Top Financial Advice for Teenagers

It’s an exciting time being a teenager. You’re becoming more independent, and the time is getting closer for you to step out into the world on your own. The best thing you can do is to get a good financial head start. There are certain financial moves you can make now as a teen that will have a tremendous impact on your financial well-being. Here are some top financial tips for our teenage credit union members:  Create a Budget Creating and following a budget is one of the best skills to develop as a teenager. As you’re getting older, you…

July 10, 2023Future Planning No Comments
Top Financial Advice for Teenagers

It’s an exciting time being a teenager. You’re becoming more independent, and the time is getting closer for you to step out into the world on your own. The best thing you can do is to get a good financial head start. There are certain financial moves you can make now as a teen that will have a tremendous impact on your financial well-being. Here are some top financial tips for our teenage credit union members:  Create a Budget Creating and following a budget is one of the best skills to develop as a teenager. As you’re getting older, you…

What is a Credit Utilization Ratio & Why Does It Matter?

Building and maintaining an excellent credit score should be a top priority for every adult. A good score can create opportunities and generate significant financial savings in our world where loans and credit are commonplace. Everyone from lenders, landlords, and even some employers use your score to gauge your financial trustworthiness.   While many factors go into determining your credit score, a quick and simple way to gauge your creditworthiness is through your credit utilization ratio. Lenders use this figure to measure how much risk is involved when lending you money – ultimately, it plays a role in how much you’ll…

July 10, 2023Borrowing Basics, Wallet Wins No Comments
What is a Credit Utilization Ratio & Why Does It Matter?

Building and maintaining an excellent credit score should be a top priority for every adult. A good score can create opportunities and generate significant financial savings in our world where loans and credit are commonplace. Everyone from lenders, landlords, and even some employers use your score to gauge your financial trustworthiness.   While many factors go into determining your credit score, a quick and simple way to gauge your creditworthiness is through your credit utilization ratio. Lenders use this figure to measure how much risk is involved when lending you money – ultimately, it plays a role in how much you’ll…

7 Financial Moves to Make Your First Year of College

If starting college is your first time living away from home, then there’s probably a lot on your mind. Setting out on your own means more independence and all of the responsibilities that come with it, which can be both exciting and daunting. One thing you want to keep in mind as you’re starting the transition is your finances.   Learning to manage your money early will set you up for more financial freedom later on and lead to less stress. There are steps you can take before you leave for school to secure your finances and moves you can make…

July 10, 2023Wallet Wins 2 Comments
7 Financial Moves to Make Your First Year of College

If starting college is your first time living away from home, then there’s probably a lot on your mind. Setting out on your own means more independence and all of the responsibilities that come with it, which can be both exciting and daunting. One thing you want to keep in mind as you’re starting the transition is your finances.   Learning to manage your money early will set you up for more financial freedom later on and lead to less stress. There are steps you can take before you leave for school to secure your finances and moves you can make…

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…

How To Support Nurses in Your Community

Happy Nurses Week!  Nurses are an essential part of our healthcare system, providing vital care to patients and their families. They work tirelessly and selflessly, often in challenging and stressful environments. At PEFCU, one of our main pillars of focus is Health and Wellness, and as members of the community, we can show our appreciation and support for nurses in many ways:  Say, “Thank you” – A simple thank you can go a long way in showing appreciation for the work nurses do. It is a small gesture, but it can make a huge impact on a nurse’s day.  Send…

May 2, 2023Community Engagement No Comments
How To Support Nurses in Your Community

Happy Nurses Week!  Nurses are an essential part of our healthcare system, providing vital care to patients and their families. They work tirelessly and selflessly, often in challenging and stressful environments. At PEFCU, one of our main pillars of focus is Health and Wellness, and as members of the community, we can show our appreciation and support for nurses in many ways:  Say, “Thank you” – A simple thank you can go a long way in showing appreciation for the work nurses do. It is a small gesture, but it can make a huge impact on a nurse’s day.  Send…

Love Your Car but Not the Payments?

When you purchased your vehicle, you probably didn’t buy it on a whim. Instead, you researched vehicles to find the one that best matched your lifestyle. Perhaps you needed an SUV for your growing family. Or you wanted a car with excellent gas mileage for commuting. Regardless, your car reflects you and your personality!  But what about the payments? Buying a new car is exciting, and it’s easy to get distracted. Then, months later, you realize the payments might be more than you prefer. Luckily, lowering your auto loan payment is pretty easy through a process called refinancing.   What Is…

May 1, 2023Borrowing Basics, Wallet Wins No Comments
Love Your Car but Not the Payments?

When you purchased your vehicle, you probably didn’t buy it on a whim. Instead, you researched vehicles to find the one that best matched your lifestyle. Perhaps you needed an SUV for your growing family. Or you wanted a car with excellent gas mileage for commuting. Regardless, your car reflects you and your personality!  But what about the payments? Buying a new car is exciting, and it’s easy to get distracted. Then, months later, you realize the payments might be more than you prefer. Luckily, lowering your auto loan payment is pretty easy through a process called refinancing.   What Is…