FREE MONEY COMING YOUR WAY!

Tropical Financial Credit Union is pleased to announce the launch of our 3rd Annual Scholarship program. We will be awarding $5,000 in scholarships. Applications can be picked up at any of our  branches or they can be printed from our website. All applications must be submitted by close of business on April 29th.

We wish you the best of luck!

^Alysha

BUDGETING... ON THE GO!

Living life in the fast lane is something most of us are accustom to. Between school, work, and trying to have a social life sometimes we can forget what the inside of our home looks like. I know what that’s like because it happens to me often. No matter what stage of life you’re in, you’ve experienced living life in the fast lane. Being so busy that things sometimes slip through the cracks like keeping up with your finances, or forgetting to turn in an assignment or even waking up and not knowing what day it is… yes, this one happens to me a lot. Don’t laugh, my mind has so much going on that it’s easy to forget simple things as a Monday. 

But, I’ve found that no matter how busy I am… my cell phone is always on me. Think about it, do you ever leave home without your cell phone? I’ve actually turned around because I forgot mine. While cell phones have drastically changed our society they have many great perks for all of us that are on the go… like mobile banking.

I’ve found I use mobile banking a lot to help me keep track of my spending. It’s become my budgeting- on-the go tool Tropical Financials Mobile Banking app, I can see my account activity, I can transfer money, I can pay my bills, and I can deposit checks and even accept offers to earn cash back on my purchases. Its life made simple.

All month, I’ve talked about various ways to budget. From creating a budget, to coupling your finances and even being impulsive when the time calls for it and what better way to keep track of that budget than with your cell phone. It’s always on you and allows easy access for you to glance at your accounts.

If you have yet to download the app, you’re missing out! Not only does it take away the stress of knowing how much is in my checking account at all times, it allows me to transfer money in times of need. There is nothing worse than making a purchase and having your card denied. I’ve been there, done that and it was so embarrassing. So now when I know I have to run out for something, I check my account or my budget-on-the- go as I like to call it and I can see what is taking place with my finances.

I am all about quick solutions for sticking with my budget especially with life on the go.

So, what are you waiting for? Check out the Tropical Financial app and be sure to stay up to date with your budget on the go. Trust me, you’ll be thankful you have this extra resource.

^Alysha

FILING TAXES: WHERE TO START

Filing taxes can be a challenging process and seem pretty overwhelming. I know the first time I sat down to file my own taxes, I didn’t know where to start, what to collect or  which form to file with. But fortunately, Tropical Financial offers Turbo Tax as a FREE Resource to its members. So I knew that I at least needed to start there.

How to get Turbo Tax?

If you are a Tropical Financial member just log in to online banking and click Turbo Tax. It’s that simple!  Once you’re inside Turbo Tax, it will guide you step by step and even help you find deductions that you might not have realized.

What to File?

Whether you use Turbo Tax or not, it’s still important to know and understand what to file and how to file taxes, after all it’s something that we are required to do. The first step is to make sure you have the right form.

Form 1040 has several versions depending on the complexity  of your deductions.  For instance, the 1040 EZ is great if you’re young making less than a hundred grand and you don’t have any kids. Hmmm... this sounds a lot like my case.

But, if you do have children and you’re contributing to a retirement fund such as a 401K then you going to need the 1040 Short form.

Finally, if you’re making over $100,000, you’ve recently sold stock, bonds or property, you’re going to use the 1040 Long form since you have a lot more information to share. Yeah, this is definitely not me!

Once you’ve viewed the various form options and found the form that best suits your needs, then the fun starts…filling them out. Yes, this part can be tedious but it’s important to be as accurate as possible and fill it out with all the proper information like your social security number, your spouse’s social security number if you’re filing a joint account and even all of your income information.

The more you have gathered together when you start the tax process the easier it will be. If you are constantly breaking to find missing documents, you might forget items which could give you deductions or it might take you longer than it should to file your taxes.

I need more help!

If you still need more help, which is understandable… trust me I ask tons of questions when filing my taxes, the IRS offers free tax return preparation information. This is a great resource if you’re looking for guidance but you don’t want to spend a ton of money to get the help and answers needed.

And if that isn’t an option... search the internet. There are so many free resources online that can help and guide you with your taxes and maybe they can provided avenues to get your questions answered. There are tons or resources out there, sometimes you just have to look for them.

Good luck this tax season and I hope you get a big return on your taxes.

^Alysha 

DO IT! BE IMPULSIVE!

Are you the person who sees a pair of shoes in the window and thinks, “I have to have these?” Yes men, this applies to you too. Or, maybe you’re the person who has to have every new gadget that hits the market. It’s okay, we’ve all been there and done that. I know I certainly have. I am a pushover when it comes to receiving e-mails with sales. I can’t help but to take a quick peak and next thing you know, a shipment is being delivered to my home.

Being an impulsive shopper is not the end of the world. Sometimes we have the urge for a new style or we feel that we’ve worked so hard at sticking to goals that it’s okay to treat ourselves. Trust me, I could spend hours telling you why I get impulsive and why it’s okay. I’m great at justifying my purchases.

Do it! Be Impulsive!

Wait… what? Yes, being impulsive is okay. Earlier this month, I talked about “loving your budget” and how creating a budget could allow for financial freedoms and that a budget doesn’t necessarily mean constricting yourself.

When working to create a budget, include some wiggle room so you can splurge and be impulsive. Now this shouldn’t be the bulk of your budget… but feel free to make it enough for a new outfit each month, or alter your budget to allow for a new gadget every few months.

It’s important not to deprive yourself because that’s when the impulse really kicks in.

Reward yourself!

We’re still at the beginning of 2016 and many of us probably set similar New Year’s resolution goals… live a healthier and fit lifestyle. Usually, we kick off the year going strong but as the months go by, we tend to lose motivation and interest. Let’s make this year different! For each time you go to the gym put $1, $5 even $15 in a jar, any amount that motivates you and fits within your budget. Then, set realistic goals. When you reach goal 1, grab the money in the jar and treat yourself to a new outfit, new shoes, or even a fun new gadget that hit the market.

Rewarding yourself is one of the best ways to indulge because you do really feel you earned it and it doesn’t have to be fitness related. Find something that you enjoy doing and pay yourself to do it. This way you’re more accountable and you’re giving yourself money to indulge too.

Write it out!

One reason we tend to be impulsive shoppers is because we don’t take the time to plan. How many times have you needed only a few things at the grocery store but walked out with bags and bags of groceries… that you don’t necessarily need. I am the queen of this. So many times I go to the grocery store and leave with bags of groceries, because well I love zucchini, and oh spicy cauliflower sounds good. And then I get home and think… I spent all this money and I don’t even cook…

So, when going to places like the grocery store, beauty stores and even clothing stores, write a list of the items that you need. This way you stick to the list and avoid unnecessary purchases.

Keep your emotions in check!

So, you’ve had a bad day. You did poor on a college exam, you got into a fight with your best friend or you just had a stressful day. Now is not the time to turn to retail therapy. Yes…guys do this too. It’s not the time to buy new sneakers for the basketball courts, or the time to buy new tools to fix something. And ladies, it’s not the time to buy those shoes you’ve been eyeing or that purse that’s calling your name. Instead, find other ways to deal with your emotions, take a walk, get outside and be active, declutter your home or do something silly that you loved as a kid.

Cash!

Another great way to limit yourself from being impulsive is by using cash. Give yourself a weekly budget with cash. If you limit your access to your debit card and your credit card, you will also limit access to overspending. If you allow yourself $100 for the week and the shoes you want are $100 you might be less impulsive because you know you ONLY have $100 cash that week and you need to eat.

Being impulsive isn’t a bad thing, but it’s important to control your impulsiveness so that you don’t get in over your head. Give yourself challenges and obstacles that allow for you to reward yourself and allow for moments of impulse. Trust me, when you have to work for something you’ll value it a lot more.

So, go ahead be impulsive… when the time is right. 

^Alysha

COUPLING YOUR FINANCES

My money is my money… and his money, well that’s mine too. Chances are you’ve heard that saying before. I know my dad used to always say that about my mom, that all the money was hers. It always made me laugh growing up.

Money seems to be one of those topics that couples have a hard time discussing. Whether you are married, living together or even dating, money can be a topic that stresses many couples out. But don’t let it.

When you first decide to “couple” your finances, it’s important to sit down and be open to the conversation. Talk about any debt you might have and how you’re paying it off. Be open and clear about how much income you each earn; now is not the time to be modest or proud.

Yours, Mine, Ours

For the most part, we all have some sort of personal account, so the idea of coupling our finances might scare you. You might feel like you’re losing your security blanket or that a piece of you is being taken away. That is not the case.

Often times, couples have several accounts, they have a personal account and then a joint account. This allows them to still have some financial freedom, yet still contribute to the relationship financially. This is something that needs to be decided as a couple based on what is best for both of you. Or if the idea of a joint account is something you don’t want, then simply divide the bills and communicate which bills you pay and which bills your partner pays. For this, communication is the key to ensuring that no bills fall behind.

I make so much less!

The likelihood that you both make the same amount of money is slim, and that’s okay. This is when compromise comes into play. As a couple, you have to sit down and define which role each of you will play. Will one add more to the joint account? Will one take on fewer bills? You'll also have to be open to change. For instance, if one gets a pay raise, you might need to review your financial plan. Or if a bill increases or even decreases, you need to have open communication and be open to making adjustments as needed.

It’s a lifestyle…

When you take the step to couple your finances, it’s important to know that things are about to change. Don’t worry, change can be a good thing… if you’re open to it. It goes back to communication and really setting up a plan and a budget. You want to be able to create a budget that both of you can agree on, one that doesn’t make you feel too restricted. 

My boyfriend and I don’t have joint accounts, but one day while he was shopping for a fishing pole and I asked, “How many do you need?” He looked at me and said, “How many purses do you need?” He had me there, but we both respected the fact that it was our money. Nevertheless, when you take the steps to join your accounts, you don’t want to feel like you’re living under two different roofs, so work on a lifestyle that fits you as a couple. Whether it’s saying okay to one purse a month, or one fishing rod a month, the goal is to agree so there’s no unnecessary friction about what you are spending money on.

With coupling finances, communication is key. Don’t worry, it will take some time to get used to, but before you know it, it will be an old habit and all your doubts will be gone.

^Alysha 

ROMANTIC DATES WITHOUT THE HIGH PRICE

Everyone loves to be romanced, yes even the guys. Who doesn’t love sweet gestures to let you know someone cares. Anything from a romantic dinner date to gifts and even trips. I know I do and I know that costs money too. But romance shouldn’t take a back seat when funds get tight. Therefore, I’ve come up with ways to keep the romance alive when the funds are dead, especially with Valentine’s Day around the corner.

Step Outside

We live in South Florida! We are very fortunate that we don’t have to plan around snow days and winter weather. So take advantage of that, by packing up a few blankets and heading to the beach one night. Sit and stargaze with your significant other. And to really impress them, check out this awesome StarDate site and have some fun seeing what’s out there in the sky. Plus, you can cuddle up with the blankets and just enjoy a beautiful night. 

Try heating up your romance by sitting around a fire pit. If you don’t already have one, they are not too pricey to buy and I know you’ll get more than one night use out of it. Bring a blanket, some chairs, maybe play some music and don’t forget the S’mores. This could be a great way to spend a romantic night with your loved one. 

Maybe the idea of sand and fire are not you’re thing, that’s okay because there are plenty of outdoor things you can do like a drive in movie. Don’t forget to pick up the snacks before you get to the theater (to save some money), this is a great way to relax, not have to worry about the loud talking behind you and a great way to be cozy with your other half.  

Bring it inside

My boyfriend Chris cooking

Maybe the idea of being outdoors isn’t for you, and that’s okay too because I know how humid it can get in South Florida. So, bring it indoors. Instead of going to a fancy restaurant, try cooking a meal together. I am a terrible cook, but my boyfriend is phenomenal.  So I enlist his help in the kitchen and we cook dinner together.  I find it so romantic when we laugh, joke and are extremely silly while we prepare our meal. Plus that way there’s no, “I cooked, you clean”. We both do that together too.

Another date night idea that I love is game night, show your competitive side yet have fun. To enhance the date night, invite other couples over and play on teams of two. This will be fun as you learn to play together and work towards the same goal… beating your friends.

Keeping with the indoor theme, try creating a scavenger hunt. These can be so many romantic when done right. Ask questions that will trigger previous dates and write cute poems to hint at memories. A scavenger hunt is a great way to take a walk down memory lane and relive why you love your guy/gal.

Make a Day of it

Sometimes day romance is the best romance. Surprise your significant other with a day movie, it will save you some money, plus the theater will be less crowded and it will feel like a private viewing. After the movie, go to a late lunch, again the prices will be cheaper and if you plan it right, you’ll be there in time for happy hour which almost always includes food items.

Now that your adults, who said you couldn’t have dessert before dinner? Go to your favorite spot for an afternoon desert, or go bowling and be silly in those tacky shoes. Be sure to check out your city calendar too because sometimes they have free events in the community that could be fun to attend.

Day dates can be just as romantic as night time dates… if you make them. And being romantic doesn’t have to break your budget either. There are many great ways to be romantic this Valentine’s Day… you just have to be creative! 

^Alysha 

PREDATORY LENDING

We've all heard of debt and we've all heard of the quick fix options to get out of debt. But are they really as good as they seem or are they too good to be true?

How often have you picked up a magazine because the cover was awesome but you start reading and the content isn't what you expected at all? It's the same thing with loan offers. Sometimes they appeal to the eye and you quickly go and apply for the offer, however, you don't take the time to read the details and when you finally do, and you realize it's not what it seemed.

In this episode of "it's A Money Thing," Jen learns the risks involved with those "Quick Cash" offers and how it's important to read the fine print... Even if it involves a magnifying glass. 

There are sharks all around looking for easy ways to collect YOUR money! Don't let them take advantage of you. There are many others way to get the money you need without burying yourself in debt.

Set up a payment plan with creditors—the best alternative to payday loans is to deal directly with your debt. Working out an extended payment plan with your creditors may allow you to pay off your unpaid bills over a longer period of time.

Credit union loan—Credit unions typically offer affordable small short-term loans to members. Unlike payday loans, these loans give you a real chance to repay with longer payback periods, lower interest rates, and installment payments.

Consumer credit counseling—there are numerous consumer credit counseling agencies throughout the United States that can help you work out a debt repayment plan with creditors and develop a budget. These services are available at little or no cost. The National Foundation for Credit Counseling (nfcc.org) is a nonprofit organization that can help you find a reputable certified consumer credit counselor in your area.

Emergency Assistance Programs—many community organizations and faith-based groups provide emergency assistance, either directly or through social services programs for weather-related emergencies.

Cash advance on your credit card—Credit card cash advances, which are usually offered at an annual percentage rate (APR) of 30% or less, is much cheaper than getting a payday loan. Some credit card companies specialize in consumers with financial problems or poor credit histories. You should shop around, and don’t assume that you do not qualify for a credit card.

You are in control of your financed not let anyone tell you different and don't get caught up with the Sharks. There are many alternatives to high-cost borrowing so take the time to explore and ask questions!

^Alysha