I am all about some April fool’s fun… when I’m the one
playing the jokes. However, I am not very creative with jokes and I tend to
blow my cover before the joke unfolds. But, thanks to others being creative and
the use of Pinterest, I have found some fun, funny and harmless April fool’s
pranks!
Paint a bar of soap with clear finger nail polish and leave
it in the shower. It will still look
like your general bar of soap, however, it will not create any suds or lather.
So it will create a little bit of frustration but will give you a great laugh
later on.
What about desert, is it your night to cook? Maybe you want
to make a special desert for the evening. Try Mashed Potato Sundaes. This is super easy to make, cook up some instant mashed potatoes, and grab a can of gravy. Fill up
the cup, or bowl with the mashed potatoes, drizzle some gravy on top and add a
cherry to the top just to confuse them!
If you and your co-worker always playing jokes on your team, here’s one to have
them laughing! And the best part is, it will work over and over again. Grab a
donuts box and fill it with veggies. Here they will think, “Yummy, something
sweet” and the look on their face when they see the veggies will be priceless.
As I am writing this blog, I came across a great prank to pull on my mother. Yes, I know it’s mean but It will be the all-time best. If
you know someone who is horrified of bugs, (Like my mom) grab an empty cup and
write “Do Not open unless you plan to kill it” This will have them freaking out
all day! I think I need to find a way to record this one, because it’s going to
be awesome!
These are just a few ways to have some fun this April Fools.
Feel free to comment below or share your prank ideas with us on facebook! We’d
love to hear what our members are doing to have fun on April fool’s day.
Credit score… it’s one of those things that makes you or
breaks you. Growing up I use to hear, “No credit is as bad as bad credit and
you can’t get credit unless you have good credit.” WHAT!? Your credit score
tends to say a lot about you, whether you want it to or not. So it’s important
to monitor your credit report because mistakes do happen. If you’re credit
score is 720 or above, you are good to go. If not, let’s chat!
You and Your Credit Report
There are many factors that go into creating your credit
report, inquiries, account history and fraud alerts are just a few. Inquires
allow you to see what companies are pulling your credit report. Account history
is all of the credit lines you have. This means credit cards, loans,
information on payments, negative activity and even sometimes accounts that are
not yours show up. It’s important to review your credit report on a yearly
basis or prior to any big purchases, this way you can ensure you’re in good
standing.
You made a mistake... It happens
Mistakes are going to happen, but it doesn’t mean it’s the
end of the world. It just means you’re going to have to work a little bit
harder. Let’s say you have a late payment history, you filed bankruptcy and
you’ve been in collections for a few things. Your credit score is going to drop
and these items are going to appear on your report for roughly 7 years. That
might seem like the end of the world to you, but it’s not.
If you dwell on these items, you’re going to continue to
lower your credit score. Instead, focus on the things that you can control in
the moment, good credit habits. These include, making your payments on time,
not using 100% of the credit line offered to you, and making sure your checks
are not bouncing. If you can focus on things that are positive to your account
you will be boost your credit in no time.
Myths!
There are TONS of myths out there when it comes to boosting
your credit score. For instance, the more accounts I open the more my score
will increase or signing up for quick fixes you see on late night commercials.
These are all myths. There is no such thing as a quick fix, improving your
credit score will not happen overnight. Instead take the steps like I mentioned
above to help improve your score;
·make your payments on time
·limit the amount of credit you are using
·keep from opening new accounts
Often time, people feel the more accounts they have, the
more their score will increase. Then, they hear the opposite and start closing
accounts to improve their credit score. Both of these strategies are wrong.
Opening and closing accounts affects many areas of your credit score and
therefore can have a negative effect. If you are rapidly opening
accounts, your credit is being examined which is a hard inquiries and hard
inquiries dock points from your credit score. Likewise, if you are rapidly
closing accounts, you might be raising your credit card utilization ratio and
that will leave a negative impact on your credit.
So… what do you do?
Reevaluate what is going on with your credit cards. Do you
have too many? If you have more credit cards than you need, come speak with a
TFCU representative and see how they can help you eliminate the cards which are
not useful to you. Don’t rapidly start closing accounts because that could hurt
you.
If you are just starting in the world of credit, find the
card that best suites you. Maybe one with great reward points or a low interest
rate. Whatever it might be apply for it and use it.
A tip to remember is to space out any credit card account
openings or closing.
There is no quick fix!
While some of these gimmicks and ads might sound great,
there is no quick fix to improving your credit, just hard work and
determination.
Tax season
stirs up a lot of questions, including questions about deductions. I always
wonder if there are certain things I can deduct but am overlooking.
For instance,
did you know if you’re volunteering for a charitable organization by baking
cupcakes or creating something that has out-of-pocket cost, you can deduct the
cost of the ingredients and/ or supplies used? Just be sure to keep the
receipts in case you are audited.
Now, you’ve
made your cupcakes and it’s time to attend the event, but your children can’t
come as it’s an adult’s only event. You hire a babysitter for the evening. Did
you know that is a tax write off? Yup, as long as you are attending an event
where you are volunteering and not being paid, you can add babysitting as a
charitable contribution on your return.
For all those
teachers out there, you might want to read this part. I would say the majority
of teachers pay for supplies out of their pocket and that adds up. But the good
thing is, as a teacher you can deduct up to $250 for materials. While you might
be spending more than that, it’s still nice to be able to deduct something on
your taxes. This applies for K-12 Educators so if you fall into that category
you can deduct that right from your income.
And if you’re
a student this tax season, you are able to deduct the cost of tuition as well
as the fees involved in your education. I remember when I was able to take
advantage of these deductions while I was working on my master’s degree, it was
a nice feeling and the amount of money I had coming back was even better. Plus,
if you have student loans, you can deduct the student loan interest too! So,
being a student isn’t all that bad.
Now, this one
makes me laugh. If you enjoy gambling, you can deduct your gambling losses.
There is a catch though, you cannot deduct more than the amount of income you
made from gambling. So be careful of how much you lose as well as how much you
make.
The amount of
deductions that are offered simply amaze me. Many I never knew about and
probably never claimed on my taxes. This year I need to watch a little
more closely. To see a full list of deductions for individuals be sure to check
out the IRS webpage.
What is “smart tax management”? It’s a combination of timely
filing and taking advantage of everything that can reduce the amount of money
you pay in taxes. While tax management does take a bit of planning,
organization, and know-how, the overall financial benefit is strong.
Maximize retirement savings plans
If you have an employer-sponsored retirement savings plan
(such as a 401(k), 403(b), or 457) available to you, it makes sense to use it.
Since you make contributions with pre-tax dollars, your taxable income and
possibly your tax rate will be lowered. Investments grow on a tax-deferred
basis, so when you retire and take the money out the earnings will be taxed on
your new, and usually lower, tax rate.
IRAs are part of good tax management too. Contributions to a
traditional IRA are tax-deductible, and account earnings aren’t taxed until you
withdraw that money at age 59.5. There are income restrictions, though, and if
you’re an active participant in an employer-sponsored retirement savings plan
you can’t deduct your contributions. While contributions to a Roth IRA are
always non-deductible, the earnings are tax-free.
Use your employee benefits
If you are an employee, your company may offer benefits that
can reduce your taxable income and, therefore, your tax liability (the amount
you owe):
Flexible Spending Accounts (FSAs). Medical FSAs allow you to
set aside money for common health-related costs, and dependent care accounts
let you save for work-related child or dependent care expenses. For both, the
money is taken out through payroll deductions on a pretax basis.
Transportation plans. These plans allow you to use pretax
dollars (and reduce your taxable income) to pay for public transit, vanpooling,
or parking.
Pay the right amount
You know you are paying the correct amount of taxes if you
neither owe taxes nor receive a large tax refund. While a refund may seem
positive, it is really not making the most of your income during the year. For
example, a $2,000 tax refund translates into $166 that you don’t have in your
pocket every month. On the other hand, if you owe and can’t pay the entire sum,
you’ll have to pay interest and possibly penalties, which will only add to your
tax debt.
Make the most of your deductions and credits
A tax deduction is an expense that you can subtract from
your gross income, resulting in a lower taxable income. You can either take the
standard deduction or itemize your deductions. Common examples of tax
deductions are:
An exemption amount for you, your spouse, each child, and
any other qualified dependents, and certain disabilities
Mortgage interest paid on your primary residence
Equity loan or line of credit interest
Charitable contributions to eligible organizations
Certain business expenses
Union and professional dues
Some medical expenses
The cost of tax advice, software, and books
Depreciation of business assets
Some work uniforms and clothing
Moving expenses, in some cases
Some educational expenses
A tax credit is a dollar-for-dollar reduction in what you
would owe for taxes. For example, if you qualify for a tax credit of $1000, you
would be able to subtract that amount from your total tax liability.
Common
examples of tax credits are:
Earned income credit. This credit reduces the tax burden for
lower-income taxpayers.
Education-related credits. The Hope credit can be used for
the expenses that you incur in the first two years of college. The Lifetime
Learning credit applies to tuition costs for undergraduates, graduates, and
those improving job skills through a training program.
Child-related credits. These include credit for child and
dependent care expenses, the child tax credit, and the adoption credit.
File on time – whether you have the money or not
Filing your tax return by April 15 (or August 15 if you file
an extension) is important. The drawbacks of not filing include:
Forfeiting the opportunity to pay in installments.
Your tax bill could increase by 25% or more, due to penalty
and interest charges.
Additional penalties and/or criminal prosecution if you
continue to not file.
Losing the refund, if there's one due.
Forfeiting the Earned Income Tax Credit, if you're entitled
to it
Even if you don’t have the money to pay, file anyway.
Programs are available to help you avoid many of the harsher penalties.
Properly managing your taxes can greatly reduce
the amount of money you pay in taxes and put more.
When most people
think of inflation, their response is usually similar to when they see a
vintage advertisement: reminiscing about the cheaper prices of the past (15
cents for a burger? Awesome!) while simultaneously feeling some resentment
towards today’s ever-rising prices. Generally, inflation is seen as a
frustrating “financial fact of life” that passively affects everyone as price
levels climb and as the dollar’s purchasing power decreases over time.
The reality is
that inflation is affecting your finances more aggressively than you might
realize—especially when it comes to your savings. Without the proper planning
in place, the effects of inflation could actually be costing you your
savings.
How can you lose
money by saving it?
We all know that
saving money is an important part of any financial plan. Our savings fund our
biggest goals, finance our future lifestyle and protect us from life’s
curveballs. Unfortunately, simply saving is rarely enough to counter the
effects of inflation.
As an example,
let’s say that you know you’ll be buying a new pair of eyeglasses sometime in
the next 10 years. The type of frames you like and the lenses you need would
cost about $400 today, so you decide to do your future self a favor. You stash
the cash under your mattress (or some equally obscure hiding place), knowing
that you’ll retrieve it when the time comes to purchase a brand-new pair of
specs. Then you congratulate yourself for doing the right thing by putting that
money aside instead of spending it all. Solid plan, right? Except for one
problem: inflation.
In this example,
$400 is your savings goal based on the price of eyeglasses today. But
following inflation rate patterns, a similar set of frames may cost $485 10
years down the road. Because inflation decreases purchasing power over time,
the same amount of cash (in this case, $400) will buy less in the future than
it does today. You will not have saved enough to meet your goal.
Now, let’s say
that, instead of stashing the cash under your mattress, you park it in a
savings account for that 10 years. You know that it’s a more responsible way to
save—if you’re not going to be spending that $400 for a while, you might as
well be earning interest on it! At a rate of 1.05%, over 10 years, your initial
$400 would grow to $444. You’ll have grown your savings, and while that’s a
positive thing, you’d still be $41 short of getting your new glasses.
This example
makes inflation seem like a minor inconvenience or annoyance—but now imagine
scaling this concept up to a giant savings goal like funding your retirement.
In setting your goal, you may determine that you need to save up $10,000 a year
to maintain the post-career lifestyle you want. But what if by the time you
retire, factoring in the effects of inflation, that exact same lifestyle costs
double or even triple that amount? What are you to do?
Beat inflation
with these strategies
Inflation can
make the act of saving seem like a depressing option, even though savings is a
major contributor to your financial well-being. The first step in countering
inflation is to acknowledge that it exists, that it is affecting your finances
in a very real way and that some extra effort is required to overcome it. The
following suggestions will help strengthen your savings against the eroding
effects of inflation.
1. Plan
accordingly
Even though
inflation doesn’t affect all products and services equally (for example, in any
given year, college tuition rates may rise more steeply than airline ticket
rates), it’s almost certain that, in general, the same things will cost more in
the future than they do today. Adjust your savings goals and err on the
generous side in order to reflect that change.
2. Review your
savings rates
When you first
started a savings account, you may not have been paying too much attention to
what the best interest rates were at the time. Take a look at your savings and
see if there’s any opportunity to consolidate your savings into an account with
a higher return. (Note: Although the minimal rates on savings account products
are usually not enough to counter inflation on their own, taking the time to
re-evaluate your savings products is a good practice that can often save you
money.)
3. Invest your
savings
Inflation is one
of the biggest motivating forces for investing your savings. The ultimate goal
is to find a rate of return that is higher than the corresponding rate of
inflation (and the taxes you’ll owe on that investment income) over that same
period of time. Stocks, bonds, mutual funds and treasury securities are all
potential investment vehicles for your savings. Keep in mind that every form of
investing presents its own set of risks, so the method you choose needs to be
in line with your goals and your timeline. Your credit union can be an
excellent resource when it comes to seeking investment product information or
advice.
In conclusion,
the concept of inflation does a lot more harm than just making us gripe about
the rising cost of goods and services—it makes it difficult for us to
anticipate just how much we need to save in order to reach our financial goals.
Increasing the rate of return on your savings through investing is the best way
to counter the effects of inflation, and it will help ensure that the money you
save today will have the purchasing power to afford what you need in the
future. ^Alysha
St. Patrick’s day, it’s one of those holidays that most of
us love celebrating but we’re not sure why… and if you are over 21 years old,
you know how to celebrate it after work hours. This year why not bring St.
Patrick’s Day to the office? … After all it is on a Thursday. No, I am not
saying make work a party, but there are ways to have fun while still being
professional.
For instance, change up your wardrobe. Add a pop of green
into your outfit. Guys that can mean a tie, a shirt or even socks. And ladies
there is nothing wrong with a green dress, or green pants. But if all else
fails accessorize your outfit with some green. This is an easy way to show that
St. Patrick’s Day spirit at work but still remain professional.
Another way to bring the fun to work is with food! I am a
foodie so this idea makes me so happy, and it’s simple too! Get a group
together, it can be the entire office, your team or a few departments. It’s all
up to you. Now decide on what you’d like to do; breakfast, lunch or snacks.
Then plan.
Since I love food so much, I came up with some ideas that I
hope will help you have a fun and successful St. Patrick’s Day potluck.
If you’re kicking off the morning with breakfast, but sure
to have green coffee. This is easy to do and will add some excitement to the
office. Next, think of items you can die green that won’t affect the taste. Pre-make eggs that are green. Or bring in a waffle maker and make green waffles and
for the ones who don’t cook, pick up some green donuts or green muffins that
could be fun too.
Lunch time. This is my favorite time for a potluck because
you have so much more time to enjoy and you’re not cutting into work
hours. If you want to go all out with the Irish theme, chip in and
purchase corned beef and cabbage from somewhere. If that isn’t your thing, make
a veggie platter that looks like a rainbow. Make some avocado and dye taco
shells green or the meat green and have a taco day. See how creative you can
get with making the food items green. Another fun one is green mac and cheese.
Or really any type of Italian dish with green pasta. Oh and let’s not forget
the deviled eggs. That are also so tasty so why not make those green too.
So maybe you’re more of a dessert person… make a cupcake bar.
Pre-bake green cupcakes and bring as many green toppings as you can find.
Anything from green frosting to sprinkles and even candy. And if baking is your
thing, think about some green velvet cookies, a green cake and really anything
that’s key lime since that’s usually already green.
I think the options are endless when it comes to green
foods. So this St. Patrick’s Day bring the party to the office and have some
delicious tasting food that is… green! Enjoy yourself and be safe
If it’s free it’s for me. I am all about the freebies! I
remember growing up and hearing “there is no such thing as free” well, all those
adults were wrong! There are tons of free things in life. Free Birthday desserts,
free cell phone applications and even free money. Yup, I said it, FREE money.
It’s scholarship time…
And that means FREE money to YOU! Tropical Financial Credit
Union, is doing it once again, their annual college scholarship program. But
this time… there’s more money! I am super excited to announce that this year we
will be giving away $10,000 in college scholarships. Yeah, that’s a lot of
money!
How does it work?
This year we decided to change some things up. There will be
nine scholarship for NEW college freshman and one scholarship for a student
continuing their college education. Each student will be given $1,000 in
scholarship funds. Yeah! Who doesn’t love FREE money?
Plus, as we get closer to the start of the school year, I
will share ways for you to make the most of that $1,000 including discounted
books, how to deck out your dorm room on a budget and having fun while saving
money. Yes, it’s possible. I mean, I did it! But enough about that.
How to enter?
Entering is super easy. Simply come into any TFCU branch and
open up a GenNext Checking account, or open up an account on-line. Once you’ve
opened up that account, pick up or print out a scholarship application. Next,
be sure to answer what you love about TFCU and don’t forget to supply your SAT
or ACT scores and your transcripts.
Submitting is just as easy
Once you’ve completed your scholarship application and
gather your additional paperwork, either mail the application to our
headquarters or simply drop it by any of our branches. The deadline to submit
applications is 5:00 PM April 29th
Be sure to get your applications in early so you don’t
forget… It’s could be a FREE $1,000 in YOUR pocket to use for school expenses!
Tax scams are happening every day and it's so easy to get caught up in the scam. If you get a call from the "IRS" claiming you owe money, the first thing you want to do is pay so you are not hit with penalties or forfeit your refunds, and the scammers have caught on to that. Many scams are taking place through e-mails, mail and even phone calls. If you receive a phone call that seems suspicious, hang up and call the IRS yourself. Don't get caught in a scam. Here are some tips from the IRS that could help you this tax season from getting scammed.
W-2 Scam Targeting Payroll and Human Resources Professionals
Payroll and human resources professionals should be aware of an emerging phishing email scheme that purports to be from company executives and requests personal information on employees. The email contains the actual name of the company chief executive officer. In this scam, the “CEO” sends an email to a company payroll office employee and requests a list of employees and financial and personal information including SSNs.
E-mail, Phishing and Malware Schemes
The IRS has seen an approximate 400 percent surge in phishing and malware incidents so far in the 2016 tax season.
The emails are designed to trick taxpayers into thinking these are official communications from the IRS or others in the tax industry, including tax software companies. The phishing schemes can ask taxpayers about a wide range of topics. E-mails can seek information related to refunds, filing status, confirming personal information, ordering transcripts and verifying PIN information.
Variations of these scams can be seen via text messages, and the communications are being reported in every section of the country.
When people click on these email links, they are taken to sites designed to imitate an official-looking website, such as IRS.gov. The sites ask for Social Security numbers and other personal information, which could be used to help file false tax returns. The sites also may carry malware, which can infect people's computers and allow criminals to access your files or track your keystrokes to gain information.
IRS-Impersonation Telephone Scam
An aggressive and sophisticated phone scam targeting taxpayers, including recent immigrants, has been making the rounds throughout the country. Callers claim to be employees of the IRS, but are not. These con artists can sound convincing when they call. They use fake names and bogus IRS identification badge numbers. They may know a lot about their targets, and they usually alter the caller ID to make it look like the IRS is calling.
Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are then threatened with arrest, deportation or suspension of a business or driver’s license. In many cases, the caller becomes hostile and insulting.
Or, victims may be told they have a refund due trying to trick them into sharing private information.
If the phone isn't answered, the scammers often leave an “urgent” callback request.
Note that the IRS will never: 1) call to demand immediate payment, nor will the agency call about taxes owed without first having mailed you a bill; 2) demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe; 3) require you to use a specific payment method for your taxes, such as a prepaid debit card; 4) ask for credit or debit card numbers over the phone; or 5) threaten to bring in local police or other law-enforcement groups to have you arrested for not paying.
It takes more than words to teach a kid how to ride a bike. Not even the clearest explanation of balance or a dazzling visual aid about proper seat height will help when those handlebars start to wobble. The only way a child can get it is to step on the pedals and practice.
Learning how to save money isn’t much different. Instead of merely telling your son or daughter that saving is important, give him or her a hands-on experience. Just as you’d start your child on a bike with training wheels, consider opening a jointly owned savings account to teach good money habits.
Highlight how much your child should save
One out of three American adults has no emergency savings, according to a study by NeighborWorks America, a nonprofit focused on community development. Introducing children to the notion of saving money at an early age can help them avoid a similar fate.
“It is the power of habit that most gets in the way of consistent saving and good money choices,” says John Buerger, a financial advisor in San Luis Obispo, California, and a father of two. “Those habits are formed when kids are young — ages 5 to 12.”
But if you’re going to encourage your son or daughter to save, you’d better be doing so yourself. It starts with setting aside 10% to 20% of your income, a rule of thumb that also can apply to children who earn money by doing chores or baby-sitting.
For now, placing that cash in a savings account — if possible, one with a high yield — is a good move. Although this won’t produce Big Bird-sized results, it beats leaving cash in a piggy bank. Because you’ll be a joint owner of the account, your child probably won’t have to meet an age requirement. Just be sure to find an account that doesn’t have monthly service charges or other fees.
Although most banks and credit unions let you deposit funds online, Mathew Dahlberg — a financial advisor in Kansas City, Missouri, and father of two — recommends doing this in person.
“After a few months of saving, my children and I went to our bank and deposited our sum,” Dahlberg says. “I think that the sights, sounds and even the smell of the bills and change help them comprehend the abstract concept of saving.”
Differentiate between short- and long-term savings
Some of the best savings accounts come with online tools that let customers set multiple savings goals. Let your child play with these features to see how some savings can be put toward larger purchases, such as a new bike or video game console, and some can go toward candy or movie tickets.
“Gratification delay is important because it helps kids — and adults — learn to save for future needs instead of today’s wants,” says Gary Alt, a Pleasanton, California, financial advisor and father of four.
Keep your child engaged
Unless you’re raising the next Warren Buffett — and if you are, congratulations — topics such as investing and saving money won’t have your kid on the edge of her seat. That makes it important to keep things light and engaging. Some banks and credit unions offer kid-friendly features, such as online games, rewards for getting good grades and other, even more imaginative perks.
“For elementary school kids, have them open a savings account at a bank that has a program aimed at young savers,” says Carrie Houchins-Witt, a financial advisor in Coralville, Iowa, and a mother of two. “Our favorite local bank has a ‘penny grab’ program for deposits of $5 or more, so the kids get to grab a fistful of pennies to add to their deposit. My kids are pretty good at grabbing almost 100 pennies, so that is an immediate 20% return on their deposit.”
Lessons for life
A jointly owned savings account is a great place for kids to stash at least some of their allowance or income. And it also can teach them a thing or two about managing money, which will pay off once the training wheels come off and they open an account of their own.
“If you can build the saving habit from the get-go,” Buerger says, “setting aside money will become less about pain, sacrifice and self-discipline, and spending becomes the outlier activity that goes against what you’ve always done.”
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.
