I CHALLENGE YOU... FOR 53 WEEKS!

The New Year is quickly approaching and that means it’s time to set our New Year’s Resolutions. Most times our resolutions center around our health and well-being. For 2015, I want to challenge you on a financial resolution.

What’s the challenge?

For 2015, I am going to challenge you to save $1,431. I know, it sounds like a random number but it’s all part of the 53- Week challenge. For those of you that did the challenge with me in 2014, you remember it was a 52-week challenge where we saved $1,378.  Well,  there are 53 weeks in 2015, which gives us an extra week which means we can save more money.

The way it works is, each week you save a specific amount of money starting with $1 and every week the amount increases by $1. So the first week of the New Year, you collect $1. The second week $2. The 15^th week… $15 and so on until you hit week 53, which at that point, you collect $53. The challenge is easy to do… it’s remembering to put the money aside that’s the hard part. 

How to get started

I did this challenge last year and I found the easiest way to was to open up a new savings account. This way I could direct my challenge money to that account and it was out-of-sight, out-of-mind and it prevented me from “borrowing” money from that account.

In addition, you will need to create a 53- week challenge chart so that you can keep track of what needs to be set aside. Check out an example of the 52- week challenge.

Most importantly, you will need determination. It’s not easy to pay yourself first, but it’s worth it in the end.

Want to challenge yourself even more?

I know how hard it is to save money each week, I've always been told, “It takes 21 days to set/break a habit.” So, once you get 21 days into the habit will become easier. But, if you are up for it, let’s make this challenge harder by reversing it. Instead of starting with $1 for week one, $2 for week two and so on. Try starting with week 53. Put away $53, then week 2 put away $52 and work your way down so that on week 53, you only have to save $1.

I prefer this way because it get the larger amounts out of the way. Plus, when we get into the holiday months, I don’t have to worry about putting in the larger amounts.

There are many ways to do the 53- Week Challenge, find the way that works for you and be sure to stick to it. It’s nice having some extra money come the end of the year.

^Alysha

WINTER BREAK FAMILY FUN

Winter break is here! Well, for us Floridian’s it’s more like a mini summer break since we don’t have the snow and cold weather. But nevertheless it means school is out and your homes have just become camp. That means two glorious weeks of keeping your children entertained… Good luck!

But how?

I remember when I was in school after we had summer and winter breaks, we’d always come back to school and compare stories to see who had the best breaks, and it was always a competition. So, it’s important to plan fun and exciting things for your children while home on break.

Jump around!

Children are full of energy! So what better way to help your child release energy then an indoor trampoline park? Not only can they bounce around for hours, but invite their classmates and they can shoot hoops, play dodge ball and just have a fun time… being kids! Plus, the adults can jump around too and it’s a great way to make memories as a family and burn some of those extra eggnog calories.

Light show!

Take a drive through the neighborhood and various other neighbors and view the holiday lights. Play some holiday music, sing along as a family and enjoy all the hard work people put in to decorating their homes. Tradewins Park in Coconut creek, has an awesome light show that will be sure to amaze your children. I know as an adult I still love to go and see the lights.

Give back!

Teach your children that the holidays are also about giving. Have them spend a day cleaning out their room of toys and clothing they no longer need or use and bring them with you to donate the items. This way, they see how they are helping others less fortunate and it allows them to realize the holidays are more than what gifts they unwrap.

It’s Craft Time!

I am not one for arts and crafts but children love to express their inter artist. With websites like Pinterest, you can come up with some fun arts and crafts for your children to complete. Have them make gifts for their teachers, or get a head start of Valentine’s Day cards for their classmates. Maybe have them work on Mother’s Day and even Father’s Day gifts. Or keep it simple and create some fun holiday decorations for around the house.

Box Office!

Children love the movies! Use their Student ID card to get a discount at the movies or check out an afternoon movie to save a few bucks. Another fun way to view a movie is the drive in. Take your children and their classmates to the drive in movie. Set up lawn chairs, bring your own food, drinks and candy and let the children have fun while the adults hang out too! It’s another great way to make family memories and a fun way to enjoy the beautiful South Florida weather.

 Discounted Fun

Sometimes fun can cost, but check out sites like LivingSocial, Groupon and even the Greater South Florida webpage for discounts and freebies for fun times with your children. Family time is what matters and making memories is what counts, these websites have things the entire family can enjoy.

And don’t forget… we live in SUNNY SOUTH FLORIDA, where we have FREE beaches, plenty of parks and beautiful weather to enjoy year round. So, grab a football or soccer ball and enjoy the open field. Bring some snacks, have a picnic and make some fun family memories.

Keep up with School

Parents, please also be sure to check your children’s backpacks for winter break homework packets, you don’t want your children to fall behind. Have them complete their homework assignments early in the break so they can get it out of the way and the whole family can enjoy the much-needed break.

Whatever it is you might be doing with your children this winter break, be sure to have fun and make ever lasting memories!

^Alysha

HANDLING HOLIDAY STRESS!

The holidays always bring the best memories to me, but they also bring the most amount of stress too.

Growing up, I remember having huge holiday parties with over 20 guest at my place and my mom doing all the cooking. I remember the smell of my mom’s home cooking filling the house and the laughter of everyone’s stories filling the rooms. But I also remember the struggle of putting up our 18 foot Christmas tree. Yes, we have an 18 foot Christmas tree. And while the tree is beautiful, it’s also very stressful.

With the holidays in full swing our stress levels are on the rise. But don’t worry, I've got some tips and tricks to help you relieve some of your stress this holiday season.

Stop and breath

When it comes to the holidays, we all do way too much! Just stop, and take a deep breath. Instead of feeling the need to take on all the responsibilities, delegate to family and friends.

If YOU are doing the cooking, ask someone else to help with shopping. Simply give them a list of the items you need and this will save you a few hours of your day. If you are going to someone else’s home, insist that you bring something so they don’t have to worry about every aspect of the meal. Offer to bring desserts, or appetizers or even the beverages.

Gift wrapping can also cause a lot of unnecessary holiday stress. My mom used to stay up all hours of the night wrapping gifts. Try to schedule time to do it ahead of time. If you can’t find the time, have your children help. Have your kids wrap gifts for each other. As we got older, my mom would box the gifts so we couldn't see what was inside and we’d just wrap the box. It helped her a lot and we didn't know what our gifts were.

Laugh more!

Sometimes we get so involved with our everyday stress that we forget to laugh. If you mess something up, laugh over it. It’s not the end of the world. If your gifts don’t come out as nicely wrapped as you’d like, who cares, the paper just gets torn off anyway. Let your children help too and don’t stress over the Apple Pie not being perfect but instead encourage them to help you. Reminisce over older memories and just laugh. You can even play old holiday family films and laugh about the jokes that took pace. Every year my mom creates a family video…but, we've never seen one of them so we laugh about it. This year might be a good year to take them out and play them while we help with Christmas dinner.

Shut down!

Turn off the electronics, shut down the e-mails and just spend time with your family and friends. If you’re on PTO time, work e-mails can wait. Turn off your cell phone and don’t worry about the content, ding or messages but rather the people around you and the conversations that are around you, I guarantee they are more important than the messages on your phone.

Always remember, the holidays are about being with loved ones, don’t stress so much if something isn't perfect, chances are no one will know or care.

^Alysha 

LAST MINUTE HOLIDAY TRAVEL

What do the holidays mean to you? For me, the holidays are about spending time with my family and friends. It’s about laughing and making new memories while reliving the old memories. But, sometimes this means last- minute travel. 

We all try and plan ahead when it comes to travel, but there are so many factors that could result in last- minute travel, like your work schedule, your child’s school schedule and even just living a busy life and forgetting to make plans.

Making last-minute travel plans can be very stressful not to mention sometimes very expensive! But don’t worry, I’m all about finding the best deals so I’ve found some great tricks to use this holiday season should you find yourself booking last-minute travel.

*Be Flexible: I know that everyone ones to pick out the perfect travel plan for themselves and their families. Maybe it’s a mid-morning flight. But, if you click the flexible date option when searching for airfare you are more likely to find a cheaper flight.
 

*Rewards… Use them! If you are lucky enough to have rewards points, USE THEM! The holidays are the best time to use rewards points when flying because they can really cut down on the cost of a ticket.

*Nonstop! I know I know, everyone hates layovers. You never know if your connecting flight will be on time. But, when it comes to last minute travel, adding stops to your flight is really going to cut down the cost.

*Airports: Be sure to compare the various airports around the area that you are flying in to. We are lucky in South Florida to have several airports that are not too far. If you have a family member doing some last minute travel, it might be cheaper for them to fly into Palm Beach International airport. Always check the surrounding airports.

*One way? Believe it or not, sometimes buying two (2) one way tickets is the best way to go. Instead of limiting yourself to one carrier you are opening the doors to better deals for one-way flights.

There you have it, if you’re traveling last-minute there are still ways to get some great deals on airfare! Whatever it is you’re doing this holiday season, be sure to enjoy spending time with friends and family and be sure to make new memories while laughing at the old ones.

^Alysha

HOLIDAY CREDIT CARD SAFETY

I LOVE to shop and that’s no secret. But, I like to think of myself as a smart shopper. I try to find the best deals and bargains. This holiday season, I set out to do my holiday shopping early. I wanted to beat the rush, I knew what I was buying so I watched pricing and did a lot of my shopping on-line to avoid the lines and the crowds.

While sitting at work one day, I got a call from Tropical Financial’s Fraud department. My heart sank, it’s the holidays and credit card fraud is always on the rise during the holidays. They went over a list of purchases that appeared on my credit card and wanted to verify if my account had been compromised. Fortunately, my account hadn't been as they were all my purchase. That’s when I realized… exactly how much I LOVE to SHOP! But it also made me thankful that my Credit Union called me to verify since there was so much activity.

Take precaution

The holidays are upon us and that means a lot more account activity.  So it’s time to take precautions.

Online shopping

*Stick to ONE Credit Card: When you plan on doing a lot of online shopping, try sticking to ONE credit card, this way you can track the purchases, and limit the damage should your card be compromised. Also be sure to use a card that has purchase alerts, so you know every time your card is processed. This will help you keep track of your spending and be able to watch first hand for any unauthorized purchases. 

*Third- Party Payment: If you find yourself using the internet for your holiday shopping, link one credit card to a third party payment plan like PayPal or Google Checkout. This way you can enter your username and password and refrain from continuously entering your credit card information.

* Watch your internet access: Often times we are on the go, we see a great deal come through our email and we make the purchase. Be careful when it comes to “Free Wi-Fi” This is an easy way for someone to gather your personal information.

Offline shopping

*Keep your credit card out of sight: When you are in line getting ready to make a purchase, keep our credit card tucked away until you need it. You never know who is around you and who might be looking at your credit card number and memorizing it.

*Keep your credit card secure: When you are out shopping in the stores, take the few extra seconds to place your credit card back in your wallet. Don’t put it in your jeans pocket, or throw it in your purse, this is an easy way for someone to get a hold of your information.

*Check your statement: Whether you are shopping online or off, be sure to check your credit card statement daily. Review your receipts with your purchases and be sure you were not over charged and that everything matches up. Monitoring your account daily during heavy shopping periods is very important and can help if your card is compromised.

Have fun!

Enjoy the holiday season, enjoy shopping for those on your list but be smart about your shopping habits. If you see something on your statement that doesn't look right, be sure to call Tropical Financial right away and research that charge and be sure to never loan your credit card out to others.

Have a wonderful holiday season and have a blast shopping too!

^Alysha  

Home buying Partnership

Buying a new home can be challenging and hard to do… if you don’t have the right team by your side. Gary and Karen, were in the search for a new home in Indian River County. They came to Tropical Financial and met with Frank, one of our Mortgage Lending Officers. The process was smooth and in less than a month they were closing on their dream home.

Gary and his wife were so thrilled to work with Tropical Financial and were so pleased by how smooth the process was that they decided to become a partner company of Tropical Financial and offer the services to their employees.

Not only did Gary and Karen, purchase their dream home, but we built a partnership with them that will extend for many years to come!

If you are in the market for a new home, come in and speak with a TFCU Mortgage Loan Officer and watch your home buying dreams come true.

^Alysha

GREEN MONDAY... ANOTHER DAY FOR SHOPPING DEALS!

Have you finished your holiday shopping yet? What are you waiting for? The holidays are quickly approaching!

This shopping season has been full of great deals. November was a fantastic month to shop, not only did we see great deals on electronics but there were great bargains on toys too. Plus, we had the world famous Black Friday shopping. Then we had Cyber Monday, which is my favorite shopping day. I love the idea of shopping from my computer and not having to stand in long times and be surrounded by crowds. But, there is still one more day to shop and get unbelievable deals… Green Monday, which just so happens to be TODAY!

According to MarketWatch, Green Monday, which falls on the second Monday in December, is the third biggest online shopping holiday of the year. Green Monday is a great way to check off those last minute items on your holiday shopping list.

Green Monday Deals! 

So, the question many of you are probably wondering… “What kind of deals can we find for Green Monday?” There are many retail stores participating in Green Monday, such as Amazon, Apple, Best Buy, Sears, Macy’s, Office Max, and even cell phone companies. With Green Monday, you can get deals on electronics, toys, clothing, accessories and you can even get an extra 20% off of many discounted websites like Groupon and LivingSocial too! The deals are endless!

My first suggestion is to reach out to your favorite retailers on-line and see if they are advertising for Green Monday, then shop away! I've also found a great website, FatWallet.com which shows all the retailers involved with Green Monday and the deals you can find.

So, what are you waiting for? Get shopping and be sure to check off all those last minute items on your holiday list.

^Alysha  

What does your credit score say about you?

Have you ever looked at your credit score and wondered, “What does this number say about me?” 

A credit score is a simple three digit number that represents your risk level. Financial institutions and credit card companies use your credit score as a snapshot of how likely you are to repay borrowed money on time. 

Today, the best known way to capture your credit score is to use the Fair Isaac Corporation better known as FICO which was first introduced in 1989. The FICO model pulls from three credit bureaus: Equifax, Experian and Transunion to help create your credit score. 

Originally, credit scores were primarily used for loans. Today, your credit score is everything. Whether you are a looking for an auto loan, personal loan, mortgage, or even looking to rent an apartment, your credit score is pulled and will have an effect on your outcome. Many people don’t realize that employers are also starting to pull credit reports on applicants and your score could influence whether or not you get that offer. 

So what does your credit score say about you? 

Credit scores tend to range between 350 and 800, with 800 being a prime score to have. If your credit score is below 550 then you are on the lower end of the scale and will have a hard time getting approved for loans. Many financial institutions and credit card companies will see you as a risk for paying back your loan amount. 

If your credit score is between 550 to 720, then you are in the middle. So what does this mean? This means that you are likely to get the loan you applied for, however, you will most likely be paying a higher interest rate. 

And if you are in the prime, anywhere from 720 and up, then you are in a great place to apply for loans and be approved at the best rates available. 

Calculations

The number one question when it comes to our credit score is… “How is my credit score calculated?” We are presented this three digit number that holds so much weight but how is it figured out? 

Your credit score breakdown is as followed: 

10% Mix of Credit: Do you have a combination of different types of revolving credit loans like credit cards or installment loans like mortgages and auto loans? Having a variety of revolving and installment loans can help boost your credit score. 

10% New Credit: Do you get caught up in offers for store credit cards? “Open a credit card today and save 20%” KEEP AWAY! The more credit cards you open the more credit cards you open in a short time, the more risky you become. So beware this holiday season. 

15% length of credit: Starting and maintaining good credit habits over a long period of time will help raise your credit score. 

30% Capacity: Have you heard of less is more? Well that plays a big role when it comes to your credit score. Let’s say a credit card company gives you a $1,000 limit. Don’t use the full amount. By maxing out your credit cards or lines of credit, you are hurting your credit score. Even if you make payments on time you are still affecting your score. 

35% Payment History: Making payments on time is one way to boost your score and practice good credit habits. When the bill comes in pay it, don’t push it aside and wait because then you might forget about it. 

Your report

What does your report say about you? To view your credit report, you can check out Annualcreditreport.com this will give you an idea of where you can make improvements and what changes you need to make. You can also request your credit score for a small fee. Another great website to use is CreditKarma.com but, the credit score might not be as accurate as you’d like as it is only an estimate. Either way, be sure to check out your credit report and credit score once a year or before apply for larger loans such as, auto loans, personal loans and even mortgages. This way there are no surprises and you can be sure to get the best loan option for you! 

Don’t let a lower credit score set you back.   Now you have all the details on how to take control of your credit. 

^Alysha