28 Dec

3 Money Saving New Year’s Resolution Ideas

money-saving-ideas

As we get ready to kick-off the new year, here are a few simple ideas to help you save money throughout 2018.

Automate Savings to a Separate Account

One of the best ways to save money is to never make it available to spend in the first place. Set aside a target amount each month that you want to save, and set up automatic transfers to a dedicated savings account. How much should you set aside? It doesn’t really matter. The important thing is that you’ll be saving more than you did previously, and it will require little to no effort on your part to manage. Just set it and forget it – then let the savings begin!

Here are some common benefits you get with a dedicated savings account with automated transfers:

  • Low minimum deposit to get started
  • Flexibility to set your deposit schedule – once a month, twice a month, or on every paycheck

Bring Your Lunch to Work

brown-bag-lunch

According to one analysis of the United States Department of Agriculture’s food expenditure data from 2014 performed by The Food Institute, millennials spent 44% of their food dollars on eating out. The trend of fast-casual restaurants and increased take-out ordering options means it’s becoming more convenient for Americans to get food quickly on the go. It also makes it easy to quickly rack up expensive meals if you’re not carefully managing how much you spend.

Making a lunch at home and bringing it to work is a great way to buck this trend and deliver yourself savings throughout 2018 – with the added benefit it might give you some extra time on your lunch break to relax or socialize with your co-workers.

Open a Christmas Club Savings Account

Start setting aside cash year-round so that you’re ready when Santa Claus comes to town in 2018. The focus of Christmas should be on family fun – not worrying about your holiday shopping budget. Planning ahead and getting an early start on your holiday shopping can help alleviate some financial stress during the holiday season. A little planning and a little saving can go a long way to having a stress-free Christmas and finishing the year on track financially.

To learn more about how a Christmas savings account can help you start setting aside cash for next holiday season, check out our Christmas Club Savings Account. Some of the advantages of this account include:

  • No monthly service fees
  • No minimum balance
  • Earn competitive dividends in the months leading up to the holidays

2018 is your year to start saving!

14 Dec

Benefits of Mobile Banking

Benefits of Mobile Banking

In today’s world, we’re always on the go – so it’s important that our banking is too. Mobile banking has many benefits, besides easy accessibility, that you should be taking full advantage of,  if you are not already. With the ability to access your RMLEFCU accounts on a web browser or the mobile banking app, there is no reason you shouldn’t be banking with mobile! Need any more convincing? Read on.

Mobile Banking Features

RMLEFCU’s mobile banking offers many features to make your everyday banking a breeze including paying bills, transferring money, viewing account statements, and locating ATMs. In addition to these basic features, our portal also allows you to make loan payments and deposit checks with our mobile deposit tool, DeposZip. All from wherever your busy life takes you.

Convenience

The biggest benefit of mobile banking is the ability for you to take care of all needed financial business from wherever you are. Imagine the time you could save if you didn’t have to drive to a local branch during open business hours whenever you needed to deposit a check? We know the staff here at RMLEFCU is too great not to come see every once in a while, but your convenience is always our number one priority. By being able to take care of almost all of your financial business from anywhere, that’s one less thing you have to worry about fitting into your busy schedule.

Security

A common misconception people have about mobile banking is that it is more unsecure than going into your local credit union branch. Well, we’re here to tell you that that isn’t true! With mobile banking, you have the ability to catch suspicious account activity faster and report it immediately as opposed to only becoming aware of it when you visit your local RMLEFCU branch. It allows you to check in on your accounts in a couple of minutes, wherever you are, to ensure everything is just as you left it. If you’re still not convinced, you can add more security and 24/7 monitoring with Kasasa Protect, our comprehensive identity protection and restoration solution.

So, what are you waiting for? You can manage your money from the office, the grocery store line, the dentist waiting room, or anywhere else you carry your phone. It’s free, secure, and easy to use. To go mobile, download the app in just a few quick clicks here.

08 Dec

Get Your First Home Mortgage With RMLEFCU

Buying your first home can be not only emotionally stressful, but financially stressful as well. In this video, Jess describes how RMLEFCU can help simplify your first home buying experience and make it as effortless as possible. She describes the common decisions first-time homebuyers encounter such as understanding the entire application process, deciding what type of mortgage is best for you, and ensuring your lender has your best interests in mind. If you’re looking to buy your first home soon, visit our website and check out our past blog posts First-Time Homebuyer Mistakes to Avoid and Colorado First Time Home Buyer Tips to learn more about the home buying process and how RMLEFCU can help make it as easy as possible.  

 

28 Nov

How to Create a Budget

Have you ever felt like you consistently spend more than you earn in income each month? If so, a budget is a great solution. By creating a plan for your money and allocating spending limits, you can start having more control over where your income goes and how much of it you allow yourself to spend. Coming up with a plan is not always easy though, and that’s why RMLEFCU is here to show you how to create a budget, no matter what your income is.

Step 1: Determine Income

Determining income may be easier for some people than others. If you are on a salaried pay scale or get consistently similar paychecks, you can easily calculate your monthly income. For those who work hourly jobs where income is unpredictable or sporadic, this may be a bit more difficult. In this case, it is best to determine your average monthly income by calculating the average of the last 6 to 12 months of recurring income. This will give you the best estimate of what you earn, on average, per month and allow you to budget accordingly.

Step 2: Establish Wants vs. Needs

Establishing the difference between expenses that are a want and a need is a very important step. In total, these expenses should add up to about 80% of your monthly paycheck – 50% going toward essential costs, and 30% to “fun” costs.

A needed expense usually falls into one of four main categories: housing, utilities, groceries, and transportation. If you find yourself spending more that 50% of your monthly income here, then it might be time to scale back in one or more of the categories. For example, not buying all organic produce from Whole Foods every week, or trading in your luxury apartment for something a bit more affordable.

The “wants”, or fun expenses, include everything from eating out to buying concert tickets. These are the costs that can be easily reduced if you feel you’re cutting it too close to going over your budget near the end of the month and can ultimately help you realize what you truly can and cannot afford. For example, if you go completely over the allocated 30% of your income one month and realize you saw 4 movies in the theaters, that might be a good place to look at cutting costs for the future.

Step 3: Save Some Money

While it might be tempting to spend all of your excess money on entertainment, that is not how you set yourself up for future success. If you’re not sure how much you should be saving, a general rule of thumb is to allocate 20% of your monthly income to savings. This will give you an extra financial cushion should an emergency occur, or simply be a place for you to stash your money away for a much needed vacation. We know it can be difficult to transfer funds from your checking directly to a savings account, so to make it easier, we offer an automatic transfer system that will automatically deduct a certain amount from your direct paycheck deposits and put it right into your savings account. If you don’t see the money in the first place, you won’t even miss it!

Step 4: Make Adjustments and Track Your Progress

After tracking your spending for a few months, you’ll be able to easily see how much of your money goes where. If any areas seem to be off, it might be time to reevaluate your spending and see if you can cut some costs in order to save more. Priorities, income, and expenses will all change over time, and budgets have the flexibility to accommodate any and all of these changes. It is ultimately up to you to determine what you think you can reasonably afford and what is out of your means for the time being.

In the beginning, making a budget might seem like a difficult task, but in the end, it will not only make you more aware of your spending habits, but also help you understand the importance of saving. You can’t use the “not knowing how to create a budget” excuse anymore, so what are you waiting for? Visit our website and get started with a savings account today and utilize our online banking budgeting tool.

26 Nov

Kasasa Protect Video

With all the security and information breaches happening lately, it’s more important than ever to protect your identity and finances. In this video, Jon discusses Kasasa Protect and how its many benefits can prevent identity theft from happening to you. Whether you’ve recently had your identity or finances compromised, or if you just want to take a few precautionary measures, Kasasa Protect is for you. This comprehensive identity protection and restoration solution includes 24/7 credit monitoring, annual credit reports, lost wallet protection, and dark web monitoring services – just to name a few. Check out our past blog posts to learn more about Kasasa Protect and get some helpful tips to protecting your identity. If you think Kasasa Protect is for you, give us a call at (303) 458-6660 or visit our website to enroll.

16 Nov

HELOC vs Home Equity Loan Video

HELOCs and home equity loans may sound very similar, but in reality, they act very differently.  In this video, Cary discusses the differences between HELOCs and Home Equity Loans, their typical terms, and what they are commonly used for. For more information, check out past blog posts on what a HELOC is and how to use it to pay off debt. If you think you could benefit from a HELOC or home equity loan, give us a call at (303) 458-6660 or visit our website to learn more and apply today!