Category: Personal Banking

When it’s time to make a big purchase like a new TV, computer, furniture, appliances, or yard equipment, most people wait for a sale to buy them. And that’s a great way to save money. But then they’ll put their purchase on a credit card and make monthly payments. Or even worse, they’ll take out a loan.

Waiting for sales isn’t the only way to save on big purchases.

June 3, 2019May 2, 2020

When it’s time to make a big purchase like a new TV, computer, furniture, appliances, or yard equipment, most people wait for a sale to buy them.

And that’s a great way to save money. But then they’ll put their purchase on a credit card and make monthly payments. Or even worse, they’ll take out a loan.

So why is that so bad? Because what you probably don’t realize is that by paying for your purchase with monthly payments with a credit card or loan, the interest you pay will completely eliminate any of the savings you got from the sale. Or worse, make you end up paying even more.

To avoid making this costly mistake, try planning ahead when you want to make any big purchase. And start putting extra money aside every month until you have enough to pay for the item in cash.

You can earn interest on it by putting that extra money in your Compass CCU savings account. Plus, making direct deposits from your paycheck will make it even easier to save. Once you have the amount you need to make that purchase, then it’s time to start looking for the sales. It’s the best way to ensure that you’ll never pay more than the sales price for anything.

Of course, if it’s an absolute emergency to make a purchase before you save up enough money to pay cash, you can put it on a credit card or ask us for a personal loan. Just make sure you pay it off right away or at least make more than the minimum payment every month. That way, you’ll save on some of those extra interest payments.

A cure for a holiday spending hangover

January 8, 2019May 2, 2020

If you’re like most people, celebrating the holidays didn’t just make your waistline a little bigger; it made your credit card balances bigger, too.

While we don’t have any suggestions for the waistline, we do have a simple method that can help reduce those bulging credit card balances and pay them off quicker.

First, gather up all your credit card bills and compare the interest rates you’re paying on each card. The one with the highest rate is the one you should pay off first.

Starting with your next payment, only pay the minimum amount due on all your credit cards — except the one with the highest interest rate. For that one, pay as much over the minimum as you can. If your minimum payment on that card is $25 try paying double, or triple that amount each month. The more you pay, the quicker this card will be paid off.

Then once that card is paid off, take all the money you were paying towards that balance and add it to the amount you’re paying on the card with the next highest interest rate. So if you were paying $75 on the first card and $25 on all your other cards, add that $75 to the $25 you’re paying on the next card. Now, instead of just paying the $25 minimum, you would pay $100.

Then once that card is paid off take everything you’re paying on that card and add it to the next card. Continue doing this until you pay all your balances off.

To help pay down your credit card debt faster, try to not put any new purchases on them. Use your debit card or cash instead. Also, try to cut down on the number of cards you use to just two or three. And don’t keep a balance on either card that’s more than 10% of the card’s credit limit. This will help improve your credit rating.

Financial literacy starts here

March 16, 2018May 2, 2020

As a parent, you instill good moral values and financial guidance in your children. Help your son or daughter toward a secure future by teaching financial responsibility early with a free checking account from the Credit Union.

“I wanted to teach my kids how to be financially responsible. I opened a checking with a debit card and transfer their weekly allowance into their account. They are responsible for tracking their money by using their smartphone. They pay for their own items, including clothes. It’s amazing the difference this has made. Now they watch for sales and are careful how they spend their money. Prior to this, I was their unlimited cash supply. This has taught them the value of money and prepared them for what lies ahead.”

Debbie L. – Member

Access your money nationwide…for free

June 18, 2017May 2, 2020

CO-OP ATMs Did you know as a CSFECU member you have FREE access to more than 30,000 ATMs nationwide? Free. Nada. Zip. No surcharges. That’s more than the major banks! And do more than just get cash…you can make balance inquiries, transfers, and deposits!*

We have 24 locations in Humboldt county alone. Just visit co-opatm.org or download the CO-OP ATM Locator app to search for an ATM near you.

*See co-opatm.org for locations.
CO-OP ATMs

Maximize your tax refund

April 6, 2017May 2, 2020

April is the month when Americans get one of two bits of news. We write a check to pay our taxes, or we get a check written to us in the form of a tax refund. If you’re one of the nearly 80% of Americans who receive a refund on your federal income taxes, congratulations! Now, what to do with the unexpected windfall?

Start or increase your emergency fund

It’s not sexy, it’s not glamorous, but an emergency fund is essential. The days of working 40 years for the same company are behind us, so an emergency fund is a vital tool to manage a job loss or to cover an unexpected medical or home expense.

Pay off high-interest debt

Maybe you didn’t have an emergency fund when you needed it…and you had to finance day-to-day living on high-interest loans or credit cards. Use your tax refund to pay down or pay off that debt. Dollars used today to pay down high-interest debt can save you thousands of dollars in the future.

Start or increase your retirement fund

Every day, you are inching closer to retirement. So, what’s your plan? If the answer is “Social Security,” or, “Not sure,” well, put your refund to work on a retirement fund. At CSFECU, Roth or Traditional IRA Certificates can be opened with as little as $100.

Save for something

Seeing a pattern here? Deferred gratification. Put some of your tax refund away for that new car, new computer, self-improvement classes…

Do something for yourself

We aren’t heartless! Yes, if all the basics are covered, take some of your refund and do something for yourself, for today.

Happy tax day!