28T09:17:00.007-04:00

As the year 2009 draws close, just as you would have an annual physical exam with your doctor, you should pick a time of year to do an annual examination of your finances. This is a good time of year before the holidays set in and contact your financial institution who is there to help.

Here’s how to get started:

Make an appointment. Contact the financial institution of your choice today to set up a time to speak to a representative in depth about your financial situation.
Determine where you can make improvements. Your financial institution should be able to help you look at your current financial condition to calculate the different areas in which they can help you save money and make you money (e.g., an interest bearing checking account, great low loan rates, competitive CD rates and much more).
Review your retirement plans. Young Americans don’t spend enough time planning for their future. You’re never too young to start planning for your retirement. If you start early then you’ll have more money to work with when the right time for retirement comes along. We can review your retirement vehicles to determine if you are making the best decisions now so you can live the kind of life you want to live when you retire.

Is your financial health in good shape?

Protect Yourself Against Identity Theft!

2009-09-22T11:21:00.008-04:00

Identity theft is a growing epidemic and financial institutions are required, to take precautions to protect the confidential information of their members. Here are steps you can take to protect yourself against identity theft:

Provide identification for all transactions when using your credit card, debit cards and at all times when making any transactions in a financial institution.
Order a copy of your credit report annually. Visit www.AnnualCreditReport.com or call 1-877-322-8228, a service created by these three companies, to order your free credit reports each year. You also can write: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
Be cautions where you put your personal information, especially your Social Security Number. The SSN is the criminals’ main target.
Put passwords on all accounts. Don’t use an obvious password like your birth date, your mother’s maiden name, or the last four digits of your Social Security number.
Safeguard your mail. Savings, checking, and credit card statements should be opened and scrutinized regularly. Shred financial documents and paperwork with personal information before you discard them.

We are committed to helping keep you from becoming a victim of Identity Theft. To do this, we offer a free Identity Theft "coach". This coach is a series of interactive modules containing a great deal of information and tools to help prevent Identity Theft. Check out our identity theft page for more information. http://www.floridacentralcu.com/home/res/idtheft

Additionally, you can go to the Federal Trade Commission’s (FTC) Identity Theft website to get more information and tools to help you deter, detect, and defend yourself if you ever become a victim of Identity Theft. One of my favorite interactive activities is the ID Theft Face Off game. Please click on the link below to learn more.
http://www.onguardonline.gov/games/id-theft-faceoff.aspx

Can't Have it All...or Can You?

2009-09-09T11:44:00.016-04:00

With the economy fluctuating the way it is, everyone is trying to save more rather than spend. However, even in these difficult economic times, our desire to have it all doesn't go away. In order to gain wealth, you must realize that sometimes you can’t have it all right now. Here some things you can do to help your money go further:

Delay Purchases (Save For it)

Save for what you want to buy. Once you have the money saved, you may realize you no longer want it or the money could be better spent elsewhere.
Price is determined by supply and demand. When the demand falls, so will the price. Wait for the sales.

Make Trade-offs (Buy Less Expensive Versions)

Choose the one that will give you the most rewards. If you can’t afford everything you want, decide which one you want the most and buy that one.
Choose a less expensive option. Generic brands are usually less expensive.

Be a Wise Shopper (Shop Sales)

Wait for items to go on sale.
Shop at discount stores.
Shop online. Online stores usually have huge sales and free shipping.

Make Choices (Wants vs. Needs)

Determine what you need and what you want. You need to eat, but you want a steak. Compromise – have a steak burger!
Satisfy your needs before wants.

Keep Your Credit in GOOD HEALTH

2009-08-27T13:20:00.007-04:00

Building and maintaining a good credit rating is more important than ever. Having a high credit score can save you thousands of dollars. If you would like your credit to be in better health, follow these simple steps:

1. Always pay your bills on time. Your payment history represents 35% of your credit score.

2. Don't close older accounts you have paid off. Your credit history makes up 15% of your credit score- that includes the age of your oldest account as well as the average of all your account.

3. Don't apply for credit too frequently. Applying for too much credit too often will decrease your credit score because this is a characteristic of high credit risk groups.

4. Keep your credit card balances low. If you max out your cards, it will affect your credit score negatively. The more debt you pay off, the better your score. A good rule of thumb is to keep your credit card balances below 25% of your credit limits.

5. Minimize loan applications. Every time you apply for a loan, the potential lender requests your credit report for review. This can hurt your credit score. Make all loan requests within a two-week period. All the credit report look ups are bundled together as one single request- not multiple request.

6. Remember to check for errors on your credit report. Contact the credit reporting agency to correct any errors.

It pays to increase your credit score. It also takes discipline and dedication. It's worth it when you reach a good credit standing that allows you to qualify for loans, lower interest rates and more. Take control and get started today!

www.equifax.com

www.experian.com

www.transunion.com

Go Green!

2009-08-10T16:37:00.015-04:00

In an effort to make floridacentral more convenient plus help the environment, we have made several of our processes entirely paperless. Check out how you can contribute to help the environment by going paperless.

Benefits of going paperless
You help the environment! eStatements and eBills help reduce paper consumption

You save time! Receive your statements faster instead of having to wait the several days it takes for mail delivery.

It’s secure! Protect your identity. Your mailbox and trash are two of the most common sources for identity theft.

Students Tips for Greener Finances

Enroll in Online Banking. At floridacentral, we offer free online banking (as do most credit unions and financial institution). Take advantage of this great service which will save you time and money. Take control of your accounts with a few clicks.
Sign up for eStatements for all financial accounts and bills. eStatements allows you to view and save your monthly electronic statements. Save your eStatements in a file folder to have quick access if needed in the future. You have enough papers to deal with at school, simplify your financial life with eStatements.
Register for online Bill Pay. Simply pay bills online, like your car loan, credit cards, dentist, even Mom and Dad. With a few clicks of your mouse, floridacentral’s free bill pay allows you to pay anyone, anytime, and anywhere.
Get Direct Deposit. By setting up direct deposit for your paycheck, student aid and school loans, your funds are deposited immediately. You no longer have to wait for your check to arrive in the mail, which could take up to 2 weeks or even worse - get lost.
Set up Automatic Payments with Reminders. By setting up a reminder when bills are due - rent, school loans, car insurance, cell phone – you can stay up-to-date on all your bills. When three exams are scheduled the same week, who has time to remember when bills are due?

The hottest checking account in town!

2009-08-05T15:30:00.001-04:00

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