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

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.

  1. 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.

  1. 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.

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