Spring Has Sprung!

Our windows are open,  the fresh, cool air wafting through our home.  A sign that it is time for Spring cleaning!!  YEAH!!  Or, noooo….

This is the time of year I usually take a few days off of work and spend it cleaning out the drawers, freshening up the house, a coat of paint here and there, some fueng shui furniture placements (for good luck, of course!) , working in the yard- making sure our over-sized yard of  St. Augustine grass, mango, avocado and citrus trees are properly fertilized.  As well as and getting together some Goodwill donations. 

My spring routine starts with reviewing my bills – I am always looking for ways to save here and there…so, I call the cable company, the phone company, cell phone service provider and the insurance companies – all of them;   auto, home, windstorm and flood, too! The cable and cell phone service providers are ALWAYS cooperative and even if it’s only a few dollars, I seem to work out something that satisfies both me and the company.   I am checking into switching insurance providers to see if I can make a substantial difference in my very high premiums, I guess living in a tropical paradise has its downfalls.  We have been with the same company for so long and feel a sense of loyalty, but the premiums have become outrageous.

Hopefully, I will be successful in my quest to clean out the old and start with the new.  Review my expenses and make some changes.   It takes me a while to get started, but once I do look out!  

If I can only get off the sofa….

 

^Kat

Relay For Life - A Successful And Moving Experience

Some of the Tropical Financial Credit Union team members
for Relay For Life. The team raised more than $7,000!

This past weekend 27 employees of Tropical Financial Credit Union along with their families walked the track at Walter C. Young Middle School in Pembroke Pines in the annual Relay For Life event.  I’m VERY proud of everyone on the Tropical team, especially by the fact that we raised and donated $7,129.68 in the fight against cancer.  It wasn’t just the employees who helped raise that money – our members helped by donating over the last few months at local branches and even online.  In the true spirit of community we came together as one and surpassed our team goal of $5,000!

As part of our team donation we had sponsored what I consider to be the most moving portion of the event:  the Luminaria ceremony.  This is the part of the evening when all the lights are turned off and the track is illuminated only by the glow of remembrance bags, each with a candle inside representing the memory of a lost loved one, or to honor a survivor who continues their battle against this terrible disease.  As we walked in silence around the track we were led by a bagpiper whose melodic sounds filled the air with songs like Amazing Grace.  You walked by people who would kneel or sit next to the candle they lit for their own loved one and had to really resist the urge to put your arms around them to bring them comfort.  But then you looked around and realized they were surrounded by the warmth and comfort of hundreds of people all sharing in their pain and in their hope.

The Luminaria ceremony is a time to remember
those that have passed and honor those that continue to
fight against cancer.

I believe there will come a day when we really do hear the good news that a cure for cancer has been found.  I also know without research dollars that day will be much further down the road than it should be.  Sometimes something as small as a one dollar bill could tip the scales, it could be THE dollar that helps fund the research that leads to the cure…you just never know.

Community involvement is part of the reason we exist as credit unions. On Friday and Saturday, that involvement was shared in a much greater community that was Relay For Life….for that I’m humbled and grateful.

^Amy

Debt Consolidation is Key

Now that the holidays are well behind us, tax season is in full swing. The big question that always comes up in our household is what to do with that tax return.  We are bombarded with all the furniture stores, electronic stores, and new car ads luring us in with their special deals so we’ll spend that tax return money. My son just got a 60 inch plasma TV with surround sound with his money (yeah he fell for it), but maybe instead of bulking up on the latest gadgets, maybe now is a better time to look at what debt we already are carrying and see how best to consolidate it to help pay it down quicker.

Did you know that if you have a credit card and you use more than 1/3 of your limit it actually can hurt your credit score? You can pay perfectly on all your debt, paying down more than minimums, but if you’ve got cards that are maxed out, or close to being maxed out you still are damaging your credit.  This is known as your "level of debt," which is measured by how much of your limit that you are using. Having a high credit balance, relative to your credit limit, increases your credit utilization and decreases your credit score.   Stick to the 30% rule – never put more than 30% of your limit on each of your cards. If you find that you’re having a hard time with that, you can transfer some of your balances to other cards to bring the balance down to 30% or lower, or even ask the provider to increase the limit so that your balance is lower.

Did you also know you can look at things like your car or home to refinance and pull equity from to help pay those higher interest rate cards down to a point where you can help your credit?  Add to that the money you get back from your tax return and you can get yourself closer to your goal of getting out of debt.   

One of the things I LOVE about credit unions is they care about their members to the point of looking at your whole financial picture and helping you find solutions that work for YOU – not them.  It’s pretty simple:  banks need to satisfy shareholders so they must make money to keep that group happy. At a credit union, they exist as not-for-profit cooperatives; which is a fancy way of saying they don’t have pressures to satisfy shareholders, they work for you…period.

So if you are anxiously waiting for that big deposit from Uncle Sam, or if you’ve recently received it, instead of measuring for a new TV set, make an appointment with a Financial Service Specialist at TropicalFinancial Credit Union to help you get complete control of your finances from a place that truly cares about you.  Give us a call today at 888-261-8328.

^Amy

Share The Love

Valentine’s Day is a day that we all either love or really would like to skip – it’s always one or the other. Those of us who have been lucky in love, savor the day and all its meaning; while those of us who haven’t found that “perfect someone” spend the day just wishing that the calendar would flip to the 15^th.

Being a Credit Union, we think every day is Valentine’s Day in that we really love our members and the communities we serve.  One way we show our love of community is being involved IN our community through participation in local events, especially when it involves helping others. 

Currently we are in the process of raising money for a local Relay For Life event.  You can help us very simply by sharing this post with as many people as you know.  During the month of February we are going to match one dollar for each LIKE on Facebook and each Follower on Twitter up to $5,000! Help us spread the love for helping others by helping us fight cancer.   According to the American Cancer Society, more than 12 MILLION people are sharing Valentine's Day with their loved ones thanks to money raised through Relay For Life. Help us raise that number!  Who knows, your simple Like or Follow could equate to the one dollar that helps fund the breakthrough medical treatment that ends cancer.

^Amy

Don't Let Your Wallet Breakdown

A few weeks ago I promised my mom that we would drive her from South Dade to Auntie Marie’s home in Broward so that she could visit with her for the weekend.  They are both 80 years old and neither one drives further than the nearest Publix.

Of course, a few days before the scheduled weekend visit my dear husband’s car starting acting up and eventually stalled in the middle of the street.   Our trusty old SUV is getting older and has quite a few miles on it, but thankfully we purchased the mechanical breakdown service from Tropical Financial Credit Union.

Well, we got out our contact numbers and drove to the dealership.  The shuttle drove us home while the mechanics made their diagnosis….dum dum dah dum…   Late that afternoon, we received the call.  The problem has to do with the transmission, but the part is not on the premises.  It has been ordered and wouldn't be there until the following week.   We were given a rental and were on our way to drop off mom at Auntie Marie’s.    A week later we got a phone call advising that our car was ready and available.  We headed to the dealership, signed the papers, returned the rental and off we went at NO  CHARGE!!   When I looked at the bill it was well over $1500!   The labor alone was over $500, not to mention an eight day car rental….

In the past we never keep a car more than 2 years, and therefore we never needed the mechanical breakdown warranty.  Statistics are showing the consumers are hanging on to their cars longer than ever before, and we’re no different. These past few years we have tried to economize and have kept the cars, so when this car turned 3 years old a co-worker convinced us to purchase the mechanical breakdown service even though the car was older.   The problem was not having the cash on hand, so we took out a personal loan and purchased the insurance.  The monthly PSL payments were almost insignificant in dollar amount, but very significant in our lives as far as breakdowns are concerned.  Although we have not had too many incidences, I totally dislike being inconvenienced and not having MY car when I want it…I’m sure you all can relate.  I am totally happy with the smooth and efficient way that this whole insurance thing works.   A certified mechanic calls the service provider, a diagnosis is made, if necessary a representative visits the repair shop/dealership to inspect the problem as well as the resolution, and everything is handled between the mechanic and the insurance company.  I'm also provided a rental if necessary and I am on my way.  So, no more haggling with the mechanic as to which thing should I fix now, and which should I fix later when I have the money.  Minimal inconvenience and it has proven to be the best money we have ever spent.  

A single major car breakdown can impact a family and their financial status.  Invest in yourself; ask your Tropical Financial Credit Union representative for a quote for mechanical breakdown insurance for your car – peace of mind for you and your family. 

^Kat

0% Financing Can Cost You Money

Nowadays people are holding onto their cars longer and longer but at some point it becomes more expensive to keep repairing them rather than biting the bullet and just buying a new (or used) one.  Just ask my husband who spent months paying close to $1,000 a month to keep his 2003 car alive rather than just finance a new or used one paying only $200-$300/month…lesson learned.

This seems to be the time of year when the dealers LOVE to lure in with their 0% offers. It’s usually a 0% financing (and usually for a short term like 36 months) OR cash back type offer and IF you qualify for 0% you have to make the decision to take the 0% rate OR the rebate amount.  That 0% may look mighty appealing, BUT if you look at the big picture taking the 0% over the rebate actually can COST you more money in the long run. Let’s take a real simple example – you find the perfect car and negotiate the price to be $20,000. There is a manufacturer rebate of $2,500 OR 0% offered AND you qualify (congratulations you must have pretty good credit).  You also have a trade-in valued at $1,000 and you even have an extra $500 to put down.  For simplicity sake we’ll keep the term the same – 36 months, here’s how it breaks down:

	0% Dealer financing	Credit Union financing
Price of car	$20,000	$20,000
Down payment	$500	$500
Trade-in	$1,000	$1,000
Manufacturer rebate	$0	$2,500
Amount financed	$18,500	$16,000
Number of months in loan	36	36
Loan interest rate	0%	3.00%
Monthly Payment	$514	$465
Total cost	$18,500	$16,751
Total interest paid	$0	$751
SAVINGS	$0	$1,749

Not only are you saving money every month on your payments, but you end up paying nearly $2,000 LESS than if you took the 0% financing offered through the dealership.

The best way to handle your options to make sure you’re getting the best deal is to research your options. Get pre-approved at the credit union BEFORE walking into the dealership so you are armed with the power of knowing exactly what you can afford and how much it will cost in the long run.  Remember TropicalFinancial Credit Union is here for your best interest – it’s part of our mission to put people first so you feel Right Where You Belong!

^Amy

Budgeting Strategies for 2013

Happy 2013!

While you’re working on your New Year’s resolutions, make some time to take a fresh look at your budget. Here are some real-world tips to help you get started.

Determine your monthly income

For most people, income isn’t one-dimensional. To find out how much money you have to work with every month, factor in your monthly salary (after taxes), interest you earn from a savings account, money from your parents or investments, and any other regular and reliable source of money. Do not factor in your line of credit, or any work or money source you plan to have in the future. Focus on what you have right now.

Track your purchases

Don’t start budgeting by making a list of stuff you want to buy. Instead, track the things you’re already buying and see how much you’re currently spending each month. If the total amount you’re spending is more than the amount of money you have coming in, it’s time to cut back.

Discover your priorities

Bills and living expenses come first. Everything else is secondary. No exceptions! This is the only way to avoid debt. You need to pay your rent and put food on the table, but you don’t have to go to a concert. Don’t panic: no one’s asking you to stay home every night. Just remember that fun isn’t the foundation of your budget.

Don’t ignore your splurges

Everyone splurges on something. Maybe it’s fancy coffee, craft beer or another pair of shoes you don’t technically need. You may like to think you’ll never splurge again, but don’t kid yourself. You’ll be much better off if you’re realistic about these purchases and include room for them in your budget. Splurge responsibly.

Leave some wiggle room

Include room for “miscellaneous expenses” in your budget, too. Even if you’re the most diligent person in the world, we guarantee you’ll have surprise expenses once in a while. Life happens. You may have to pay a parking ticket or a medical bill, and ideally, you shouldn’t have to dip into your savings for expenses like this.

Use credit cards wisely

Credit cards let you make purchases quickly and easily, but that convenience comes with a price. You’re more likely to make purchases without thinking them through. To avoid this, plan ahead for your credit card purchases to make sure you can pay them off each month. When you make your payments on time, you can also take full advantage of your rewards points.

There’s an app for that

Are you a smartphone user? Consider downloading a personal finance app to help you track your purchases and keep your finances organized. We really like Expenditure, SplashMoney, MoneyStrands and Adaptu Wallet. Play around with a few and see which one like best, then make a point to use it regularly. If you don’t have a smartphone, try downloading a free budgeting worksheet. You can also use Tropical Financial’s budgeting calculators.

Guest Blogger: Laura Edgar is a senior writer for NerdWallet.com, an unbiased financial comparison website.