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Catholic Federal Credit Union Financial Fitness Blog

7 Questions To Ask Yourself Before Making A Large Purchase

Posted by Melissa Pashak, Marketing Specialist on Jul 9, 2018 11:30:15 AM

You're convinced: You really want that Coach handbag. Or maybe you just know that gigantic entertainment center will transform your weekends. So you swipe your card and the dream item becomes yours. You're thrilled!

That is, until a few weeks later when the credit card bill comes, and buyer's remorse hits. You can't help wondering: Was it really worth the price?

Don't get sucked in again! Before you say "yes" to a large purchase, ask yourself these 7 questions:

  1. Do I have cash to pay for this item?

This question will help you determine if you can really afford the purchase. You need to have liquid funds that can cover the cost of your item. Putting it on credit means you'll be hiking up the price once interest is tacked on, and you'll be reminded of a possibly regrettable purchase for a long time to come.

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Topics: Saving, Shopping, planning

How to Fund an Emergency

Posted by Bethany Dutcher, VP Marketing on Apr 16, 2018 11:38:58 AM

Q: I've had a financial emergency and I don't know how to pay for it! What are my options?

 A: Ideally, you'll want to have an emergency fund in place. If you don't, consider these options...

 1.) Credit cards

Credit cards are super-convenient. You don't have to wait for approval, take on another source of debt, or even think about paying it back until later. Borrowing with a credit card, though, means getting more than you bargained for. With high interest rates, you'll end up owing a lot more money than you borrowed.

Also, credit cards make it easy to push off paying what you owe by only requiring a minimum monthly payment. This means you'll end up carrying that debt for a lot longer than planned.

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Topics: Saving, money, finances, Security

6 Pre-Christmas Tips

Posted by Melissa Pashak, Marketing Specialist on Dec 12, 2017 4:20:46 PM

With crowded stores and an ever-growing list of people to shop for, it’s easy to get overwhelmed and to overspend on your Christmas shopping. No worries, though; Catholic Federal has you covered! Read on for some pre-Christmas tips and have yourself a jolly December without breaking the bank.

  1. Revise your gift list

Chances are, lots of the people you exchange gifts with would be relieved to be taken off your list. Talk to coworkers and acquaintances about just exchanging cards this year, or make a deal to only exchange homemade or inexpensive gifts.

This way, you can focus on buying special gifts for those closest to you instead of generic gifts for everyone you’ve ever met.

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Topics: Saving, Christmas, Shopping

Affordable Traveling Tips

Posted by Theresa Nelson, Loan Operations Coordinator on Nov 14, 2017 9:32:58 AM

Many of us look forward to any chance we can to get away and do something for ourselves or with family and friends!  We may not always have the money for it, but if you follow some of these tips, you will find that a little bit of research and planning goes a long way! Below are some great money saving strategies that will help make that possible for each and every one of you- no matter your budget!  We all deserve a chance to enjoy things in life and you don’t have to go broke doing it!

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Topics: Saving, Budgeting, travel, visa, rewards

Back-To-School Savings

Posted by Bethany Dutcher, VP Marketing on Aug 2, 2017 9:42:53 AM

Q: Back-to-school shopping kills my budget each year. Is there any way to start the year off right...without spending a small fortune?

A: Rows of freshly sharpened pencils, an unopened box of crayons and a pair of shiny, new shoes will provide a thrill for any child.

As the parent, though, you're the one footing the bill. If the thought of all that back-to-school spending makes your head pound, you're not alone. The National Retail Federation reports that parents of children entering kindergarten through 12th grade plan to spend nearly $700 per child on school supplies, new clothing and shoes this season. That's enough to fill any budgeting parent with dread.

No worries - as always, Catholic Federal has your back! Let us help you navigate the second-largest shopping season of the year with your budget and sanity intact. Read on for 12 ways to save on back-to-school shopping.

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Topics: Saving, back to school, budget, School Shopping

7 Ways To Save Without Suffering

Posted by Melissa Pashak, Marketing Specialist on Jul 11, 2017 9:31:33 AM

We all know we should save more money than we do. Whether we need to pay down debt, build an emergency fund or save for retirement, we need to cut spending and increase our savings. It’s the only way to build financial security.

Yet before considering what to cut back on, try these handy tips to save money without noticing the difference.

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Topics: Saving

6 Ways To Save On Your Summer Vacation

Posted by Tiffany Blossey, Member Service Representative on Jun 28, 2017 4:07:53 PM

The ocean is calling - and so is the open road. Your dream vacation awaits! But first, you need to work out the financial details. How are you going to pay for your getaway? How much can you realistically spend? Where is the money for your vacation going to come from?

Ideally, a plump vacation fund that's fed throughout the year is the way to go. Unfortunately, though, we often don't think about how to pay for vacation until it's a few weeks away. To make things even worse, according to LearnVest, an alarming 74% of Americans go into debt to pay for a vacation.

Don't become part of that statistic! Be proactive in planning your vacation by saving up for it in advance. Forgo some luxuries in the months or weeks leading up to your vacation and save the extra cash for your getaway. Consider running a yard sale featuring all of your forgotten treasures and use the profits to fund your trip. Skip your weekly dinner out for a while and put the money in your vacation budget.

Now it's time to plan your vacation! When you've got the money saved up, create a realistic vacation budget. These six vacation saving tips will help you plan the perfect getaway while staying well within your budget.

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Topics: Saving, Vacation, Summer, travel

How to Get a Summer Job

Posted by Melissa Pashak, Marketing Specialist on Mar 27, 2017 10:45:58 AM

Temperatures are rising, days are getting longer and kids are dying to get out of the classroom! This can only mean one thing: Summer is just around the bend. It's time to start planning trips, summer camps, and summer jobs.

Despite the fact that school won't end in most places for another few months, it's still a good time to start thinking about summer work. The timeframe for hiring can be as long as a month, so waiting until school is officially out isn't a good idea. Not sure where to start? Try these four tips to jumpstart a summer job search for yourself or a young adult.

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Topics: Saving, Summer, job advice

It Costs How Much To Get Married!?

Posted by Melissa Pashak, Marketing Specialist on Mar 1, 2017 11:11:01 AM

According to a new report by a leading wedding magazine, The Knot, the average American wedding cost has eclipsed $35,000. That's more than half of the yearly median income! Most of that spending isn't on lavish luxuries for bride and groom - it comes from the guest list. Couples are inviting more people and doing more for them, trying to create an unforgettable experience for their loved ones.

If you've got an event planned for the coming year, read on. Your bill doesn't need to be that extreme. Here are five ways to save on the cost of your big day!

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Topics: Saving, wedding, Budgeting, planning

Keep Your Wallet Insulated From Winter Heating Costs!

Posted by Kris Morse, Senior Information Systems Analyst on Feb 9, 2017 9:45:19 AM

Q: Winter's here in full force! Every time the furnace kicks on, I feel like it's burning up money! How can I keep my house cozy while keeping the heating costs low?

A: There's nothing better than being toasty warm when it's cold outside. Unfortunately, keeping your home at a comfortable temperature isn't cheap. Heating a house can easily eat $300 out of your monthly budget, depending on where you live and the thermostat setting.

If you're looking for ways to cut costs, check out these five handy tips for cutting your heating bill this winter.

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Topics: Saving, Winter, Heating

Welcome!

We're happy you're here. Our blog gives us another way to communicate with you in a fun, relaxed way. Don't worry; we won't be selling you anything. We just want to share a more personal part of ourselves so you can get to know the lighter side of the credit union. Our goal is to improve your financial well-being, we'll also share helpful financial tips and recommendations covering everything from students loans to retirement planning, and dream vacations to budgeting, many from our own personal experiences. After all, we're still people helping people, as we have been for 60 plus years. Now we just have more ways to reach out and help. 

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