Making Money Personal

Five Savings Challenges to Try This Summer - Money Tip Tuesday

Have you ever thought to yourself, if only I had the money? You may be considering the purchase of a new car, a last-minute trip, or something as simple as a trip to the day spa. If you find you don’t have as much money as you’d like for the things you want, you’re probably realizing it’s time to save more? It may be the right time to try out a few fun and simple challenges to save money this summer.   
Links:
Get your savings started for bigger goals with Triangle's Goal Builder tool! 
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.  
Summer is the time for traveling, exploring, and enjoying the many fun things it brings.   
It’s also a great time to energize yourself and breathe new life into your finances. If you’re looking for a way to save more money this season, try a savings challenge or two to push yourself toward meeting goals that will improve your life. To quote the renowned actor Morgan Freeman, “Challenge yourself; it’s the only path which leads to growth.”  
If you’re looking for a way to improve your financial health by saving more money in a fun way, here are five financial challenges you can try out this summer.   
 
The give-up-something-for-summer challenge. How easy would it be to put something aside for some time? In this challenge, you’d pause a subscription service, sacrifice your daily latte, or hold off on ordering takeout for a determined period. Put any money you would have spent on the item or service you gave up into a savings account. The amount you can save will depend on what you’re giving up, so the more expensive or frequent habit you cut back on, the more you can save over the life of the challenge. 
 
No-spend challenge. Are you brave enough to stop all non-essential spending for a bit? In this challenge, you still pay your bills and groceries but pass on everything else, like entertainment, dining out, drinks, and unnecessary shopping. Set the timeline like a week, two weeks, or even a month of no spending and save that money in a separate account. This challenge can be rewarding as you find new ways to have fun and enjoy opportunities at no additional cost.  
 
Credit card timeout. How long can you go without using a credit card? In this challenge, you put that card, or cards, away and use only cash or your debit card when buying things. This challenge will force you to keep your account balance in mind whenever you spend, which will likely cause you to think twice before checking out. Many studies have shown that people are more likely to spend more money paying with a credit card than with a debit card or cash. If you’re up for this challenge, you’ll likely save money every time you pay due to the payment method alone.  
 
Round-up challenge. How much can change really add up? In this challenge, every time you buy something, round the cost to the next dollar and put that change into an account. For example, if your recent grocery bill was $225.50, round up to the nearest dollar and save the difference. In this case, you’d put $.50 into a savings account. You would do this for every purchase you make for your challenge period, whether a few weeks, 30 days, or even 3-6 months. Because the contributions are so small, they might seem unlikely to build up, but you may be surprised by how much you can collect over time.  
 
52-week savings challenge. Do you have the discipline to keep a challenge for a whole year?  This one lasts longer than the summer season, but it is worth the effort once completed. In this challenge, you save money every week of the year. Each week is numbered between 1-52. You would then save $1 the first week and $2 the next week, and you would increase the savings amount by $1 every week that follows. If you stick with this one, you will have saved a whopping $1,378 at the end of the challenge. That could be enough for a small getaway or even an excellent start to an emergency fund. 
These are only some of the many saving challenges out there to explore as fun ways to test your discipline and resolve. Plus, it’s impressive to see the savings build up over time and know that your effort led to a larger bank account.  
If you’d like to save even more money for long-term goal building, like saving for a vacation, a new car, or your emergency fund, use Triangle’s Goal Builder tool within online banking for a convenient way to automatically set aside money for your goals. Check it out within your online or mobile banking account to get started!   
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. Check out our other tips and episodes on the Making Money Personal podcast.   
Have a great day! 
 

How to Know You're Ready to Buy a Home - Money Tip Tuesday

Buying a house is a huge decision. It takes a lot of planning and preparation. If you hope to own a home someday, you may begin wondering whether you’re ready to start the process. Fortunately, there are some basic questions and steps you can take to gauge whether it’s the right time or if you should prepare a bit more before such a big purchase. 
Links:
Learn more about Downpayment Assistance Programs
Check out Triangle's mortgage resources and current rates
Calculate your payment using out mortgage payment calculator
Get in touch with one of our Mortgage Originators
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.   
When buying a house, you’ll find you’re faced with many choices. Going in new to the game can be intimidating, especially if you’re facing pressure from places like family, friends, or even the economy.  
As you get started, you’ll need to determine a few important things to find out if you’re ready to make such a big purchase.  
First, if you’re feeling ready to embark on this journey remember that you don’t have to do it alone.  
The best way to start is by setting up an appointment or free consultation with a mortgage loan officer. They can review your finances with you, set you up with a plan of action that may include preparing your credit and accounts prior to applying, get you in touch with a realtor, and provide an idea of the price range you should be looking at when shopping.  
Mortgage professionals will help you answer essential questions to determine how ready you are to find the right home.  
First, they’ll help you figure out how much down payment you’ll need. Determining the down payment is an essential step in the home-buying process. The more you put down, the less you’ll need to borrow. But for many people, this is a challenging step because it takes time and planning to save enough of a down payment that will even make a dent in the overall house price.   
Lenders generally require 20% down, which as of this recording is averaging around ninety-five thousand dollars in New Hampshire—difficult for most to obtain. With the benefit of PMI (Private Mortgage Insurance), many lenders can offer a mortgage without that large down payment. Because of this, different lenders also offer a variety of first-time homebuyer programs that accept low down payments, some as little as 5% or even 3% down. That can make a huge difference for someone with little time to save up for a down payment. Being intentional about saving that down payment is critical, and it will make the difference in how much money you’ll have to borrow for your home.  
Second, they may provide insight on whether you qualify for any down-payment assistance programs.   
If you’re struggling to collect enough for a downpayment, you may find help through down payment assistance programs. These are special programs, usually for first-time home buyers, but not explicitly, that can provide funds like grants, particular loans with very low rates or no need for repayment, forgivable loans, and tax credits. These offers are very localized and differ from state to state, but it’s worth researching the opportunities that might be available to you. Remember that you may have to meet specific requirements to get the assistance, and some lenders might not work with all programs, so do your research beforehand to determine your likelihood of receiving downpayment assistance.    
 Third, they’ll help you get an idea of your interest rate and APR. 
The interest rate significantly affects whether you’re ready for a mortgage. Getting as low an interest rate as possible is a top priority for many people. As a prospective homebuyer, you’ll find that you’re not only shopping for houses but that you’re also shopping for the best rate. Rates play a considerable role in how much you’ll pay in interest over the lifetime of your loan, and they vary by lender. But, to get as good a rate as possible, you need to have good credit. Make it a point to know your credit score. This is one of the most significant factors for lenders regarding what interest rate you’ll get, so nurturing a good credit score is ideal. Monitor it regularly and ensure you’re making all payments on time, reduce your debt-to-income ratio by paying down as much borrowed money on credit cards or personal loans as possible, have a good credit mix and a reasonable length of credit history. The better your credit score, the more likely you’ll get a reasonable rate and pay less overall for your mortgage.   
Finally, they'll help you get an accurate estimate of your monthly payment. Once you have a good idea of your down payment and what rates you qualify for, it’s helpful to calculate what you can expect to pay monthly and whether that’s affordable.    
Use a mortgage calculator to determine how different down payments and rates affect your monthly payment. Remember that insurance and taxes should also be factored in for the most realistic payment possible. Use the calculators to determine whether that monthly payment is something you can comfortably afford and if not, your mortgage professional can provide options or insight into how to make it more affordable.  
Determining you’re ready to buy a home should involve careful planning and research. Like many other significant decisions in life, rushing into a home purchase can be dangerous if you’re not ready. However, considering all the factors mentioned earlier, you will be encouraged to ask the right questions to ensure you’re as prepared as possible.   
If you’re ready to buy a home, it’s time to contact a mortgage professional who can help you plan it all out. They’ll walk you through the process of getting pre-approved to finalize the deal at closing. Our team at Triangle is here to help you get the best mortgage option for the home of your dreams.   
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. Check out our other tips and episodes on the Making Money Personal podcast.   
Have a great day!  

Episode 70: Business Resources that Support a Diverse Community | Adriana Torres

When it comes to running a business, there are bound to be a lot of challenges and many questions along the journey. That's why there are so many amazing people working every day to help guide small business owners and entrepreneurs towards their dreams of success.
In this episode, I chat with SCORE Representative Adriana Torres, about how her personal mission drives her passion for not only working at SCORE, but also as an entrepreneur herself. 
Links:
Adriana's Time to Share podcast: YouTube
Contact Adriana at: adriana.torres@scorevolunteer.org 
Learn more about SCORE 
Check out our upcoming Latino Connection for Small Business event on June 6th, 2024
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
View Transcript.
Ver transcripción.
 
 

The Next Best Steps for Your High School Grad - Money Tip Tuesday

High school graduation day is a milestone for the new grad and the parent(s)! After the celebration, it’s time to discuss the real world, reality, and the next best financial steps. What would you say to your graduate? We have the answers to that question.
Links:
Watch our Budgeting 101 Webinar now
Get your grad up and running with a new checking account
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
CHOOSING YOUR COLLEGE/TRADE SCHOOL
Whether your new grad is heading off to college or a trade school, the next level of education can be expensive. The best way to pay is to save, avoid student loans as much as possible, and choose an affordable school option. 
Many young adults choose to attend their local community college for the first two years for general education (Gen Eds) courses, such as college English, college math, etc. The cost per course is much lower at community college, and this will save considerable money over two years (as in thousands). Plus, a local school means living at home to avoid dorm and food fees that many students incur during their first year away. 
How many times do new college students change their major? I know I did—and that cost me a couple of thousand to make up classes. The first two years at a community college is the perfect time to assess a career choice, and getting those gen eds out of the way at a lower cost per class is a smart money move. Most 4-year colleges quickly transfer new students and their credits—especially if the student has excellent grades!
A BUDGET IS YOUR NEW BEST FRIEND
Whether your new grad is off to work or school, it’s time to introduce the world of budgeting. A budget is simply a plan to tell your money what to do and should be prepared in advance (we recommend the beginning of the month).
Some young adults have few expenses, especially if they are still living at home—that’s okay; there will be fewer line items on the budget to manage. 
Why budget? It’s a life skill that helps adults manage their money, save for their future, and live more flexibly. For more information on budgeting, I recommend our Budgeting 101 webinar on our YouTube channel.
GET A JOB!
Even if your new grad is heading to college, a part-time job is a great way to earn some spending money for some social time. Students with part-time jobs do statistically better in school because they are required to manage their time better than those who are not working.
Many students pay for college while they are in college, and this is a brilliant money move—avoid student loans as much as possible and never take out loans to cover living expenses, such as room and food.
THE BANKING BASICS
If your new grad doesn’t have savings or checking (with a debit card), now is the perfect time to head to your local credit union to set up these financial basics. Many credit unions have online account openings, so you no longer have to go to a brick-and-mortar branch.
If you are uncomfortable explaining how checking or debit card transactions work, head to your local branch. Branch representatives will take the time to explain direct deposit and debit transactions and how to avoid overdrafts and associated fees. Even if you are very comfortable with this subject, visiting the branch may be a good idea. Hence, your young adult gets this information from a credit union representative. 
DON’T OVERSPEND WITH A NEW CREDIT CARD
Post-high school is a time for freedom—including spending. At 18, young adults are now eligible to apply for their credit cards, which means their world is about to open wide. 
When I was in college several years ago, credit card companies offered free t-shirts to those who applied. “Build your credit,” they said. While building credit is a good, responsible step, young adults need to consider the consequences of credit. Take time to explain credit and how credit can be adequate. The rule of thumb to follow: if the bill can’t be paid in full when it’s due, don’t spend the money on the purchase.
If you have any tips on this topic or ideas for future issues, please email us at tcupodcast@trianglecu.org. For more great content, be sure to subscribe to the Making Money Personal podcast wherever you listen to podcasts. 
 

Tips to Avoid Student Loan Forgiveness Scams - Money Tip Tuesday

As of 2024, U.S. students currently owe $1.74 trillion in both federal and private student loans. That amount is ridiculously high, and students who owe money on their loans are scrambling to pay them off and are hoping that student loans will be forgiven. Unfortunately, this creates a big opportunity for scammers to exploit students. Here's how you can avoid getting scammed regarding student loans.
Links: 
Worried you've been scammed? Contact any of these agencies for help: US Department of Education, Federal Trade Commission, and the Consumer Financial Protection Bureau 
Get identity protection with Triangle's Better Checking account for affordable fraud monitoring and resolution services
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.  
If you have student loans, here's what you need to know about student loan forgiveness scams. They are prevalent, especially with student loan forgiveness in the news. The scam can come in different forms of delivery, with phone calls, text messages, and emails being the most common.  
Here are some tips to spot a student loan forgiveness scam. First, look out for aggressive advertising language. For example, if the message you received wants you to act immediately or if your account has been flagged for investigation, it most likely isn't legitimate. The U.S. Department of Education says that while they might reach out to highlight temporary programs, they wouldn't use aggressive advertising language.   
Another way to spot a student loan forgiveness scam is if it seems too good to be true; it probably is. Some scammers will ask for an up-front or monthly payment while promising immediate student loan cancelation. Most government forgiveness programs require years of qualifying payments and/or employment in a specific field to qualify for student loan forgiveness.  
One common way to spot a student loan forgiveness scam is if they ask for your login information. The U.S. Department of Education has stated that they and their partners will never ask for this information.  
If you are unsure if the message you received is legitimate, check who sent it to you. Scammers can easily spoof messages to look like they are sent from an official source, but making sure is essential. Studentaid.gov has some helpful resources that include a list of email addresses and phone numbers that they use, as well as their trusted loan servicers.  
If you think you have been scammed, there are several options you can take. You can contact your federal loan servicer to ensure there was no unwanted activity on your loans. You can contact your financial institution to stop all payments to the company you think is scamming you. You can also submit a complaint to the U.S. Department of Education, the Federal Trade Commission, and the Consumer Financial Protection Bureau.   
If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for our sponsor, Triangle Credit Union, on Facebook and LinkedIn.     
Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.     

Episode 69: The Importance of Assessing Your Financial Plan | Brian Luce

Financial Planning can be intimidating and often confusing for anyone new to putting together a sound financial strategy. But if you want to be successful with your money, it's important to know your financials and even better to have someone available to support you along your journey.
In this episode, we're chatting with Brian Luce from Triangle Financial Group about what a financial plan is, why it's important to have one, and how his team can help you get started.
Links: 
Check out Triangle Financial Group resources at trianglefinancialgroup.com
Contact Brian and his team to get started building your financial plan
Try out the Financial Wellness Assessment
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
 

How Missed Payments Impact Your Credit Score - Money Tip Tuesday

Your credit score is essential. It drives your financial opportunities and impacts how good a rate you’ll get for mortgages, personal loans, and auto loans.   
Most of us know about our credit score and are likely looking for ways to improve it, so knowing what impacts it the most is the first step in improving our credit outlook.  
Links:
View the Investopedia article
Get started with LoanPay and make a payment today!
Watch these video tutorials on 
Setting Up Your LoanPay Account
Setting up AutoPay
Making a One Time Payment
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.   
If you’ve followed our previous episodes or read any of our articles, you probably already know that a credit score is determined by several different factors.   
In order to keep your score in good shape, it’s critical to understand the different factors contributing to that number and how to maintain them properly.   
A lot of this maintenance is our responsibility, so when we decide to work with a lender to borrow money, we should make sure our credit scores have been properly attended to.   
According to Investopedia, all three bureaus, Experian, Equifax, and TransUnion, factor the following weights into their credit scores.   
The two lowest percentages are each weighted at 10% and are 1) any new credit you get and 2) the types of credit you have or credit mix.  
Then there’s the length of your credit history, weighted at 15%.   
The total amount owed is a higher weighted factor at 30%. Finally, your payment history comes in as the highest factor at 35%.   
So, if you want to properly nurture your credit score, you need to pay attention to each of these categories and keep special note of the higher-weighted ones. Most importantly, you need to ensure you make your payments on time.    
Have you or someone you know missed payments in the past? If so, that likely impacted the credit score.   
I’ve missed a few payments before because I got busy in life, and my distracted brain completely forgot that a payment was coming due. Then, the due date came and went before I realized that I had forgotten to pay. This is a big problem and something we need to be on guard against. Something as simple as not paying attention to the calendar can cause this problem.  
If you’ve had this happen in your own experience, or you know someone it’s impacted, it’s important to note how it can affect you. And the real danger here is the price you pay for it. Not only do you get charged late fees, but it gets reported back to the bureaus and factored into your credit score.  
 If you find you’re struggling to remember to make your payments, there is something you can do about it to make sure it doesn’t happen again. Take the time to set up automatic payments. Your financial institution likely provides a tool within mobile or online banking to schedule recurring loan payments. For example, Triangle Credit Union allows members to do so through the LoanPay platform. This tool lets people plan their loan payments in advance, customize the payment amount, set a payment frequency, and even set the duration they want the payments to run.   
If you’re determined to not let your score suffer from hits due to missed payments, then take a few minutes and set up autopay for payment peace of mind and a healthy credit score.  
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. Check out our other tips and episodes on the Making Money Personal podcast.    

Tips to Avoid Doom Spending and Safeguard Your Wallet - Money Tip Tuesday

Are you often worried or discouraged about economic factors or current events? Not surprisingly, current events can substantially impact how we behave with money.
Many people react to news or events with coping mechanisms, one of which involves overspending. Fortunately, there are ways to keep current events from impacting your mindset and, ultimately, your money.  
Links:
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
If you've heard of Doom Scrolling, the term describes when people mindlessly scroll through newsfeeds and social media feeds, glued to negative headlines. It tends to evoke feelings of anxiety or depression. 
Another term has popped up recently describing a similar phenomenon called Doom Spending. This term describes a person's tendency to mindlessly spend money to cope with stress or anxiety, particularly stress or anxiety due to current events or economic factors. It's a type of emotional spending or even retail therapy. And because so many shopping apps make it easy to scroll through thousands of items, many people may run to those apps to scroll through products and shop for all kinds of things to offset negative feelings.  
Doom Spending poses many problems for those who fall into it. It's dangerous and can wreak havoc on your finances by derailing your financial plan and interfering with your ability to establish beneficial money habits. 
It can also cause you to make financial decisions you may regret in the future, as well as missing out on wealth-building opportunities as they arise. 
If you're susceptible to Doom Spending, you may find yourself shopping through an endless scroll and blowing a bunch of money to help you feel better.  
Remember that your feelings start with what you choose to focus on. Don't focus on all the negative. Remember that headlines tend to be sensationalized and promote what will most likely get a reaction out of you. Scientifically, headlines with negative messaging get more engagement than those with positive messaging. 
If you're engaging in doom spending to cope with stress, here are a few things you can do to guard against it.  
Change your routine. If you're scrolling most often at a particular time of day, say late at night before bed or on your way home from work, you might find that this is the time you feel more likely to spend.  Turn off the media and take a break from your phone. Keep it away from the nightstand, or swap it with a book instead. If you spend too much time on the couch with your phone or in front of the TV, try taking a walk instead to get away from the devices.  
Develop a method to stay on top of spending. Take charge of your money. Set a budget, make a list on paper or your phone, or use a money management app to track your weekly spending.  Knowing how much you're spending is the first step to taking charge of your finances. If you don't know it, you can't control it, and you won't succeed at managing it properly.  
Put your mental energy into reaching financial milestones. Part of the reason people spend money mindlessly is to feel better. But you can also get those feelings when you achieve milestones. Set a savings goal for yourself, like saving your first $1,000 in an account, having a certain amount of money in a retirement account, or paying off some debt. Focus on building a solid financial position rather than slipping into doom spending.  
Budget some of that money for positive purposes. Cut down on impulsive behavior and mindless shopping by planning to spend your money on beneficial things. If you're feeling anxious and emotionally worn, then put some of that money into things that will help bring you mental rest. Instead of spending it on the accumulation of stuff, set some money aside for a unique experience or leisure event that will help you refresh mentally and take some of the emotional burden off your mind.  
Make it more of a challenge to spend money. Creating barriers to spending might be needed to stop mindless spending. Saved payment information, shopping apps on phones, and notifications are all designed to tempt you to spend and to spend quickly. Setting up a barrier to spending is an easy way to reduce doom spending. Barriers interfere with the purchasing process, making it more challenging to spend. Remove saved payment information in checkouts, turn off shopping notifications, and even uninstall shopping apps from your phone if they're tempting you too much.  
Letting external circumstances drive your money habits can be unproductive and dangerous to your financial health. We hope some of these tips will help you avoid doom spending and empower you to succeed financially.  
If you are facing a financial crisis due to an economic issue, seek advice from a financial professional who can help you adjust according to the situation. Their expertise and experience will provide proper guidance to navigate many situations.  
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. Check out our other tips and episodes on the Making Money Personal podcast.   
Have a great day! 
 

Drive Confidently with MRC and GAP Vehicle Coverage - Money Tip Tuesday

Buying a vehicle is one of the most significant purchases you'll make, so ensuring it's protected is very important.
Guaranteed Asset Protection coverage, or GAP, and Mechanical Repair Coverage, also referred to as MRC, are essential in protecting your new vehicle. Keep listening to learn more about these coverages and how to make them work for you.  
Links: 
Learn more about the benefits of GAP coverage and MRC
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.     
First, let's take a look at GAP coverage. Did you know a newly purchased vehicle depreciates the second you drive it off the dealer's lot? Within the first year, most cars will lose up to 20% of their value. If your vehicle is totaled in an accident or stolen and not recovered, you could end up owing more than the vehicle is worth.  
GAP coverage is designed to reduce or eliminate the difference between the insurance settlement and the loan balance. This protection can save you tons of money from sudden out-of-pocket expenses. In comparison, standard auto insurance will only pay up to the value of your vehicle. GAP coverage will protect you from the difference.   
So, how do you obtain GAP coverage? There are several options. First, you can sign up for GAP when you purchase your new vehicle with an auto loan. Triangle Credit Union offers GAP coverage as an additional option to their auto loans. Second, your auto insurance may also offer GAP coverage for your vehicle.   
Now, let's look at Mechanical Repair Coverage, or MRC. This coverage can help limit unexpected, covered repairs as your vehicle ages, potentially saving you thousands of dollars in repairs. MRC includes many benefits, such as car rental reimbursement, 24-hour roadside assistance, and car key replacements. It will even cover travel expense reimbursements when a covered breakdown occurs 100 miles or more from your home and your vehicle is held overnight at a repair facility. 
With vehicles already being a significant expense, it makes sense to be fully covered in case something goes wrong. GAP coverage and MRC can save you thousands of dollars, so if you're thinking about buying a car, you might want to consider getting one or both. Luckily, they're available as add-on options for your new or existing auto loan from Triangle Credit Union!   
One final note. GAP and MRC are also available to purchase out of pocket for those who don’t have a Triangle auto loan or don’t want it as a loan add-on. If you want this valuable coverage for an existing loan, stop by your nearest branch to get started!  
If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for our sponsor, Triangle Credit Union, on Facebook and LinkedIn.    
Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.    

Episode 68: Money Matters: Embracing Financial Education for Any Age

When it comes to money, there are so many ways to learn vital lessons and techniques that help us make wiser financial decisions.
Whether you're someone who likes to learn about financial topics for fun or tends to learn from experience, becoming financially literate is a goal most of us should strive for. In this episode, we're discussing financial literacy and its crucial role in our lives and society. 
Links: 
Financial literacy stats sourced from this article.
Test your knowledge with the Investopedia Financial Literacy Quiz!
Explore and download our When Dollars Make Sense workbook for kids!
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union
Financial Literacy Quiz answers:
Which of these is NOT part of determining your credit score? Marital Status
When you invest in an employer's traditional 401(k) retirement savings plan, your contributions are taxed when you withdraw them during retirement.
What causes inflation? Increases in wages, price of raw materials, taxes, and/or a decrease in productivity
Which of these is NOT a stock market index? New York Stock Exchange
What Does Annual Percentage Rate (APR) Mean? APR is the rate you pay in interest on money borrowed.
True or false: Annual Percentage Yield (APY) is the interest you earn over the course of a full year on money deposited. True
Which home loan allows first-time homebuyers to put down just 3.5%? Federal Housing Administration (FHA) mortgage