Making Money Personal
Engaging in real talk about financial matters that affect your life and your community.
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Tuesday May 16, 2023
Tuesday May 16, 2023
When it comes to staying safe on the internet, you can never be too careful. Taking extra precautions to safeguard your accounts could be the most important action you can take in today’s digital world. Fortunately, there’s a highly effective solution that’s easy to implement for added layers of security.
Links:
Learn more about KnowBe4 security
For MFA resources check out Google Authenticator and Authy.
Learn how to protect your identity with Better Checking
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 concerned about the identity threats that lurk across the internet, you should take the necessary steps to keep your accounts as secure as possible. One of the more effective ways of keeping the bad guys from accessing your digital accounts is to set up multi-factor authentication.
This tip comes from an article provided by KnowBe4 security Awareness and Training Solutions.
Multi-factor Authentication (MFA) is the process of verifying that you are who you claim to be when logging in to a device or an account. If you're listening to this from a work computer, you probably logged in to your computer - that's single-factor authentication. But single-factor authentication is no longer enough to keep your accounts secure.
If you want to increase protection of your accounts, you’ll need to digitally authenticate your identity.
You can do that a few different ways with these Identity Claim Factors:
Something you own. This is using a mobile phone or device that you have in your possession to prove your identity. Typically, the device provides a code via an application, text message, email, or voice call. You then enter this code, and for successful authentication, your code must match what is expected by the service you’re attempting to log in to.
Something you know. This is something you’ve memorized or stored somewhere, such as a PIN. You must supply the correct PIN to log in to your device or service.
Something you are. This factor is something about your physical body that cannot be altered, such as your fingerprint or retina. Biometric scanners or readers are used to confirm you’re physically the person that you’re claiming to be.
Why do I need it? In our digitally-driven world, passwords are no longer enough to keep your information safe. These days, it takes minimal effort for hackers to break into, or social engineer their way into, accounts that are only protected by passwords. Adding an extra step to access your accounts, such as entering an authentication code, means that hackers would also need to have your phone to break in. Create an additional layer of security and make it harder for criminals to access your data by using two-factor or multi-factor authentication.
If you have 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 May 09, 2023
Tuesday May 09, 2023
When you’ve finally made the decision to sit down with a financial advisor, the next challenge you’ll have is to find one you trust.
There are some questions you can make sure to ask a new financial advisor to feel confident you’ll be happy with their service.
Links:
Check advisor qualifications for free with the Form ADV or state regulator website
Learn more about Triangle's wealth management services
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 organizing your finances, you may have come to the decision to hire a financial advisor.
Financial Advisors, help you with higher level financial planning like investing for retirement or for income, helping you select an insurance plan custom tailored to your needs, helping you with long term savings plans like college planning for kids, and even helping you get ready for social security or Medicare.
A financial advisor is one of your champions and strategists to help you plan the future you want to live.
But you need to know you can trust them and you need to know what to expect over the course of your relationship. Different financial advisors work for different companies and their roles and expertise may vary according to how or where they work.
If you’re seeking a financial advisor for the first time, you can ask them any or all of these 7 questions to get a better idea of how they will work with you and help you strategize.
Ask if they are a fiduciary – If they are it means they are working in your best interest, not just to sell you products and services. As a fiduciary, they are legally obligated to act in the best interest of their clients.
Ask how they get paid. Some advisors get paid through fees, others, commissions. If you ask, you’ll know off the bat what to expect and the right advisor will be honest and transparent.
Ask them about their qualifications and other professional experience. What kinds of initials do they have after their job title and what do those mean? Check their professional designations to vet them and make sure they have the knowledge and skills to help you achieve what you want. They may also have professional experience like experience running a business or managing a company that can be helpful if you’re looking for some advice. If you want to research possible advisors, you can check their qualifications through a resource called Form ADV or you can check state regulator websites.
Ask them about their investment philosophy. This will give you an idea of how they will prefer to manage your investments. After taking time to get to know you and learn more about what matters to you, they’ll start recommending products or strategies. Find out if they favor one style of investing over another and determine if that style aligns with your own investing philosophy. You want to make sure you’re both on the same page, especially when the market takes that occasional downturn. When you’re working with an advisor you trust, you can be confident that they’re working with your money the way you want them to.
Ask what your all-in costs will be. Financial services will cost you. You’ll want to have a clear idea of what fees and costs will be associated with your accounts. You’ll be paying for the advisor’s service but ask them about any other fees you should expect to pay so you can make sure you don’t lose more money in fees than you gain through their service.
Ask them what other services and resources they provide. Some advisors work independently, others work with an organization. This can play a role in what kinds of resources are available to you as a client. Do they offer online tools you can use to monitor your portfolio? What kinds of educational resources do they provide? Additional resources can help you feel confident and satisfied as your financial situation grows more complex over time.
Ask what you can expect from the relationship. This mainly means how they’ll expect to communicate and what level of involvement they’ll have. Square away with them what their accessibility and contact methods will be. Do they do phone calls, video calls, prefer only to meet in-person? Will they be available after hours in case your schedule is too tight to meet during the work day? Knowing these things ahead of time will give you a clear expectation on how and when to contact your advisor.
Starting a relationship with a financial advisor is a big step. You want to make sure you’re getting into business with someone who you can trust and will have the right tools and expertise to set you up with a strategy to reach your financial goals.
If you’re a Triangle member you should check out our wealth management services at trianglecu.org to learn more about the different products and financial advising services available to you.
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 May 02, 2023
Tuesday May 02, 2023
Establishing healthy financial habits begins at a young age. If you’re a teenager or have one at home you should be happy to know that credit unions provide excellent resources and tools to provide the best start for building a healthy financial future.
Links:
Learn more about our Teen Club benefits
Read our blog: Building Credit as a Teen
Learn more about our Shared Branching benefit.
Learn more about our TruStage benefit
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.
Although many believe they are the same, credit unions and banks have different qualities and benefits.
Credit Unions are special because they are owned by their members. As a member, you own a share of the institution and have access to all the financial tools and resources to make your financial journey a success.
Whether you’re a Teen Club member who has graduated from our Kids Club, or just opened a new account, credit unions are a great choice for those who want a financial institution that grows with you.
Credit Unions have a lot to offer their members but there are 3 specifically that are most beneficial to teenagers.
1. Credit Builder Loan
With traditional loans, the borrower receives the money first and then pays it back monthly.
With a credit builder loan, the borrower does not receive the money immediately. Instead, the lender holds onto the total loan amount while the borrower makes monthly payments towards it. Once all the payments are made, the borrower receives the full amount.
With your Triangle Credit Union Teen Club Checking and Savings Accounts, you can be eligible to apply for a low fixed-rate 24-month personal loan up to $400 with a co-signer.
This personal loan is the perfect way to begin building credit as a teenager while also creating good financial habits and showing credit bureaus you can make payments on time.
2. Co-Op Shared Branching
Triangle Credit Union is part of a network of institutions allowing members the opportunity to conduct their banking transactions with Co-Op Shared Branches at over 5,000 locations across all 50 states, Puerto Rico and Guam.
At a Co-Op Shared Branch, members can deposit cash or checks, make loan payments, transfer between accounts, and access notary services to name a few.
This is beneficial to you as a member because it allows you to travel, or even move, across the country without the hassle and worry of encountering fees should you need to visit a branch.
If you choose to attend college, Co-Op shared branching gives you the freedom to attend college out of state while still being a member of Triangle Credit Union.
3. Discounts with TruStage
As a member of Triangle Credit Union, you can get special discounts on auto insurance through the TruStage Auto Insurance Program.
Getting your license is an exciting time in your life and saving up to buy a new car is rewarding.
Protect your investment with auto insurance customized to fit your needs.
In addition to competitive rates, TruStage offers our members:
Claims-Free Discount—If you are claim free for 5 years, you can earn an additional discount on auto insurance.
Violation-Free Discount—Save more on your auto insurance when you’ve gone 3 years without a ticket.
Online Purchase Discount—Save up to 12% on a customized car insurance quote when you sign up online.
New Car Replacement—If your car is totaled within the first year, you’ll get enough to buy a new car (without worrying about depreciation)
Accident Forgiveness—Your rates won’t go up due to your first accident
These are just a few of the many services available to you as a Triangle Credit Union Teen Club member—and with a full array of financial tools and resources, we’re excited to be part of your financial journey.
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 25, 2023
Tuesday Apr 25, 2023
Buying a home is a huge step in your life. If you’re new to the homebuying process, you’re probably learning a bunch of new terms and information. One of those terms you’re going to hear is PMI and if you’re curious about what it is and how it works, keep listening.
Links:
NerdWallet PMI Calculator
Triangle's Mortgage Calculator
Contact a Mortgage Originator
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 you’re looking into the costs of buying a home, you’re likely familiar with the interest rate, downpayment and even closing costs. But how familiar are you with the PMI that might be included in your monthly payment?
If you’re curious about what PMI is and whether or not you’ll have to pay it, here’s a little explanation.
PMI stands for private mortgage insurance that protects the mortgage lender if you stop making payments on the loan. If you have less than 20% of your own money into the transaction, then the Credit Union or lender will get PMI on the loan. If you’re able to put 20% or more down then you won’t have to pay PMI at all.
PMI is most often factored right into your mortgage payments which means you don’t have to make it a separate payment each month on top of your mortgage. In some cases, certain lenders might provide you a different option when it comes to paying PMI but most lenders require it to be wrapped into the mortgage payment.
As a homebuyer, you may not be thrilled to have to pay PMI with your mortgage. Who wants to pay a higher monthly payment? But believe it or not, there are actually reasons for PMI that benefit you as a buyer. Plain and simple, PMI makes it easier for you to buy the home. If lenders didn’t require PMI then they would require a much higher downpayment which would make it harder for first time homebuyers to qualify for the loan. PMI is not something to be afraid of because it allows you to put less money down when you finance.
Now, you might be wondering, if I buy a home with less than 20% down and have to pay PMI, will I be paying it for the entire duration of my loan? If I have a 30 year mortgage, will I be paying it every month for the next 30 years?
The good news is that you won’t have to. The PMI payment exists as long as you don't have 20% equity in the property. Once you have more than 20% equity in the property the PMI will automatically disappear.
So, if you’re looking to buy a home, but you don’t have the 20% downpayment, how much should you expect to pay in PMI?
The amount you’ll pay is based on many factors and is not a set number for everyone. If you’re trying to determine how much you’ll be able to afford, you can look into it beforehand to get an idea of what to expect to pay.
The amount depends on size of loan, your debt-to-income ratio, your credit score and the downpayment amount. Fortunately, there are PMI calculators out there you can use to get an estimate. There’s a useful one at NerdWallet.com and if you’re interested, check out the link in the show notes.
If you’re concerned about PMI or anything else related to financing your home, Triangle has a great team of Mortgage Originators available to meet with you and answer any questions you have.
You can visit one of our branches or set up a time to meet or email right from the mortgage portal on our website, trianglecu.org.
They’ll help you look through the different options available to you and find the one that will work best for your situation.
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 Apr 20, 2023
Thursday Apr 20, 2023
Inflation is a popular word these days, leaving many of us feeling confused or concerned about the future of our money.
In this episode, we're chatting with Triangle Credit Union CEO Scott MacKnight about what inflation is, and how we can make appropriate financial decisions to counteract its effects.
Links:
Get up to date finance and inflation information at Bloomberg
Try Triangle's Money Management tool within online banking
Follow our Facebook, Instagram and Twitter pages!
Learn more about Triangle Credit Union
View episode transcript.
Tuesday Apr 18, 2023
Tuesday Apr 18, 2023
As you browse a popular social media site or search the internet, you’re likely to come across a tempting ad selling something at an incredible price. You get excited and click the link because you don’t want to miss out on this rare opportunity.
Before you do anything, stop and investigate a bit more because you might be falling for a shopping scam.
Links:
Learn more tips on how to spot fake shopping sites
Report a suspicious site with the Federal Trade Commission (FTC)
Report a suspicious site with the Better Business Bureau (BBB)
Learn more about Triangle Better Checking with identity protection
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.
80% of Americans shop online. That comes to a count of over 263 million people.
Online shopping is fun and convenient, plus you can find almost anything you want. Unfortunately, like other things associated with technology and the Internet, online shopping can also be a way for fraudsters and thieves to steal your personal information and money.
If you’re an avid online shopper, it’s important that you stay informed of these shopping scams, so you don’t fall for these fake stores trying to rob you.
A recent report from Experian has stated that online shopping fraud is rising. This is partly due to the growing volume of internet users and online shopping platforms we are accustomed to browsing on a daily basis.
Online shopping scams tend to be more common around busy online shopping days like Prime Day and Black Friday but are still very real threats that can pop up any time of year.
Scammers set up websites to deceive you into purchasing something from them. You may end up getting a shoddy product or you may not get anything at all.
How do these scams work?
They set up a storefront or website that looks very convincing and offers products that you might recognize from other sites or brands. They’re even known to copy professional photos and graphics to try to make the website appear as legitimate as possible.
These scammers then post an ad with a very appealing offer to direct you to the website. For example, it’s not uncommon for a scam to offer a luxury item at a ridiculously low price.
You may have come across some of these ads on social media or in browsers. They’re designed to get you to act quickly and purchase the item before you even realize the ad led to a dishonest site.
Luckily, if you’re aware of the ways to recognize these scams, you can easily keep yourself from falling for them. Here are a few tips on spotting a fake shopping site.
If you see a bad or mismatched domain name. If the domain is slightly different, it should be suspicious. Check the URL for added words or misspelled names. If the name should be Namebrand.com but instead reads like NamesBrand.com or NameBrandOnline.com then it’s most likely a lookalike site trying to trick you.
If there’s no S in HTTPs in the URL address string. Look at the web address in the top of your browser for the letters HTTPS. The S stands for secure and it means the site is encrypted. You should also see the little padlock icon at the front of the URL. If you don’t see an S then the site isn’t encrypted, and you shouldn’t give them any of your information.
If there’s no return policy. Look around the product information or description for the company’s return policy. If there isn’t one at all, on a site that looks like it should have one, that’s a big red flag.
If you get pushy popups asking for your financial information. Some sites set up annoying pop ups that ask you for your payment information while you browse. This is a serious red flag. Don’t give them your information and leave the site right away.
If you see luxury items for unbelievably low prices. If it looks too good to be true, it probably is.
No credit card payment option. If the site requests immediate payment, wire transfers or other forms of payment without accepting credit cards then it’s probably not legitimate.
Even with all the awareness and precautions we can take, sometimes scammers are so convincing we fall for them anyway. If you think you fell for a scam you can report the malicious site with the Federal Trade Commission. If you unfortunately used a credit or debit card on the scam site, contact your financial institution immediately. And finally, contact the BBB to report the fake business and help protect others from falling for the same trick.
One last note, make sure you have identity theft protection. If you have a Triangle Better Checking account, you have identity theft protection and you have access to other tools that can help protect your identity from the many ways thieves try to get a hold of it. Learn more at trianglecu.org or check the link in the show notes.
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 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
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.
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
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Learn more about Triangle Credit Union
View episode transcript.
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.