EPEFCU

Psych Yourself Rich

Listen to author Farnoosh Torabi talk about his new book titled 'Psych Yourself Rich.'

 

Taking Control of Your Bills

With all that life throws at us it’s easy to get sidetracked and forget to pay a bill every once in a while. With a little organization however, the days of late fees will soon be over. Read on to find out how you can de-clutter your desk, get organized and take control of those pesky monthly bills once and for all.

Split the bills.

Married? Living with a roommate? Stop the confusion once and for all, decide who will take care of what bills, or assign the task of paying the bills to just one person. When your bills arrive in the mail each month, mark the date that each is due on a calendar or planner. Make sure to check your calendar as regularly as possible, or set up alerts on your mobile phone to remind you when it’s time to make a payment.  

Set aside one day a month to make all of your payments. If you do this earlier in the month you’ll be able to see how much money you’ll have left for the remainder of the month and budget accordingly.

Organize and Consolidate.

Having all of your payments due at the same time will make it easier for you to keep track of what’s been paid. Call up your credit card or utility companies to see if you can suggest a new due date so that the majority of your payments will be due at the same time.

If most of your bills come in paper form, consider purchasing a file folder where you can keep all of your bills in one place. Make sure to create a folder for bills that have been paid and those that are still pending. Or, if paper just isn’t your thing and you’ve opted for electronic bills, opt to have them emailed to you and create folders for paid and pending payments within your email.

Limit the amount of bulls you receive.

If your wallet is loaded with credit cards, consider consolidating your cards on one credit card. Choose the one with the lowest interest rate. Doing so will limit the amount of bill statements you receive each month.

Make them automatic.

Take advantage of automatic payment options. Many times your lender will give you the option to set up automatic payments. Doing so will limit the amount of bills you have to worry about as well as help you kiss late fees goodbye. Make certain to set up reminders a few days before these payments come out of your account however so that you can make certain there are enough funds in your account to cover the withdrawal.

Like everything else, getting used to this new routine will take some practice. Stick with your payment schedule and before you know it, it’ll become second nature.

Purchasing big-ticket items: can you afford them?

Tired of renting and looking to buy? Or maybe it’s time to trade in your clunker for your dream car or your outdated cell phone for one that does more than just make phone calls. Before you commit to any large expense, it’s important that you examine your budget closely and weigh the pro’s and con’s before determining whether or not you can afford that next big purchase.

Buying your dream home:

Buying your first home can be an exhilarating experience, especially if you’ll be upgrading from a tiny, one-bedroom apartment into your own home, equipped with a garage and a large yard for your pooch. Still, you should take some time to make sure you’ll not only be able to afford buying the home, but maintaining it as well.

The purchase price of a home is only the beginning of a long list of fees you’ll be responsible for once your offer for a home is approved. After the seller agrees to your offer, you’ll need to make out a check to the title company known as “option money.” In most cases the check will be for approximately $500 and it is asked of you in order to show that you’re serious about purchasing the home. When it comes time to close on your home this money will be added towards your down payment. In addition, you should be prepared to fork over some cash for your down payment, closing costs, appraisal, as well as a home warranty and home inspection.

Keep in mind that when owning a home you’ll not only be responsible for your mortgage payment every month, but for the taxes and upkeep of the home as well.

Time for a new car?

Perhaps you’ve been playing with the idea of upgrading your clunker for something that makes a little less noise and spews out a little less smoke.

First, it’s important to keep in mind that most of the low rates advertised by car dealerships are offered only to those with pristine credit scores, so it’s important to check your credit report and score to make sure you’ll qualify for the advertised rate. Once you’ve decided on the make and model of your choice, consider purchasing a certified pre-owned vehicle because driving your new car off the lot means the value of said new car will most likely plummet. Buying a car that’s just a few years old can save you thousands of dollars.

According to Suze Orman, you shouldn’t agree to a term over 36 months as vehicles tend to depreciate rather quickly, especially if your top pick in this current economic state is a full-size, gas-guzzling SUV.

Once you’ve made your purchase, you’ll need insurance for your new vehicle, which can be a costly expense. Make sure you shop around before settling on an insurance provider. Also, consider bundling your insurance if you already have an insurance policy for your home or other automobiles. Insurance companies typically offer a discount for doing so.

You’ll also want to remember that like a home, a vehicle requires proper upkeep. Performing regular maintenance on your car means you’ll get more for it once you decide to trade it in.

Electronics

Many electronics come with additional costs, for example, the iPad or Amazon Kindle may cost you more than you might think. After your initial purchase, you’ll have to fork over money for your favorite books, monthly magazine or newspaper subscriptions.

Purchasing a new cell phone can also come at a high cost. Beyond the initial price of the fancy phone you’ve been eyeing you’ll probably be required to purchase the pricey data plan that comes along with it. Make certain that you know exactly how much your plan will cost each month before you make the fancy upgrade

When buying big-ticket items, you’ll want to examine your budget closely. Often times, the initial cost of an item isn’t all you’ll be responsible for. Do some number crunching before buying and make sure that you have all the relevant facts, enabling you to make an informed, thoughtful decision.

Ease the Pain of High Gas Prices

Gas prices are steadily rising all around the country, listen to Finance Radio for a few tips on how to lower the cost of that high gas bill.

Last Mintue Tax Tips

Nobody enjoys filing their taxes, unless of course you’re expecting thousands back, in which case you probably filed them a long time ago and hopefully haven’t spent your entire return. For the rest of us procrastinators, the deadline is right around the corner, only a few days left.

This year, the government has pushed the tax deadline back to April 18^th giving taxpayers a few more days to file their 2010 tax returns and pay any tax due. There are a variety of ways to file. Whether you choose to file electronically, fill out your tax forms by hand, or pay a CPA to handle them, there are steps you should take to ensure that no mistakes are made.

If you chose to fill out your tax forms by hand, make certain to review the documents carefully, checking that there are no omissions or mistakes, such as incorrectly writing your social security number. This is also a great time to double-check your math as well because according to the IRS, math miscalculations are among the most common errors. Still not sure about your calculations? Consider using the IRS Free File Fillable program, which provides electronic versions of paper forms and does the math for you. 

Don’t forget to claim credits. Among the many credits Americans forget to claim is the Earned Income Credit or the Making Work Pay credit. Forgetting to make certain claims could cost you in the end.

Expecting a refund? This means you overpaid your taxes during the year. The IRS is simply giving you back your own money, so going out and blowing your entire return is not a wise way to spend it. Instead, consider paying off some debt or depositing the money into a savings account.

If you’re still not ready to file yet, don’t worry. You should never rush through this process as doing so might cause you to make some very big mistakes. File for an extension as a way to avoid any last-minute blunders. To request an extension, you’ll need to file IRS Form 4868. According to USA Today, approval is automatic, but you must file the form by April 18th to avoid any late-filing penalties.

There are just a few days left so whether you plan to file before or on the deadline, or apply for an extension, you should do so immediately. Remember to contact a professional CPA should you have any questions regarding your taxes in order to ensure the accuracy of your return.

 

Were these suggestions helpful? Let us know! We’d be honored to read your comments.

Go Green and Save Green

Nowadays going green seems to be the in thing to do, but is it really worth the hassle? As it turns out, saving our planet doesn’t just benefit planet Earth, it can also save you money in the long run. Consider making the decision to go green in your home and you’ll not only increase the balance in your bank account, you’ll increase the value of your home as well.

According to consumer reports, household appliances account for nearly one-third of your home’s energy consumption not including heating and cooling, which can account for the largest portion of your bill, 45% to be exact.

So if you’re thinking about making the switch to do your part and save the world, the initial sticker shock of the price of energy-efficient appliances might just change your mind. But before you hang up your super-hero outfit, remember that while these upgrades may cost more upfront, it won’t take long to notice the impact these eco-friendly machines are having on your bank account. Moreover, energy efficient appliances are more often than not designed better than are other appliances.

Energy Star rated appliances saved homeowners over 14 billion dollars in 2006 alone, and reduced national fossil fuel emissions during that year by the equivalent of 25 million cars, according to journalist Judy Ketteler of GAIAM Life.

            Washing Machines: It used to be that front load washers were only seen at Laundromats, but these days, more and more homes are trading in their top load washer for a more energy efficient, front load machine. Walk into a Home Depot or Lowes and you’ll see that just about every front load washer is marked with the US Department of Energy’s, Energy Star label, distinguishing it as an energy efficient product.

Energy Star was first created by the Environmental Protection Agency and in order for a product to be rated Energy Star; the appliance must meet rigorous energy efficient guidelines.

These machines also use less water, typically have more room for extra clothes which means less loads, use less detergent, and are gentler on your clothes, making them last longer.

            Dishwashers: According to the US Department of Energy, the biggest cost of washing dishes and clothes comes from the energy required to heat the water. A dishwasher marked with the Energy Star label will reduce hot water use by offering the user shorter cycles which require less money. Make sure the model you purchase gives you the option to have your dishes dried by the built-in heater. Opting not to use it however and letting your dishes air dry instead can save you money as well. Lastly, choose a model that uses the least amount of water. According to consumer reports, the most efficient of these appliances can reduce your water consumption by up to 1,000 gallons a year!

            Refrigerators: When looking for your next refrigerator, choose a top freezer model over a side by side model. Top freezer models are generally a lot more efficient. Also, opt for a model that doesn’t include an ice-maker as these models require the most repair work and add to your appliances energy consumption.

Testing your home for leaks may also be a great way to save some green, as well as installing a programmable thermostat and calling your local utility company for an energy audit. If money is a concern for you when thinking about how you’ll make the switch to those greener, money-saving appliances however, consider a home equity loan from El Paso Employees Federal Credit Union.

 

Home equity loans are a simple solution for your renovating plans, and we make it easy to borrow from the equity in your home. We now offer loans for both Texas and New Mexico areas. For more information, call 915.593.5866 option 8.

Featured Post: Introducing eChecking, Simplify Your Life Today!

Technology affects nearly every aspect of our lives, and with the current ubiquity of devices, we are able to toggle back and forth between tasks, creating a constant desire to increase our capacity to multi-task. It is with this in mind that we have created eChecking, an account designed to simplify your life and change the way you bank!

In addition to offering 3.03% Annual Percentage Yield, the highest checking account rate in El Paso, our eChecking account offers free Online Bill Pay, eStatements, unlimited check writing, no minimum balance requirement, no monthly service fee or per check fee and the freedom to use any foreign ATM, because EPEFCU we will reimburse you any fees incurred by the credit union.

eChecking account holders will also enjoy the use of an exclusive eBanker hotline, where eBankers will be ready to assist members via phone or online chat. eAccount holders are subject to minor restrictions for in-lobby transactions and modest requirements.

Many of us don’t have the time to stand in line at a branch or even wait in line at a drive-thru. eAccounts makes juggling your daily task list easy by allowing you to conduct transactions without interfering with your daily routine. At the same time, you can enjoy earning high dividend rates on a quarterly basis. You’ll also qualify for special eAccount promotions and specials.

We understand that you can’t be everywhere at once, and so we’re hoping that our new eAccount will make multi-tasking much easier for you.  So if you’re tired of hassling with lines or just can’t seem to find the time to make it to a branch, whether it’s to visit a lobby or even a drive-thru, then this account is for you! Open your high-yielding eChecking account today, and take advantage of the best value in banking, visit http://epefcu.org and follow the “open accounts” link.

 

*Any eAccount holders who don’t meet the requirement or are disqualified during the quarter, will not earn a dividend for the quarter and the credit union ATM withdrawal fees will be charge.

**3.03% APY is paid on balances up to $5,000. Premiere Checking rates paid on balances over $5,000.