News

Students: Easy Ways to Cut Costs
College students are gaining confidence in personal finance management but unfortunately also have become less competent. A survey conducted by High One and Everfi recently found that in 2014, college students were more likely to use more than one credit card than they did in 2012, according to USA Today. Considering that nearly two-thirds of undergrads take out student loans, and college seniors are graduating with an average loan balance close to $24,000, if students aren't careful about spending, the first financial steps they take after college might send them in the wrong direction. While college expenses may seem limitless, students can learn to manage them by avoiding these common money drains, according to CUNA's member education department: • Carrying a credit card balance. Many credit card companies lure borrowers with enticing offers, and then hit them with a hefty monthly interest charge on their accrued balance. According...
Age Doesn’t Matter: Focus on Retirement Savings Today!
While many Americans might feel confident in their ability to support themselves after they retire, thousands will reach the age of 65 without adequate financial preparation. It is never too early—or too late—to focus on retirement savings. The Center for Retirement Research at Boston College estimates that you need about 70% of preretirement income to maintain your lifestyle in retirement. - If you are in your 20s, the center advises that you start saving 10% of your pay annually and gradually increase the percentage over time. - If you’re playing catch-up starting at age 45 and hope to retire at 65, the center estimates that you will need to save 27% of your income each year. If you can put off retirement to age 70, that drops to 10%. - For those who are starting even later, there are different ways to attain a worry-free retirement: work longer,...
Credit Union Membership Is Worth Hundreds
Did you know you're saving money--maybe hundreds of dollars a year--just by being a Priority First FCU member? Credit unions typically charge fewer and lower fees than other financial institutions, according to the Credit Union National Association's (CUNA) latest membership benefits report. Of course, the amount you save has a lot to do with your financial habits and the number of Priority First products and services you use. On average, credit union member households in the U.S. save about $140 a year. Some of those savings comes from higher rates on savings products. For example, according to CUNA's latest report, money market accounts at credit unions earned an average interest rate of .17%, while the same accounts at banks earned .10% interest. Lower rates on credit cards also benefit the bottom line. CUNA reported that the average rate for a classic credit union credit card...