GO PRO WITH YOUR FINANCES

Today, outdoors and motorsport enthusiasts all over the world are gravitating close to compact sports action video cameras such as GoPro Cameras. This is largely due to the fact that they allow you to capture every amazing experience with crystal clear quality from some of the best perspectives that you just can’t get with other methods of recording.

I compete in automotive motorsports and several of the drivers including myself utilize compact action cameras as a crucial tool. Using these cameras we can record and analyze several driving techniques which we can then use to improve our routine when it comes time for competition, and greatly improve our overall performance. Without these cameras to use as a tool, it can be very difficult to manage all the different aspects that go in to setting a fast lap time. There are several other types of tools out there but for most people, including myself, monitoring activity with your own eyes is still the best way to stay ahead of the game and make corrections where necessary.

Similar to racing, when it comes to finances it can be very difficult to keep track of all the aspects that go into maintaining proper money management. However there are tools that assist with finances similar to the way action cameras help out professionals in motorsports. FinanceWorks is an application created by Digital Insight that allows people to manage their finances such as checking, savings, credit cards, and loans all within the Credit Union’s online banking site. With FinanceWorks you can live your life while capturing all of your financial action from the best perspective. Then look at where you can make your corrections and adjust your financial management techniques in order to get the best plan possible and stay ahead of the game. This is one of the reasons that FinanceWorks is provided by Tropical Financial Credit Union as part of the online banking program. We want our members to always have the best perspective of their financial activity so that they have the tools needed to GoPro and conquer life’s toughest financial challenges.

-          ^Alec

                

Ready For College and Life on Your Own?

The moving boxes are unpacked and you’ve completed all your college checklists. Being on your own for the first time can be exciting and full of new experiences.  There probably won’t be anyone over your shoulder telling you how to spend your money, so you’ll also want to make sure you’re financially ready.

Here are three ways to be prepared:

1. Create a personal budget

Without your parents there to pick up all the tabs, you’re going to be buying more stuff on your own. It will be important to know how much things cost beforehand, so you don’t overspend. Take some time to figure out the costs beyond tuition and textbooks such as lab fees, gas and food that won’t fall under your school meal plan.

Write out a tentative budget that shows how much you could spend each month. As part of the budget, set aside a little cash for an emergency savings fund. This could help pay for unexpected costs, like parking tickets or laptop repairs.

2. Choose your checking options

After you’ve written a budget, you’ll want to keep track of your money to make sure you’re following your plan. One of the easiest ways to do this is to set up a checking account that offers online banking. In doing so, you can monitor where your money is going seven days a week by reviewing your account on your smartphone or computer.

Consider top checking account perks such as debit cards with purchase rewards, and accounts with no monthly service charges or minimum balance requirements. Financial institutions like TropicalFinancial Credit Union offer products for young adults that have all these features.

When you’re just starting out, it’s easy to slip up and spend more than what’s in your account. Look for institutions with forgiveness programs that discount the first few overdraft fees each year, and don’t charge extended overdrawn balance charges.

3. Weigh the benefits of establishing credit

If you’re responsible with your money and have regular income, now could be a good time to open your first credit card and establish a positive credit history.

Apply for a card that accepts first-time borrowers and offers competitive interest rates. If you manage your account well, it will be reflected on your credit report, which could make it easier to buy a car or home in the future.

Leaving home for college, you need to know how to handle your money. By setting a budget and choosing the right financial accounts, you’ll have the tools you need to do so.

Margarette Burnette, NerdWallet

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