27 Apr

Emergency Funds: Do I Really Need One and How Big Should It Be?

Emergency Fund

Did you know that according to recent survey, roughly 26% of adults in the U.S. have no savings set aside for emergencies*? What do you think is the percentage of adults that experience financial emergencies each year? It would be nice to think that it’s somewhere in the neighborhood of 26%, but it is surely higher.

You probably periodically consider starting an rainy day fund but then something comes up to pay or save for and you put it off to next year. No matter how small your first contribution is, now is the time to get serious about building (and keeping!) a healthy emergency fund.

Why Have an Emergency Fund?

Separate from your general savings account, every individual and family should have a designated emergency fund with a consistent balance. Anyone with children knows how common unexpected dental work or home repair can be, but even unattached adults need to be able to survive a lay-off or medical emergency.

Other than interest, another thing that can be gained from having an emergency fund is simple peace of mind. Anyone who has ever lived paycheck to paycheck can tell you that it is not a fun lifestyle; the smallest financial inconvenience can spell falling behind on important bills, not to mention sleepless nights. By having a designated emergency fund, you are buying yourself a sense of security just as much as you are paying for those unforeseen life events.

How Big Should My Emergency Fund Be?

The general rule of thumb for an emergency fund is three months’ worth of expenses. Obviously the more savings the better, but enough cash to get you through three months should be your minimum. This fund can be for anything from medical bills to home repair, but it should also be large enough to support you and your family in the event of losing steady income.

If you do not already have a good idea of how much you spend each month on everything from housing to groceries, figure out that amount first. Go back and take a good look at your spending habits. Guessing your total grocery bill won’t do you any favors if you have to live off of your emergency fund and realize half of it is being lost to food.

Once you have that monthly figure, multiply by three and then add a little cushion of maybe 10% more for good measure. Don’t stop there if you have the means to beef up your emergency fund even more, but three months should be your absolute minimum balance at all times.

If you don’t have an emergency fund, today is the perfect day to start one. Open a separate savings account, deposit just $100, and make the mental decision to never withdraw money unless it truly is an emergency. Your future self will thank you.

Check out this video to learn more about emergency funds!

*https://www.creditdonkey.com/average-american-savings-statistics.html

25 Apr

6 Money Draining Habits You Need to Quit Doing

Would you like to regain control of your financial health? Have some of your spending habits become so familiar you forgot what life was like when you didn’t make them?  We’ve identified six money draining habits and give advice on how to make them a thing of the past.

  • Stop rewarding yourself with sweets. Do you “treat” yourself with sugary sweets? Look for other ways to treat yourself that won’t affect your waistline, blood sugar, and pocketbook as much. A few suggestions include trying a new workout on YouTube, going for a hike, or letting everyone know you are taking “you time” and aren’t available for the next hour or so.
  • Curb your enthusiasm for wine, beer, and liquor. Try not to keep it in the house and be ready to turn down some social activities that require buying drinks. Look at how much you are spending at the liquor store, bars, and restaurants. Did you know the average consumer spends more than $1,200 a year on beer? That figure doesn’t include spending at bars or restaurants. Think about how often you usually order food with your drinks and the tally increases.

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12 Apr

2017 Denver Police Week Events

Denver Police Week

We are pleased to be a part of the 2017 Denver Police Week activities. This year’s Denver Police Week will be occurring from May 14th – May 20th. Per usual, the statehouse will be lit up blue in honor of our local police officers. We will be updating this post with events as additional information becomes available.

2017 Denver Police Week Events

Thursday, May 18th: The Denver Police Memorial Day Ceremony will be on Thursday, May 18th. The day will progress as follows:

9:00 – 9:45am – Police Museum Reception at the Art Dill Auditorium at 1331 Cherokee St. in Denver. Light refreshments will be provided.

10:00 – 11:00am – Denver Police Memorial Ceremony held at 1331 Cherokee St. Plaza.

Retiree appreciation lunch immediately following in the DPPA Building at 2105 Decatur St. Please RSVP by May 11th to (720) 913-6779 or denverpolicemuseum@gmail.com

Fallen Officer Memorials

Throughout the week there will be fallen officer memorials honoring five police officers that lost their lives. The events are listed below.

Officer Donald J. Seick
Time: May 17, 2017 2pm
Location: 50th Ave (Regis Blvd) and Green Court

William Claassen
Time: May 15, 2017 at 1:00pm
Date: 2805 Downing Street

Thomas O’Connor
Time: May 16, 11:00 am
Location: 13th and Welton street in Denver

Bruce VanderJagt
Time: Thursday, May 18, 9:00 am
Location: Denver Police Headquarters, Art Drill Auditorium, 1331 Cherokee Street

Officer DeHerrera
Time: Friday, May 19, time pending
Location: Denver Police District 1, 1311 West 46th Avenue, Denver

08 Apr

RMLEFCU is Still One of the Healthiest Credit Unions in the Country!

RMLEFCU is a top 10 Healthiest Credit Union by DepositAccounts.

This is huge. Out of over 6,000 credit unions nationwide, RMLEFCU is ranked in the top 10 for the healthiest credit unions in the country. In 2016 and 2017 the Rocky Mountain Law Enforcement Federal Credit Union received an A+ health rating from DepositAccounts. DepositAccounts is an independent website that tracks more than 275,000 deposit rates and provides health ratings for all federally insured banks and credit unions in the US.

The credit union’s financial health is extremely important to us and we are proud to consistently be recognized for it on a national scale. We take our job of protecting members’ money very seriously and wish to return as much of it as possible back to our members through high dividends on savings, low rates on loans, and superior member service.

Learn more about your financial institution in the video below. Thank you for being a valued member of the Rocky Mountain Law Enforcement Federal Credit Union and congratulations on being part of a top 10 healthiest credit union.

04 Apr

Our Low Motorcycle Loan Rates are Almost Criminal

RMLEFCU has made it easier to buy a motorcycle

There are so many reasons to pull the trigger on a motorcycle purchase. Perhaps you used to ride when you were younger but life’s responsibilities got in the way. Or, you are new to riding, but crave freedom from four door transportation. Regardless of your motivation, Rocky Mountain Law Enforcement Federal Credit Union can support your motorcycle purchase with rates as low as 3.99% APR* with up to four years to repay your loan. Plus, you’ll have some extra dough to spend on motorcycle accessories since we pause your first payment for 90 days!

Maybe you’ll stick to riding your motorcycle within the metro Denver area or you’ll hit the road and head to the San Juan Mountains for a ride that the Discovery Channel ranks as one of the top 10 Motorcycle Rides in North America.

Rocky Mountain Law Enforcement Federal Credit Union can serve the financial needs of law enforcement employees and their families throughout the Centennial state though our partnership with CU Service Centers Network. There are 190 participating credit unions, whether you live in Alamosa or Yuma, Colorado.

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