Making Money Personal

Debt Consolidation Loan for Your Debt Payoff Strategy - Money Tip Tuesday

The beginning of a new year is a great time to assess your financial situation, particularly if it’s following a holiday spending spree—unfortunately, there have been some years when that assessment sheds light on a  harsh reality.
If you're ready to tackle your seasonal shopping debt, and some of the other debt that’s been hanging around too long, this tip shares how a consolidation loan is the right financial tool to help pay down debt in the new year. 
View our current Debt Consolidation Personal loan rates and terms.
Watch our Financial Freedom: Your Path to Being Debt Free webinar to start your own debt payoff strategy
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!
Transcript: 
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
I find the beginning of a new year to be a great time to assess my financial situation, particularly if it’s following a holiday spending spree—unfortunately, there have been some years when that assessment sheds light on a  harsh reality. Today, I’ll share how a debt consolidation loan can be used in your debt payoff strategy, but first let me explain what a consolidation loan is and how it works.  
Actually, the product name pretty much explains exactly what kind of loan it is—it’s a consolidation loan, meaning, as a credit union member, you transfer your high interest debt to a loan at a lower interest rate. This type of loan is usually used to transfer multiple debts, which is really where the concept of “consolidating” comes in—I have all of these debts at higher rates, being transferred or consolidated into one loan at a lower interest rate.  It may be best to explain it with an example. I have a credit card balance of $3,000 from a big retail store at a 19.99% interest rate, another credit card from an airline (because I get points) with a balance of $4,000 at a 14.99% interest rate, and a $2,000 personal loan at a big bank at 11.99% interest. Each month, I’m paying about $700 in payments for all of these bills. If I consolidate all of these loans into one loan, at a lower rate, my monthly payment would be reduced significantly. In this example, my new consolidation loan balance is $9,000 at a current interest rate of 7.99%--if the term of this loan is 60 months, my new monthly payment would be around $200 a month.  
Some people are leery of consolidation loans as financial tools because they’ll argue all I’m doing is transferring debt. And once the debt is consolidated, it gives me a false sense that the debt is taken care of and then I have freedom to spend more. If that’s all that the consolidation loan was used for, than I would agree, but here’s how it’s used as a smart financial too: 
Once my debts are consolidated and my payment is reduced from $700 a month to $200 a month, I can use that $500 difference to pay down the principal of the new consolidation loan. If I did that, my $9,000 loan would be paid off in roughly 12 months! Since I’m paying to principal, my debt will be paid off sooner, plus the interest rate is lower than all the other loans, so I’m saving money on interest paid. 
Here’s are a couple of more bonuses: when I repay my debt sooner, I’ll increase my credit score! And, consolidating all of the loan payments just makes it easier for me to manage. 
To recap, when consolidation loans are used responsibly, they are a great financial tool that can be used in reduce interest and save me money. Any savings, can be used to pay down my new loan, which again will save me more and put me on the path of debt free living. 
Hopefully you found this episode helpful. If so, we would like to hear from you about thoughts on this show or maybe you have some ideas on other topics we should cover,  email us at tcupodcast@trianglecu.org. Be sure to subscribe to the Making Money Personal podcast for our full episodes and weekly Money Tips wherever you listen to podcasts and follow us on Facebook for more great content. 
Thank you to listening, and thank you to our sponsor, Triangle Credit Union. 
Have a  great day everyone! 
 

Tips to Manage Money During Inflation - Money Tip Tuesday

Are you wondering what kind of impact inflation may have on your money? If you’re hearing all the chatter in the news about inflation and how it can affect your finances, we have some ideas on ways you can manage your money when inflation is on the rise.  
Get your budget in gear! Watch our Budgeting 101 webinar to learn about putting together a budget.
Learn more about Honey and how to use it to save money
Learn how Triangle Financial Group advisors can help you evaluate your retirement portfolio 
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!
Transcript: 
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
If you’ve browsed news articles lately, you are likely to have come across stories covering the topic of inflation.  
Inflation is a common occurrence in the current financial system and there is a measure of it that happens every year.  
The concern arises when that rate increases by a substantial amount. One of the biggest factors of an inflationary period is an increase in prices.  
You may notice an increase in prices for everything across the large variety of goods and services. 
If you’re seeing this happen in your neighborhood, there’s no need to panic. But you should make some financial adjustments to offset the rise in prices.  
Here are a few things you can evaluate to minimize the impact inflation may have on your cash flow situation. 
Budget for your needs first.  
It’s time to re-assess your budget and focus on what your NEEDs are as opposed to wants. Be really honest with yourself about what a need is and what a want is. Things like housing, food, electricity, and water are all your needs and you should budget for all those first. Once those items are covered then add in more as you allocate your funds down the list. What’s important here is that you focus on making sure all your needs are covered so you don’t spend unnecessary funds on things that are only wants.   
Find things to cut out of your bills. 
It’s wise to do this on a regular basis anyway. When you’re going through your budget, look for other line items that you no longer use, and remove them. Things like unused subscriptions or expensive top tier package options. Remove those so you can put that money to other necessities. You can even call your cable, cell phone provider, and insurance company and see if you can negotiate a lower price. They may give you a discount to keep your service.  
Make some lifestyle changes.  
If you’re spending too much money in certain areas of your life like excursions, fancy trips, or expensive foods, you may want to make some lifestyle adjustments. Find ways to either do them for a lower cost or replace it for another, less costly, experience. You might discover a great new hobby or interest that you enjoy as much for way less. 
Buy items in bulk to avoid paying the price increases as they go up 
Stocking up on bulk items can save you long-term costs. If you anticipate a price increase on things you already purchase, you can consider going to a big box store like Costco or BJ’s and buying those items in bulk to store for later. Just make sure you have the space to store it all and that those items have a long shelf life. 
Use coupons or saving apps or browser extensions 
If you’re not doing this already, now’s a great time to start. Use browser extensions like Honey which will automatically search to find the lowest price for the items you have in your cart. If you’re interested in using coupons, other services can run promo codes through your online checkout and let you know if there are any deals out there you’re missing. 
Cash in rewards points on credit cards or other rewards programs 
If you’ve been neglecting your credit card cash back program you may find a large collection of points you can redeem for cash back or other rewards. It also may be a great time to sign up for retailer rewards programs that will give you rewards, discounts and cash back towards your grocery bill. Any way to save money on necessities should be on the top of your list 
Don’t panic! Especially about your retirement savings 
Inflation might make things seem like the financial system is fluctuating, and it may be, but don’t panic. If you’ve been saving for retirement a long time and you’re getting close to living off those funds, the amount may not seem to go as far as you thought it would. This is a good opportunity to chat with a financial professional about whether you should make portfolio adjustments. They have the experience and the knowledge to confidently advise you on the best way to manage your retirement account. If you’re looking for a financial planner, Triangle Financial Group Advisors will meet with you to evaluate your positions and advise you on any changes you should make 
If you’re growing concerned with the rising prices today due to inflation, don’t get discouraged. There are things you can do to minimize its effect on your life. Take charge of your money and make the difficult but necessary decisions that can keep you moving on the right track towards financial success.  
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 FB page 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! 
 

Top Money Tips for 2022 - Money Tip Tuesday

The New Year is almost here! We are approaching the end of 2021 and with that comes… you guessed it.. New Years Resolutions! In this Money Tip Tuesday episode we present the top 5 things you absolutely need to do to have a financially successful new year.
Check out Triangle's Budgeting 101 workshop on YouTube for budgeting strategies
Find the Every Dollar app at the App Store or at Google Play
Watch Sam the Cooking Guy on YouTube
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!

Reasons to Use Your Mobile Wallet This Season - Money Tip Tuesday

Have you used your phone’s mobile wallet yet? If you haven’t, we have some reasons to consider using it for a secure, efficient and safe checkout experience - especially during the holidays.
Learn more about adding your Triangle cards to your phone's mobile wallet
View episode transcript.
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Episode 40: Building a Career You Can be Proud of - with Becky MacLennan

Are you interested in building a career that you'll love? In this episode we chat with Becky MacLennan, Manager of Accounting & Financial Reporting at the University System of New Hampshire (USNH) about how a hot job market and low unemployment rate can be a perfect time to find a career that you can be proud of. 
Connect with Becky on LinkedIn
University System of NH information
Patrick Lencioni info and resources
Brené Brown info and resources
Find financial resources and information at thebalance.com
Learn more about the Calm app 
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!

What in the World is a Checking Account? - Money Tip Tuesday

The world of finance is ever changing; the product that has probably changed the most is the checking account. Today, we’re going to explore the world of checking accounts: what they are, how they are used, and why they are important. 
Learn more about Triangle Checking Accounts
Learn more about online banking and mobile banking
Try out Triangle's POP Money program to pay other people
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!

Tips to Minimize Holiday Financial Fallout - Money Tip Tuesday

Borrowing money for the holidays is easy and convenient, but it can also bring a shock when we are forced to face the challenge of paying those bills back. Fortunately, there are ways to minimize your financial fallout this holiday season, and it only takes a little planning. 
Learn more about Triangle's Low Rate Credit Card
Learn more about Triangle's competitive Personal Loan options
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!

Why Helping Others Helps You - Money Tip Tuesday

In this giving season, there is no greater gift than giving to those in our community who need it the most. In this tip, we talk about steps you can take to help those in need and the benefits of giving back. 
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!

What‘s an HSA? - Money Tip Tuesday

Medical costs continue to rise, as do insurance premiums. In this tip, we cover Health Savings Accounts (HSAs) and how they help deter some of these medical expenses and save you money. 
Learn more Triangle's HSA options
View episode transcript.
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Episode 39: Credit Unions: Their Movement, Mission & Impact - with Cortney Angeley

When you think of banking, you think of your traditional big banks, but most people rarely think about credit unions. In this episode we chat with Cortney Angeley, Community Development Director at the Cooperative Trust, and the Filene Research Institute, about the credit union movement, its mission and its impact. 
Learn more about the Cooperative Trust and Filene research Institute
Get in touch with Cortney: cortneya@filene.org
Learn more about Cortney and her role at the Filene Institute: https://filene.org/about/our-people/impact-director1
Visit the Cooperative Trust YouTube channel for live chats and videos
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!