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Visit Us When Life Changes
Life changes require more than an emotional adjustment--they require a visit to your Priority First Federal Credit Union branch. Marriage * Decide if you're going to pool your assets or maintain separate share draft/checking or savings accounts. See your credit union representative for help once you've made that decision and to open these accounts. * If you have a credit card issued by Priority First, notify us of your name change. * Update beneficiaries on your IRAs (individual retirement accounts) and other investments. Divorce * Priority First can help you examine financial accounts and determine where you stand financially. * Visit the credit union to open and fund a share draft/checking and savings account in your own name. Get a credit card in your own name and manage it carefully. Death of a spouse or parent * Inform all creditors, including Priority First, of the death. * Cancel any automatic or online bill paying services...
Tips for Parents Whose Kids Move Back Home
Millions of people between the ages of 25 and 34 live with their parents. While many adult children return home for just a short period after college while they look for work, others come back for a variety of reasons--and often for longer stays. Divorce, unemployment, a high debt load, or a return to school are just a few of the circumstances under which your kids may decide to "boomerang" back home. Here are some tips. Be clear about the conditions. Discuss length of stay, plans for employment, extent of financial support, and expectations for financial or in-kind contribution. If you charge rent, start out low and gradually raise it over time to give kids an incentive to get back out on their own. Write up a rental agreement spelling out the amount, when it will be raised and to how much. Or charge market rent--about...
Five Steps to Organizing Your Finances
Do you know your net worth? Or how much you spend each month, and on what? Or how much you can expect from your pension plan or Social Security in retirement? A no to most of these questions puts you with the majority of the population who have been too busy with life to get a handle on their finances. Fortunately, there's a five-step action plan to help you take control of your money. 1. Set up a financial filing system. Create a personalized filing system by labeling accordion file pockets with broad financial categories. Then label regular file folders with subcategories that fit your situation and file them into the accordion pockets. For example, create a Property & Casualty Insurance accordion file and fill it with a Vehicle Insurance regular file folder. 2. Gather records. Look through your records to identify missing information. For example, you need an...