Making Money Personal

Steps to Track Your Net Worth - Money Tip Tuesday

Have you ever heard people talking about net worth and wondered what it means? Well, today, you are going to learn!   
Links:
Watch our Financial Freedom Webinar to learn how to strategize and build a debt payoff plan
Learn how to set savings goals with Goal Builder 
Check out TCU University for financial education tips and resources!
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
Net worth! What is it? Why is it important to track? How do you find out what your financial net worth is? All valid questions, my friends. First, let's define what net worth is.  
The dictionary defines net worth as "the total wealth of an individual, company, or household, taking account of all financial assets and liabilities."   
Most people will agree that the definition of net worth is simply: assets - liabilities = net worth.    
Now that we know what it is, why is it essential to track it?   
Well, it allows you to see your financial situation at any point and whether your wealth is increasing or decreasing. Tracking your net worth is important because it gives you a clear picture of your financial health and can help you make informed decisions about your money. Please know that it is very possible to have a negative net worth. This means that you owe more money than what your assets are worth. We'll talk a little more about this later.    
Now, let's take a look at how you can figure yours out. Are you ready? Ok... take out a piece of paper and a pen or pencil. Draw a line straight down the middle.    
On one side, you are going to write the word assets, and on the other, write the word liabilities.    
On the assets side, make a list of valuable items that you own… think bank accounts, investment accounts like 401(k)s, any real estate property that you may own, personal property such as cars, or other items that have value. Next to these items, write down their approximate value. Here is an example of what this may look like (we'll use easy round numbers for simple math):    
Bank Accounts - $5,000    
Personal Home - $300,000   
401(K) - $50,000   
Car - $20,000   
At the bottom, you will write the total for all assets. In this example, we will have a total of $375,000. Nice!   
On the liabilities side of your sheet, make a list of your liabilities. Liabilities are the debts that you may owe. Next to them, write the balance so again, for easy math, in this example, we will do   
Mortgage -  $210,000   
Credit Card Debt - $5,000   
Auto Loan - $10,000   
Student Loans - $50,000   
 
And that Home Equity Line of Credit you took out to fix up your house - $40,000   
At the bottom, you will write the total for all liabilities. In this example, we have $315,000. Ouch!   
Now, we have the numbers we need to calculate net worth. Remember, net worth equals assets minus liabilities.    
In my example, the assets total $375,000, while the liabilities amount to $315,000, resulting in a total net worth of $60,000. Not too shabby.    
Let's say you calculated yours, and you didn't like what you got. You got a negative number. This means that your debts exceed the value of your assets. Let's flip my example and say you have a negative $60,000.    
Do not get discouraged. Many families and individuals are right there with you. According to MarketWatch, one in five Americans has a zero or negative net worth.
You're not alone in this journey. Instead of dwelling on it, get motivated to get that number into the positive. You got this!   
Here are a couple quick tips on how to improve your net worth: 
Work to pay down existing debts. Focus on developing a method to really pay down debt. Read a book, attend a seminar, or watch one of our debt reduction webinar recordings on YouTube to learn all about the process of taking control of and tackling debt. Check the link in the show notes to watch.  
Avoid taking on any new debt. Put those credit cards away and try paying cash or use a debit card more. Even if only for a short time, this method can effectively help you avoid adding onto that growing debt pile and keeps you more conscious of spending habits. 
Adjust your budget to emphasize saving. Every saving opportunity can boost your net worth. Explore opportunities to increase savings like boosting retirement contributions, and opening a new account for emergencies or other long-term goals. 
For Triangle members listening to this episode, we actually have a lot of cool tools available within our online and mobile banking platform to help you track net worth, pay down debt and set savings goals.  
Check out Money Management within online and mobile banking to track your net worth as it grows, set budgets and even debt payoff goals.  
We also have a tool called Goal Builder that helps you set up and track savings goals within your Triangle savings accounts. This is great if you’re looking for an easy way to save more for emergencies, a new car, a house downpayment or any other long or short term goal.  
Alright, that's going to do it! I hope you learned something new today, and we've given you the motivation to look into your net worth and grow your wealth! Remember, it's never too late to start building your financial future.   
If there are any other tips or topics you would like us to cover, let us know at tcupodcast@trianglecu.org. Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.   
Thanks for listening to today’s Money Tip Tuesday and check out our other tips and episodes on the Making Money Personal podcast.   
Have a great day!  

Make the Most of Your Checking Account - Money Tip Tuesday

Almost every adult has a checking account. Many of us may have more than one. Checking accounts are more than just a place to save and spend money, many come with additional benefits like saving perks, cash back promos and even protective services for you and your family. 
Links:
 Learn more about Triangle's Better Checking account with ID Protect
Already have Better Checking? Access your benefits through the Better Checking website. 
Check out TCU University for financial education tips and resources!
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.  
Choosing the right financial institution is a significant decision, and we're thrilled that you've selected Triangle Credit Union as your trusted financial partner. Your trust in our institution is something we hold dear, and we are committed to providing you with a banking experience that goes the extra mile. At Triangle, we have a checking account that is right for everyone, at every stage of their financial lifetime. Now is an excellent time to review your financial goals, accounts, and the benefits available to you. Here are a few reasons why you should consider either a Basic or Better Checking account at Triangle Credit Union for you and your family: 
1. Worry-free Banking Benefits – Our checking accounts include the convenience of our network of surcharge-free ATMs, neighborhood locations, flexible branch hours, and peace of mind knowing that your deposits are covered up to $250,000 by the NCUA.
2. Team of Professionals, here for you – Our friendly, knowledgeable customer service representatives are eager to help you meet your goals.
3. More Savings and Benefits by Using Your Account Wisely – Let us show you how to use your account to its maximum advantage, such as getting cash back with Purchase Rewards and setting up direct deposit to get paid up to two days early.
4. Tons of Account Freebies – Mobile and online banking, remote deposit, and a free debit card are just a few of the things you receive as part of every Triangle Basic or Better Checking account. 
5. Additional Features with Better Checking - with a Better Checking account, you are entitled to additional features, for a nominal fee of $4.99 a month, that on their own could easily cost you more than $50 per month.
Identity Theft Monitoring Services – rest easy knowing that you have access to free monitoring services that can alert you if changes to your credit file are detected, or if your personal information is discovered on the dark web. 
Identity Theft Expense Reimbursement Insurance – up to $25,000 in reimbursable expenses if you find that you are a victim of identity theft. 
Professional Identity Theft Remediation Services – an experienced team of professional, certified identity theft recovery advocates will help you to reverse the damage if you suspect identity theft for any reason. 
Mobile Phone Protection – know that you can stay connected when the worst happens, and your mobile phone is damaged, or stolen. 
  
If you are already a Better Checking account holder, you’re ahead of the game and set up with great savings. 
Looking for ways that you can save even more? We’re only a click, tap, or phone call away. Reach out today–we are here to provide you with personalized guidance and can help you find the financial products and services that meet your needs. 
If there are any other tips or topics you would like us to cover, let us know at tcupodcast@trianglecu.org. Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day! 

Retail Therapy: Understanding the Urge to Splurge - Money Tip Tuesday

Have you ever wanted to buy something, not because you need or want it, but because it makes you feel good? It may come about when you feel like celebrating a special event or a promotion, so you decide to splurge a little bit on something special. Or if you had a bad day and you need a little emotional boost, so you finally allow yourself that thing you've always wanted but have resisted buying in the past.
That's what emotional spending, also known as retail therapy, is. The harsh reality is that it occurs often for many people and can cause financial challenges if not kept in check.
Links:
For help finding a therapist visit Psychology Today to start a search
Check out TCU University for financial education tips and resources!
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.    
Retail therapy is a way people cope with feelings, good or bad by purchasing items to either maintain a happy mood or to change a bad mood into a good one. The problem with relying on spending to improve your mood is that it can be too easy to overspend on things you weren't planning to buy in the first place. Unless you had a line item in your budget for impulse purchases, your retail therapy items weren't budgeted for at the beginning of the month.
Depending on the items you're purchasing, this could send your budget into a tailspin and add to an already increasing level of stress, possibly even leading to debt.  Emotional spending is something we all experience from time to time. But what happens when it becomes a problem? When we find we now have a larger credit card bill than originally planned for? Or when we have less money to cover certain bills because we decided to treat ourselves to a new vehicle, expensive clothing or the latest technology? How do we solve that issue? 
Well, the real fix to the spending damage depends on the type of spending you got yourself into, but there are ways to curb your emotional spending habit and keep yourself from making those unplanned purchases in the first place.  Here are some tips on how you can avoid falling into emotional spending.
Our first tip is to try the 24-hour or 30-day rule. The idea behind this rule is to wait a certain amount of time before making a purchase. If there is something you have your eye on, don't impulse it. Make a conscious effort to wait a little time before buying it. For some items, 24 hours is enough; for others, 30 days may be necessary. This tactic will help you keep your emotions out of your purchasing decision and help you avoid buyer's remorse. If you find that after the waiting time is up, you still want the item, then by all means, purchase it.  
Our second tip is to hide your credit cards. Don't hide them in a place where you'll lose them, but at least put them in a place where they may not be as accessible. Keeping them at a distance may decrease convenience and make it more difficult for you to emotionally spend.
Third, give yourself a budget item for spontaneous purchases. Allowing yourself some extra money a month is a great way to enjoy the freedom to treat yourself. Set aside an amount of money for those times you want to go out and buy yourself something nice. It keeps your budget in shape and keeps you in control of your spending.
And finally and most importantly, talk to someone about how you're feeling. If you find that you're repeatedly going shopping or buying items to cope with emotional or mental stresses, you may be struggling with something deeper. Find a trusted friend or family member and look for a therapist who can help you sort out your feelings and provide a good sounding board or fresh perspective on how you're feeling. A deep conversation is satisfactory for your mental health, and your wallet will thank you.
It is important to note that retail therapy might make us feel better but it does not solve our problems and should only be used in moderation. Emotional spending is something most of us will face throughout our lifetimes, but it's essential to ensure that our emotions do not drive our purchasing decisions. It can be too easy to lose track of our expenses, and our budgets will quickly crumble.  If you want to be the master of your money, learn to recognize the signs of emotional spending and use any of our tips to overcome the temptation to spend spontaneously.
If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for our sponsor, Triangle Credit Union, on Facebook and LinkedIn.      
Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.

Episode 83: Understanding Private Student Loans | Rich Neilsen from Granite Edvance

For some students, your college semester is coming to a close, while others are preparing for the fall and their first semester, whether you're a seasoned or a new student, paying for college, is not easy to navigate.
Stay tuned as we talk with Rich Neilsen, Lending Products and Partnerships Manager from Granite Edvance, about private loans and how they can fit into your plan for financing college tuition.
Links: 
 
Learn more about Granite Edvance's resources and opportunities
Contact Granite Edvance to get in touch with a counselor or other staff
EPISODE SPONSOR: New England Royal Service
Explore Upcoming Events for college planning and funding webinars
Check out TCU University for financial education tips and resources!
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union 
 
 

Five Strategies to Improve Your Credit - Money Tip Tuesday

Keeping your credit score in good standing is a great way to dramatically reduce the amount of interest you pay on a mortgage and other loans. But.. how? How do we get our credit score up to a number we can be proud of? Well, today, you're going to find out.  
Links:
Check out TCU University for financial education tips and resources!
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.  
Do you ever look at someone who has done something remarkable? Something that may take you forever to complete? Guess what? They didn't do that amazing thing overnight. It may have taken them months or, more likely, years before you saw the result. Overnight success is not something that happens often.  
Building a solid credit score and profile is a long-term investment in your financial future, much like the remarkable achievements you admire in others.    
It will take time, effort, and, most importantly, responsibility to get a credit score that will get you the lowest interest rates and terms on loans should you ever need them. Responsibility is the key to unlocking the potential of your credit score and securing a better financial future.    
In this tip, I am going to share with you five ways to help improve your credit score:    
Never miss a due date.    
Paying your bills on time is the golden rule for maintaining a good credit score. Your payment history will show whether or not you have paid your bills on time, and this is a significant factor that plays into your credit score. Missing a due date can lead to late fees, increased interest rates, and a negative impact on your credit score. Enroll in auto-pay to ensure your payments are automatically deducted from your checking account, guaranteeing they will not be late.  When doing this, just remember to ensure there are sufficient funds in your checking account so you don’t get charged overdraft fees.  
Keep Your Balances Low.    
If you have a credit card or another form of a Line of Credit, be sure to use only a portion of the available credit that has been extended to you. A general rule of thumb is to use no more than 30% of your credit line. So, for example, if you have a credit card with a $1,000 line of credit, a good rule is not to use more than $300.00 of that limit. This is referred to as your credit utilization, and it is another factor that influences your credit score.   
If you need to stop, stop, but don't close.    
The older we get, the more mature and trustworthy we should become throughout our lives. The same goes for credit. If you have four credit cards and the first one you have is 4 years old, and the rest are 1 or 2 years old, Let's say you close the first one you got because there are no benefits associated with using it; you will reduce the avg age of your credit profile. The longer the average age, the better because it shows you have experience managing debt, and it gives lenders a more extended history to examine when considering a loan for you.   
Don't Apply for Everything Thrown Your Way   
As you develop credit, you will be thrown offers left and right from lenders saying you are pre-approved or pre-qualify for their products. When you apply, your credit score will be affected, and the inquiry will remain on your credit report for 12-24 months. So, only apply for lines of credit or loans that you truly need and can use responsibly. Try to space out the times you apply by at least one year. But it's even better if you wait longer.    
Be Well Rounded   
To be particularly attractive to lenders, it is beneficial to have experience with various types of credit. For instance, having a mix of credit cards, student loans, and a mortgage can demonstrate your ability to manage different types of debt responsibly. It’s okay to have a variety of debts, and can actually help boost your score a bit.  
And there you have it.. 5 ways to improve your credit score.  
To recap, the five ways are:    
Never Miss a Due Date  
Keep Your Balances Low  
Don't Close Your Credit Cards  
Don’t apply for everything thrown your way  
Be Well Rounded.    
If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for our sponsor, Triangle Credit Union, on Facebook and LinkedIn.        
Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast. 

Financial Book Review: The Millionaire Next Door - Money Tip Tuesday

What does being wealthy truly look like? We imagine having big fancy houses, exotic vacations, and high status jobs. But what if I told you that most millionaires, even decamillionaires today, might not look quite like the famous person on your tv or phone screen, but more like your average Joe, living in a house down the street? That scenario is more than norm than you may realize, and that’s good news for everyone.  
Links:
The Millionaire Next Door by Thomas J. Stanley and William D. Danko
Learn more about this Money Tip's sponsor: New England Royal Service
Check out TCU University for financial education tips and resources!
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.  
Today’s Money Tip is proudly sponsored by New England Royal Service. A local NH business offering commercial cleaning and property maintenance trusted for its exceptional service. Visit neroyal.com to learn more and show us a little love by mentioning this podcast when you reach out! 
Now back to today’s tip. 
Reading books is a powerful way to shift your mindset about money and finance, along with gaining practical techniques to achieve your desired financial life. One notable book is The Millionaire Next Door by Thomas J. Stanley and William D. Danko. First published in 1996, the book delves into the habits of the wealthy, challenging many common misconceptions about wealth. 
The authors break down key concepts that question the stereotypical views of wealthy individuals. For instance, wealth isn't always visible, and attaining it isn't solely dependent on income or profession; anyone can adopt wealth-building practices. This idea is fundamental, as many believe wealth is an exclusive domain, locked away by a hidden secret known only to a select few. However, the book demonstrates that with intentionality, focus, and cultivated habits, anyone can build wealth. 
Stanley and Danko conducted thorough research across various demographics to uncover what distinguishes wealthy individuals from those who are not. The findings are often surprising. The common belief that a high salary guarantees wealth is swiftly debunked; while income does play a role, how individuals manage their finances holds greater significance.  
Another revelation from the book is that appearances can be misleading. A person flaunting a large house, designer clothes, or a luxury car may not be financially secure. The pressure to project an image of wealth often incurs hidden costs. The authors shared, "many people tell us that you can judge a book by its cover, meaning that high-grade doctors, lawyers, accountants, and so on are expected to live in expensive homes. They also are expected to dress and drive in a style congruent with their ability to perform their professional duties."  
Interestingly, surveys discussed in the book indicated that many millionaires do not prioritize purchasing luxury items. They tend to be frugal, preferring utility over showmanship when it comes to their spending habits. For instance, their survey results showed that the average American millionaire never spent more than $399 on a suit, with a quarter spending $285 or less. Additionally, about half never spent more than $140 on shoes, and many did not exceed $235 on a wristwatch. Remember that the surveys were conducted in the 90s, so the actual dollar amounts may have shifted a little bit since then.  
The authors highlight a critical distinction between high wealth accumulation and the ostentatious display of wealth. They state, "...some people judge others by their choice in foods, beverages, suits, watches, motor vehicles, and such. To them, superior people have excellent tastes in consumer goods. But it is easier to purchase products that denote superiority than to be superior in economic achievement."  
Such insights highlight the significant role of frugality in wealth accumulation, which is often overlooked. The authors state, "Being frugal is the cornerstone of wealth-building. Yet far too often, the big spenders are promoted and sensationalized by the popular press. We are constantly barraged with media hype about so-called millionaire athletes, for example." 
The book encourages readers to realize they have more control over their financial destinies than they might think. Adopting millionaire habits can be achievable for anyone. For example, individuals can adjust their consumption patterns to reduce spending and enhance savings. Moreover, selecting a career with a clearer understanding of associated costs and responsibilities—be it pursuing a doctorate or starting a business—can maximize financial outcomes. 
Encouraging a 'pay yourself first' mentality in personal and family finances is another valuable takeaway. This mindset helps prioritize saving over unnecessary spending, providing a sense of security and control over one's financial future. 
If you're considering reading the book, there are a few points to keep in mind. The wealth of data and statistics presented may come across as dry if you're not inclined toward research-driven narratives. Furthermore, since the book was initially written in 1996, some of the information may now seem outdated. My copy was republished in 2010, but monetary values and occupational statistics have undoubtedly evolved since then. A dollar in 1996, for instance, had greater purchasing power than it does today, which can affect how some financial principles are perceived. 
Overall, The Millionaire Next Door offers valuable insights into the habits and mindsets that contribute to wealth accumulation. By debunking common myths and encouraging practical financial habits, it provides a more accessible view of how anyone can work toward financial success, equipping readers with actionable steps to improve their economic situation. 
If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for Triangle Credit Union, on Facebook and LinkedIn.        
Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast. 

5 Reasons to Vacation in an RV - Money Tip Tuesday

Craving freedom, flexibility, and a front-row seat to nature’s wonders? Whether you're chasing sunsets or seeking spontaneous detours, RV vacationing can save you hundreds on lodging and dining costs. Discover five compelling reasons why vacationing in an RV might just be the ultimate way to explore the open road. 
Links:
View Bankrate's Summer Vacation Survey
Check out Triangle's competitive RV Rates and low-rate auto loans
Learn more about this Money Tip's sponsor: New England Royal Service
Check out TCU University for financial education tips and resources!
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
Today’s Money Tip is proudly sponsored by New England Royal Service. A local NH business offering commercial cleaning and property maintenance trusted for its exceptional service. Visit neroyal.com to learn more and show us a little love by mentioning this podcast when you reach out! 
Now back to today’s tip.  
Summer is right around the corner which means you are probably planning your summer vacations with loved ones. Ditch the family vacation to the amusement parks this year and take the family on a road trip in a recreational vehicle or camper!   Here are 5 reasons to vacation in an RV: 
1. Cost-effective travel. According to Bankrate’s Summer Vacation Survey, 47% of Americans chose not to go on a summer vacation in 2024—65% citing affordability as the reason.  One of the biggest vacation costs is transportation, which includes airfare, car rental, parking fees, gas, etc. Now factor in the cost of a hotel room and food on your vacation, and the costs really add up.   When you vacation in an RV, your transportation and place to sleep are rolled into one which helps cut down on costs. Plus, RVs have small kitchen areas included to stock up on food staples before you begin your trip. Instead of eating out for every meal, you can cook some meals in your RV and lower your total vacation costs.  
 
2. Flexibility. Gone are the days of booking a vacation based on the cheapest flights or hotels. RVs give you increased flexibility because when you are traveling and staying in your own mode of transportation, you are not locked down to specific dates and times for vacation.  
There’s also flexibility if something occurs and you need to delay your vacation by a week. You don’t need to worry about changing flights or booking new accommodations because you are traveling in your own mode of transportation.  
3. Bring Your Pets. Another pro of vacationing in an RV is being able to bring your pets along. Instead of asking your friends or family to take care of them, or even paying to have someone look after them, you can take them along as travel companions.  
Not only is this a good choice for your finances, but it also provides peace of mind so you can spend your vacation relaxing instead of worrying about how your pets are doing without you.  
4. Privacy and Comfort. Why would you want to squeeze into the middle seat of an airplane when an alternative is being able to stretch out in the sleeping area, sit in the dining area enjoying a meal or even using the private bathroom while traveling to your destination.   When it comes to sleeping, you have the security of having your own space which can help you feel safer than an AirBnB when in an unfamiliar place. Plus, you can tow your own car behind your RV; that way if you want to explore each destination a little deeper, you can do so in your own car and can avoid a rental car.  
5. Bring Home with You Wherever You Go. Another benefit of vacationing in an RV is bringing and using what is most familiar to you. We’ve all had a terrible night stay at a hotel while on vacation because the pillow just wasn’t right or the blanket was too rough. When you vacation in an RV, you can bring your own pillows and blankets (among other things) with you for those comforts of home.    RVs provide more storage space as well which means you aren’t confined to just what you can pack in a suitcase. In addition to more clothes, shoes, and bedding, RVs offer the opportunity to bring other things you can use on your vacation.  Maybe you have bicycles or kayaks that you want to use when exploring your new destination; if so, you can bring these along with you when you have the space in an RV! 
If you’re ready to take the plunge and finance an RV or camper, check out Triangle Credit Union’s competitive rates. We also offer low auto rates on new purchases and vehicle refinancing! 
If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for Triangle Credit Union, on Facebook and LinkedIn.        
Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast. 

Buy Now, Regret Later? The Rise of Phantom Debt - Money Tip Tuesday

Buy Now Pay Later is a short-term loan that allows consumers to pay for their items in small installments over time. However, due to the popularity of Buy Now Pay Later, there has been an increase in what many have started to label “phantom debt”. 
Links:
Learn more about this Money Tip's sponsor: New England Royal Service
Explore debt consolidation loan options from Triangle Credit Union
Watch our Financial Freedom webinar for tips on how to manage and get out of debt
Check out TCU University for financial education tips and resources!
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union 
Welcome to Money Tip Tuesday from the Making Money Personal podcast.     
Today’s Money Tip is proudly sponsored by New England Royal Service. A local NH business offering commercial cleaning and property maintenance trusted for its exceptional service. Visit neroyal.com to learn more and show us a little love by mentioning this podcast when you reach out! 
Now back to today’s tip.  
The term phantom debt can mean multiple things. Traditionally, phantom debt is a debt that is too old to collect legally, so it’s either written off or sold to a collection agency. Phantom debt may also refer to when scammers try to collect money that is not owed to them by threatening legal action. However more recently, phantom debt has come to mean a debt that can’t be measured since it’s not reported. 
According to many reports, Buy Now Pay Later is a large producer of these unmeasured phantom debts. Because of its convenience, consumers are finding it easier to use Buy Now Pay Later services to pay for larger items in smaller installments than paying for it all upfront. However, that means people are using Buy Now Pay Later to buy more big-ticket items than they can actually afford. This results in loan stacking, which is borrowing multiple loans at the same time. With more and more of these Buy Now Pay Later loans, it can be difficult for consumers to keep track of them. If you don’t pay these loans on time, you will get hit with late fees and your credit score will lower. 
If you’re struggling with Buy Now Pay Later debt, aka “Phantom Debt”, there are a couple things that you can do. The first thing you can do is request a payment extension. Some Buy Now Pay Later lenders will let you either change or extend the payment due date which can provide some much-needed extra time pay off the debt. You could also apply for a debt consolidation personal loan, which would combine some or all of your debts into one single loan. This not only makes it easier to keep track of existing debt but it can even help improve your credit score as you make those regular, consistent payments to pay it all off on time. 
If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for Triangle Credit Union, on Facebook and LinkedIn.       

Episode 82: Developing Your Inner Leader (Part 2) | Adriana Torres

Have you ever wondered what it takes to become a truly impactful leader? In this episode, we'll explore practical strategies for cultivating leadership skills that can transform both your personal life and your professional life. Join us as we discuss some actionable insights and a few stories to help you become a more effective and influential leader. 
Links:
Leaders Eat Last by Simon Sinek
Dare to Lead by Brené Brown
Winning Leadership by Sherry Winn
Follow Adriana's Business on Facebook: The Process Reinvention LLC
Email Adriana: theleanidea@gmail.com
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union

Strategies To Help Reduce Debt - Money Tip Tuesday

Struggling with debt can feel overwhelming, but with the right strategies, it's possible to regain control and build a more secure financial future. Fortunately, there are practical and proven methods to reduce and manage debt effectively, no matter your financial situation.   
Links:
Check out NerdWallet's Top Budget Apps for 2025
Learn more about Triangle's personal loan options for debt consolidation
Financial webinars for Budgeting and Paying Off Debt
Check out TCU University for financial education tips and resources!
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.   
Debt is a tool, and it can be very useful when used properly. Borrowing money can help us buy our first car, get into our first home, or even pursue that degree for our dream job. But like any tool, it's possible to get into trouble if we don't understand how to use it.   
Taking action when debt becomes burdensome is essential. Recognizing the various signs can detect unmanaged debt, and this awareness can bring a sense of reassurance.   
Unmanageable debt can reveal itself in some or all of the following ways: There’s no ability to save money because it’s all going to payments, you have a heightened sense of worry, stress, or anxiety over financials, and your debts aren't being paid on time and are heading towards or currently in collections.  
Based on these factors, reducing debt to a manageable level is a net positive for your life. It's not just about the numbers; it's about the hope and freedom it can bring. Reducing debt not only improves financial health but may also improve mental health.   
Pursuing and achieving financial freedom usually starts with some form of reducing debt and proper management is essential to get there. Once managed, you can push that throttle forward and speed rapidly toward finally getting it under control.  
Here are three top strategies to reduce and manage debt effectively:  
 Simplify your payments by organizing and consolidating. Budgeting is a key part of this process. We often stress the importance of budgeting because it's the foundation of successful debt management. It's hard to plan without a budget, and your debt payoff effort won't be as effective. Educate yourself on successful budgeting tactics and find the one that works best. Whether it's pen and paper or a digital app, it is essential to keep your budget organized. You can also explore some of the top budgeting apps. For example, Nerdwallet published a list of the top budgeting apps for 2025, so check out the link in the show notes.  Explore consolidation loans or other debt assistance programs. If debts are tough for you to manage, a debt consolidation might take that pressure off and give you the necessary breathing room. It enables you to group some or all your various debt bills into one consolidated payment that's easier to manage. For help, contact staff at your local bank or credit union. They could help illuminate the right options for your situation and cover the various details involving a debt consolidation.  
Find a way to lower your bills. Cut back on spending if possible. Avoid unnecessary purchases and cancel unused subscriptions.  You can also explore ways to refinance your debts, whether auto, personal, credit cards or student loans to a lower interest rate. By shopping around for lower rates, you may be able to decrease your monthly payment, freeing up more cash to put towards your existing debt. This can also be a significant saving over the life of the loan, making it a worthwhile strategy to consider.  And you can lower bills by negotiating with providers and businesses for better rates or payments.  Cell phone providers, car insurance companies, cable and internet providers, and even gym memberships will likely try to work with you on a better deal. If not, shop around and see if you can find that better deal elsewhere.  
The third way to start managing debt better is to find ways to increase income. If you're currently working, consider asking for a raise, or even working overtime to bring in a little more each paycheck.  Explore a new job for opportunities that might land you a better salary or consider picking a second job to work a few extra hours each week. Even working an extra 10 hours per week could provide the right amount of buffer in your budget to chip away at that big debt pile.  If you need something more flexible to bring in more money consider gig work or freelance work on the side to bring in extra cash. You could try delivery or Uber driving, pet sitting, or dog walking, which are all popular ways to easily try out gig work. Also, don't forget about other opportunities like tutoring, graphic design, photography, or babysitting. If you decide to try this, remember to set aside a portion of your earnings for taxes.  
If you need help getting started on your debt payoff plan, we offer webinars to watch on YouTube that cover a variety of budgeting tools and strategies as well as putting together a debt payoff plan tailored for your situation. Watch on demand using the links posted in the show notes. 
If there are any other tips or topics you would like us to cover, let us know at tcupodcast@trianglecu.org. Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  
Thanks for listening to today’s Money Tip Tuesday and check out our other tips and episodes on the Making Money Personal podcast.  
Have a great day!