30 Dec

Focus on What You Can Control During a Recession

calculating costs of recession and cutting down budget

Discussions about an upcoming recession are extremely frightening. Focusing on what you can control is a good way to be prepared and maintain your sanity.

The most important thing is to focus on what you can influence in your own life. While things may seem scary and the unknown is looming, it’s going to be all right! Look hard at your job security, debt, and investments.

Secure Your Job

The first step is to look at the money you earn, which means you should consider the safety of your work. Make yourself indispensable in your job in order to create job security. To complement your role, learn new skills and begin to acquire more responsibilities. Pursuing an education is one of the best investments you can make.

You should also get your resume together and start networking in order to be prepared for a Plan B. If a recession hits, you don’t want to start a job search with a bunch of other people already laid off. By networking ahead of time, you’ll have a head start.

Pay Down Debt

If you have high-interest debt, now is the best time to begin aggressively attacking it. Prioritize debt starting from credit cards and switch to other types of loans, such as mortgages or auto loans. Student loans have more favorable terms, making it less important to pay them off.

One technique that is often advised by experts in the form of a debt avalanche. The plan is to continue to pay the minimum on each balance, on time, but put any extra money on balance with the highest APR.

To order to create some breathing room in your budget, it is important that you pay down any outstanding debt, more precisely high-cost debt, such as your credit card balance.

Start Saving

If a recession truly scares you, take your budget out and start cutting expenses now. The money you save can go straight into your emergency fund, which can be kept in a high-yield savings account with zero market risk and even growth opportunities.

Regardless of the condition of the economy, maintaining an emergency fund is key. After all, an enormous medical bill or temporary income loss may occur at any time. The first line of defense against debt is to support yourself with a cash safety net.

Recessions can be worrisome, but if you follow these tips and help prepare yourself for a recession, you may come out of it smoothly! Follow our blog for more recession tips. If you have any questions, call RMLEFCU at 303-458-6660.

06 May

Five Ways to Save Money this Spring

save money in the spring

A rising trend in frugality is taking things to the extreme. It started with extreme couponing and then DIY culture, and now the side hustle. While none of these things are particularly bad, they can easily be taken too far. We can show you that saving money should be simple! Here’s a list of the five easiest ways for you to save money this spring.

Negotiate Bills

This is the best money saving trick that doesn’t require you to sacrifice anything except a little bit of your time. You can negotiate a lower rate on your internet, cell phone, cable, gym membership, and more!

Start by making a list of recurring bills and set aside an afternoon to call those companies and ask for any new promotions or other options to save money. This might mean signing up for an annual contract or paying for a year up front.

But remember to be polite. Customer service representatives are people too! And if you’re nice, they might be capable of giving you a discount.

Hidden Discounts

If you or your child is in college, many businesses offer student discounts! You can also see if your company provides any discounts with your employee ID to local attractions, like museums.

You can also ask your HR department if there are any outside discounts available to employees. Big companies often have discounts for retail, entertainment, and more! Your bank or credit union might also have additional services you can use to save money. 

subscriptions saving money

Share Subscriptions

In a world of streaming, subscriptions pile up. Much like online shopping, these subscriptions can compound quickly if you’re not careful. It’s easy to sign up for something when it’s only $10 a month!

See if you can trim some of those subscriptions by sharing with friends and family! Netflix and Hulu picked up on this trend and offer multiple profiles. You can also share Spotify Family for people living in the same household.

If you’re not currently using a subscription, you can always pause or cancel easily! If you’re unsure about keeping a subscription, try pausing it and see if you actually miss it.

Refinance Loans

If you have a mortgage, student loans, personal or auto loans, refinancing could be the easiest thing you can do to save BIG. Refinancing your loan means selling your loan to a new lender who will give you a lower rate or better monthly terms.

Before you refinance, make sure to shop around and sign up for something that has a lower interest rate with the same loan term you had before. Be careful about refinancing to a longer term if you only have a short amount of time, say five years, left on a loan.

Carry Cash

A swipe of a card can be so easy! You’re not seeing the cash actually leave your hand – it’s just numbers on a screen. Sometimes you don’t associate the swipe or the numbers as the actual money you have.

If you know you’re going to the mall or a night out, it’s best to carry cash with you so you know how much you’re spending, and you have a hard limit on when to stop spending. You might rethink some purchases as cash is harder to pull out than a card.

 

Give us a call at (303) 458-6660, email lending@rmlefcu.org, or stop by a branch today if you have any questions or want to refinance any loans. If you want to learn more about how you can save money, take a look at our financial education center!

20 Mar

6 Signs You Are Overextended Financially

worried-debt-financialAre you starting to avoid picking up the mail because it’s filled with bills? Does it seem like you are entering onto a financial treadmill where your savings and retirement accounts aren’t growing? Or worse, are they falling? We have assembled 6 signs that you are becoming overextended. If you recognize yourself in any of these, it’s time to have a financial sit down with an expert at RMLEFCU before its too late.

1) You know your CVV number by heart. And you’d better because it has been worn off due to using your credit or debit card so much.

2) You are charging more on your credit card than you are paying off each month. It’s just like a diet, in order to shake that debt, you have to remember less in, more out!

3) You are adept at hitting silence on your cell phone when certain numbers call. You are unable to pay your bills and if you do manage to pay them, you’re late and incurring extra fines, or just paying what you can. Read More

17 Oct

7 Helpful Tricks to Help You Save for the Holidays

The holidays are an expensive time of year. Between travels, gift giving, and food costs your bank account can really take a hit. Here are some tips to help you save money leading up to and going through the holiday season.

  1. Saving for the holidays RMLEFCU Law Enforcement Credit Union DenverPack it in – If you don’t already pack a lunch to work, its time to start. Do you buy your coffee on the job? That $3 cup of coffee every day adds up. Especially when you can make coffee at home and bring it with you for a fraction of the cost. The same goes for water. You can save a bunch of money by refilling a water bottle rather than buying a soda from a vending machine. Plus, it’s good for you!
  2. Cook what you have – While we are on the topic of food, cook what you have sitting in your cupboards! If you are like me, the cans of refried beans and boxes of rice seem to be multiplying in the drawers. Now is a great time to use up the non-perishables tying up your holiday cash. There will be plenty of time to indulge over the next couple months. Hate this idea? Donate your non-perishables to a food pantry so someone less fortunate can enjoy them.
  3. Use a Rewards Card – Start using a RMLEFCU rewards credit or debit card for all your purchases and earn points. Redeem those points for electronics, gift cards, and other gifts. Put your spending to work twice!
  4. Recycle your electronics – Have an old phone or a tablet you’re not using any more. Electronics recyclers like Gazelle or Glyde will pay good money for used devices that are sitting around unused in your home.
  5. Plan Ahead – Planning your gift giving ahead of time will allow you to be more price conscious. Shop around, set limits on gift spending, and take advantage of crazy sales like Black Friday and Cyber Monday. When you scramble to buy gifts as the holidays approach you will undoubtedly overpay and overspend.
  6. Second guess your purchases – This isn’t as fun as buying a new shirt or getting a tasty candy bar from that convenient vending machine down the hall but it can save you lots of money to spread more holiday cheer. Every time you pull out your wallet say to yourself: “Self, do I really need this?” You’ll be amazed at how well it works.
  7. Get help from RMLEFCU! – At RMLEFCU we try to make the holidays easier where we can. If you really need some extra money during November and December, we can help.
  • Holiday Loan SlideBy – Skip a loan payment in November or December! Learn more and get the form in our quarterly newsletter The Dispatch.
  • RMLEFCU Holiday Loan – Need a little extra money. Borrow up to $2500 through December 31st and take 12 months to repay. Interest rates start as low as 7.95% APR*. Call (303) 458-6660 for more information.
  • Get a HELOC – With rates as low as 3.25% APR** a Home Equity Line of Credit is another great way to get some cash for large purchases and home improvements. Currently we are running a great promotion. HELOCs of $10,000 or more will receive a Carnival Cruise for two! Why not just avoid the holidays all together and go to the Bahamas?

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