18 Jan

5 Financial Milestones to Hit in 2017

Financial milestones are goals we aim to achieve. Some should be stressed at certain milestones in our own life. In this vein, we picked five financial goals you may have depending on your current age.

Are you just entering workforce?

Start saving for retirement

If you can stand to, save 10% of your salary. The earlier you start doing this, the more you can take advantage of compound interest. If you’re a woman, chances are you will live longer (sorry boys), so try and factor that into your retirement savings. Although you may be receiving a pension if you joined the force, it might not be enough for you to live on entirely.

You’re in Your Mid-Twenties

Set up an emergency fund

Save to be able to cover all your expenses for 6 months if you’re single, three months if you’re married. Start by adding $100 a month to a separate account. You can set up an automatic withdrawal from your checking account to help build your emergency fund. Read More

22 Dec

Teaching Teens about Money

Lesson 1: Stress Savings!

There are many reasons that saving is first on this list. Teaching teens about money needs to begin with how they can save what they earn. Having savings can protect them against a lifetime of debt and financial security.

  • Saving money can help teenagers reach a financial goal and have more respect for the purchase. For example, putting a down payment on a car. When they’re more invested in the vehicle, you can bet they’ll be safer driving it.
  • Saving money is one way to avoid life’s hiccups, aka unforeseen incidents. If they lose their job or head off to college but still have expenses like car insurance, their savings will help.
  • If they have money saved, they’ll earn financial peace of mind. Life as a teenager is stressful enough – why make it more so by worrying about late payments.
  • More Money = More Independence from you. The more money they save, the less they have to rely on you and the more financial decisions they can make on their own. Teens need some financial independence and it is made possible due to savings.

Here is another article we wrote that talks about savings. If you are interested in setting up a savings account for young person, talk to a RMLEFCU representative about our piggy bank savings account. We’ll automatically kick off their savings with a $25 CD!

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14 Mar

Outrageous Bank Fees Outlawed at RMLEFCU

According to Bankrate.com’s most recent annual survey, consumers now pay an average of $4.52 per transaction to use an ATM network that their bank isn’t part of, an increase of 21 percent over the past five years.

As a member of RMLEFCU you benefit from our partnership with MoneyPass®. Their ATM network gives RMLEFCU members access to tens of thousands of surcharge-free ATMs nationwide. Finding ATMs is easy when you visit their site and enter your zip code or install an app on your iPhone or Android.

Better yet, if you have a free Kasasa Cash® or free Kasasa Cash Back® checking account with us we’ll refund your ATM fees nationwide.

A few other fees that many big banks charge that you won’t incur with RMLEFCU:

  • Early Account Closure Fee – U.S. Bank, HSBC, and PNC Bank charge a $25 fee to close an account that has been open for fewer than 180 days.
  • Monthly or Annual Maintenance Fee: Many banks charge these and only waive them if you jump through 10 hoops, clap three times and say, “There’s no place like Big Bank X.”
  • Minimum Balance Fee: We understand that life happens and balances fluctuate. But charging you when you don’t have money is akin to offering a drowning man a dumbbell.

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