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January 02, 2013

CUs touted in NAFCU New Year's tips

NAFCU ushered in the new year with a set of six tips, circulated to major media outlets, on how consumers can successfully manage their finances by working with credit unions and planning ahead to meet their financial needs.

"The new year is the perfect time to start fresh and get your finances in order," said Karen Tyson, NAFCU senior vice president of marketing and communications. "Joining a not-for-profit credit union is one of the best ways to make sure you're getting lower fees, more competitive rates and excellent service."

Here, in brief, are six tips to help consumers keep their finances in order:

  1. Stick to a budget – Track expenses and strive to live within your means. If you'd like to create a budget but don't know where to start, credit unions frequently offer free financial literacy classes that can provide assistance.
  2. Make savings a priority – At most credit unions, you can open a savings account for as little as $5. Consider splitting your direct deposit between checking and savings accounts. You can also start vacation or holiday accounts to save up for special occasions, or an emergency fund. Take advantage of 401(k) plans at work and IRAs and share certificates at credit unions.
  3. Avoid unnecessary fees – Use automatic bill payment options to prevent late fees. Most credit unions still offer no-fee checking. Many credit union members also enjoy access to tens of thousands of free ATMs nationwide, including at key 7-Eleven locations.
  4. Choose the right credit card – Many credit cards have rewards programs that allow you to redeem points for anything from travel to gift cards. Also, choose cards with low interest rates. Recent figures show that average rates for credit union classic credit cards are 11.68 percent (at banks, 13.28 percent).
  5. Review financial statements/credit report regularly – Scrutinize credit card statements to ensure identity thieves are not running up charges in your name. Get a free copy of your credit report once a year at www.annualcreditreport.com.
  6. Weigh financial decisions carefully – Cautiously consider your financial decisions; these online calculators can help.

The NAFCU tips were picked up by Yahoo! Finance, UPI.com, DallasMorningNews.com, Miami Herald and elsewhere.

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