Business Credit Cards

Can Small Businesses Afford Not to Accept Credit Cards?

April 25, 2018

It’s probably no surprise that two thirds of shoppers prefer to use credit cards over cash on a day-to-day basis. For consumers, there are usually secondary benefits to using a credit card—they get airline miles or cash back—and there is often less risk in using credit cards—if cash is stolen, it’s gone for good, but if a credit card is stolen, the consumer isn’t responsible for any fraudulent charges made.

But what about the benefits and risks to small businesses of deciding to accept—or not accept—credit cards as a payment option? These days, the balance is tipping more and more in favor of the pros than the cons, especially with the dropping cost of all-in-one card processing systems for even the tiniest of small businesses.

A survey conducted by Intuit found that 83 percent of small businesses that accepted credit cards saw an increase in sales. For those accepting credit cards, fifty-two percent made at least $1,000 more a month, and 18 percent made at least $20,000 more a month. In addition to these convincing numbers, accepting credit cards keeps a business in touch with customer’s spending habits and expectations. Consider these benefits of allowing customers to swipe at check-out.

Benefits

  • Customers are more likely to spend more money when using credit cards, according to many behavioral economics studies.
  • Customers are more likely to make impulse buys if they can use a credit card.
  • By 2011, the combined use of debit, credit, and gift cards surpassed cash.
  • Most customers expect to be able to pay with a credit card; failing to meet this expectation could turn away potential business from them.
  • Credit cards enable customers to make larger purchases.
  • Credit card processors offer faster deposits than accepting personal checks or sending out invoices.
  • With transactions completed through an online terminal, accepting credit cards means fewer trips to the bank, fewer or no bounced checks, and fewer or no invoices to print, mail, and follow up on—which all means more time spent on growing the business!
  • Processing more transactions with credit cards minimizes the amount of cash on-hand in registers, which can be a deterrent for robbers.

Even with all of these benefits, small businesses do have some costs that come with accepting credit cards to consider.

Costs

  • There are fees for use of all-in-one processors and traditional merchant accounts, the two categories of credit card processing solutions for small businesses.
  • A business will be responsible for chargebacks—the demand by a credit card company that a business pay for or make good the loss on a fraudulent or disputed transaction by a dissatisfied customer.
  • If there is a fraudulent claim that initiates a chargeback, the card issuer can debit the merchant account without warning.
  • Fraud liability comes with accepting credit cards. If a fraudulent charge occurs, the business will be out the product sold or shipped and possibly the money paid by the customer for the product due to a refund.
  • There is a standard one- to two-day delay between the merchant account processor approving a transaction and the money deposited into the business bank account.
  • Most processors charge a fee for processing refunds. Some processors, like PayPal, will refund some or all of the original transaction fee charged to the merchant, but many won’t.
  • Some businesses do not wish to enable or participate in the credit card culture of consumer debt, and so refuse to accept payment via credit cards.

For small businesses who believe accepting credit card payments would be beneficial, there are a variety of card processing solutions: all-in-one processing systems, traditional merchant services credit card processors, online payment systems, and processing for mobile sales. The most versatile for businesses making less than $30,000 per month is the all-in-one processing system.

The two most popular all-in-one solutions are Square and PayPal, which accept and support all types of payments—in-store, mobile, and online—from one central, convenient account. They also have the simplest and most transparent fee structures.

Square, for example, does not charge a monthly fee and merchants pay a flat 2.75% fee per transaction (credit or debit) in store and mobile sales, a 2.9% + $.30 fee per transaction for online transactions, and a 3.5% + $.15 fee per transaction for phone sales, invoices, and recurring payments. The reader equipment is also one of the most reasonable among all-in-one systems: in-store card readers or point of sales stations run $0–$500, their online ecommerce store and online virtual terminal are free, and their mobile card reader runs $0–$49.

With 50 percent of shoppers routinely carrying $20 or less in their wallet, accepting credit card payments is becoming the standard for businesses of all sizes. A close study of a business’s current and potential customer base is the best way to decide if installing a credit card terminal should be the next move.

Original Source: http://lmcu.frc.finresourcecenter.com/Small_Business_Services_78922.html?article_id=2591

Credit Cards

Building Credit: Teens and Credit Cards

April 20, 2018

If someone recommended getting your teenager a credit card, your first reaction might be to call them crazy. But maybe there’s something to it. Building good credit is a long and sometimes complicated process. Young adults ages 17 and 18 are signing off on five-digit student loans, young college students are looking to buy their first car with their first auto loan, and before you know it after graduation, the investment of buying a house is looming.

But if credit isn’t established before applying for auto loans, mortgages, or other financing, it could make approval near impossible. You might have heard it before: many lenders would rather you had bad credit than no credit at all. Here’s how making your teen an authorized user on your credit card can help them out in the long run.

Benefits

  1. Your teenager can inherit your credit score (check with your credit card on their reporting practices to make sure they report the account on the authorized user’s—your teen’s—credit report). Not only does this give them a head start in establishing a credit score, it also gives you another reason to keep your own score in tip-top shape! As an authorized user, your teen is not responsible for making payments, but if you make a late payment their credit history and score will suffer. On the flip side, if your teen overspends with the card, you may not be able to make your next payment, which is why a discussion about how and when to use the credit card is an important conversation!
  2. You can teach your teen how to use a credit card responsibly, how interest works, and how habits like delaying purchases and using a budget will help keep them out of credit card debt.
  3. By establishing a credit history as an authorized user of your card, your teen will be more likely to receive better interest rates for loans later in life or pre-approval offers from credit cards with better terms. And remember, establishing credit history is like establishing a verifiable identity in the world of credit and finance.
  4. Your teen will be covered on any additional insurance offered by the card company when they use the card to make certain purchases. For example, when using American Express to purchase plane tickets, you are automatically covered by additional life insurance and baggage loss policies. Other cards offer additional rental car insurance.
  5. A credit card gives your teen back-up access to funds in an emergency. They are also a safer form of currency in the event of theft as fraudulent charges are waived, but cash stolen is cash lost.

There are some steps you can take to prepare your teen for the responsibility of using a credit card, whether their own if they’re 18 or as an authorized user of your credit card.

How to Prepare

  1. Open a checking account with a debit card in their name at your credit union. This will help your teen track cash flow and understand that money is limited (when their account is empty, their card won’t work, just like hitting a credit limit). They will also need a checking account when they are ready for their own credit card.
  2. Start with pre-paid cards. Like a debit card, it sets a mind-set of limited supply: when the card runs out, you can’t overbuy your way into debt. It can also help you monitor their spending.
  3. Talk about how credit cards work. Explain interest rates, compound interest, principle, billing cycles, carrying over a balance from month to month, and the consequences of not paying a bill on time. Discuss how making minimum payments means paying more in the long run in interest, how debt adds up, and the importance of paying off the balance each month. Talk about the permanence of credit history, how a credit score is calculated, and how it impacts them throughout life. Don’t forget to talk about safe credit card use online.
  4. Decide from the beginning what types of charges your teen can put on the card. Then be sure to show them the balance each billing cycle, even if you’re making the payments and they only made acceptable purchases, so they understand how quickly the total adds up and what it would be like if they did have to pay it off. A good plan is to have them make regular, already-planned purchases on the card, like gas or groceries when they are out with you. If they make their own purchases with the card, just make sure they pay you back!

Of course there are lots of things to consider before making the decision to give your teen a credit card. Every teen and family is different, so make the decision best for you.

How credit cards work and how to use them wisely shouldn’t be a mystery—for anyone! Talking to teens about responsible credit card use is a great lesson in financial education and responsibility.

Original Source: http://lmcu.frc.finresourcecenter.com/Loan__Credit_Management_78913.html?article_id=2537

Auto Loan Home Loans

Secured vs. Unsecured Loans

April 20, 2018

Secured and unsecured loans are the most common types of loans the average person will use throughout their life. But do you know the differences? Understanding how these two types of loans work will help you better understand your own financial portfolio.

Secured Loans

A secured loan is one protected by an asset, used as collateral, in case the borrower defaults on the loan. The item acting as collateral can be the item you are taking the loan out to purchase, like a car or a home (auto loans and mortgages are the most common secured loans). The lender will hold on to the title of the car or the deed to the house until the loan is paid in full, including interest. The lender’s claim against the collateral is called a lien.

Secured loans are generally for larger amounts of money because the collateral off-sets the risk to the lender that the borrower won’t make loan payments. If payments stop, the lender can re-poses the car, home, or other assets put up as collateral and use it (usually by selling it) to recoup the money lost through the outstanding loan balance.

Home equity loans or lines of credit are also considered secured loans because they use the amount of home equity as collateral: the current market value of the home minus the amount still owed. Like with a mortgage, failure to make payments on this type of loan can result in loss of the home.

Other assets like stocks, bonds, and valuable personal property can also be used to secure a loan. In general, because they are a lower risk, secured loans have lower interest rates, higher borrowing limits, and longer repayment periods.

If a borrower has poor credit history or is rebuilding their credit, lenders are more likely to consider them for a secured loan over an unsecured loan.

Unsecured Loans

An unsecured loan is not protected by any collateral, meaning if the loan defaults, the lender doesn’t have any property to reclaim and sell. The most common unsecured loans are credit cards, student loans, personal or signature loans, and some home improvement loans. Interest rates are higher for these loans because there is greater risk to the lender.

Paying Off the Loans

If a borrower has trouble paying bills and making loan payments, it’s usually more important to first pay down a secured loan over an unsecured loan. If they fail to make the car payment, for example, they could lose the vehicle, which in turn could put them in danger of losing their job. This is not to say that failing to make on-time payments on unsecured loans is without consequence.

Missing these payments harms a borrower’s credit score and may more quickly drive them into debt due to the high interest payments and unsecured debt (corresponding to secured and unsecured loans, respectively) are treated differently in bankruptcy. Unsecured debts are more likely to be discharged, while some secured debts will be sold to pay off the debt or put under supervision of a court-appointed trustee.

With this information, hopefully you can make more informed decisions when it comes to applying for both types of loans!

Original Source: http://lmcu.frc.finresourcecenter.com/Loan__Credit_Management_78913.html?article_id=2585

Debit Card

WWFCU Now Offers Apple Pay

April 17, 2018

Wayne Westland Federal Credit Union is always looking for new ways to make our members’ lives easier. That’s why we’re excited to announce that our MasterCard Debit Card is now available on Apple Pay!

Here are the perks of Apple Pay:

To see if a retailer accepts Apple Pay, just look for these symbols:

 

We’ll need to verify your account during the wallet set up process.
Click here to see how to add your WWFCU MasterCard Debit Card to your Apple Pay Wallet.

WWFCU will soon be adding its Visa Credit Card to Apple Pay. Stay tuned for details.

Feel free to contact a WWFCU Member Service Representative at (734) 721-5700 or stop by our branch for assistance setting up Apple Pay.
Investments

Redefining Retirement

April 11, 2018

Gone is the dream of twilight years spent on the golf course and keeping an immaculate lawn. And at the same time, gone is the guarantee of Social Security and dependable pension plans. Contributing to this shift in the retirement landscape is the desire of twenty- and thirty-year-olds to be involved and serve a purpose with their time and talents when they get older. They often cite wanting to live more now and spend their retirement years staying relevant and useful, even if that means working part time. All of this means their financial needs in retirement will be different.

What Millennials are looking for might be more accurately termed “financial independence,” which doesn’t have a minimum age requirement or a reliance on programs like Social Security in order to achieve it. With Millennials pioneering extreme budgets, lifestyle blogs, and a willingness to invest in new financial tools, like cryptocurrencies, they are breaking the long-standing mold of work yourself to the bone for 40-50 years in order to retire to a guaranteed life of quiet leisure at 65. Financial independence, on the other hand, can be realized in their 40s, 30s, or even 20s.

Financial independence doesn’t necessarily mean leaving the workforce. It means being able to live a desired lifestyle not hindered or dependent on a certain sized paycheck. It’s saving for short-term goals and not just retirement. That may mean working longer, but it’s more likely to include prioritizing travel, expanding life experiences, working in different fields regardless of income incentive, pursuing fitness, enjoying hobbies, and supporting humanitarian, social justice, or environmental movements.

The shift in views regarding retirement and financial independence may also be due in part to having seen how volatile and changeable any market is. What’s “guaranteed” or a safe bet today, might not be tomorrow. And so putting stock (pun intended) into a single plan for their twilight years doesn’t seem a wise move for a large portion of today’s younger workforce.

That being said, the conventional wisdom of saving 15-20% of net income toward retirement (and this can include aggressively paying off debts) still stands as sound advice if pursuing financial independence for the later years of life. More if you’d like to gain that independence sooner. Diversifying those savings is also a wise move. Take advantage of any matched 401(k) program offered by an employer, but also look into contributing to a Roth account or annuity in addition.

Getting creative and thinking outside the box in regard to finances isn’t something new for younger generations, as many struggle to find ways to pay off large student loans. But they are carrying over this determination, creativity, and willingness to self-educate when it comes to saving for the future near and far-off future.

Original Source: http://lmcu.frc.finresourcecenter.com/Financial_Planning_78896.html?article_id=2555

Savings

Automate Savings to Build Good Habits

April 10, 2018

Automation helps any process or action run smoother and helps remove room for error—like forgetting or making an excuse to not do something or do it differently. And it’s no different for growing your saving account or investment portfolio.

There are dozens of budgeting and financial management apps out there, but Acorns stands out in that it helps you save without you having to think about it—or do any math! By linking your debt and credit cards to the app, it rounds each purchase up to the next highest dollar, automatically depositing the change into a managed investment portfolio based on your risk profile.

If you’ve created a personal budget and have successfully lived within your means for a while, this is an option to start investing and saving in small ways that add up over time. You should keep an eye on your expenses throughout the month while trying out this app to make sure it doesn’t cause you to over spend, but even when you’re ready to make larger, regular deposits into savings, this can be a great way to save more—without thinking about it!

Ideally, a dollar amount to be saved each month should be built into every budget. But how do you decide how much to save each month? A good strategy is to start small with an amount you are confident you can pay each month without trouble. After a few months of successful savings, trying raising that number a little bit. And you can automate this type of saving plan as well. Credit unions offer automatic transfers between accounts and many employers offer automatic deposits from your paycheck into multiple accounts—say a certain percentage into checking and a certain amount into saving.

There are many benefits to using automation to establish a savings habit. Automating saving turns those deposits into another “monthly expense” that you’re more likely to pay. This prioritizes saving and reduces the likelihood you’ll spend those funds on extra comforts. You also won’t forget! It also saves you time and hassle not having to view multiple accounts and manually request fund transfers. And lastly, it supports the saving rule that the more you invest now and consistently, the larger your investment will grow.

Credit Unions

WWFCU is Growing!

March 22, 2018

To better serve its community, Wayne Westland Federal Credit Union (WWFCU) has expanded its field of membership to include all of Wayne County. The WWFCU Board approved the field of membership expansion in July 2017, it was later approved by the National Credit Union Administration (NCUA).

That means if someone you know lives, works, worships, attends school or volunteers in Wayne County, they can join WWFCU. In addition, registered members of St. John the Baptist Parish in Dearborn Heights and the Notre Dame Council #3021 Knights of Columbus in Wayne as well as most members and employees of the Roman Catholic Parishes in the Western Wayne Vicariate can join.

So, let your Wayne County family and friends know that they too can experience all the benefits that come with being a member of WWFCU.

To get the details of our field of membership expansion, or if you have any questions, please speak to a WWFCU Member Service Representative at (734) 721-5700.

Home Banking

New WWFCU Online Banking Experience

March 19, 2018

WWFCU is always looking for ways to improve our services and help make our members’ lives easier. With that in mind, we’re very proud to announce that we’ll be launching a new, user-friendly and state-of-the-art online banking platform.

The new online banking system goes live on Monday, March 26. But don’t worry, you’ll have the same username and password as before!

Below are a few images of what you can expect

As promised, your WWFCU online banking login experience stays the same – as does our home page!


This is what the new WWFCU account page will look like:

If you have any questions about our new online banking experience, you can contact us at (734) 721-5700 or memberservice@wwfcu.org.

Financial Wellness

8 Keys to Becoming Financially Independent

February 7, 2018

Most people aspire to become financially independent, but few actually think about or take the actions necessary to reach independence.

Budgeting-and-AccountingFinancial independence means having sufficient financial resources to comfortably choose whether to work or not work, or perhaps work in a highly desirable job that otherwise couldn’t support your standard of living. It means being able to withstand the inevitable financial storms along the way. But what key steps does it take to achieve financial independence?

  1. Set specific goals. Goals define what financial independence will look like for each of us. Goals, particularly specific goals written out with timetables, can motivate us to initiate and stick with the other keys to financial independence.
  2. Consistently spend less than you earn. Yes, your mother probably taught you this when you were receiving an allowance as a youngster, but so many of us forget this basic principle. Unless you spend less than you earn, it’s impossible to become financially independent — short of winning the lottery. Consistent saving is even more important than the investment rate you might earn with that savings. Aim for saving at least ten percent of your pre-tax income. If you’re unable to save ten percent now, saving a smaller percentage will help you—especially if you start saving while you’re younger and can let the power of compounding work for you.
  3. Create a spending plan. The key to spending less than you earn is to create and follow a spending plan. In general, if you subtract your expenses from your earnings, the amount left should be your savings. Another way to view your savings, though, is to treat savings as an expense item and put it at the top of your budget. Simply have the money deducted from your paycheck and deposited into your savings account. You won’t miss it, and you won’t be tempted to spend it.
  4. Invest. To build financial independence, you’ll need to earn a reasonable return on your savings. A savings account alone is not enough. Invest in stocks, bonds, and other assets that involve an acceptable level of risk. Yes, there’s the risk of some loss of principal, but understand that investing is for long-term goals that are at least five years away. When you are closer to reaching your goals, shift the invested funds into those lower-earning but less risky savings accounts and money markets.
  5. Stay invested. One of the big mistakes many investors make is waiting to invest until the market is really strong and then bailing out when it sinks. In short, they buy high and sell low. Get in and stay in—and make adjustments if necessary. Keep in mind that the bulk of the returns of a bull market tend to come early in the upswing, and people often miss out on them because they’re waiting for the market to turn “hot.”
  6. Diversify. It’s important to diversify your assets. Overloading on company stock, on stock in the industry in which you work, or on other higher-risk investments is an open invitation to trouble. By spreading your investment money among several asset categories, you minimize the impact of the downturns of a particular segment.
  7. Use tax-favored accounts. Retirement plans and individual retirement accounts are the most efficient way to build toward financial independence because you get more bang for each invested buck, especially if your employer matches your contributions.
  8. Bulletproof your independence. As you accumulate money for financial independence, you need to protect it. The primary way is insurance—not just life, health, auto and homeowner’s insurance—but disability and liability coverage. Disability insurance helps offset the loss of income if you can no longer work due to a disability, and liability coverage is a cushion against lawsuits. Another form of insurance is a cash-reserve emergency fund where dollars are kept in a savings or money market account to see you through emergencies or a stretch of unemployment, so you don’t have to dip into retirement accounts or other investments.

This article was submitted by the Financial Planning Association, the membership organization for the financial planning community. FPA members are dedicated to supporting the financial planning process in order to help people achieve their goals and dreams. Submission of this article does not imply an endorsement or recommendation of the Financial Resource Center site.

Original Source: http://lmcu.frc.finresourcecenter.com/Money_Management_78868.html?article_id=102

Auto Loan

Vehicle Purchase: Lease vs. Buy

February 6, 2018

Should you lease or buy your car? Use this calculator to find out! We calculate your monthly payments and your total net cost. By comparing these amounts, you can determine which is the better value for you.

LINK TO HANDY LEASE VS. BUY CALCULATOR

Lease vs. Buy Definitions

Purchase price

Total purchase price. Price should be after any manufacturer’s rebate.

Down payment

Amount paid as a down payment, which for leases is often called a capital reduction.

Sales tax rate

Percentage sales tax to be charged on this purchase. Sales tax is included in each lease payment. Sales tax for buying is charged on the total sale amount.

Investment rate of return

Rate of return on investments. This is the return that you would make if you were to invest your down payment or security deposit instead of using it in your auto purchase or lease.

The actual rate of return is largely dependent on the types of investments you select. The Standard & Poor’s 500 (S&P 500) for the 10 years ending Dec. 31st, 2012 had an annual compounded rate of return of 7.1%, including reinvestment of dividends. From January 1970 through the end of 2012, the average annual compounded rate of return for the S&P 500, including reinvestment of dividends, was approximately 10.1% (source: www.standardandpoors.com). Since 1970, the highest 12-month return was 61% (June 1982 through June 1983). The lowest 12-month return was -43% (March 2008 to March 2009). Savings accounts at a financial institution may pay as little as 0.25% or less but carry significantly lower risk of loss of principal balances.

It is important to remember that these scenarios are hypothetical and that future rates of return can’t be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that funds and/or investment companies may charge.

Loan term in months

Term in months for your auto loan. Typically this is 36, 48, 60 or 72 months. If your loan term is longer than your lease term, we compare the buy vs lease options to the time the lease expires, and then use your remaining loan term to calculator you outstanding loan balance.

Loan interest rate

Annual interest rate for your loan.

Other fees

Any fee, other than a capital reduction or down payment, required to be paid at the time of purchase. This may include license, title transfer fees, etc.

Annual depreciation

The rate of depreciation gauges how fast your new automobile will lose its market value. A high depreciation rate is about 20% per year, medium is 15% per year and low is 10% per year.

Market value of vehicle

Value of your auto after the lease term is over.

Net cost of buying

This is the total cost of buying your vehicle. This is calculated as:

  1. + Total up Front Costs (down payment + other fees)
  2. + Lost interest
  3. + Outstanding loan balance at time lease expires
  4. – Market value of vehicle at time lease expires
  5. = Net cost of buying

The lost interest on your purchase includes any interest you would have earned at your investment rate of return on the buy option’s down payment and other fees. If the monthly payment for leasing is less than the monthly payment for buying, this also includes any lost interest due to the higher monthly payments. If leasing is more expensive than buying, your interest costs for buying are reduced by the amount of interest you would earn on the difference.

Lease term in months

Term in months for your auto lease.

Lease interest rate

Annual interest rate for your lease.

Other fees

Any fee, other than a capital reduction or down payment, required to be paid at the close of the lease. This may include license, title transfer fees, etc.

Residual percent

For leases, this is remaining value after the lease term expires. The higher this amount, the lower your lease payment will be.

Security deposit

Refundable security deposit required at time of lease. We assume that the security deposit is fully refunded at the time the lease ends.

Net cost of lease

This is the total cost of leasing your vehicle. This is calculated as:

  1. + Total up Front Costs (capital reduction + other fees)
  2. + Total Lease Payments
  3. + Lost Interest on Lease
  4. = Net cost of lease

The lost interest on your lease includes any interest you would have earned at your investment rate of return on the lease option’s down payment, security deposit and other fees. Please see the definition for ‘Net cost of buying’ for an explanation on how we account for any interest you might earn by having a lower monthly lease payment.

Original Source: http://lmcu.frc.finresourcecenter.com/Lease_vs_Buy_78872.html

Loans Tips

Six Tips for Saving Money on the First Year of College

September 11, 2017

Everyone knows that college tuition and fees are high-cost items, but what about the many other expenses associated with higher education? Parents of freshmen are often very surprised by the price of books, travel, dorm accessories and other college necessities. The Michigan Association of CPAs offers six tips on how to save on these and other expenses.

Think Small

Most dorm rooms are pretty cramped, with limited space for each occupant. That’s why it’s a good idea to be conservative when shopping for dorm room accessories. A basic set of linens, a couple of pictures or posters and some personal items to sit on the desk or dresser should be enough. Make a list of the minimum number of things necessary, then buy only what’s on that list. You can always buy more if you need it, but you’ll probably find that you don’t.

Don’t Be Too Hasty in Buying Appliances

Before purchasing appliances or electronics, check first with the college to find out what they supply and what items might be prohibited. A mini-fridge may not be necessary, in other words, if there’s a kitchen down the hall or in the room. In addition, some schools don’t allow students to bring appliances such as toasters or coffee makers because they are fire hazards. Don’t forget, also, to check with your future roommates to see what they are bringing that can be shared.

Take Advantage of College Discounts

The lion’s share of college spending will be devoted to electronics, which will cost an average of about $210, according to the National Retail Federation. Be aware, though, that colleges often arrange for generous discounts for their students on technology purchases, so be sure to contact the school before you buy to take advantages of any possible price breaks. In addition, remember that some financial aid packages cover the cost of computers.

Buy Gently Used Books

Students spent an average of $1,137 on books and other course materials in the most recent academic year, according to the College Board. Less expensive used books are available in college bookstores and many online sources, so be sure to turn to these sources first. Check online for chances to rent textbooks as well.

Don’t Waste Your Dining Dollars

Many freshman sign up for a meal plan when they start college, but some find those plans don’t really suit them once school begins. Some plans emphasize meals eaten in the dining halls, while others feature “dollars” you can spend in a number of ways. If you’ve committed to an all-you-can-eat plan in the dining hall but find that you’re more likely to grab a sandwich on the way to class, you could be spending far more on your plan than necessary. Determine your realistic dining habits—on the go or at the buffet—and see if it’s possible to switch to the least expensive option that best matches those habits.

Stay Put

Many students drive home every weekend, but with the high cost of gasoline that can add up to a very expensive trip just to get some laundry done. In fact, since some college parking permits cost in the hundreds of dollars, it may be a good idea to leave the car at home. When students need to travel, they should consider carpooling or taking less expensive public transportation.

Your CPA Can Help

Whether you’re trying to limit college spending or address a range of other financial concerns, be sure to consult your local CPA. He or she can provide the advice you need to make the best financial choices for your family.

You seek the expertise of CPAs at tax and audit time, of course. But CPAs also promote personal and professional financial security year round. Visit the CPA Referral Service on the MACPA website to search for a CPA in your geographical area or specific area of expertise.

WWFCU offers a multitude of ways to get cash for what you need, ranging from Personal Loans and Share Pledge Loans.

This article was submitted by the Michigan Association of CPAs.

Original Source: http://lmcu.frc.finresourcecenter.com/Saving_for_College_78899.html?article_id=1343

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