Making Money Personal
Engaging in real talk about financial matters that affect your life and your community.
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Tuesday Apr 11, 2023
Tuesday Apr 11, 2023
Are you trying to find ways to cut your expenses this year but don’t really know where to start? The good news is you can start by recognizing the most likely places you’re overspending.
Links:
Read this CNBC article for more categories you're likely to overspend
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Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
With costs going up on everything from utilities to groceries, most people are taking a closer look at where so much of their money is going.
It’s time to start evaluating your expenses and see where you’re most likely to be overspending.
A 2019 survey from Slickdeals.net, reveals some of the most common areas adults overspend.
If you’re ready to take back control of your spending this year, start by examining and adjusting your spending in any or all of these categories.
1. The first is online shopping. I know, big shocker right?
You can’t beat the convenience of online shopping, and you’ll often find better pricing for goods than if you were to go to a physical store.
The challenge with online shopping is the impulse factor. If you’re like me, you probably go online looking for one item, but then end up purchasing additional things you didn’t originally intend to purchase.
Things like apparel, electronics, footwear and pet care items are some of the most ordered online.
If you want to cut back in this category, try a few of these suggestions.
First, set a spending budget. You need to set a limit on how much to spend online.
Try switching your default payment method from a credit card to a debit card. This puts the responsibility on you to make sure you don’t spend more than you have. It’s critical that you keep an eye on your checking account, so you don’t overdraft your account.
Disable notification from shopping sites and apps and unsubscribe from promotional emails. Don’t let the apps tell you when to buy or what to buy. Silence them so you don’t get pressured into making an impulse purchase.
Uninstall shopping apps from your phone. If you constantly find yourself opening these apps, especially when you’re bored, it’s time to take away the temptation. You can always reinstall them later once you’ve grown more disciplined with your spending habits.
2. The second category adults overspend is on food. This includes both groceries and dining out. If you’re spending too much money on these then you should find a way to cut back.
It’s so easy to impulse purchase at the grocery store, dining out daily for lunches, and spending too much when going out. I also want to mention that ordering through delivery apps like DoorDash or Uber Eats are part of this category. They’ve made it all too easy to conveniently order food that comes right to your door. Not only are you paying for the food, but you’re also tipping the drive and paying a delivery fee. Cutting back on food consumption is a must in today’s hyper-convenient dining world.
How do you cut back here? Make a shopping list and buy ONLY those items. This might sound simple but it’s not as easy as you think. Keep yourself limited to only the items you need to buy and nothing else.
Bring cash to buy your groceries. This might seem archaic, but can you think of a better way to keep yourself from overspending? You can’t spend what you don’t have and if you don’t have the cash, then you’ll be forced to either tally up all your items or put things back that you can’t pay for.
If you’re used to buying lunches while at work, cut back on how many you buy. Instead of every day, bump it down to maybe once or twice a week and pack your own lunches for those days when you won’t buy lunch out.
Set a budget for dining out. Cut back on how many times you go out and learn to make more meals at home. You’re less likely to be upsold on specialty drinks apps and dessert and you’ll likely cut calories too.
3. The third category where adults overspend is on subscriptions. How many subscriptions are you paying for right now? Are you even using them all? Most of us are paying for multiple subscription services that we barely use.
Video streaming may be the first thing you think of, but there’s gaming platforms, food delivery subscriptions, other goodies like beauty products, personal care, online software and account access, online music platforms the list keeps going.
If you want to cut back here, take an assessment of every subscription service you have. I mean EVERY, even if it costs you 2-3 dollars a month.
Ask yourself honestly how much value you’re getting for the service and if it’s worth the price. Look at which ones have gone up in price, because that can happen after a few years or if they change their pricing models.
Cut out anything you don’t use anymore. If you’re not using it, then you’re overspending on it.
4. The fourth category adults overspend is on technology products. This includes phones, smart speakers, TVs and other gadgets.
Stop and take a quick look around your environment whether you’re at work or home. How many tech devices do you own? This includes smartphones, tablets, computers, gaming consoles, smart speakers, smart watches, TVs, plus any other home devices like Nest and Ring. All those items come with upfront costs and sometimes recurring costs like a service charge or maintenance costs.
How do you avoid overspending on technology since it’s practically a necessity for our day-to day living?
Try to make your devices last as long as they can. Take good care of them and keep up with maintenance.
Wait a little longer to purchase the newest item. Prices are usually high at the time of release, but can fall a bit if you wait a little longer
Consider purchasing a used or refurbished item. You can save quite a bit of money. Just make sure the reseller is reputable.
If you’re feeling the crunch and are looking for ways to cut back on your spending, start by cutting back in any or all of these categories.
If there are any other tips or topics, you’d 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 be sure to check out our other tips and episodes on the Making Money Personal podcast.
Have a great day!
Tuesday Apr 04, 2023
Tuesday Apr 04, 2023
Have you ever wished that you could get your paycheck a few days early? With early paycheck, that is now possible! Here’s what early paycheck is and how it works.
Links:
Learn more about Triangle checking accounts that offer Early Paycheck with direct deposit
Follow our Facebook, Instagram and Twitter pages!
Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
Early paycheck is when your check is deposited into your account earlier than Friday. You may receive it as early as two days before payday. But how does this work? Well, direct deposit payments have an official payment date, which is the date employers intend the payment to be made.
Most businesses use a system called automated clearing house, or ACH for short, which processes electronic payments. When employees are signed up for direct deposit, businesses use the automated clearing house system to process the check payments.
The payroll file of direct deposits will then be sent to the corresponding employees’ financial institutions. The deposit will then go through the automated clearinghouse system. If your paycheck is deposited before payday, your financial institution is advancing the funds to you, knowing that they will receive the money when the funds become available.
If this sounds good to you, it’s easy to get your paycheck early! First, look to see if your financial institution offers early paycheck. It might be called something else, like early direct deposit, or something similar. If your financial institution doesn’t offer early paycheck and you really want it, don’t worry, there’s plenty of options to choose from. Look around at other financial institutions to see if they offer early paycheck. For example, it is included with both Triangle Credit Union’s Basic Checking and Better Checking Accounts.
Next, make sure that you are enrolled in direct deposit. You will need to provide your employer with your financial institution’s routing number and your account numbers for checking or savings, depending on which account you want your paycheck to go.
Then you’re all set! It’s that easy!
Early Paycheck also works for US government ACH payments like social security, so if you’re still waiting until Friday for a check but need it sooner for bills or other expenses, set up direct deposit and you’ll likely gain access to that money sooner.
Direct deposit gives you more benefits over a physical paper check. First of all, you get your paycheck on time, or early with early paycheck. With a physical paper check you would have to either pick it up in the office or have it mailed to you. Second, it eliminates the additional step of having to deposit the check, with either remote deposit using your mobile device or computer or physically going into your financial institute.
If you have questions on getting started, reach out to us via our website, give us a call.
If there are any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our Making Money Personal Facebook, Instagram, and Twitter pages and look for our sponsor, Triangle Credit Union on Instagram and LinkedIn to share your thoughts.
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.
Have a great day!
Tuesday Mar 28, 2023
Tuesday Mar 28, 2023
Buying a house is one of the most important purchases of your life, but it is also one of the most expensive too. This can be very distressing for some, but don’t worry – we're here to provide you with some ways to save money when buying your new house.
Links:
Check out current mortgage rates
Chat with one of our Mortgage Originators
Watch out First Time Homebuyer Workshop on YouTube to learn more about getting pre-approved and the right financing
Follow our Facebook, Instagram and Twitter pages!
Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
Before you buy your new house, there’s a few things you’re going to want to do to get started. First, figure out how much you can afford. Then, figure out what you want in a house. Things like house type, square footage, how many bedrooms do you need and how many bathrooms you need are all important. Other factors to consider include how nice the neighborhood is and how far away your house is from stores and things to do. If you have kids, you will also want to see if the school district is good. Of course, factor in that you still have to pay for all of this, so keep it within your budget.
Once you have a good idea of what you want in a house, it’s time to go out and find it! A good first step is to get a real estate agent who can walk you through looking for and buying your house. Houses that are generally cheaper include houses that have been on the market for a while and fixer-uppers. Owners of these houses generally just want to get rid of the house by this point and you may be able to negotiate a better deal. The only downside to going this route is that the house will probably need a lot of work. Houses that have been foreclosed on are also generally cheaper, so you can keep a look out for those.
You may also want to look into houses that aren’t currently on the market. If you know of anyone who might be moving soon, see if they are willing to sell. If you’re bold enough, you could also try door-knocking. This is where you find a neighborhood that you want to live in and go up to a house you’d like to buy and ask if they’d be willing to sell to you. Just be respectful of the residents, and don’t approach houses with a “no soliciting” or “no trespassing” sign.
Once you’ve found your dream home, it’s time to look at your finances and get a mortgage. Your credit score is a big factor when applying for a mortgage. Lenders use your credit score to determine your loan pricing and see if you will be able to pay back the mortgage. The better your credit history, the better rate you can secure. Even a small increase in your credit score can get you a reduction in your mortgage rate.
If your credit score isn’t as good as you’d like, a few ways to improve your finances to ultimately improve your mortgage application is to start paying off any existing debts. Paying down high-interest debt, such as credit cards, personal loans, and student loans, will positively affect your debt-to-income ratio, which is another key factor in mortgage eligibility. This also means that you shouldn’t open any new credit accounts or take out any new loans.
Adding money to your savings for a house is another way to get a better rate. Being able to make a down payment that’s a little more than the minimum can show lenders that you are reliable when it comes to saving money and may give you a better rate.
Buying a house can be stressful and complicated, but it doesn’t have to be! Talk with your friends and family about their experiences, they might have some valuable insight to offer. Your real estate agent and mortgage originator will also be able to guide you as you go on this new journey.
If there are any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our Making Money Personal Facebook, Instagram, and Twitter pages and look for our sponsor, Triangle Credit Union on Instagram and LinkedIn to share your thoughts.
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.
Have a great day!
Thursday Mar 23, 2023
Thursday Mar 23, 2023
In this short episode we chat with Triangle CEO and President Scott MacKnight about all the news surrounding Silicon Valley Bank and what it means for the financial industry as a whole.
Links:
Get updates and breaking news from Bloomberg
Read Triangle's article with more information about what the Silicon Valley Bank news means for your Triangle account
Visit the NCUA website for important information on how your funds are protected
Follow our Facebook, Instagram and Twitter pages!
Learn more about Triangle Credit Union
View episode transcript.
Tuesday Mar 21, 2023
Tuesday Mar 21, 2023
Finding the right home can be a challenge. If you’re preparing to embark on the homebuyers’ journey, there are three things you can do to give yourself the best chance of finding and buying the home of your dreams.
Links:
View our current mortgage rates
Get in touch with one of our Mortgage Originators
Learn more with our Securing Financing for Your New Home article
Listen to our other conversations with industry professionals about closing costs and home inspections
Sign to attend one of our upcoming homebuying webinars or watch on our YouTube channel
Follow our Facebook, Instagram and Twitter pages!
Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
When it comes to your first home search, if you have the right plan in place, there’s no reason that you shouldn’t be able to enjoy the home buying process with all the excitements and challenges it can bring.
With these three steps, you’ll have a great strategy and plan for when you’re ready to make your move.
Follow these three steps to find your dream home.
The first one is to Form Your Team
Deciding who is on your team goes deeper than just your lender and your real estate agent. When forming your team, you need to consider everything that is part of the home-owning process that might be more than just who ends up on the deed.
This could be a family member who is involved in construction that will end up helping you with tasks around the house. This could also be someone nearby who you will use for childcare occasionally. It’s important to bring these people into the conversations around the home you’re buying as they will be involved in certain aspects of the house.
Having meaningful conversations with your team allows you to gain a new perspective about the location and condition of the homes you’re looking at so you can make an informed decision on such a huge purchase. If you choose to purchase a fixer-upper, you will need to make sure you have the expertise to DIY the updates or have the funds to pay someone to help. These conversations will get everyone involved on the same page moving forward.
The second is to Secure your Financing
Looking at homes before you’ve secured financing is a dangerous game because you wouldn’t want to fall in love with a house you can’t afford.
Securing financing can be as simple as walking into your nearest Triangle Credit Union branch and sitting down with one of our mortgage originators to discuss your options.
Triangle’s Mortgage Originators will walk you through the process and connect with your realtor, or work with your existing realtor, to make sure you can get financing to purchase your dream home.
For more information, read our blog post Securing Financing for Your New Home where we discuss the process and list the documents you will need to get pre-approved.
The third is to Find Your Realtor, Find Your Home
We’ve all been on various real estate websites searching for our dream homes. We flip through photo after photo and imagine what our lives would look like if we purchased that home, but did you know that there is an easier way to find a home?
Realtors have direct access to listings before houses even hit the market so when you work with a realtor, they will be able to filter through properties you will be interested in and have you tour the home before those who use the apps even see it.
This can take some of the stress of home-buying off you and allow you to enjoy the home-buying process, especially if you are a first-time homebuyer.
Finding your dream home should be an exciting experience, not a stressful one. We hope these steps will put you at ease if you are in the home-buying process or getting ready to start. Do you have other first-time home buying questions? Attend one of our First Time Homebuyer Webinars to learn more information and to have your questions answered by the experts or watch one of our recorded webinars on our YouTube channel.
If there are any other tips or topics, you’d 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 be sure to check out our other tips and episodes on the Making Money Personal podcast.
Have a great day!
Tuesday Mar 14, 2023
Tuesday Mar 14, 2023
Achieving your dream of owning a home isn’t out of reach. With all the financing options available, how do you determine which one is right for you?
You may have been told that adjustable-rate mortgages aren’t the right option. But there are some surprising reasons why an adjustable rate could be the right option for you.
Links:
Check out Triangle's mortgage rates
Contact a Mortgage Originator to meet and discuss your options
Follow our Facebook, Instagram and Twitter pages!
Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
If you’re hoping to own a home one day, one thing you’ll need to decide on is what type of financing you’ll choose.
Finding the right mortgage can be difficult and intimidating. There’s no one size fits all solution for financing your new home. One of the biggest questions concerning mortgage options is whether to choose a fixed rate mortgage or adjustable-rate mortgage (also known as ARM).
Though, many people immediately decide they want a fixed rate, because it seems safer, they may be overlooking the benefit that an ARM might provide them.
Ryan Campbell, Mortgage Originator at Triangle Credit Union mentions that many people start out with a negative view of ARMs. He says, “For many people, an ARM is a scary option. They may have heard from friends or family to avoid adjustable-rate mortgages at all costs. But this advice can often be misconstrued, because adjustables might give you the best option for your financing, with the smaller financial burden.” He followed it up with, “Don’t do a loan because someone else told you, do it because it works for you.”
Don’t dismiss ARMs before you’ve first considered the benefits.
Here are some of the surprising benefits of ARMs that you may have not considered and might make you warm up to the idea of using one to finance your house.
The first benefit is that you’re likely to get the best rate with a lower introductory payment.
Traditionally ARMs offer great terms and rates which tend to be lower than fixed rate options. This also means that the lower the rate, the lower your monthly payment could be. There’s also a chance you can get a longer-term mortgage with an adjustable rate meaning you’ll get a more attractive rate AND a longer term, making that monthly payment even more attractive. For example, Triangle offers a 40-year term adjustable rate mortgage option. This is a great offer because it means you can pay off your loan over 40 years instead of 30 ultimately lowering your monthly payment.
The second benefit is that there are caps to how high the rate can adjust.
If the word adjustable scares you because you know the rate can go up over time, you don’t have to fear too much. Adjustable-rate mortgages have caps set on how high the rate can adjust. Ryan explains that certain caps are put in place to ensure the rate only goes up a certain amount. It can’t go any higher or lower over the life of the loan. Don’t think that if rates adjust up, your rate will adjust out of control. Figure out whether you’ll be able to continue to afford your payments if your rate adjusts to the max cap, and if you can, then you’ll be prepared for when it does.
The third benefit is that there’s a chance depending on market conditions that they could adjust down.
Believe it or not, there have been times in history when rates have adjusted lower. If rates are better by the time yours is set to adjust, they restructure at a lower rate. Although this isn’t too common, it’s certainly something you may not have considered when you hear about adjustable-rate mortgages. Pay attention to the economic climate and who knows, you may get fortunate with a rate that adjusts down without having to refinance to get a lower rate.
Get the benefit of automatically adjusting to that lower rate without having to refinance
The fourth benefit is that there aren’t any prepayment penalties.
A lot of times people move from home to home. They either get a new job, retire, or just decide to move away. In the past, paying your mortgage off early meant you would need to pay pre-payment penalties. Now, if for whatever chance you decide to move, or refinance, then you won’t be charged any fees for prepaying the loan. This is a huge benefit if you don’t plan on being in the home for a long time. If you buy a home with an adjustable-rate mortgage but then decide in a few years, maybe even before the rate adjusts, that you want to move, you won’t get slammed with fees for doing so.
If you’ve shied away from ARMs for some time, a few of these benefits might surprise you.
But, how do you know that an adjustable rate is right for you?
Ryan recommends you ask yourself some of these specific questions when you’re considering the different types of loan options.
How long do you think you’ll be living in that home?
Right now, what’s most important to you, low payment or best rate?
Based on your budget, what can you afford? A lower rate and longer term help with buying power.
How much do you have saved for the downpayment and closing costs?
Ryan also stresses the importance of educating yourself. He recommends you do research to learn how mortgages work. You’ll learn about terms, adjustment periods, how the loans are structured and more.
Learn all you can about the different types of options available, how they work and what you should consider before signing that line.
Ryan shares, “Get educated. Absorb as much as possible. The more you know the better decision you can make. Work with someone who can explain it to you so you can understand the products.”
That’s what Triangle’s Mortgage Loan Originators are there for. They take the time to meet with you and discuss your options to help you get the best mortgage you can.
Visit any of Triangle’s local branches or schedule an appointment online to get in touch.
If there are any other tips or topics, you’d 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 be sure to check out our other tips and episodes on the Making Money Personal podcast.
Have a great day!
Tuesday Mar 07, 2023
Tuesday Mar 07, 2023
How many times have you ever said to yourself or someone else, “I wish I knew this sooner?” When it comes to money, sometimes the hard lessons are best learned early. If you have kids, or work with kids, there are important financial lessons they can benefit from starting at an early age.
Links:
Learn more about setting up a Triangle youth account for kids and teens.
Follow our Facebook, Instagram and Twitter pages!
Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
Financial education is important for all ages. The earlier you understand important financial principles, the better off you’ll be as you grow up.
It’s never too late, but if you’re a parent, you may be thinking you can help spare your kids from making the same financial blunders you did.
Not to mention just getting a habit started early can make the difference in a child’s life when they become an adult.
There are important financial lessons you can teach your kids at a young age to set them up for financial success well into adulthood.
Teach them the importance of saving.
Saving is an important financial discipline that everyone should practice. It gives you purchase power, the ability to help others and helps you provide for your needs and the needs of your family. Getting started earlier is always better so try to start instilling this discipline in your kids' lives early. There are a lot of different ways to do this, so choose which is the best way for you and your kids.
If your kids are old enough, you can start by implementing an allowance. If they get birthday or gift money you can encourage them to save some or all of it. You can also set up a system for them to make some money at home doing chores. If they’re still young, get them a piggy bank or make one with them so they can store all the cash and change they collect. If they are a little older, show them the envelope system as an early budget tool so they understand the process of dividing money up into portions for specific uses.
Finally, set up a Kids Club savings account for them so they can learn what a bank account is, how to deposit money, and use a coin machine.
Teach them the importance of working for money.
As a kid, when I was too young to work a job, my parents encouraged me and my siblings to do chores for cash. This made their lives easier and gave us the opportunity to understand the importance of trading certain working skills in exchange for money. Try organizing regular chores for your kids like vacuuming, cleaning, trash duty, car cleaning, yard work and others. It gives them the opportunity to collect cash for their own use and gives you a break from some of the common household chores.
When they grow old enough to have their own job, they will understand that trading time for money is productive and beneficial.
Teach them to build knowledge
Encourage them to learn about important money principles when they can. Find ways to get them engaged with money challenges, apps and other games that they might enjoy. Share age-appropriate financial resources like activity books, videos, games and more. There are a lot of finance professionals who create kids and teen related courses that your kids may be interested in and enjoy using.
Teach them the importance of giving
When I was young, my parents used the envelope system to teach me about budgeting. They made it clear that you can only do three things with money – save it, spend it and give it. This taught me that when we give money, we can make a difference in other people’s lives. It’s important to learn to spend and save money wisely, but it’s just as important to give money. Teach your kids why it’s important to give so they learn they have the power to use their money to benefit others. It can instill virtues like gratitude and generosity.
Teach them that personal finance is a journey that you’re also working on.
Depending on how you manage your own finances, this may be one of the trickiest. A great way to help somebody learn is to show them real world examples as they live them. Whether you like it or not, your kids are watching how you handle money, and they learn from it. Lead by example as you navigate your own journey. If you’re paying off debt, show them what you’re doing. If you’re saving money for retirement, or something else explain to them why it’s important. They see and feel the benefits and consequences of the financial decisions you make so you may be one of the biggest financial influences in your kids’ lives until they reach adulthood.
Make sure that you are practicing what you preach so your kids will have a clear example of what good money management is like. You know that personal finance is a lifelong journey, and you’re on your own just like everybody else. Your kids will be there one day too. As they watch you save, spend, get out of debt and give they’ll learn the value of discipline, patience, and perseverance for their own financial journeys.
If you have any comments or ideas for additional tips, please email us at tcupodcast@TriangleCU.org. Be sure to follow the Making Money Personal podcast page on Facebook and IG for more great content.
Thank you to our sponsor, Triangle Credit Union, and to you for tuning in!
Have a great day everyone!
Tuesday Feb 28, 2023
Tuesday Feb 28, 2023
How does your credit score factor into your life as a teenager? Are there ways to ensure you’ll have an acceptable credit score by the time you’re ready to borrow? In this tip, we’ll share a list of ways you can start building your credit score as a teen.
Links:
Visit Credit Karma to start watching your credit history
Learn more about Triangle Teen Club accounts and their benefits
Follow our Facebook, Instagram and Twitter pages!
Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
Your credit history is something that follows you throughout your life, regardless of when you start building your credit. A great credit score can help you buy a car with a low interest rate or even an affordable house when the time comes.
The same sentiment can be said for poor credit. Poor credit can lead to financial hardships in the future by making it nearly impossible to borrow money if you were to need it.
The conundrum is: to build credit you typically need credit in the first place. As a teenager, this can be frustrating because it may seem like you are just thrown to the wolves when it comes to your financial future.
We don’t want you to feel that way. You should start your financial journey feeling motivated and inspired, which is why we put together a list of the top 5 ways you can build credit as a teenager.
The first way is to use a secured credit card.
A secured credit card functions like a standard credit card; however, with a secured card, the credit line is based on the upfront cash deposit.
A typical cash deposit for a secured credit card is usually between $200-$500.
Since this card works like a traditional credit card, it’s important to note that interest will be charged on balances that are not paid in full each month.
A secured credit card is a great option for teens because the card does not typically require credit history when you apply for the card and once the credit is built up a bit, the secured credit card can usually convert to a regular unsecured credit card, which will allow you to continue adding to your credit history instead of losing it.
As a teen, a secured credit card will teach you the importance of making on-time payments, paying the credit card balance off in full to avoid interest charges, and teach you how to monitor your credit within the credit card app.
The second way is to become an authorized user.
If you are a teenager listening to this, sit down with your parent, guardian or relative to discuss becoming an authorized user on one of their credit card accounts.
Becoming an authorized user on a credit card is a great way to start building credit if you are not old enough or able to apply for your own credit card. Essentially, as an authorized user, you’re able to piggyback off their good credit; as they make on-time payments and keep their credit in good standing, your credit will increase as well.
If you are a parent, guardian or relative of a teen who could benefit from this, discuss this as an option, but make sure your teen understands how it works, and your expectations of spending limits and responsibilities for paying off any amounts charged. It’s very important to have the guidelines set of how your teen will pay for the purchases they make every month so that monthly payments are made on time.
It is also very important to understand that this will affect both people’s credit so if the main account holder does not already have great credit, this might not be the right option for you.
The third way is to start working.
Getting a job as a teenager is an important step in the credit building process.
Income is one factor that contributes to qualifying for credit because credit card companies, auto loan providers and property owners use income, along with a credit score, to determine if you can pay the bill, loan or rent.
These servicers will understand that you will only be working part-time while in school but getting a job as a teenager can help you establish a good work ethic while also providing you the money you’ll need to start saving for your financial future.
The fourth way is to open a checking and savings account.
Opening a checking and savings account as a teen helps establish a strong foundation for your financial future!
Although checking and savings accounts do not directly affect your credit score or show up on your credit report, properly managing these accounts will teach you how to handle your money and will lead to healthy financial decisions as you get older.
Triangle Credit Union’s Teen Club Checking and Savings Accounts provide you access to a personal finance manager, online and mobile banking capabilities, a high yield online savings account, and a contactless Visa debit card for your checking account.
These accounts are perfect for 13–18-year-olds who want to build credit because with a co-signer, you can apply for a low fixed-rate 24-month personal loan up to $400.
The fifth way is to sign up for a free credit monitoring app.
Carefully watching your credit report may not seem like a big deal when you’re a teen, however it’s crucial to understand how every part of credit building works.
Signing up for a free credit monitoring service, like Credit Karma, allows you to track your credit building progress while also monitoring your report to make sure there are no fraudulent or derogatory marks on your account.
It would be a bummer for your credit to be ruined before you even had the chance to start building it yourself, but it would be even worse for your credit to be ruined and without you having any idea about it because you weren’t monitoring it.
We hope these tips give you peace of mind and help you figure out a starting point for your financial future. You don’t have to follow every one of these tips to be successful. Everyone deals with finances differently and it’s important to choose the ones that will benefit you the most.
If there are any other tips or topics, you’d 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 be sure to check out our other tips and episodes on the Making Money Personal podcast.
Have a great day!
Thursday Feb 23, 2023
Thursday Feb 23, 2023
What kinds of value does community involvement provide and is there a benefit to getting involved in the your local community? Sure enough, there are many benefits, for both businesses and individuals that make community involvement worthwhile.
In this episode, Terri and Liz talk about some of those benefits and more in this episode.
Links:
Learn more about the benefits of Helper's High
Simon Sinek presentations on helping others:
The Power of Kindness
Help Yourself by Helping Others
View Triangle's upcoming events
Follow our Facebook, Instagram and Twitter pages!
Learn more about Triangle Credit Union
View episode transcript.
Tuesday Feb 21, 2023
Tuesday Feb 21, 2023
How often do you worry that your payment information might get compromised when you use a credit or debit card?
If you want to keep your personal information more secure when you’re at the checkout, consider using the contactless payment features most debit and credit cards offer for a safer and more convenient payment experience.
Links:
Learn more about contactless credit cards
Follow our Facebook, Instagram and Twitter pages!
Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
Contactless cards, also known as tap-to-pay, have become increasingly popular in the United States over the past 10 years but there are still people that may not be aware of what they are or how to use them.
Simply put—contactless payment or tap-to-pay refers to a form of payment using a debit card, credit card, or a payment enabled mobile phone or smartwatch that processes without needing to insert a chip or swipe a card.
This process uses radio frequency identification (RFID) technology in addition to near-field communication (NFC) for contactless payment transactions.
Here are a few of the top benefits of using a contactless card for payment.
The first benefit is that it’s more secure.
Contactless card payments are more secure than magnetic stripe card payments and just as secure as chip payments.
Each card has a contactless chip that creates a one-time code that changes with each transaction you make.
This one-time code accompanies your account number when you “tap” to pay.
Your other payment information (name, billing address and card verification code) is not transmitted using this method.
By using tap-to-pay, you are guarding your card from skimming devices that are used by hackers to gain access to your payment information.
Quick, Easy Transactions
Contactless payment options are up to 10x faster than using cash or swiping/inserting your card at checkout!
With contactless cards, you no longer need to worry about punching in your PIN on the point-of-sale terminal.
Quicker transactions reduce checkout times and shorter lines, which is a benefit to both the business and the consumer.
Loyalty Rewards and Benefits
Many businesses will have their loyalty accounts and reward systems set up to automatically sync with the tap-to-pay method that can be used with your contactless card or mobile wallet.
At Triangle Credit Union, we offer cashback at local and national merchants with our Purchase Rewards when you use the contactless feature during payment.
How To Use
Using contactless cards or tap-to-pay with your mobile wallet is simple and easy:
Look for the contactless symbol on the point-of-sale or card reader (this is the same symbol used on your Triangle Credit Union contactless enabled debit or credit card)
Hold your card within 2 inches of the card reader when prompted
One you receive confirmation the payment was accepted (typically a check mark, green light or audible confirmation), that’s it!
If your Triangle debit card doesn’t have the contactless payment symbol in it, you’ll need to upgrade it. Triangle Credit Union offers Debit on Demand so you can have your card enabled with contactless chip technology in your hands in as little as 10 minutes!
Contact us today by phone or email to find out more on getting your new contactless debit card.
If there are any other tips or topics, you’d 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 be sure to check out our other tips and episodes on the Making Money Personal podcast.
Have a great day!
Financial Lessons & Tips
Join us for fun, relevant financial topics that provide you with resources to help you make financial decisions. The Making Money Personal Podcast talks about the impact that money has on your personal and professional life. Our podcast examines trends and topics with support from industry professionals.