Unleash the Power of Your Home’s Equity 

Do you ever feel trapped by your finances? Maybe you have several big projects, like your home needs new flooring or your AC is on its last legs. Perhaps you opened your mailbox to find unexpected medical bills. All these projects and expenses can add up quickly, especially when they hit at once.   Luckily, if you’re a homeowner, you have a unique and powerful way to manage these costs without draining your savings. A home equity loan allows you to affordably borrow against the equity in your property – providing a slew of financial perks that shouldn’t be ignored.  What…

June 28, 2023Borrowing Basics No Comments
Unleash the Power of Your Home’s Equity 

Do you ever feel trapped by your finances? Maybe you have several big projects, like your home needs new flooring or your AC is on its last legs. Perhaps you opened your mailbox to find unexpected medical bills. All these projects and expenses can add up quickly, especially when they hit at once.   Luckily, if you’re a homeowner, you have a unique and powerful way to manage these costs without draining your savings. A home equity loan allows you to affordably borrow against the equity in your property – providing a slew of financial perks that shouldn’t be ignored.  What…

How to Manage Debt When Interest Rates are Rising 

Interest rates across the board continue to rise. It’s a wonderful scenario for savers with Money Market Accounts and Share Certificates. Higher saving yields provide greater earning potential.   However, it’s an entirely different story when loan rates are also increasing – especially if the interest rates on your loans are variable. Sudden jumps can derail your budget instantly if you’re not prepared.   Managing existing debt and finding ways to preserve cash in a rising rate environment is crucial. The best place to start is by understanding the different types of loan rates and how the economy can impact your outstanding…

June 1, 2023Borrowing Basics, Wallet Wins No Comments
How to Manage Debt When Interest Rates are Rising 

Interest rates across the board continue to rise. It’s a wonderful scenario for savers with Money Market Accounts and Share Certificates. Higher saving yields provide greater earning potential.   However, it’s an entirely different story when loan rates are also increasing – especially if the interest rates on your loans are variable. Sudden jumps can derail your budget instantly if you’re not prepared.   Managing existing debt and finding ways to preserve cash in a rising rate environment is crucial. The best place to start is by understanding the different types of loan rates and how the economy can impact your outstanding…

Making the Switch from Paper to Digital

More businesses and financial institutions are embracing digital documents. With protection against paper statements or bills being lost, stolen, or misplaced, digital versions are quickly becoming the norm.   If you’re still receiving paper statements or you’re someone that prefers to write and mail checks, now is the perfect time to switch. Not only will you experience greater security, but you will also be helping the environment.   What are Digital Statements?  Digital statements, or e-Statements, are electronic versions of your credit union account statement. While you may currently receive a paper statement in the mail each month, digital statements are sent…

June 1, 2023PEFCU Perks 4 Comments
Making the Switch from Paper to Digital

More businesses and financial institutions are embracing digital documents. With protection against paper statements or bills being lost, stolen, or misplaced, digital versions are quickly becoming the norm.   If you’re still receiving paper statements or you’re someone that prefers to write and mail checks, now is the perfect time to switch. Not only will you experience greater security, but you will also be helping the environment.   What are Digital Statements?  Digital statements, or e-Statements, are electronic versions of your credit union account statement. While you may currently receive a paper statement in the mail each month, digital statements are sent…

Financial Tips for Your College-Bound Child 

As a parent, watching your child graduate high school can be bittersweet. You’re filled with pride as you reminisce about all they have achieved and overcome to reach this point. Yet, you know they are about to embark on the next chapter of their life. For many, that’s heading off to college in the fall.   Before your child leaves the nest, it’s vital they understand how to manage their money responsibly. That includes knowing basic money concepts, such as budgeting, and utilizing financial tools like debit cards and mobile banking.   Use the summer as an opportunity to educate your child…

May 30, 2023Future Planning, Wallet Wins No Comments
Financial Tips for Your College-Bound Child 

As a parent, watching your child graduate high school can be bittersweet. You’re filled with pride as you reminisce about all they have achieved and overcome to reach this point. Yet, you know they are about to embark on the next chapter of their life. For many, that’s heading off to college in the fall.   Before your child leaves the nest, it’s vital they understand how to manage their money responsibly. That includes knowing basic money concepts, such as budgeting, and utilizing financial tools like debit cards and mobile banking.   Use the summer as an opportunity to educate your child…

What Happens to Your Inactive Accounts? 

With the ease of transferring money between accounts today, it’s becoming more common for people to have financial accounts at multiple institutions. For example, you may have your primary checking and savings accounts at one place, a separate savings account at another institution, and an account with an online company like PayPal®.   While the ability to transfer money between accounts is convenient, maintaining multiple accounts can become challenging – especially if you have several accounts. If you stop using an account for a while, what happens to it? Better yet, what happens to the money in there?  Types of Inactive…

May 30, 2023We Are PEFCU No Comments
What Happens to Your Inactive Accounts? 

With the ease of transferring money between accounts today, it’s becoming more common for people to have financial accounts at multiple institutions. For example, you may have your primary checking and savings accounts at one place, a separate savings account at another institution, and an account with an online company like PayPal®.   While the ability to transfer money between accounts is convenient, maintaining multiple accounts can become challenging – especially if you have several accounts. If you stop using an account for a while, what happens to it? Better yet, what happens to the money in there?  Types of Inactive…

Share Certificates vs. Money Market Accounts: Understanding Your Options 

Share Certificates vs. Money Market Accounts: Understanding Your Options  Finding ways to save more money should always be a financial priority. However, you can only trim expenses so much before it feels like you’ve cut all the fun out of life. Luckily, boosting your savings doesn’t have to be so drastic. It all comes down to how you save – not necessarily how much you put aside.  For example, take a moment and glance at your account balances. Do you have a decent amount of money sitting in your savings or checking account(s)? If so, your savings strategy might be…

May 1, 2023Future Planning, Wallet Wins No Comments
Share Certificates vs. Money Market Accounts: Understanding Your Options 

Share Certificates vs. Money Market Accounts: Understanding Your Options  Finding ways to save more money should always be a financial priority. However, you can only trim expenses so much before it feels like you’ve cut all the fun out of life. Luckily, boosting your savings doesn’t have to be so drastic. It all comes down to how you save – not necessarily how much you put aside.  For example, take a moment and glance at your account balances. Do you have a decent amount of money sitting in your savings or checking account(s)? If so, your savings strategy might be…

8 Wise Money Moves to Make in Your 30s 

Much of your twenties is spent figuring out who you are and where you’re going in life. As you progress into your thirties, more pieces of that puzzle begin to fall into place. Perhaps you’re planning to get married or start a family. Maybe specific career goals are on your mind. Regardless, it’s often a period of significant personal growth.   Achieving many of these milestones also takes preparation. And your financial situation will often play a critical role. Building a solid financial foundation should be a priority, as it will pave the way for what’s next in life.   Use the…

May 1, 2023Wallet Wins No Comments
8 Wise Money Moves to Make in Your 30s 

Much of your twenties is spent figuring out who you are and where you’re going in life. As you progress into your thirties, more pieces of that puzzle begin to fall into place. Perhaps you’re planning to get married or start a family. Maybe specific career goals are on your mind. Regardless, it’s often a period of significant personal growth.   Achieving many of these milestones also takes preparation. And your financial situation will often play a critical role. Building a solid financial foundation should be a priority, as it will pave the way for what’s next in life.   Use the…

Fun Ways to Teach Kids About Money 

It’s never too early to begin teaching kids about money. Responsible money management is a vital skill they will carry throughout their lives. However, the subject isn’t always the most entertaining, especially for younger children. Many find it dull or have difficulty understanding the concepts.   Fortunately, there are many fun and engaging ways to educate your child about money. All it takes is a little time and some creativity. 1. Playing Games Think back to your childhood and the many board games that helped you understand how money works. Games like Monopoly and The Game of LIFE introduce young people to…

May 1, 2023Future Planning, Wallet Wins 2 Comments
Fun Ways to Teach Kids About Money 

It’s never too early to begin teaching kids about money. Responsible money management is a vital skill they will carry throughout their lives. However, the subject isn’t always the most entertaining, especially for younger children. Many find it dull or have difficulty understanding the concepts.   Fortunately, there are many fun and engaging ways to educate your child about money. All it takes is a little time and some creativity. 1. Playing Games Think back to your childhood and the many board games that helped you understand how money works. Games like Monopoly and The Game of LIFE introduce young people to…

How the Credit Union Keeps Your Money Safe 

Anytime there is news of a bank failure, it’s natural to be alarmed. For many, their minds immediately jump to the “too big to fail” bank debacles during the Great Recession. Others start to question whether their money is safe. Between the news headlines and mentions of the FDIC stepping in to cover potential losses, many begin to feel uneasy.  So, it leaves the questions “How safe is your money?” and “What steps does the credit union take to protect your funds?”   The short answer: Yes, every credit union member’s money is federally insured. But what sets credit unions apart…

May 1, 2023PEFCU Perks, We Are PEFCU 2 Comments
How the Credit Union Keeps Your Money Safe 

Anytime there is news of a bank failure, it’s natural to be alarmed. For many, their minds immediately jump to the “too big to fail” bank debacles during the Great Recession. Others start to question whether their money is safe. Between the news headlines and mentions of the FDIC stepping in to cover potential losses, many begin to feel uneasy.  So, it leaves the questions “How safe is your money?” and “What steps does the credit union take to protect your funds?”   The short answer: Yes, every credit union member’s money is federally insured. But what sets credit unions apart…

Understanding the Components of a Mortgage Payment 

If you’re preparing to purchase your first home, you’re probably scratching your head more than you anticipated. Between the complex terminology and variety of home loan options, the home-buying process can quickly become confusing.   One area that first-time homebuyers struggle the most to understand is their monthly mortgage payment. Unlike a car loan, it’s not as clear-cut. And most real estate websites and financial calculators only focus on the principal and interest portion of your payment – which can be very misleading.  Before you get your hopes up and realize that the house you’ve been eyeing is out of…

April 14, 2023Borrowing Basics No Comments
Understanding the Components of a Mortgage Payment 

If you’re preparing to purchase your first home, you’re probably scratching your head more than you anticipated. Between the complex terminology and variety of home loan options, the home-buying process can quickly become confusing.   One area that first-time homebuyers struggle the most to understand is their monthly mortgage payment. Unlike a car loan, it’s not as clear-cut. And most real estate websites and financial calculators only focus on the principal and interest portion of your payment – which can be very misleading.  Before you get your hopes up and realize that the house you’ve been eyeing is out of…