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.

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.

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.

Achieving Your Summer Bucket List

The summer bucket list: for some, it includes making your own ice cream and swimming in the dark. As we grow older, our summer goals tend to become more narrowly focused and, unfortunately, more expensive. We want to help you complete your summer bucket list, no matter how big your dreams may be! Just to help you get the ball rolling, here are a few ideas:

Vacations

Summer is a popular time to take the family on a vacation. Minnesota is the perfect state to invest in a vacation property, given our wide range of opportunity for lakefront housing. Many choose to leave the state (or even the country) each summer for a relaxing getaway. Take your loved ones on a road trip around the country or destination of your choice. If you’re more of a homebody, there are still plenty of great Minnesota-based vacation options.

Boating

The land of 10,000 lakes means 10,000 reasons to invest in a watercraft vehicle. Even if you are just using it on the lake over the weekend, investing in a boat will give you many more opportunities for summer adventures. Already have a boat? Make this summer the year to upgrade to something a little more powerful or something with a bit more space, then you can stop staring enviously at your neighbor with the new 30-foot pontoon. Add some high-quality tubing accessories onto your bucket list, and invite a few friends for a day of summer fun that will be the envy of everyone else on the lake.

Summer Home Improvements

Every homeowner has plans to build a gazebo, make landscaping changes, or make energy efficient changes to the house. The list of ideas goes on and on! Somehow, thoughts of these plans almost always end with one word: someday. Summer is the perfect time to make these changes in your home. You can also make a few necessary investments during the summer that can save you money in the winter. Need to fill up your LP tank this winter? Many times, you can get reduced prices in the summertime. Thinking of switching your heating to a wood-burning stove? Make plans now- why wait until the cold hits?

Put in a Pool!

Clark Griswold wanted to use his christmas bonus to build his family a pool, and we all know how well that turned out for him. Pools (especially in-ground) can be an extravagant expense to some, but the equity it adds to your home can end up paying for a big chunk. Let’s be honest, you’re lucky if those inflatable options you purchase at big box stores last longer than one summer. Give yourself a summertime treat that will not only improve your kids’ opinion of you, but also the value of your home!

Whatever may be on your summer bucket list, Financial One Credit Union can help. With low rates and easy payment options, completing your summer bucket list is easier than you may think. Check out our flexible loan options to see for yourself!

DIY Holiday Gift Ideas

Like many of us, you’re probably feeling the holiday spirit this season. While it is supposed to fill you with cheer, it can sometimes leave your wallet empty. Keep the spirit of giving going this holiday season with these inspired DIY gifts. Easy to create and fun to give, the magic of Christmas generosity lives on with a budget that even Scrooge would be comfortable with.

Paperwhites in Mason Jars

Happy little growers just add water.

You’ll need:

-Paper white bulbs

-Mason jars

-Colorful stones or glass

Your paperwhite bulb will not need chilling in order to bloom, and will grow easily without soil. You can find the bulbs at most gardening stores or nurseries. Fill mason jar ¾ full with stones, and set paperwhite bulb on top of stones. Secure lid over the bulb, allowing bulb to stick out of lid. Add a decorative flare with pine trimmings, twine or ribbon, and attach a homemade instructions card.

Stylized Porcelain Mugs

For the coffee enthusiast, a pretty way to brighten any morning.

You’ll need:

-Porcelain mug

-Sharpie paint oil based markers or Decoart glass paint markers

-Oven

Wash mug and stencil on design with pencil, or using painters tape. Draw design with paint markers (we like metallic gold for polka dots or chevron designs) and bake at 350 degrees for 20 minutes to set paint. Allow to cool in oven. Voila! Mugs are dishwasher safe, but for best long term results, hand wash only.

Coffee Bean Soap 

A little bit of homemade luxury.

You’ll need:

-1 lb package melt and pour soap base

-Ground coffee beans

-Milk and honey fragrance oil (find at any craft store)

-Soap mold

Measure out how much soap base you will need, per soap mold instructions and cut soap base into cubes for melting purposes. Place soap in microwave safe bowl for melting and heat at 15 second intervals, stirring between each, until soap base is melted. Once melted (be sure not to overheat), quickly add in coffee grounds and stir, adding in fragrance oil and stirring (fragrance will come with amount directions). Pour soap into molds, nixing bubbles on the top of molds with a spritz of rubbing alcohol if needed. Soap will take 1-3 hours to harden. Pop out of molds and soap is ready for gifting!

His Favorite Beer Glasses 

Turn used bottles into treasured glasses.

You’ll need:

-Favorite beer bottles

-Acetone

-Small dish and rag

-Scrap string

-Sandpaper

Fill sink with cold tap water and handfuls of ice. In a small dish, pour enough acetone to soak your string. Cut a piece of string long enough to wrap bottle 5-6 times around, and tightly wrap string around bottle where you want to separate the glass you’ll have from the top of the bottle. Tie a knot in the yarn and trim extra from ends; slip off of bottle and submerge in acetone. Slip soaked yarn back onto bottle where the cut will be made. Hold bottle horizontal over sink and light the string with lighter, rotating the bottle until flame burns out after about 30 seconds. Once flame burns out, submerge bottle and string in ice bath and the top should separate where the yarn was (if top does not come off, repeat process until bottle separates). Use sandpaper to smooth the edges, and you’ve got a guy-approved gift!

The holidays should be a season for spreading cheer and spending time with family and friends. Don’t let the financial strains of the season stop you from getting into the Holiday gift-giving spirit. From all of us at Financial One, we hope you have a safe Holiday season and a very happy New Year!

Holiday Scams and How to Prevent Them

‘Common Holiday Scams and How You Can Prevent Them’

For every family looking to enjoy a safe and exciting holiday season, there awaits a thief or criminal looking to take advantage of holiday goers. To prevent a Scrooge from harming your family and identity, take the following common holiday scams into consideration.

Gift Cards

Gift cards often are an excellent way to ensure that your loved one will receive something they love and will use. They are also one of the most common scams during the holiday season. Scammers take advantage of holiday shoppers by either scanning the magnetic strip on the card or by counterfeiting cards. To avoid this problem, consider purchasing cards from the customer service desk, and always ask for the card to be scanned if it is pre-loaded.

Delivery Targets

The holidays are an exceptionally busy time for delivery services. Many thieves take advantage of this and develop multiple scams involving delivery companies. One such scam involves leaving a notice at your door that states you missed a package and that you must call and arrange for delivery of the package. Once you call, the scammer asks for your personal and private information such as your PIN or your social security number. Call the postal office or delivery carrier to ensure if your expected package has arrived. Your local postal office, UPS, or FedEx does not require such personal information to deliver your package. Be wary of this very common scam.

Phishing Scams

Checking your email during the holiday season most likely means you are bombarded with emails on discounted merchandises, final holiday sales, coupons, and much more. While many of these emails may save you a ton in your holiday budget, be wary of emails and links that hold malicious malware and viruses. Identity theft would be a rather unwanted holiday present. Unfortunately, there is no surefire way to guarantee that an email is 100% safe, so if you are tempted by a link or offer, travel to the website itself to see whether the email was indeed legitimate.

Facebook and Grandparent Scams

Facebook hacks and grandparent scams are done year-round, but are even more prevalent during the holiday season. The scams often start with a social media account posting or a phone call claiming to be a loved one who claims to be in trouble and in need of some money. Often hackers will obtain personal information in the hopes of making the scam seem more authentic. To prevent this if you have a loved one traveling, consider setting up a secret code word or registering with the State Department's Smart Traveler Enrollment Program at https://step.state.gov/step/ to help with communication in emergencies.

Old Scams are Still Common for a Reason

Warning: Not all holiday scams happen electronically. Thieves can still act as door to door salesmen casing homes or criminals who tail delivery services and are prepared to snatch your package up when you are not home. During the holidays, people are generally in high and giving spirits. Unfortunately, scammers are more than prepared to take advantage of this. Fake charities often spring up looking for people to trick into donating. To ensure whether or not a charity is legitimate, check out www.charitynavigator.org.

Holiday scams occur nearly every year and it may be likely that you or your loved one may be a victim of a scam. To help ensure you are not, use common sense and read the fine print before giving your personal information away. Research and double check before each and every purchase. Or consider setting up a cash only policy in your household instead of a debit or credit card during the holiday seasons. Consider all these tips to have a safe and exciting holiday season.

Holiday Spending Trends: How to Prepare

The Holiday season is great for a lot of reasons: family, friends, religious gatherings, parties, good food, etc. However, the most constant and encompassing thing during the Holiday season shopping. Yes, Holiday shopping- the monster that is here to stay. Whether or not you believe in giving gifts during the Holiday season, the fact is you cannot avoid the shopping madness. From crazy store hours to new products to super-saving deals, everywhere you look, you are reminded that the Holiday shopping season is happening. To help you prepare for the Holiday shopping season, here are three areas you can look to address:

1. Purchase Gifts Online

Not a fan of long lines or “fighting” through crowded aisles at your local mall? Then grab a chair, maybe a blanket, and fire up your computer. Online shopping is your answer to avoiding the crazy shoppers. When you consider the great online deals out there (Cyber Monday) and the time you will save by not going out, you will see the benefits of purchasing gifts online. At the very least, you can do your gift “scouting” online so you are best prepared to go out and find exactly what you want much more quickly.

2. Have A Game Plan

Yes it may sound a little excessive, but make a list of who you are going to purchase gifts for and then figure out what to get them. By making this list you can research which stores offer the best prices and which gifts in general are overpriced. Once you have a game plan in place you can go out and execute the plan, while still allowing for an audible or two. Knowing what you need to get, and more importantly what NOT to get, will be critical.

3. Set A Budget

Over-spending is not uncommon- In fact, it is quite easy. The Holiday season naturally calls us to be extra nice and go above and beyond for others. As a result, we tend to purchase extravagant gifts for our loved ones. While the thought is great, the result can sometimes be tough to deal with. You should never put yourself in a situation in which you are struggling to make ends meet because of your purchasing choices. Our suggestion; set a budget of how much you are willing to spend on gifts for each person on your list and then stick to it. It won’t be easy, but by identifying how much you can spend, you are putting yourself in a good position to cope with making difficult choices.

Again, the Holiday shopping season is going to be crazy, and there isn’t much you can do to change it. Hopefully, these three tips will help you stay calm and enjoy the Holiday season the way it was meant to be!

Big Changes at Financial One Credit Union!

Thank you for being a member of Financial One Credit Union. With our recent rebrand we wanted to let our members know what’s new and what’s different! With the rebrand we decided to partner with BancVue, also known as KASASA! KASASA is an effort to fight against the “big banks” and show people that banking should be free and you should be rewarded for having your money at our financial institution.

What is new with Financial One? We will now be offering high yield checking accounts that pay up to 2% APR, or a 4% cash back on purchases up to $200, or an iTunes reward account that will allow you to earn up to $5 per month in iTunes or Amazon credits with a $20 sign up bonus, just for using your checking account.

Each account does have qualifiers! You must have e-statements and you must log in to online banking at least once in a qualifying period (usually the 1st of the month thru the 29th or 30th depending on the month) as well as use your debit card at least 12 times within that same qualifying period.

What is different with Financial One? We have always offered “free” checking accounts to our members, but now you will also have the option to earn rewards! Members need to decided to be in the accounts mentioned above. In addition to the newly added reward accounts, we also have a new website which allows our members to access our products and services much easier than it was in the past. Also, with the new website, members and non-members can now open accounts online rather than having to come into the branch!

We hope you will enjoy the changes to Financial One Credit Union. If you have any questions about KASASA please do not hesitate to contact us!

Financial One Credit Union : What We are All About!

Financial One is a member-owned and controlled financial cooperative dedicated to improving the financial well being of its members. We open arms to residents and businesses in Anoka County, Northeast Minneapolis and the City of Champlin.

In addition, we are honored to include members of the Disabled American Veterans (DAVMN) to Financial One. Since 1933, we have been working hard to provide the best in financial services to our members. We offer a comprehensive package of financial products, including deposit accounts, loans, business services, and other convenience services.

Americans should spend less and save more, but putting money aside for the future can be a major challenge. We are here to help. We offer several ways for you to save. The first step is opening up a Primary Savings Account. This account along with a $10 opening deposit, will make you a member of Financial One and allows you to apply for other products and services that Financial One has to offer. We like to keep it simple with one type of checking account that provides everything you need and you still have all the great features that you would expect. We offer free online and phone banking, free estimates e-statements, free bill pay, free VISA debit cards and unlimited check writing.

We also have an overdraft protection program. This can be linked to your savings and/or a line of credit, just in case you overdraft. We work hard to help you avoid overdrawing your checking account and being charged a fee. We want you to save money!

All of your accounts come with free online access; free 24/7 automated phone access through One Call and no hidden fees. You can open an account here now!

We are so much more than just savings and checking accounts. We also offer loans! We are here for your lending needs. We can help you build credit, buy your first car, consolidate debt, refinance your home and much more. We will always take the time to find the best solution for you when it comes to lending.

We offer loans for almost anything you could imagine. From Auto, ATV and RV to Student and debt consolidation. Whether you have an emergency, are looking to purchase something just out of reach, need help building credit or paying off debt, we are here to help! Enjoy flexible loan options, competitive rates and no annual or prepayment fees.

We are also partnered with Members One Insurance. If you are looking for affordable insurance that fits your life, it may be easier than you think. Let us help you save time and money when shopping for insurance. Jim Pehl, our agent with Members One Insurance can shop over a dozen different providers to find you the
best combination of price, coverage and service to meet your specific needs.

At the end of the day, it isn’t all about helping others manage their money. We also take pride in our community. We take part in many different community events and charities such as: Hops for Hunger, Taste of Blaine, Blaine Triathlon, Green Expo and much, much more!

Call, visit our website (link) or stop in today to find out more. We would love to have you as one of our members!