Tips to Keep Your New Year’s Financial Resolution

It’s the same thing year after year - people around the globe resolve to make better spending and saving decisions. Second only to dieting and getting in shape, saving money is one of the most popular new year's resolutions.

Unfortunately, all new years resolutions have one thing in common; they’re usually deserted within a few weeks.

If you’re struggling to stay on track with your financial goals this year - or need help jumping back on the wagon - we’ve compiled some budgets and tips and tricks for success this year.

Set Realistic Goals

Goals are hardest to reach when they’re set too high. The first step is to identify what you want out of your finances. Are you looking to buy a house this year - or maybe a new car? You shouldn’t be browsing real estate sites and dealerships just yet. Start smaller.

First, check your credit. Not looking so great? You might want to meet with a financial adviser before you make the first moves. How about your savings account – does that need a boost to get to your goals? Identify the steps you need to make, then break down your next moves into smaller, more manageable actions.

Cut the Small Charges

Start by making a list all your monthly expenses: rent or mortgage payments, bills, loans - anything you can expect to pay in a given month. Don’t ignore small monthly charges like a gym membership, online music and/or movie streaming services (most people have multiple nowadays), Amazon Prime membership, Costco Membership, Home Owners Association fees…

Forget a cup of coffee a day, these fees really add up! In fact, Marketwatch.com says 10 percent of millennials spend $200 or more a month on subscription services. Get a good idea of the “small” charges that make a big impact on your budget and get trimming.

Get a Complete Understanding of Your Spending

Take a long, hard look at your spending habits. If you’re spending too much money on eating out, maybe your new year's goals shouldn’t be to save enough to buy a house but to prepare more meals at home. Narrowing your goals to something more concrete will not only give you a better look at your finances, but your savings account will grow without you even realizing!

Get More Options

Too many people give up on their goals because they just aren’t aware of the available options! Refinancing high-interest loans can save you hundreds - if not thousands - in the long run, and make an instant impact on your monthly finances. Take a deep look at any outstanding loans you may have - especially student loans. There are plenty of options such as refinancing and more forgiving payment plans available. Just ask the experts.

Shopping around isn’t just good advice for loans. When’s the last time you shopped around for insurance? These companies are in insanely competitive markets and new customers get great deals.


Need more tips to reach your financial goals this year? Get in touch with the friendly experts at Financial One Credit Union. We’re always happy to help you reach your goals - no matter the time of year.

Saving Money During the Holidays

There’s no doubt that the holidays are the most expensive time of year. Between giving gifts, decorating, and sending cards, the expenses can add up quickly.

Here are a few ways to make the holidays a little less stressful and a lot less of a financial burden.

Plan Ahead

If you haven’t started to consider holiday costs, now is the time to begin! Adding up projected costs is a great place to start. In addition to considering gifts, remember to think of small items such as wrapping paper, holiday cards and postage. At this time of year, small lifestyle changes are amazingly helpful. It’s as simple as packing lunch instead of going out or having a family movie night at home.

Shopping lists aren’t just for the grocery store! Before you go out, make a list of what you need. Don’t get sidetracked by all of the appealing deals. Even though something is on sale, you are still spending money.

Give Homemade Gifts

All homemade gifts don’t have to look homemade! By making a gift, you are also giving your time. Take advantage of something that you’re good at. If you’re a baker, a delicious treat is a perfect option. You can even package them so they look store-bought. If you make jewelry, do that! These homemade items are also perfect for gift exchanges, such as a Secret Santa.

Collect Coupons and Look for Sales

Collecting coupons can take some time and organization, but it’s definitely worth it in the long run. One easy way to do this is with technology. Apps can find the best deals and coupons – and keep you organized.

If you know what you need ahead of time, keep checking for sales. Remember, Black Friday isn’t the only time to shop! Save by paying attention to the regular price of an item. If the original price is what you’re hoping to spend and you find the item on sale, don’t worry about buying more to make up the difference.

Use Cash Back and Rewards

A lot of credit cards offer rewards, and this is the time of year to take advantage! Keep an eye on what promotions your credit card may have for the holiday season. Often, you can get cash or gift cards back for your regular purposes. Also, keep an eye out for store rewards. A lot of stores offer loyalty programs and you may be lucky enough to have money available.

It can take a bit of preparation, but planning your holiday finances will definitely benefit you in the long run. Remember that financial planning doesn’t have to only take place during the holidays. Financial One is there to help you with your finances whenever you need it.

Save on Road Trips This Summer!

Summer is here, and for many, this means summer vacations are calling. But with airlines’ increasing fees and charges, you may find yourself opting to hit the open road instead of the sky.


Slow down speed racer; if you’re not careful, road trips can get pricey, too! Since we all deserve a break and some fun in the sun, we’re giving you our best tips to pinch every penny and make the most out of your next road trip.

Budget First

Make travel a piece of your monthly budget. Determine how much your ideal trip will cost and how much you can reasonably set aside. Start saving months in advance. This way, when trip time rolls around, you aren’t scrounging through the couch cushions digging for nickels.

Plan, Plan, Plan

Once you’ve got the cash, the real fun begins. Start researching your destination(s) and planning activities and restaurants you’d like to visit while there. Often tickets to parks, events, concerts, etc. are cheaper in advance. A simple Google search of “destination and date and events” will let you know what’s going on.

You’ll also want to set up accommodations before you go. Booking sites like Hotels.com and Booking.com search for the best deals, so you don’t have to. There’s also Airbnb and campsites if you’re going the nontraditional route.

Mapping out your route not only saves you time, but can save you money by helping you avoid tolls, travel the least amount of miles, and drive through more affordable areas. Apps like Waze can help you find the best route and automatically change routes if something pops up – like construction or car accidents.

Guzzle Less Gas

Gas isn’t cheap, with the average price sitting somewhere around $3 per gallon. Use GasBuddy.com to calculate how much you’ll be spending, and make sure this number finds its way into your budget.

Use less fuel and save more money by:

• Packing the vehicle as lightly as possible
• Following the speed limit
• Avoiding aggressive driving
• Filling tires to the correct pressure and making sure tire tread is sufficient
• Renting a fuel-efficient vehicle

Pack Snacks

Driving for hours can really get the tummy rumbling, but constantly stopping at convenience stores to grab food can put a major dent in your wallet. Pack a cooler with the essentials like granola bars, fruit, cheese sticks, crackers, chips, bottled water, and other drinks. Pro tip: buy in bulk and separate into individual bags – or go family style and dig right in.

Packing “picnic lunches” can also save you lots while on the road. Toss some bread, peanut butter, and jelly in the cooler for a quick lunchtime meal that costs you pennies.

Dine In

If dinnertime rolls around and you’re absolutely famished, skip the drive-thru and opt for a mom-and-pop shop instead. These places are often tastier and have better deals than big name restaurants. Plus, they allow you to get a little flavor of the area you’re in.

Check for Coupons

Coupon clipping isn’t just for Moms on TLC. If there are specific stops you’d like to make or attractions you’d like to see, check online for any coupons. Do this simply by typing, “destination and coupon” into Google.

You can also use GroupOn before heading out to get deals on food and fun.

Get Going!

Now all that’s left to do is jump in the car and go! Don’t forget to call your bank and let them know you’ll be on the move. Oh, and don’t forget your chargers either – a good road trip calls for lots of photos!

How to Find the Keys to Financial Happiness

When it comes to financial happiness, many people think of big houses, nice cars, vacation homes, fine dining, and heaps of cash in the bank. The truth is, financial happiness is really a subjective and personal choice. Like many things in life, people will differ in their definition of financial happiness and how to obtain it. To help you start pondering what true financial happiness means to you, check out our tips below. The first two are more abstract and deal with your personal values while the last two address behaviors of so-called financially happy people.

Setting and Reaching Goals

You’ve heard the age-old mantra that money can’t buy happiness, right? Well, it can, to an extent. Money certainly can buy happiness when you are spending it well. It’s not about how much you have, but how you use it! That’s why it’s important to know what you value most so you can create goals. Goals - big and small - help direct where you spend your dough. Writing out your short-term goals (ex. getting a pet) and long-term goals (ex. saving for retirement), along with ballpark figures needed to achieve them, will increase the likelihood that you reach them. People with clear goals are typically more financially happy people because they have focus and direction for their money.

Maintain a Positive Attitude

Your relationship with money has a lot to do with your sense of happiness. What messages did you receive growing up from the adults in your life? Were you taught to view money as a tool, as a means of exchange, or as a scarce resource to chase and hoard? Spending some time reflecting on your attitude toward money will help bring your inner dialogue to light. Rewrite that inner dialogue to help conquer your money fears and build self-esteem.

Stay Organized

Few people want to hear this, but most financially happy people are organized. They have a handle on what’s coming in and what’s going out. While it isn’t always fun, creating a budget is a tried and true method for taking control of your personal finances. Tracking your credit score is another great way to stay in control. Improving your score could mean the difference in interest rates and thousands of dollars in interest saved over the years. It takes discipline, but it feels good to be in control of your money; one of the best ways to do that is to get organized.

Make Wise Investments

This last tip will vary from person to person. Some people are fascinated by stocks and bonds and will jump in head first to start investing. Others will feel comfortable with a less risky option of opening an IRA. Still others would rather trust an advisor or firm to handle investment decisions for them. Whatever the case you’re in – if you have a little to invest or a lot – a common thread in financially happy people involves some sort of investing. Setting aside what you can, as early as you can, might play a large role in your long-term financial happiness.


Have these suggestions sparked your internal dialogue around money? How do you define financial happiness?

Money-Saving March: 5 Habits That Can Save You Money

In the Month of March, you may notice a little extra spending money in your bank account. After February, the shortest month of the year, you get a chance to take steps to reduce spending and save money. Why February? For many people, they will still receive two paychecks this month but will have fewer days to stretch them between. So how can you begin to use those savings in March? Try these tips not just for this month, but to see what “sticks” throughout the rest of the year.

1.     Eat In

For the first time in history, people seem to be spending more at restaurants than grocery stores. But the quickest way to empty your wallet without realizing it is to dine out on a regular basis (which includes those tempting coffee shop drinks). Although it takes planning and discipline, eating meals at home and bringing a bag lunch will make a big difference to your monthly spend, not to mention your calorie count for the month!

Plan on making extra food to use for leftovers, make good use of slow cookers and try the practice of preparing tomorrow night’s dinner tonight before bed. Find more fabulous tips for managing three square meals in a disciplined, frugal way.

2.     Try “No Buy” Time

A “No Buy Month” or “No Buy Week” is a challenge to oneself to not spend any money—other than buying absolute necessities—for a set amount of time. This includes major purchases, items bought on a whim, or replacing things that you feel are wearing out. Giving yourself the chance to pause before buying something is a great discipline that will only serve you well the next time you’re facing a buying temptation.

If this feels daunting, try just one category of purchases that you like to splurge on. For example, tell yourself that this month is a No-Buy Month for clothing and accessories, a hobby or collection, concert tickets, or purchasing new music.

3.     Drive Less

If possible, try to carpool or use public transportation instead of hopping in your car. Save money on gas, save the wear and tear on your car, and do something better for the environment while you’re at it. Looking for a baby step? Consolidate your errands to one geographical area, park centrally, and walk to where you need to go.

4.     Do Your Own Services.

Do you pay for any services on a regular basis that you could try doing on your own? We are a nation of convenience. Could you do any of these yourself for a month? Think about cleaning and ironing shirts instead of dry cleaning, washing your own car, cleaning your own home, baking your own treats, walking your dog yourself, or buying groceries yourself. You may find that the inconvenience is worth the money saved, and you may be surprised what you can do on your own.

5.     Sell What You Don’t Use.

Not only could you slow down your buying this month, but you could also supplement your wallet by bringing in a few extra dollars. Take a look around your home, in your closet, and in that garage for items that you don’t use, but could be worth money to someone else. Online garage sales on Facebook or on sites like Craigslist or Ebay can get your unwanted items moved quickly.

Financial One Credit Union is happy to assist with any questions on saving or reducing spending. Contact us to learn more and to get started toward being more frugal any month of the year.

How to Save for an Emergency Fund

Some call it a “rainy day fund”, some call it the mayonnaise jar on the fridge, but however you say it, saving sufficient money for an emergency financial situation is something everyone should do. It’s a situation that nobody wants to face—may it be an emergency house or car repairs, a sudden sickness or health ailment, or the loss of a job—most Americans are not prepared to face a $500 financial emergency, as recently reported by the Star Tribune. For some individuals, $500 could cover rent for a month while for some families, $500 may only cover two weeks’ worth of groceries.

Think you’ve got a pretty good nest egg saved up? Experts say an adequate emergency fund should able to cover every expense for at least six months. Take a look at how you should plan for an emergency savings fund:

Take a look at priorities. In the event of an emergency financial situation, your expenses should cover the following:

• Housing expenses: Rent, mortgage, utilities, insurance.
• Food: Groceries, school lunches.
• Healthcare: Medical and dental insurance.
• Debt: Credit card, loan payments.
• Transportation: Car payments, loans, insurance, gas, and maintenance.
• Personal Expenses: Grooming, memberships, entertainment. (These can seem secondary in nature of important expenses to prioritize, but these extra expenses do occur and add up fast, so plan adequately).

Meet with a financial advisor. A professional financial advisor can help you address your finances and help you better understand how you can improve. They can help you formulate the best plan with your earnings, lifestyle, and priorities in order to reach your savings goal. They can help you plan for a short-term and a long-term emergency fund. Emergency savings funds need to be liquid, accessible and low-risk. A financial planner can help you create the best storage plan for you to save smartly and be able to access immediately.

Make a budget. Once you have a list of essential expenses, prioritize the important and create a budget. Commit to a savings plan and devote a percentage of every single paycheck to savings. Consider making those payments to an emergency savings fund an automatic deduction from your paycheck. An automatic deduction will promote steady savings and you won’t be tempted to place that money elsewhere.

Build your savings. In addition to a percentage of your monthly income, consider how else you can contribute to an emergency account. Do you have unused goods to sell? Can you afford to take a second job or find an extra income opportunity? Take a look at what you can cut from your budget. Turn the thermostat down by a few degrees. Cancel memberships and services that you don’t use or don’t benefit from. Cook more meals and entertain more often at home. These small and minor lifestyle changes can make a significant change in your finances.

                                              

Stay on top of your payments. It may be easy enough to say, but it is important to understand the concept of living within your means. Look for ways to tighten your wallet, prevent overspending, and build regular savings. Prevent yourself from charging your expenses so that your credit score doesn’t plummet as you face an emergency financial hardship. Consider continuing these habits when you are no longer in financial hardship. Committing to regular and healthy savings habits can be a lifestyle change for some, but your finances will thank you for it!  

Getting Back on Track After Holiday Spending

With the hustle and bustle of the holidays, many things can get away from you - especially your spending. Everyone wants to be generous with their gift-giving, but this can really put a dent in your savings. If you have found yourself in this situation, we have a few simple tips to dig yourself out of the holiday hole and get your finances back on track.  

Reevaluate Your Finances

The best place to start is by reevaluating your finances.Take a look and categorize the things you bought during the holidays. This includes gifts, food, travel, decor items, and any other added expenses. Be sure to look at where the money came from, either savings, checking or credit cards. Take a look at your monthly income and compare that to your spending. Doing this will allow you to see how much money you can put towards paying off your debt. By reacquainting yourself with your accounts, you will have a better idea of how much debt you have and you will be able to give yourself an accurate timeframe on paying it all back.

Cut Costs Where You Can

This may sound obvious, but it really is the best way to save money. Since you have already evaluated your finances, you should have a pretty good understanding of where you are spending your money. Even cutting back on small things can really help. For example, make your own coffee rather than buying it, pack a lunch rather than going out, or rent a movie rather than going to the theater. All of these little things can add up to big savings which you can use to pay off your debt or to rebuild your savings account.

Create a Payment Plan

If you want to get out of debt quickly, you’ll need a plan. According to Ann Walter of the Consumer Credit Counseling Service (CCCS), it should ideally take you no more than three months, however, each person is different. There are a variety of ways to help figure out how much to pay off each month. First, try our financial calculator to help you come up with a plan. You can also contact a consultant for help. Financial One CU has a skilled staff that can help you come up with the perfect payment plan to help get you out of the holiday hole.

If you are finding it hard to stay within your budget, try to use cash instead of a card. This will give you a tangible way to stay on budget; once the cash is gone, you can't spend any more.

If you are serious about getting out of the holiday hole, we recommend asking a professional. Our representatives can answer all of your questions and help you find a payment plan that works best with your budget. Although it may seem hard to save after spending so much on the holidays, we can help guide you through the process and start your 2016 off on the right foot.

Alternative Valentine's Day Ideas That Won't Break The Bank

Valentine’s Day - that wonderful day filled with chocolate, gifts and celebrating the love between you and your significant other. However, Valentine's day can also be expensive. A fancy dinner, a nice gift (traditionally flowers or jewelry) and possibly a new outfit for a fancy dinner. For those of us on a budget, this day of love can turn into a nightmare. It doesn’t have to be that way. We have a few ideas that you and your significant other can enjoy the day without breaking the bank.

Dinner for Two

Skip the stuffy, undoubtedly packed restaurant and make dinner together at home. Although this may seem obvious and bland, cooking together is a great way to connect and you won’t have to wait an hour to get a table. Also, cooking at home is less expensive. On average a chicken dinner out is about $14-$20 not including drinks, whereas the same dish cooked at home is about $6-$10 and you can take as long as you want to eat since there isn’t a waiter trying to turn over tables.

Creative Gifts

Okay, so dinner is planned - now about that gift… This is where you will have to get creative but if you don’t want to drop a large amount of money on one item, give them the gift of yourself. Make a coupon book for your significant other filled with fun coupons like “You win this fight” or “I’ll do the dishes.” This is a great gift for both men and women, plus there are many different websites where you can print the perfect customized coupons for your partner.

Thinking of You...

On Valentine’s Day, a lot of people have flowers sent to their special someone at their work. However, flowers and delivery are expensive. Here’s an alternative: Plan ahead, write a heartfelt letter to your love and mail it to them. Most people only get work-related mail at their office so this will be just as special and will let them know that you are thinking about them. Also, sending a letter is less than a dollar.

Tradition on a Budget

Still like the idea of a bouquet for Valentine’s Day? A normal bouquet of roses runs about $50, though can be much higher during valentine’s day, and are even more if they come with a vase. Our suggestion - look into alternative bouquets. Dollar stores offer a wide variety of balloons for, you guessed it, a dollar. These balloon bouquets are great and you are able to find the balloons to fit your partner.

If you are still insistent on buying the traditional chocolates and flowers, wait a day. Most stores have huge after Valentine’s Day deals that you can take advantage of. So talk with your love about postponing celebrating.

The most important thing when planning your alternative Valentine’s Day is to remember that the day is about celebrating the love you have for each other in your own special way. If you need more help with figuring out how much you can afford this Valentine's Day give Financial One a call at (763) 404-7600 or check out our website; we can help set you up with a budget and get you on the right track.

There’s No Place for Stress During the Holidays

The holiday season is here, and there’s a good chance your wallet has already taken a couple of blows. With all of the enticing deals, gifts to buy, and social gatherings during this time of the year, it becomes rather easy to overspend and run short on money. This may be especially true if you found yourself tempted into buying something you didn’t need on Black Friday or Cyber Monday. Regardless of how it happened, running low on money can be a very stressful situation, especially during the holidays.

Have no fear - Financial One is here to help! Whether you’re running low on money for gifts, or looking to afford a holiday trip, we have your solution. We are offering a special holiday solution loan, which can be applied for now. The rates on this loan are fantastic (we recommend checking them out), and it might just be your ticket to a stress-free holiday season.

A Holiday Solution Loan is not the only option - we also offer budget-friendly financing on personal loans and lines of credit, which come without annual or prepayment fees. You will receive helpful, member-first service throughout the entire process, and we will tailor your financing to fit your unique situation. After all, not everyone’s financial situation is the same. Not to mention, we handle the process in-house, which helps ensure that we get you money as soon as possible.

Regardless of your plans this holiday season, there’s no need to stress. Whatever you want to do, Financial One is here to get you there! Stop by one of our branches or give us a call at (763) 404-7600 if you have any questions regarding our holiday solution loan, personal loans, or lines of credit. We’d love nothing more than to help you make this holiday season one to remember.

Tis’ the Season of Giving

With the season of giving heading into full swing, many people are looking for ways to give back to their community. Giving back to our community is a huge part of who we are at Financial One Credit Union. However, we understand the ability to give varies from person to person, as it is often dependent on an individual’s financial situation and amount of free time. If you are in search of ways to give back to your community this holiday season, check out some of the ideas below. You’re sure to find one that fits your budget and your schedule.

The Salvation Army

During the holiday season, the Salvation Army is always looking for volunteers to be bell ringers. By volunteering for just one shift as a bell ringer (which is two hours long), you will be able to raise enough money to provide a week’s worth of groceries to a family in need. If bell ringing isn’t your thing, there are several other opportunities to give back through the Salvation Army.

Greater Twin Cities United Way

Another great organization to give back with is the Greater Twin Cities United Way. It is their mission to create better lives for both individuals and the community by uniting people in the fight against poverty. They offer a variety of ways to give back, which include volunteering, donating, and participating in events.

Big Brothers Big Sisters

If you’d like to give back to children this holiday season, Big Brothers Big Sisters of the Greater Twin Cities is a great option. This organization focuses on helping children realize their potential and start building their futures. They also have several ways to give back, which include donating, volunteering, and participating in events.

Toys for Joy

Similar to Toys for Tots, Toys for Joy is a charitable organization that collects Christmas toys for underprivileged children. The difference is that all of the money raised stays in Anoka County. They have volunteer opportunities available and also welcome donations of food, toys, and funding.

Meals On Wheels

This association works to ensure that seniors and people with disabilities in your community receive the nutritious meals and social interaction they need to live independently at home. You can give back through Meals On Wheels by volunteering to deliver meals to these individuals or helping provide meals.

At Financial One, we encourage you to find a way to give back to your community this holiday season. The list we provided contains some great opportunities to give back, but they are just a few of the many ways you can do so. Check out other great opportunities at Anoka County Online.

Take the Stress Out of Holiday Shopping

It may not quite be that time of year again, but people have already begun to gear up for the holidays. For many people the holidays have become a time when the debt starts piling up from all of the holiday shopping. This doesn’t have to be the case. There are ways to shop smart and on a budget, but it takes effort, focus, and planning. We have developed the following list of some great tips to help avoid overspending this holiday season:

Set A Realistic Budget

Figure out how much money you can afford to spend this holiday season and make it non-negotiable. Remember to factor in things such as postage and holiday cards, which can otherwise throw of your budget. Once your budget is set, stick to it. Starting early makes it possible to stretch that budget even further.

Have A List

Shopping without a list is a recipe for disaster. It leads to more impulse buying because of all the deals and “door-busters” you are presented with. Seemingly low prices will tempt you to buy things that are unnecessary for your holiday plans, so make a detailed list of the gifts and items you need for an event and don’t stray away from what you need.

Avoid Credit Card Use

Using a credit card for holiday shopping can put you on the fast track to debt, so use cash or a debit card instead. This means you only spend money that you actually have, rather than paying a ton of interest as well.

Do Your Homework

There is nothing worse than buying a gift at full price and later finding out you could have gotten it for a much cheaper price at a different retailer or online. Many times, stores will also offer deals through their mobile apps or website that aren’t available in the store. So put that smartphone or laptop to use and make sure you are getting the best deal possible.

Don’t Procrastinate

If you wait until the last minute to do your holiday shopping it not only adds stress, but it is much harder to make budget-friendly choices. The longer you wait to get started on your holiday shopping, the less time you will have to compare prices, and the more likely it will be that you will overspend. Set a plan, and get your holiday shopping started ASAP.

These tips are sure to help you save money during your holiday shopping spree, but sometimes the money just isn’t there to begin with, such as if you have an unexpected emergency that put a dent in the holiday shopping funds you had saved up. If that’s the case a loan may be a better option than financing at the store and Financial One Credit Union can help.  We offer budget-friendly financing options to meet your needs with much lower interest rates than you would pay if you loaded your holiday expenses on a credit card. We are here to to help save you from stress and extra headaches this holiday season.