Wallet Wins

Are you using direct deposit yet? If not, there’s virtually no reason not to make the switch. The term simply refers to your employer or other income source depositing your paycheck electronically into your account. This is a very secure process, and one that is being used by millions of people every day.  In fact, many people see direct deposit as one of their top money management tools. Your employer can usually help you set it up within a few minutes, and once in place, you never have to think about depositing another paper check again.  Why Direct Deposit Your…

One of the most powerful tools when it comes to buying a new or pre-owned vehicle is a preapproval. With a preapproval, you’ll have the upper hand when it comes to negotiating with dealerships, you will be protected against unnecessary add-ons, and you will stay within your budget.  What Is a Preapproval?  Nowadays, you can stop by practically any dealership and buy a vehicle without applying at your financial institution first. While this might be more convenient for some people, it could also cost you quite a bit of money.  To get preapproved, all you have to do is apply…

We all have financial goals, and different goals require different tools and tactics. Whether it’s taking a well-deserved vacation or securing your golden years, how you save is just as important as how much you put aside.  For example, retirement planning relies heavily on tax-advantaged accounts and long-term investments. But what about short-term goals – those that you hope to achieve within two or three years?  Accounts for Short-Term Goals  There are a variety of accounts to help you save money. Three of the most popular and widely accessible are traditional savings, money market, and share certificate accounts.   Each option…

It’s always a good plan to set some money aside to use as a down payment when financing a new or “new to you” car. As a general rule, you’ll want to pay 20 percent of the vehicle’s value as a down payment for a new car and 10 percent as a down payment for a used vehicle. This makes tax season an excellent time to shop for a car and use your tax refund as part of your down payment.   Below, you’ll find five reasons using your tax refund as a down payment works in your favor.  Your Down Payment…

In today’s fast-paced world, you need a reliable credit card packed with exclusive benefits to help you stay on top of your game. At PEFCU, we understand your need for financial flexibility and security, too. That’s why we make our Visa® credit card stand out with its exceptional rewards.  Competitive Rates at 9.90% APR: One of the key advantages of choosing the PEFCU Visa® credit card is the low Annual Percentage Rate (APR) of 9.90%. With rates lower than the national average and no fee for balance transfers, it’s one of the best financial decisions you’ll ever make. No Balance…

In today’s world, purchasing a new car seems straightforward. Many rely on their trade-in vehicle to cover upfront costs, such as a down payment. However, the amount you put down on a new car plays a much more significant role than most realize.   Between taxes and the slew of add-on products peddled by dealerships, the amount you finance for a new vehicle could be substantially higher than the car is worth. Preventing this situation is not only critical for your finances, but it also protects your investment.   This article sheds light on the importance of your down payment and provides…

Time is your best friend when it comes to saving for retirement. Ideally, you’ll start putting money into retirement accounts in your early 20s, but it’s never too late to start. The reason is two-fold: 1) it allows ample time for your money to grow and compound over the years, and 2) it’ll provide the greatest tax benefits – a component of retirement planning people tend to overlook.  Many tax-advantaged retirement accounts limit how much you can contribute per year. To maximize your tax savings, you’ll want to start early. One such account that everyone should consider is an IRA. …