America Saves Week was established in 2007 as a call for everyday Americans to commit to developing a habit of saving. It’s an initiative where credit unions can help members develop better financial habits. Compass Community Credit Union is proud to participate and provide financial resources to our members. Each day of the week focuses …
Continue reading “America Saves Week”
America Saves Week was established in 2007 as a call for everyday Americans to commit to developing a habit of saving. It’s an initiative where credit unions can help members develop better financial habits. Compass Community Credit Union is proud to participate and provide financial resources to our members.
Each day of the week focuses on a different area of finances to help individuals and families address savings goals to achieve better financial stability, along with strategies for how they might get there. Click here to learn more.
What comes to mind when you think of Presidents’ Day? Besides a welcome day off for some of us, Presidents’ Day is actually a great time to buy a car!
Dealers everywhere offer great sales on both new and used vehicles. You can score great deals on last year’s models and new inventory is on display. So it’s the perfect time to go car shopping!
Plus, you’ll get up to 1% cashback, up to $500, when you finance or refinance your auto with Compass. This is for a limited time and certain restrictions apply so click here for details.
Make your next car buying process easier with a pre-approval for an auto loan from Compass. With our online application, you can be pre-approved in minutes. Then use your pre-approval to land a great deal!
Welcome to 2021! That means that the 2020 fiscal year is over. While there’s nothing fun about filing tax returns or paying taxes, taking steps in January to organize your paperwork could help you avoid getting frustrated, frazzled, or befuddled come tax time. Here are 5 things you can do now:
1. Make a copy of last year’s tax return and attachments. With this to guide your tax prep, you’re less likely to forget a source of income or a deduction.
2. Collect the tax IDs you’ll need. This includes your dependents’ Social Security numbers and the SSN of anyone you employed (e.g., a babysitter, housecleaner, or nanny).
3. Create a file folder labeled “Income”. Use this folder to organize the following tax forms you should receive in January or early February:
- W-2s and 1099-MISCs from employers
- 1099-INTs reporting interest income and 1099-DIVs for mutual fund or stock dividends
- 1099-Bs reporting brokerage transactions
4. If you typically itemize your deductions, start another folder labeled “Deductions”. Some of the information that goes here will come by mail; the rest you may need to supply yourself.
- 1098s reporting interest you paid on mortgages and equity loans (also real estate taxes, if included in your monthly mortgage payment)
- A receipt for real estate taxes if you paid them yourself
- A copy of your W-2s showing state and local income taxes you paid
- A receipt for personal property tax from your town or the taxing authority
- Receipts for charitable donations, including mileage
- Receipts for medical expenses, including mileage
- Receipts for bills incurred while job-seeking
5. Rev up your retirement saving. There’s still time before the April filing deadline to contribute to a Traditional IRA or Roth IRA. For details, search “IRA Contribution Limits” at www.IRS.gov. Don’t have an IRA yet? Ask us about our insured IRA options.
Compass Community Credit Union does not provide tax advice. We recommend consulting a qualified tax professional to determine how tax laws may apply to your situation.
Keep track of your finances with Online/Mobile Banking.
During these times, having to social distance and avoid being near other people can be challenging. Especially when it comes to running errands like grocery shopping or doing routine banking tasks like depositing checks.
The good news is that Compass CCU’s e-Services allow you to keep track of and manage your money at all times — and you don’t even have to leave your house, much less visit a branch.
Simply sign up for Compass Online Banking or download the Compass Mobile Banking App for your smartphone. Once you enroll for one of these services, your log-in credentials will work for both platforms.
On both systems, you can view your balances, review your transactions, and even tag and attach a receipt to your transaction. You can also pay bills and transfer money to another person. Setting up alerts can help you avoid running low on funds and keep you on track.
What’s more, with the mobile app, you can even deposit checks remotely!
To get started with online banking, click here.
To use our mobile banking services, look for the Compass Community Credit Union Mobile Banking App on the Apple App Store or Google Play Store (for Android devices).
Tips for staying happy and healthy at home.
The global COVID-19 pandemic has thrown a wrench into virtually everyone’s 2020 plans.
While we’re all focused on trying to make ends meet and adjust to the “new normal” despite the social distancing measures still in effect across most of the world — not to mention the pandemic’s impact on the economy — we wanted to remind you not to overlook one of the most valuable assets of all: Your health, both physical and mental.
It’s all too easy to let your old exercise routine slip by the wayside when you’re focused on more pressing matters like paying bills and managing your child’s school day.
But you know the old saying, “Where there’s a will, there’s a way”? It’s true — we all need to make our health and happiness a priority. Especially in these challenging times.
If you’ve put “you time” on the back burner for the past few months, start small. Set aside 10-15 minutes for a walk, run, or even just sitting someplace quiet to read a book or listen to music. Make it a goal to get outside every day. It will boost your energy and help you to focus when it’s time to get back to work.
And if you’re among the millions of Americans that are now spending an unprecedented amount of time at home, you may also want to invest in your space by clearing out the clutter and livening things up with pictures, paint, or plants. It doesn’t have to be expensive — or extensive. Every bit helps!
A rainy-day fund may sound old-fashioned, but with what’s happening in the country right now, it’s probably something a lot of people wish they had.
And while now might not be the right time for you to start taking money out of your budget to sock away in a savings account, it may be a good time to sit down and figure out how you can start your rainy day fund when this is all over.
Basically, a rainy-day fund is having enough money in your savings to cover 3 to 6 months’ worth of living expenses. That means necessities like mortgage/rent payments, car payments, utility bills, food, credit card payments, and other bills you normally pay every month. So, for example, if your monthly expenses total $3,000, that means you’ll need to keep between $9,000 and $18,000 in a savings account to cover them in case of an emergency — like the one we’re experiencing right now.
Of course, most people can’t come up with that much money overnight. It’s a fund that you have to build up over time.
But where will all that extra money come from? Here are a few suggestions that might help: First, write down where all your money is going every week — even if it’s just for a pack of gum. Then look to see how much is spent on things you really need (a five-dollar cup of coffee isn’t a necessity). Now see if you can either cut out any frivolous spending or at least cut it back and take that money and use it to start your rainy-day fund. It may seem like nothing at first, but it can add up over time. Do the same with bigger purchases like clothes, entertainment, electronics (do you really need the latest version of that smart phone). Now take what you would spend on these items and add that to your fund as well. Another thing you can add is any extra cash left in your checking account at the end of the month.
We know that saving money isn’t the biggest thing on your mind right now. But we hope when this is all over, it will be. So, when the next rainy day comes, you’ll be ready for it — even if that rainy day lasts for weeks.
With everyone being urged to avoid being near other people whenever possible, we wanted to remind our members that you can practice social distancing and still do your banking with us.
All you need to do is sign up for Online Banking, then download the Compass Mobile Banking App.
The app is free. And it lets you do just about every banking transaction you do at a branch right on your phone.
- Check your balance
- View transactions
- Transfer funds
- Pay bills
- Deposit checks in 3 easy steps
- Endorse the check
- Take a photo of the front and back of check
So, if you want to avoid going out, but you need to do your banking, the Compass Mobile Banking App will let you do both. Why not get started today? Register at compassccu.org for online banking, then download the app.
It’s that time of year again. To make it a little less stressful, Compass has partnered with TurboTax. Now our members can save $15 on any paid service, have the ability to talk to a tax pro onscreen for advice, and be sure your returns are 100% accurate. Click on “Membership”, then “Member Benefits” to learn more.
If you find yourself running out of money before you run out
of days until your next paycheck, you’re not alone. In fact, even people who
earn tons of money find themselves in this situation every month. And the
reason they do is because they have no idea where all their money went.
To figure that out, start with a money diary. Every time you
buy or pay for something, write it down. This includes everything from your
mortgage and car payment to something as small as a candy bar. Then at the end
of the month, take a look and see where all your money is going. Now look to see which expenses you can reduce
or eliminate — like that large cup of fancy coffee every morning.
Once you find and reduce frivolous expenditures, take that
money you would normally spend on them and deposit it into your savings account
for a rainy day fund.
Next, establish a budget. Most financial experts recommend
the 50/30/20 budget. 50% of your after-tax dollars on necessities like a
mortgage, groceries, and other bills. 30% on wants like clothing and eating
out. And 20% on savings and debt repayment.
Tracking expenses and living on a budget may
take some getting used to in the beginning, but over time it will give you a
better financial future.
That may seem like an odd
question, but knowing the answer can help ensure that you’ll never have to pay
any fees for overdrafts or insufficient funds.
Today, with so many different
ways to withdraw from your checking, it’s easier than ever to mistakenly take
out more funds than your checking account has available. Checks, ATM
transactions, debit cards, automatic bill pay, electronic payments – they can
all lead to overdrafts or insufficient funds if you don’t keep accurate track
of every transaction.
To make matters worse, the
recipient of the non-paid check can also charge you an additional fee of their
own — and refuse to accept checks from you in the future.
To avoid finding yourself in
this position, keep track of how much money you have in your account by recording all
debit card purchases, checks written, ATM withdrawals, and automatic bill
payments or other electronic payments. You might also want to get into the
habit of using banking tools like mobile or online banking to check your
account balance before you make a purchase.
In addition, you can also ask us about setting up overdraft protection
from your savings account.