Making Money Personal
Engaging in real talk about financial matters that affect your life and your community.
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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!
Tuesday Feb 14, 2023
Tuesday Feb 14, 2023
According to a 2021 study, conducted by Ramsey Solutions, 41% of couples in the US argue about money, primarily due to the amount of debt they owe. If this sounds like your situation, and you want to know how to reach common financial ground with your partner, and qualify to win a $100 VISA gift card don't miss this episode.
Links:
Learn more about our Valentine's podcast giveaway and how to enter to win a $100 VISA gift card. Contest runs from February 14 - February 24, 2023.
Watch our Budgeting 101 webinar
Watch our Financial Freedom: Your Path to Debt Free Living webinar
Visit triangleuniversity.org to watch webinars, read articles and access financial tools and resources.
Transcript:
This is Money Tip Tuesday from the Making Money Personal Podcast.
Hi everyone! On today’s Money Tip Tuesday, we’re going to give you some practical advice on how to find common financial ground with your favorite person, but before we start, there’s a special announcement for this episode. Since we’re releasing this Money Tip on February 14, 2023 (Valentine’s Day), we are giving a $100 Triangle Visa gift card to a lucky listener. To qualify, you must be a subscriber to the Making Money Personal podcast and send us an email to tcupodcast@trianglecu.org with a pic of your subscription screen and the promo code. That’s it. I’ll share that info again at the end of this show. For now, let’s talk about that grueling statistic that 41% of couples argue about money in the US, primarily because of debt. Personally, I think that number seems incredibly low but even if that were true, every couple is different—if you argue about money, than here is some tips to help curb those money arguments:
Be Calm & Communicate. – Let’s imagine this month is really tight and you just found a receipt for an unexpected purchase on your kitchen counter. How do you handle this situation? Well, I try to put myself into work mode and ask myself: how would I talk to my co-worker about an unexpected matter? I know our work culture fosters an environment of professionalism and respect, so try to apply those same principals at home. Approach your partner about the unexpected expense situation with kindness and respect. Be calm. It’s fair to ask some questions about the purchase to dig a little deeper but use a respectful tone. Also ask yourself: was there communication earlier in the month about how tight it was going to be? If not, you may have just uncovered a deeper problem than the latest purchase—you may have discovered a communication problem.
As a couple, if you haven’t discussed financial matters before, it’s not too late. Just set the right mood, which means you may want to schedule some time with your partner for this, have the right (respectful tone) and talk about money and life. Start a 50,000 foot conversation about financial beliefs and goals and then take it down to 15,000 feet with the specific questions about where you want to live, your job, how can you reduce your cable or streaming services (insert laughter), and other monthly expenses, which leads us to our next tip.
Make a Budget & Share Money Responsibilities – According to a Stress in America survey, only 33% of survey respondents said both partners share an equal role in financial decision-making; only 23% reported that management of household finances is shared equally.
This brings us to your first money responsibility as a couple: create a monthly budget…together! When couples create a budget, there is weigh in and buy-in…and in the budget process, you’re communicating about how much money you have this month, and how it will be spent. If you’re new to budgeting, we recommend a zero-based budget and have online tools to explain how this budget works. Sometimes when couples budget, they realize it’s not their spending that’s the problem, it’s their income. Decisions may need to be made about future income opportunities, education and/or if second jobs are needed. These can be very tough discussions but when your problem-solving as a couple, you’ll come out ahead every time because you’ll be working together.
Pay off Your Debt. – Debt can be stressful, and this is truly one of the main reasons couples argue about money. Just like a budget, it’s important to be on the same page for paying off your debt. There is nothing more frustrating than being in a relationship where one person is focusing on paying off debt, and the other person is racking up debt. This breeds frustration and resentment. The most common way to tackle your debt, is the snowball method. We have online tools to show you how to tackle and destroy your debt, so please check those out on our YouTube channel through triangleuniversity.org.
No secrets. – Keeping a secret is stressful enough. Imagine if the secret came with dollar signs. Do yourself a favor and don’t hide your money problems from your partner. If you’ve messed up and racked up credit card debt, it’s time to pull up your big person britches and talk about your situation. Strong couples fight problems together. Yes, there may be some struggles and challenges, but put your heads together to find a resolution, and work together to win!
Discuss Dreams. – Far too often couples get in the weeds with their monthly budget and forget to discuss their dreams. Most financial conversations are centered around what needs to be paid this month. Where is the money coming from? Do we have enough for a latte? A thousand scenarios to work out, but put a tack in all those questions and take time just to plan for what your future selves will look like: Where are you going to live? What will you be doing for work? What do you want to do for work? Do you want to travel or are there special hobbies you want to explore?
When my husband and I discussed our dreams for retirement a couple of years ago, he was all about wood working and fishing. Neither of those two things really appealed to me, but the more I thought about it, I was like, “I don’t really care about fishing, but I do like to boat” so now we have a common goal to buy a boat within the next few years.
That wraps up our tips for finding financial common ground for couples—I hope you found the key takeaway to be communicate, communicate, communicate.
Now for the fun stuff. I promised to share the promo code for our $100 Triangle VISA gift card raffle, so get ready here it is: P******3 . This is all one word.
Just a reminder on how to enter: you have to be a subscriber to the Making Money Personal podcast and send us an email to tcupodcast@trianglecu.org with a pic of your subscribe screen and the promo code. That’s it. This contest runs February 14th – February 24th 2023 at midnight so make sure you send us your email by the February 24th. For official contest rules, visit Trianglecu.org.
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 wonderful day everyone!
Tuesday Feb 07, 2023
Tuesday Feb 07, 2023
If you’re familiar with QR codes, you know they’re growing in popularity for a variety of uses. But like with all technologies, scammers are now trying to use them to steal your information. Next time you see a QR code, you might want to take a second and pause before scanning.
Links:
View the FBI Public Service Announcement about QR code scams
Read the Austin TX news release about the QR code scam with parking meters
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.
You’ve probably seen QR codes everywhere. They are used in restaurants to view menus, on signs and doors for promotions or offers, in magazines and flyers and sometimes even in emails or on social media.
They are designed to be quick, simple ways to use your phone to open a web page easily and automatically without having to search via your phone’s browser.
QR codes have grown in popularity, especially since the pandemic, and more people have become familiar with how to use them.
But, unfortunately, like almost any type of technology, there are people out there who want to try to use these codes to trick you and steal your information.
Similar to how scammers try to trick you with emails, text messages, and phone calls, they are now trying to trick you with QR codes. As an informed user, you need to keep an eye out for potentially dangerous QR code scams.
How do QR code scams work?
Scammers create their own codes that when scanned, will direct your phone to a dangerous website or webpage that tricks you into handing over sensitive information.
In a 2022 public service announcement, the FBI issued a warning against these types of crimes to build awareness of the threats unassuming users could face.
They stated,” cybercriminals are taking advantage of this technology by directing QR code scans to malicious sites to steal victim data, embedding malware to gain access to the victim's device, and redirecting payment for cybercriminal use.”
Here’s a story from the Austin TX PD that should remind us all to be aware before scanning a QR code, especially a public one.
Police discovered that scammers placed their own QR code stickers over the legitimate ones on a bunch of public parking meters in Austin.
Unsuspecting motorists would park their cars and scan the codes to pay the parking fee. But instead of being brought to the city’s authorized website to pay, the malicious code sent them to a fake website set up by the scammers where they willingly handed over their personal credit card information.
If you want to protect yourself against falling for these scams, you’ll need to remember how to avoid them and learn how to detect them.
Scan codes only from reliable sources. If you don’t know the company or person who sent you the code, don’t scan it.
Also, inspect the code carefully for anything suspicious or signs it may have been tampered with.
The FBI included a list of tips for how to safely interact with QR codes. Here are a few to remember:
Do not download an app from a QR code. Use your phone's app store for a safer download.
Once you scan a QR code, check the URL to make sure it is the intended site and looks authentic.
Avoid making payments through a site navigated to from a QR code. Instead, manually enter a known and trusted URL to complete the payment.
You can find these tips and others at the FBI website using the link provided in the show notes.
If you do find a suspicious code, or think you've been a victim of a QR code scam, report it to the authorities so it can be investigated and removed. Contact www.ic3.gov to start a report. That link is also included in the show notes.
Keeping your information and devices secure is an effort that should be permanently ingrained in all our minds. We need to be on alert for the many ways people try to scam us.
Remember to stay alert and stay aware.
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 Jan 31, 2023
Tuesday Jan 31, 2023
Ready to up your savings game this year? If you need a little motivation and a fun way to create a new saving habit, you should try a savings challenge.
Links:
Download our free printable tracking sheets to keep track of your progress
Follow our Facebook, Instagram and Twitter pages!
Learn more about Triangle Credit Union
Contact us at tcupodcast@trianglecu.org
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
Saving money can be extremely difficult, especially if it’s not something you’ve really committed to before. There are many questions that come along with saving money like “how much do I need to save?” or “how do I make saving money more manageable?”
A new year is a great time to take a look at your financial situation and make appropriate changes if necessary.
If you’re ready to start the new year off on the right foot, we have 5 savings challenges (with trackers) that you should try in 2023!
$5 Savings Challenge
This challenge is probably the easiest challenge of all. There is no expected completion date, no required weekly or monthly contribution and essentially, minimal rules.
The purpose of this challenge is to save $500 dollars by breaking it up into more manageable $5 increments.
That doesn’t mean that you can only save $5 at a time. If you have an extra $15 that you want to put towards this goal, go for it! Did you sell something on Facebook Marketplace for $30 and you want to save that cash? This is the perfect place for it!
This can be a cash savings or a digital savings—that choice is up to you and whatever type of saving works better for your lifestyle–whichever you choose, make sure you’re tracking the deposits!
52 Week Savings Challenge
The 52 Week Savings Challenge gives you the opportunity to save $1,378 throughout the year by depositing a different amount every week!
The premise of this challenge is to deposit money every week for 52 weeks, upping the amount each time starting with depositing $1 and ending with depositing $52.
It should look something like this:
Week 1- Deposit $1
Week 2- Deposit $2
Week 3- Deposit $3
By the end of the first month, you will have $10 saved up!
Doing small deposits at the beginning will help you build up your savings slowly while creating a good habit with repetition.
Some people who do this savings challenge choose to complete it in reverse. This means they start by saving $52, then $51, then $50 and so on and so forth which knocks out the bigger numbers first. By the end of the year, they only need to save the smaller, one-digit numbers.
365 Nickel Savings Challenge
The 365 Nickel Savings Challenge is a great savings challenge for beginners. Instead of worrying about big monetary values to set aside for this savings challenge, this challenge focuses on nickels.
The idea is to make small, daily deposits which is more manageable for many people. Similar to the 52 week savings challenge where you increase the amount deposited by $1 every week, the amount you deposit in this challenge increases by $0.05 each day.
Here’s how it works:
Day 1- Deposit $0.05
Day 2- Deposit $0.10
Day 3- Deposit $0.15
Continuing that trend, halfway through the year you will be depositing $9.10. On the last day you will deposit $18.25. Those numbers seem so small in comparison to other savings challenges mentioned.
By the end of the challenge, you will have saved over $3,300 and it won’t even seem like you did anything at all!
If you download our tracker, you will need to print out 2 copies to fully complete this challenge.
100 Envelope Savings Challenge
The 100 Envelope Savings Challenge is a popular favorite! It’s fun to do and allows you to save different amounts each time you save.
Similar to the $5 savings challenge, there is no pre-determined end date for this challenge meaning you don’t need to save money every week or month in order to complete this challenge.
When you’re done, you’ll have $5,050 to either spend or put towards a bigger savings goal you have.
This savings challenge works best when done with cash so it’s perfect for cash budgeters!
Here’s how you get started:
Head to your nearest Dollar Store and buy a pack of envelopes (enough to label them 1-100 individually)
Take the envelopes out of the box and label each envelope with a number (start at 1 until you have labeled all 100 envelopes)
Give the envelopes a shuffle and put them back in the box
When you want to begin this challenge, take an envelope randomly from the box and fill with the appropriate amount (For example: If you pull the envelope labeled “42”, you will fill with $42)
Put the completed envelope in the back of the box behind the empty envelopes
Fill in the correct circle on the 100 Envelope Savings Tracker
That’s it!
This savings challenge is great because there is such a wide range of numbers you can choose from when you pick out your envelopes and the amount you pull is always changing.
Weather Wednesday
This savings challenge is not something you may not have heard of before but should consider trying out. The premise of this savings challenge is very simple—for every Wednesday in the year, you will save the equivalent of the high temperature for that day.
Here’s an example:
Say you look at your weather app into the coming week and you see the estimated high temperature of the day is 45 degrees Fahrenheit. That means you would deposit $45 dollars into your savings account for that week if that’s what the recorded high temperature is.
Typically, in the Northeast, January and February are two of the coldest months of the year so you can expect your weekly contributions to decrease as the weather gets colder and increase in the Spring when everything starts to thaw out again!
If you live in an area that generally has warmer weather, such as Arizona, you can use the estimated low temperature since the temperature surpasses 100 degrees Fahrenheit quite often in the summer and that can be too much for you to deposit if you are just getting started.
If you’re ready to try one or some of these challenges out, we’ve created printable trackers so you can watch your savings accounts grow while keeping track of each deposit!
Check the link in the show notes to view and download.
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 Jan 26, 2023
Thursday Jan 26, 2023
It's a new year and time for a new you. If you're planning to set personal resolutions that lasts longer than two weeks this year, you've come to the right place.
In this episode we're talking with Barbara Hatfield life coach about the benefits and challenges that come with setting new year's resolutions.
Links:
Follow Barbara on LinkedIn
Barb Hatfield Life Coaching on Facebook
Books mentioned in the episode:
The Gap and The Gain - Dan Sullivan
Atomic Habits - James Clear
The War of Art - Steven Pressfield
Think and Grow Rich - Napoleon Hill
The Secret - Rhonda Byrne
Learn more about the Pomodoro Technique
Follow our Facebook, Instagram and Twitter pages!
Learn more about Triangle Credit Union
Contact us at tcupodcast@trianglecu.org
View episode transcript.
Like what you heard? Go ahead and share on your social media! Visit trianglecu.org to learn more about how we can serve you and don't forget to follow us on Facebook and Twitter!
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.