wwfcu_9ocxxop6 - Wayne Westland Federal Credit Union

Map Out Your Finances

January 14, 2013 wwfcu_9ocxxop6

The details of our financial lives can be tricky, and without a clear road map it’s easy to feel lost. Changes in tax laws and the family structure offer potential complications in how we handle our money, so heed these tips as you make financial plans for the future.

Invest. If you have extra money after paying the bills and funding tax-deferred retirement plans to the max (and perhaps socking away a few dollars for your kids’ college tuition), think about investing what’s left. In the long run, you’re likely to find compounding returns far more rewarding.

Assess your financial relationship. As your financial relationship with your spouse matures, consider combining more of your assets, opening investment accounts for retirement purposes or your kids’ college costs, and diversifying your investment strategies. It doesn’t mean that you have to merge all of them (and remember that 401(k) and IRA plans can’t be) so you’ll still have some financial autonomy.

Save for college. The right strategy to save for your children’s higher education depends on several factors—your tax bracket, the investment flexibility that you require, and the amount you have to save. You may think your kids can apply for financial aid, but know that many colleges are taking education savings into account when calculating a family’s need for grants or loans. Explore 520 savings plans, Education IRAs, or taxable investment accounts.

Protect yourselves. There’s no such thing as total job security, so financial advisers recommend an emergency fund. While you may find it difficult to start a “just in case” fund, plan for one by knowing what your fixed expenses are, guessing how long you may be unemployed, and by starting to make regular deposits into a dedicated “lost job” account.

Financial Wellness

Tax Tips for Recently Married Tax Payers

December 28, 2012 wwfcu_9ocxxop6

If you’ve recently updated your status from single to married, you’re not alone; late spring and summertime is a popular period for weddings. Marriage also brings about some changes with your taxes. Here are several tips for newlyweds from the IRS.

Notify the Social Security Administration It’s important that your name and Social Security number match on your next tax return, so if you’ve taken on a new name, report the change to the Social Security Administration. File Form SS-5, Application for a Social Security Card. The form is available on SSA’s website, by calling 800-772-1213, or visiting a local SSA office.
Notify the IRS if you move IRS Form 8822, Change of Address, is the official way to update the IRS of your address change. Download Form 8822 from IRS.gov or order it by calling 800-TAX-FORM
(800-829-3676).
Notify the U.S. Postal Service To ensure your mail – including mail from the IRS – is forwarded to your new address, you’ll need to notify the U.S. Postal Service. Submit a forwarding request online or visit your local post office.
Notify your employer Report your name and/or address change to your employer(s) to make sure you receive your Form W-2, Wage and Tax Statement, after the end of the year.
Check your withholding If you both work, keep in mind that you and your spouse’s combined income may move you into a higher tax bracket. You can use Publication 505, Tax Withholding and Estimated Tax, to help determine the correct amount of withholding for your marital status, and it will also help you complete a new Form W-4, Employee’s Withholding Allowance Certificate. Fill out and print Form W-4 online and give it to your employer(s) so the correct amount will be withheld from your pay.
Select the right tax form Choose your individual income tax form wisely because it can help save you money. Newlywed taxpayers may find that they now have enough deductions to itemize on their tax returns rather than taking the standard deduction. Itemized deductions must be claimed on a Form 1040, not a 1040A or 1040EZ.
Choose the best filing status A person’s marital status on Dec. 31 determines whether the person is considered married for that year for tax purposes. Tax law generally allows married couples to choose to file their federal income tax return either jointly or separately in any given year. Figuring the tax both ways can determine which filing status will result in the lowest tax, but filing jointly is usually more beneficial.

Bottom line: planning for your wedding may be over, but don’t forget about planning for the tax-related changes that marriage brings. More information about changing your name, address and income tax withholding is available on IRS.gov. IRS forms and publications can be obtained from IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Provided Compliments of culink.com

Fraud Protection

Identity Theft: Protect Yourself from Predators!

December 17, 2012 wwfcu_9ocxxop6

Defined as when one person masquerades under the identity of another, identity theft has flourished in recent years with the advent of online, faceless Internet lending and credit transactions.

Although it is almost impossible for consumers to completely guard themselves against identity theft, the Federal Trade Commission (FTC) and other consumer agencies suggest the following best practices that may help reduce the risk of loss.

Before you reveal any personal, identifying information, find out how it will be used and whether it will be shared with others.
Pay attention to your billing cycles. Follow up with creditors if your bills don’t arrive on time. A missing credit card bill could mean an identity thief has taken over your credit card account and changed your billing address to cover his tracks.
Guard your mail from theft. Deposit outgoing mail in post office collection boxes or at your local post office. Promptly remove mail from your mailbox after it has been delivered.
Put passwords on your credit card, bank, and phone accounts. Avoid using easily available information such as your mother’s maiden name, birth date, phone number, and child’s name.
Minimize the identification information and number of cards you carry to what you’ll actually need.
Do not give out personal information over the phone, through the mail or via the Internet unless you have initiated the contact or know whom you’re dealing with.
Keep items of personal information in a safe place. Be sure to tear or shred receipts, copies of credit applications, insurance forms, bank checks, and statements before disposing.
Be cautious about where you leave personal information in your home, especially if you have roommates, employ outside help, or are having service work done in your home.
Find out who has access to your personal information at work and verify that the records are kept in a secure location.
Give out your Social Security number only when absolutely necessary. Ask to use other types of identifiers when possible.
Don’t carry your Social Security card; leave it in secure place.
Order a copy of your credit report from each of the three major credit reporting agencies every year. Make sure it is accurate and includes only those activities you’ve authorized.
Only do business with Internet companies that use a secure form to capture private information (such as an account number or credit card number). For example, you can tell if the form is secure if the lock or key symbol on your browser status bar is solid instead of broken or open and https appears in the URL line.
Avoid the temptation of purchasing a product from a merchant or through an auction site where the deal looks too good.

If you feel you have been a victim of identity theft, contact the FTC’s Identity Theft Hotline toll-free at 1-877-IDTHEFT (438-4338); by mail: Identity Theft Clearinghouse, Federal Trade Commission, 600 Pennsylvania Avenue, NW, Washington, DC 20580; or online.

Provided Compliments of culink.com

Financial Wellness Savings

How to Budget?

December 10, 2012 wwfcu_9ocxxop6

You can make your own budget worksheet using either a pen and paper or a computer spreadsheet program. Think of your budget in terms of two things: money and time. Money, of course, is divided into its own two categories: Income and Expenses.

Follow these steps to make your budget worksheet:

List your income in a vertical column down the left side of the page. Think of all the sources of income (including paychecks and interest) that you receive. Also, consider how often this income becomes available to you. For example, are you paid weekly or every other week?
List your expenses below your income in that same column. Begin with major expenses such as a car payment, car insurance, food (including school lunches), clothing, and entertainment. Include all expenses, whether you pay in the form of a check, cash, credit card, or the amount is deducted from your credit union account. Remember to include any finance charges, such as interest on your auto loan.
Now, list the related timeframes in a row across the top of the page. For instance, does the expense or income occur weekly, per paycheck, monthly, quarterly, or yearly? Is the expense tax-deductible? If so, add a heading for this in your horizontal row. When you are finished you should have the beginning of a grid or chart. Use this as a worksheet to help you categorize and plan. When you first start using your budget worksheet, you might find that you change it often. That’s good! Your worksheet should be a working document.
Now that you have a “skeleton” worksheet, add anticipated expenses. Are you planning to go to college or participate in a wedding (as either a bridesmaid or a groomsman)? All of these require that you spend a lot of money. (Hint: Anticipate that you will have to spend more than you’d prefer, and budget accordingly. It’s better to be prepared than shocked.) You can also consider anticipated sources of income, such as the yearly birthday check from your Aunt Mildred. Be careful, though; don’t spend the money before you have it.
Don’t forget the “small stuff”! Do you buy soda pop or special coffee, eat lunch out, or buy snacks from the vending machine? If so, keep track of how often you do—and how much you spend. All of these purchases add up throughout the week, the month, and the year. So budget for these, or do without!

Remember: Use your budget as a tool to help you achieve your goals. Once you set up your categories and make it a point to record the appropriate dollar amounts, you’ll see how easy it is to continue recording your income and expenses.

The most difficult part is getting started. But once you have your plan in place, you’ll recognize the power of the information that you have at your fingertips!

Provided Compliments of culink.com

Financial Wellness

Take the Rebate!

December 3, 2012 wwfcu_9ocxxop6

Manufacturers often market vehicles by offering a rebate or exceptionally low financing. Should you take the rebate or the special financing? The dealer does not give you both.

For example, you have decided to purchase a vehicle for $20,000. The dealer is going to give you a rebate of $3,000 or a finance rate of 0%. Which deal is in your best interest?

Here is a comparison of the loan payments with the dealer’s reduced financing and a credit union’s standard financing.

0% APR financing for 36 months on a $20,000 loan

Result:

Monthly Payment = $555.56

Total of Payments = $20,000.00

5.5% APR Credit Union Financing* for 36 months on a $17,000 loan

($20,000 minus the $3,000 rebate)

Result:

Monthly Payment = $513.33

Total of Payments = $18,479.88

$1520.12 is saved over the term of the loan with credit union financing. In addition, if you were to sell the car during the time you were paying on the loan, more money would come back to you because you had a lower loan balance.

Here are a few other things to consider:

Many consumers will not qualify for the low rate financing. You generally must have near-perfect credit to get the best rates.
In many cases, special financing is available only on specific models
Most often, offers of special financing are for a limited term, generally up to 36 months. This can make the payment considerably higher than most of us would like.
Large down payments may be required.

*The rates quoted are for comparison purposes only, and are not a guarantee of the rates offered by any particular Credit Union. Contact your WWFCU for the current rates on new and used car loans.

Provided Compliments of culink.com

Financial Wellness

How to Bring Your Spending Under Control?

November 26, 2012 wwfcu_9ocxxop6

Does money trickle out of your wallet like a lazy river, a babbling brook, or rushing white water rapids? Government figures show that many households with a total income of $50,000 or less are spending more than they bring in thanks to the liberal availability of credit. This doesn’t make you an automatic candidate for bankruptcy, but it’s definitely a sign you need to make some serious spending cuts.

A budget is the only practical way to get a grip on your spending. Creating a budget requires that you:

Identify how your money is spent today.
Evaluate your spending.
Set goals that take into account your financial objective.
Track your ongoing spending to make sure it stays within your established guidelines.

Here’s how to put a dam on your uncontrolled cash flow:

Watch out for cash leakage. If withdrawals from the ATM evaporate from your pocket without apparent explanation, keep a careful record of petty cash expenses to find out where that money is going. In general, any time cash expenses exceed 5 percent of your total spending, they need to be checked.
Beware of luxuries dressed as necessities. If your income doesn’t cover your costs, then some of your spending is probably for luxuries, even if you’ve been considering them to be filling a real need.
Tithe yourself. Aim to spend no more than 90 percent of your income. That way, you’ll have the other 10 percent left to save for your big-picture items.
Don’t count on windfalls. When projecting the amount of money you can live on, don’t include dollars that you can’t be sure you’ll receive, such as year-end bonuses, tax refunds, or investment gains.
Beware of spending creep. As your annual income climbs from raises, promotions, and smart investments, don’t start spending for luxuries until you’re sure that you’re staying ahead of inflation.

Provided Compliments of culink.com

Investments

Don’t Make These Mistakes with Your Retirement Savings

November 19, 2012 wwfcu_9ocxxop6

Make one or two mistakes in handling your retirement money and you could be paying a stiff penalty later in your life. With the stock market on such unsteady legs, it pays to stay clear of these common mistakes:

You pay attention to the market losses instead of your long-term needs. Catastrophic events and long-term health care needs cause as much damage when you’re caught unawares as does a shaky stock market. Will your nest egg be able to handle the costs of long-term care?
You forget about inflation and taxes. Your retirement savings is a lot smaller than you think it is when you start factoring in the rate of inflation and the taxes you’ll have to pay when you start drawing out of it. Again, experts say a volatile market isn’t your portfolio’s greatest risk. Inflation and taxes may be.
You indulge instead of save in the last years before retirement. Just because you’ve got just a handful of years left before you retire doesn’t mean you should go ahead and buy that new Lexus. Some people are able to build up almost a third of their savings in the last five years of retirement because they got serious about saving and investing.
You think you can withdraw more than you really can. If you rely on average annual returns on your investments to determine just how much you can withdraw, you could be drawing down your retirement fund faster than you should. Average returns are seldom steady. A safe rule of thumb is to count on a 3 percent rate of withdrawal.
You don’t think you’ll live a long life. Despite the dramatic rise in life expectancy, people still seriously underestimate how long they’ll live. If you’re not thinking about longevity, you could tap out your savings much faster than you should.

Provided Compliments of culink.com

Financial Wellness

Financial Resolutions

November 12, 2012 wwfcu_9ocxxop6

Follow our financial resolutions for a financially fit lifestyle!

Save automatically. Credit unions will automatically deduct a designated amount from your paycheck for deposit in savings. This is an essential step for those who are unlikely to save on their own. Remember, even small amounts add up!
Save your raise. If you get a raise, deposit part or all of it into a savings account or retirement plan. By sacrificing a small amount of take-home pay, you can achieve long-term growth in savings.
Control your credit. Pay off your balance, and then consciously manage credit purchases. Charge only what you can pay for at month’s end. Resist temptation by leaving credit cards at home. If your existing balance has become overwhelming, work with a credit counselor or financial planner to create a payment plan. Your credit union can refer you to services in your area.
Pay as you go. When you can’t use cash (for instance, when purchasing online) then use a debit card so the purchase is deducted from your checking account.
Keep the change. Every day, deposit loose change in a jar or another container. It’s likely to add up to several hundred dollars a year. Dedicate the change toward a goal, such as a family outing or holiday gifts, as an incentive to save in advance for special things, rather than relying on credit.
Reward progress. Choose small rewards that won’t undermine your new habits. In other words, never celebrate a reduced credit card balance with a spending binge. Try ice cream instead.
Get organized. For two weeks, track every penny spent by writing down what you spent in a notebook. Or, if you’re truly committed, buy a software program and enter expenditures every day. Keep careful records of bills, investments and other financial matters. Set up a filing system and use it.
Plan for retirement. If your company has a 401(k) plan, join it. If not, set up automatic deposits to your retirement fund.
Clear out clutter. Take time to organize your closet and sort through castoffs in the basement or garage. Looking at “stuff” you own but don’t need will reduce the urge to buy more “stuff.” Donate unused items to charity and record the gift for a tax deduction, or hold a garage sale and donate the proceeds.
Cut the cost of fun. An afternoon at a park or a family sledding party offers fun for free. Low-cost options include plays or concerts by community groups; local sporting events; outings offered by clubs or social groups; museum trips; and special events sponsored by libraries.
Rely on your credit union. Studies prove that credit unions offer higher returns on savings and charge lower rates and fees on loans. Avoid high-cost financial services by taking all your business to a credit union.
Make bite-sized changes. Changing habits takes time. Pick one or two areas where you need improvement, such as saving a small amount each month or making fewer fast food purchases, and get those under control before moving on to other goals.

Remember, making small changes in your spending habits will add up to significant gains—but only if you stick with it!

Provided Compliments of culink.com

Auto Loan

Buying A Used Car

November 2, 2012 wwfcu_9ocxxop6

“I can’t wait to get my own car.” Sound familiar? Before you start shopping for a used car with a teenager you know, do some homework. It may save you serious money. Consider driving habits, what the car will be used for, and your budget. Research models, options, costs, repair records, safety tests, and mileage through libraries, book stores, and Web sites.

Cash or Credit?

Once you’ve settled on a particular car, you have two payment options: paying in full or financing over time. Financing increases the total cost of the car because you’re also paying for the cost of credit, including interest and other loan costs.

You also must consider how much money you can put down, the monthly payment, the loan term, and the Annual Percentage Rate (APR). Rates usually are higher and loan periods shorter on used cars than on new ones. Dealers and lenders offer a variety of loan terms. Shop around and help your teenager negotiate the best possible deal. Be cautious about financing offers for first-time buyers. They can require a big down payment and a high APR. To get a lower rate, you may decide to cosign the loan for your teen. If money is tight, you might consider paying cash for a less expensive car than you first had in mind.

Dealer or Private Sale?

The Federal Trade Commission’s Used Car Rule requires dealers to post a Buyer’s Guide in every used car they offer for sale. The Buyer’s Guide gives a great deal of information, including:

Whether the vehicle is being sold “as is” or with a warranty
What percentage of the repair costs a dealer will pay under the warranty
The fact that spoken promises are difficult to enforce
The major mechanical and electrical systems on the car, including some of the major problems you should look out for

The Buyer’s Guide also tells you to:

Get all promises in writing
Keep the Buyer’s Guide for reference after the sale
Ask to have the car inspected by an independent mechanic before the purchase

Buying a car from a private individual is different from buying from a dealer. That’s because private sales generally aren’t covered by the Used Car Rule, or by “implied warranties” of state law. A private sale probably will be “as is”—you’ll have to pay for anything that goes wrong after the sale.

Before You Buy

Whether you buy a used car from a dealer or an individual, you should:

Examine the car using an inspection checklist that can be found in magazines and books and on Internet sites that deal with used cars
Test drive the car under varied road conditions—on hills, highways, and in stop-and-go-traffic
Ask for the car’s maintenance record from the owner, dealer, or repair shop
Hire a mechanic to inspect the car

Other Costs to Consider

There’s more to buying a car than just paying for it. Other items to budget for include insurance, gas, maintenance, and repairs. To help save money, compare coverage and premiums with several insurance companies. Buy from a low-price, licensed insurer, or add your teen to your policy. Some companies offer discounts to students with good grades. Remind your teenager that it pays to drive safely and observe speed limits. Traffic violations can cost money in tickets and higher insurance premiums. Next, pump your own gas and use the octane level that your owner’s manual specifies. Third, keep your car in safe driving condition. Following the vehicle’s maintenance schedule can help forestall costly repairs. Finally, look for a mechanic who is certified, well established, and communicates well about realistic repair options and costs. Find one who has done good work for someone you know.

Provided Compliments of culink.com

Credit Unions Home Banking Promotions

Get into 28,000. Free ATMs, Everywhere You Go!

October 25, 2012 wwfcu_9ocxxop6

Credit union members have unlimited access to over 28,000 surcharge-free CO-OP^® Network ATMs in the U.S. and Canada.

Shared Branch Network

Shared Branch Network – A Nationwide Extension of Your Credit Union

Members are no longer limited to conduct in-branch financial activities. We are part of a worldwide shared-branching network of thousands of credit union locations (hundreds in California), which allows you to do the following transactions as if you were in our lobby.

Deposits
Withdrawals
Loan Payments
Statement Prints

Find a Shared Branch Network location near you by visiting www.cuswirl.com.

NEW! Get the Shared Branch Locator App for your iPhone

Here are a few more conveniences we have to offer:

4,100 surcharge-free ATMs throughout California
28,000 surcharge-free ATMs in the United States and Canada
5,500 ATMs located at 7-Eleven stores nationwide

Which gives Wayne Westland Federal Credit Union more FREE ATMs than Bank of America and Wells Fargo Combined!

Credit Unions

Celebrating International Credit Union Day

October 18, 2012 wwfcu_9ocxxop6

ICU Day

International Credit Union Day

Thursday, October 18, 2012

We salute the Credit Union movement as Credit Unions continually demonstrate their ability to improve the lives of individuals, families, communities and countries around the world.

To celebrate International Credit Union day on Thursday October 18, 2012, Wayne Westland Federal Credit Union is taking the opportunity to demonstrate that MEMBERS MATTER MOST by hosting a member appreciation day.

Member appreciation day handouts will be available throughout the day. It’s a small token with a large amount of appreciation for all of our members.

Auto Loan Loans

Low Car Loan Rates from Wayne Westland Federal Credit Union

October 15, 2012 wwfcu_9ocxxop6

Buying a new car is exciting. Searching for an affordable car loan is not. As a member of Wayne Westland Federal Credit Union, however, you have an advantage when it comes to finding low car loan rates.

WWFCU (like other Credit Unions) is a not-for-profit institution. This means that we can “give back” to our members by offering you lower interest rates on loans.

Did you know that Credit Union loan rates are, on average, 1% lower than the rates that banks offer? In fact, you could save hundreds of dollars on your new or used vehicle when you finance the purchase through WWFCU.

For many people, a car is the second most expensive purchase they will ever make. Here are some points to consider before making this important financial decision.

How Much Can You Afford to Spend?

Financial experts say that you shouldn’t spend more than 20% of your monthly take-home pay on car loan payments. This figure includes all the vehicles you own, not just your newest acquisition.

The 20% is just a guideline, however. You may have other ongoing expenses that will affect how much you can budget for a new vehicle.

Therefore, you should think about how much you can comfortably afford. The key word is “comfortably.” If you have to juggle your bills to be able to make your car payment each month, you could wind up in trouble.

Keep in mind that when you buy a car, your total expenditure is much more than the sticker price. Taxes and registration fees can increase the upfront cost by 10% or more. If you’re financing the vehicle, interest charges could add thousands of dollars to the total amount you pay.

Obviously, the lower the interest rate on your car loan, the less you will pay in interest charges. Even a difference of 1% can add up to hundreds of dollars in savings.

How to Pay Less for Your Car

Save your money to make a large down payment (20% or more). This reduces the amount of cash you need to borrow. Consequently, your monthly payments and total interest costs will be less, and you’ll save money on the total cost of the car.

Try to obtain a loan for the shortest term possible. You will receive a lower interest rate and pay less interest overall. A 36-month loan is more economical than a 48-month loan. Avoid loans that run for 72 months or longer.

Having a good credit record will ensure that you get the most favorable interest rate on your loan. If you don’t have a good credit rating, you may want to take steps to improve it before buying a car.

Consider Related Expenses

Finding low car loan rates can save you money on your next vehicle purchase, but, don’t forget about the cost of operating a vehicle. Insurance, maintenance, and fuel costs can add up to hundreds of dollars per month in addition to the loan payment itself. Make sure to leave some money in your budget for these expenses.

Get Ready to Buy a Car

If you’re ready to buy a new or used vehicle, be sure to inquire about low car loan rates from Wayne Westland Federal Credit Union before you head to the dealership.

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Author: wwfcu_9ocxxop6

Map Out Your Finances

Tax Tips for Recently Married Tax Payers

Identity Theft: Protect Yourself from Predators!

How to Budget?

Take the Rebate!

How to Bring Your Spending Under Control?

Don’t Make These Mistakes with Your Retirement Savings

Financial Resolutions

Buying A Used Car

Get into 28,000. Free ATMs, Everywhere You Go!

Celebrating International Credit Union Day

Low Car Loan Rates from Wayne Westland Federal Credit Union

wwfcu.org