January 2017 - RMLEFCU Blog

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 →

11 Jan

Responsible Banking Begins with a Kid’s Savings Account from RMLEFCU

Do you remember how old you were when you first opened an account with a credit union or bank? Perhaps you were 16 and had started your first job? Or maybe you were especially industrious and opened an account at 12 when you began your own lawn care business? Children pick up many lessons during their formative years and financial common sense should NOT wait until they are 18.

You can open a savings or checking account with them at RMLEFCU and make the best use of their allowance, birthday and holiday money or part-time salary money now.

Benefits of a Kid’s Savings Account:

Having a savings account makes kids more financially aware. After all, it’s a structure in place, with parents supporting it. Not only does having a bank account make it more likely kids can accrue savings but according to an Assistant Professor of Social Welfare at the University of Kansas, children will build positive relationships with financial institutions, diversify their portfolios, and accumulate more assets as they age.

Having a physical bank to go to takes financial lessons out of the abstract and puts them in real life. Or as the kids say, IRL.

Setting up a savings account is wise since they are long term investments and it is more difficult to take the money out. Kids don’t have monthly bills to pay yet so having liquidity is not a requirement. Also, savings accounts have few fees and will still accrue interest. Read More →

04 Jan

3 Ways to Pay Off High Interest Credit Cards

Did your holiday excesses extend to all aspects of your life? If so, we have a few suggestions about how you can pay down your high interest credit cards.

Free cash advances on RMLEFCU credit cards*

– Normally a credit card company would charge a fee of 3-5% of the amount of cash you withdraw. With RMLEFCU it is free. Use this cash to pay down another card or an outstanding bill.

Free balance transfers onto a RMLEFCU credit card*

– This is a great member benefit since 3% of the amount you are transferring is usually the price you pay for transferring a credit card balance.

RMLEFCU has three different credit cards to choose from.

Classic Visa®
Platinum Visa Select® – 7.25% APR*.
Platinum Visa® – 12.75% APR* by visiting UChooseRewards.com

The idea behind a balance transfer is simple. You open a new credit card with a low interest rate and move the balance from your old, high-interest card to the new one. Essentially, this means that the debt on your old card has been paid by the new card. After you complete the transfer to the new card, you can start paying it down. You’ll be amazed at how much you can save when your interest payments have been drastically reduced.

Are you just entering workforce?

You’re in Your Mid-Twenties

Benefits of a Kid’s Savings Account:

Free cash advances on RMLEFCU credit cards*

Free balance transfers onto a RMLEFCU credit card*