View Monthly Quick Tips from Belvoir’s Financial Coach, Kelli Jo Anthon, AFC and CHC. Each month, a new quick tip is provided in our eFocus Newsletter – an electronic newsletter that is emailed to members to keep our members informed of how the current economy could be affecting their financial situation. So, enjoy reading the latest quick tips! Click here to sign-up for Belvoir’s eFocus by sending us an email.

August 2010

Have you ever gotten a detailed credit report analysis? Did you know that this is one of the complimentary services available to you as a member of Belvoir Federal? If you have a recent copy of your credit report and would like to know where you stand with your credit and how your debt load factors into your credit score, please contact me for an appointment. I can give you pointers for raising your credit score and reducing your debt in a more efficient way.

If you don’t have a credit report on hand, go to www.annualcreditreport.com and order one. Please note that the free reports do not come with a credit score. You’ll be instructed on how to purchase the score for each credit bureau for about $8.00 per score. Once you receive your free reports, give me a call at 703.730.1800 ext 5303 or contact me via email at kanthon@belvoirfcu.org.

July 2010

Do you still have a credit card bill (or two) from last year’s holiday season? Well, it’s July and pretty soon, you’ll be thinking about possible gift ideas. In an effort to keep your credit card balance in check, try some of the following tips to trim your overall balance as well as preventing unnecessary spending.

May2010

Along with all the spring cleaning you may be doing, why not include some “spring fixes” to boost your home’s value? There are a number of simple and affordable things you can do to improve your home’s appearance and increase its value. Just a few changes can make your home more enjoyable for your family to live in as well as more appealing to potential buyers. The following tips will help you get started. If you need help financing your spring projects, Belvoir Federal is here to help. Come in and see us!

April 2010

Spring is a great time to clean up and clean out. While you are busy getting your home in tip-top shape, include a review of your finances. The following tips can give you some ideas of where you may need to clean up or clean out and get your financial house in order.

March 2010

With the new Credit CARD Act now in effect, consumers have more information regarding their credit cards and how they can manage balances in a way that is more beneficial to them. The Federal Reserve has launched a new website geared towards educating consumers on choosing credit cards and understanding the credit card process. This is a great resource with information on how to understand credit card offers, your new monthly statement and how to pay off your balance in a timely manner. www.federalreserve.gov/creditcard

February 2010

Here’s some news every consumer will love. The Federal Reserve’s new rules for credit card companies mean new credit card protections for you. Click here for some key changes you should expect from your credit card company beginning on February 22, 2010.

January 2010

2010 is here! There’s an interesting year ahead, indeed. Have you mapped out your resolutions? Are they written down somewhere that will catch your glance every now and then? Do they include any of the following? Save more…spend less…reduce debt…buy a home…take that vacation…earn that degree…balance them all. No time to look in the rear view mirror…I suggest you start this year anew with the drive to do something different with your finances. It might be the way you track your expenses, the amount you spend on impulse buys, the way you communicate with others about money, how you view money, how you align your spending with your values, choose to further your education, or simply save more for down the road. If you have questions about navigating your way to better money management, Belvoir Federal is here to steer you in the right direction. Chart your course now!

2009

December 2009

The holidays are here and plans are being made to celebrate with friends and family. Along with holiday get-togethers, parties, and events comes the preparation in the form of shopping, decorating, meal planning, and gift giving. Here are a few tips on holiday entertaining for less that will help you stay on track with your finances.

1. Establish a holiday budget to include decorations, food and beverages, and holiday gifts 2. Use decorations you already have on hand, borrow or trade with a friend, or make new ones 3. Coordinate holiday meals with guests and assign items to bring to offset costs for hosting 4. Shop holiday sales using a list, store and manufacturer’s coupons, and a little restraint 5. Set a limit for gift exchanges, give handmade gifts, or family gifts rather than individual gifts

Everyone is feeling the effects of our current economy. Sharing these money saving tips with friends and family will be appreciated and help make the holidays easier and more enjoyable for everyone.

Happy Holidays!

November 2009

Each year the leaves change and we enjoy the beauty of the fall season.

When it comes to your finances, enjoyment comes by making positive changes in how you think about money. Here are a few examples to help change your way of thinking:
Old: What monthly payment can I afford?
New: What will the total cost be?
Old: Can I afford it?
New: Is it worth spending my hard earned money on?
Old: I need a raise.
New: How can I make my current salary go farther?
Old: I’m too young to think about retirement.
New: I’ve got time and compound interest on my side.
Old: I wish I could save more money.
New: I am going to save $__ in an emergency fund by (date).

October 2009

When you take a look at your current debt load, does your vision become blurred? Put your debt into focus by accessing Belvoir Federal’s new educational resource Debt In Focus. You’ll find it in the Financial Coaching sidebar. This educational resource is entirely anonymous and provides you with a quick financial analysis and a wealth of information including debt to income ratios, debt payment schedules and suggested personal action steps to help keep your finances moving forward.

September 2009

In the month of September, we celebrate Labor Day by taking time off from our jobs to enjoy barbecues, weekends with family and friends, and just relaxing. If you happen to be “in between” jobs, make the most of this time by doing the following things: Review and update your resume, Network with friends and colleagues, Attend career fairs, Consider higher education, Re-evaluate career goals and pursuits, Communicate and negotiate with your creditors, and Stay positive and persistent!

July 2009

With Independence Day being this month, it’s a good time to think about the concept of financial independence. How can it be achieved? For most people there will always be bills to pay and things that come up along the road to financial independence. So, the path to becoming financially independent might start with an automatic savings plan, getting rid of unnecessary debt, becoming more self-reliant and aware of your financial situation, taking the initiative to communicate with creditors, using cash for purchases instead of using credit cards, re-evaluating priorities, and building an emergency fund. Think on these things and focus on one that will help you get one step closer to financial independence. Once you have improved in one of these areas, challenge yourself to take on another one. It will be well worth your effort.

June 2009

The time is here for summer vacations with family and friends. Whether you are planning a vacation or a staycation this summer, these money saving tips are worth reading. Road-Trippers: Pack a cooler with food and drinks for the road to cut down on food costs, get the lowest prices for gas along your route by checking these sites www.fuelgaugereport.com and www.gasbuddy.com and www.mobgas.com, check your gas cap, caps that are damaged, loose, or even missing cause gas to vaporize, and camp instead of staying in a hotel. Staycationers: Attend free festivals, concerts, and events in your local community, visit local museums and historical sites, explore local parks and enjoy the outdoors for little or no cost. Jetsetters: Use travel miles when booking your flight and book flights in advance, be flexible with your travel dates, fly mid-week, check neighboring airports and use online search engines to find lower fares.

May 2009

Spend some time, save a dime; what a concept! It’s quite different from just spending to spend. We are being encouraged to stimulate the economy and that requires spending money. We can choose to spend differently by setting financial goals that will allow us to not only stimulate the economy, but that will also allow us to make our money go farther. It all starts with a plan. Before heading out to the grocery store, department store, or car dealership, take inventory of what your needs are versus your wants. Beware of deceptive marketing. Comparison shopping can save a significant amount of money while still providing the same product or service. Seeing the words “discount” and “value” don’t automatically mean you are getting the best price for your money. “Spending” a little bit of time developing a plan and doing some research will help you spend differently and reach your financial goals along the way.

April 2009

Have you heard about the Making Work Pay Tax Credit? It’s part of the American Recovery and Reinvestment Act of 2009. You may be eligible for this credit and it could be reflected as a new withholding on your next paycheck. This provides a refundable tax credit of up to $400 for working individuals and $800 for married taxpayers filing joint returns. Talk to your employer to see if you are eligible. There are important details regarding this tax credit, for instance you may receive more than you are entitled to and would be required to pay it back. Consult a tax professional with any specific questions. Take a look at your paycheck and set a goal to make that money work for you!

• Informational Links: IRS and CNN Article

March 2009

Have you checked your credit score lately? Whether or not you are thinking of making a big purchase in the near future it is a wise idea to review your credit reports from all three credit bureaus at least once per year. No one cares more about your credit than you do, so take advantage of getting your own free copy from Equifax, Experian, and TransUnion at www.annualcreditreport.com. If you would like to find out more about how the economy may be affecting your credit score, what components make up your credit score, and ways to manage and improve your credit, please register for our free Webinar “Score More with Good Credit” on March 19, 2009.

January 2009

Happy New Year from Belvoir Federal Credit Union! As you begin your resolutions, whatever they may be, I recommend the following 9 tips (click here to view tips) given to consumers by the Federal Trade Commission to help ring in the New Year. Make the most of being a smart consumer this year and spread your wealth (of knowledge) to others!

2008

December 2008

The holidays are here and soon it will be the end of the year. If you participate in your employer’s Flexible Spending Account Program or Health Savings Account Program, it’s time to review your account and receipts to make sure you have utilized all your available funds for the year. If you belong to a program that allows for purchases beyond December 31st, find out the exact cutoff date and write it on your calendar. This is also a great time to review your spending and plan for the year ahead. You may or may not need the same amount of money to be set aside depending on what your situation is. Wishing you Healthy and Happy Holidays!

October 2008

In an economy like this one, consumers are trying to get creative with their finances any way they possibly can. A good place to start saving is at home. There are a number of ways to save money by reducing energy costs. The Federal Trade Commission has a lot of great ideas at www.ftc.gov/energysavings. As the colder weather starts to set in, start thinking about how you can save money by reducing energy costs in and around your home. Here are just a few suggestions from the FTC.

• Clean or replace the filters on forced air furnaces
• Check caulking and weatherstripping, and repair if necessary
• Use ceiling fans to promote heating efficiency
• Wait until your dishwasher is full until you run it but don’t overload it
• Use pots that fit the size of the burners on your stove.
• Check door seals on your refrigerator
• Set your water heater to 120 degrees

September 2008

With the current economy in the state that it is, we at Belvoir Federal Credit Union understand that money is tight for a lot of consumers. Because the cost of food and gas has continued to rise, people are turning to credit for relief, be it in the form of a credit card or an installment loan from a financial institution. We encourage you to have an emergency fund set aside of 3 to 6 months of your living expenses or take home pay. However, if you find that your savings are depleted and you are in need of financial assistance, we are here for you. We want you to be informed about the importance of building and maintaining good credit so that if the situation should arise, you can turn to us. There are 5 elements called the 5 C’s of Credit that are important for every consumer to know. These five elements are considered to be an outline for making decisions on whether or not to grant credit.

• Capacity: The ability to repay the loan
• Character: Willingness to repay the loan and past payment history from existing credit reports
• Collateral: Assets to secure the debt (auto, home)
• Capital: Share (savings) accounts, investments that make up net-worth
• Conditions: The economic state of the borrower as well as the overall economy

Every consumer is entitled to 1 FREE credit report from all three credit bureaus (Equifax, Experian, and TransUnion) per year. You may obtain more information at www.annualcreditreport.com regarding how to receive yours. Please note that there is a fee if you would like the actual credit score (for each credit bureau).Once you receive these, I welcome you to meet with me to review your credit reports and discuss ways to improve your credit score.

August 2008

Parents – It’s “Back to School” time and that means time to purchase clothes, school supplies, and computers for students. Before you go out and shop, take note of these tips and hopefully you’ll come home with a feeling of accomplishment rather than saying to yourself, “What just happened here. I spent this much on these several items?” Just like experts say to take a list to the grocery store, the same goes for back to school shopping. Make a list of necessities and line by line go through to make sure you aren’t forgetting anything. It would also be wise to take inventory of clothing basics already on hand that can be used for this upcoming school year. Talk with your kids about setting a dollar amount limit on certain items and let them be a part of decision making when selecting which brands and type of clothing. When given a limit on how much they are allowed to spend, they may choose to forego a brand name for more items in their closet. When looking for electronic items such as calculators and computers, make sure to do online comparisons between stores and take advantage of coupons that may be available. Also, remember that Belvoir Federal gives 0% computer loans for up to 2 years for students and teachers! Come in and see us and we will get you all ready for the upcoming school year.