EPEFCU

Christmas on a Budget

The holidays can be hard on our wallets as we scramble to buy loved ones everything their little heart’s desire. We put together a list of ideas that are sure to make holiday shopping easier on your budget.

This year, suggest a Secret Santa type Christmas. Place your family’s names in a hat and have everyone choose a name. Set a price limit, and instead on trying to buy your entire family a gift, you’ll only need to worry about one. Everyone will still receive a gift and you’ll have eased the financial burden not only for yourself but for your entire family. 

Do something for someone else. Embrace the spirit of Christmas by giving the gift of charity. Find out what organizations are close to your families heart and give a donation in their name. Many organizations will let you choose whether or not you’d like to display the amount of money you’ve donated.

Set a budget. As a society we have become so consumed with the commercialization of Christmas that all of the gifts we buy for our loved ones rarely reflect the way we feel about them. Sure they may be great gifts, a leather handbag, a sparkly piece of jewelry, but oftentimes we may be tempted to purchase whatever it is the salesperson recommends. By limiting the amount of money you have to spend on a person you’ll be forced to really consider what it is you’re buying, making your gifts more thoughtful than ever before. 

Plan ahead. By setting aside money for Christmas early, you won’t worry about scrambling to find the money once the shopping season comes around. Head out to your local credit union and open up a Christmas Club account. At EPEFCU, $5 is all it takes to open up the account. You can open your Christmas Club Account between November 1st and January 31st and earn a high interest rate on your savings.

How do you keep your budget under wraps during the holiday season? Share your ideas with us, we’d love to hear them!

 

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Smart Tips for Your Holiday Travel

If your planning on traveling this holiday season chances are you won’t be alone. The Transportation Security Administration reports that the holiday travel season is the busiest travel time of the year. Not surprising, the cost of traveling during this time of year increases dramatically and deals are limited.

According to Travelocity, the cost of the average domestic flights between Dec. 16 and Jan. 1 is already 5% higher than last year, while international airfares are up 6%. Over New Year's Eve weekend, domestic airfares are up 6% and international airfares have jumped 12% from 2010.

While deals may be scarce, that doesn’t mean you still can’t find one. So if you’re making plans to be out of town in time for the holidays, it’s important to begin preparing for your trip now as prices are likely to climb as we approach the Christmas holiday.

One way to secure cheaper tickets is to consider flying to smaller airports outside of the larger cities.

Traveling with gifts? Lighten your load while saving money by mailing Christmas gifts directly to their recipients and avoid those annoying baggage fees. Many sites offer free shipping during the month of December. Remember to check for coupon codes before completing your purchase.

If possible, avoid the busiest travel days and opt for traveling on the actual holiday. According to CNN, Friday December 23 is one of the busiest days to fly, as well as one of the most expensive days to fly. Consider instead flying on the Wednesday before or even on December 25^th. Traveling by car? Reduce the stress of busy roads by avoiding the busiest travel days.

Be prepared. If you’ll be flying this holiday, you may very well encounter a delay or two along the way and being prepared will help reduce your stress and save you money. Load your mobile device with movies, games and e-Books and don’t forget to pack your battery charger as well as enough snacks to hold you over. Your money will go much further in a local grocery store than it will in any airport.

Black Friday Deals

Revenue generated by retailers during the holidays accounts for 20 percent of their annual income each year. And this year, retailers are getting an early start. Many will be opening their doors tonight rather than waiting for November 25^th. If you’re gearing up to start your holiday shopping this Black Friday, make sure you do your homework.

According to Yahoo, Macy’s, Khols, GAP, Old Navy, Banana Republic and Target will open their doors at Midnight while Wal-Mart will begin offering many Black Friday deals beginning at 10 PM. Electronics deals will start at midnight, including over $100 off an Xbox360 game console, according to an article published by abcnews.com. 

Target has also announced that it will price match any item within seven days of purchase however you must bring in your receipt and competitor advertisement to receive the price adjustment.

But great prices aren’t the only thing retail stores will be dangling in front of customers to get them in the doors. Some retail giants like Old Navy and J.C. Penny are pulling out all the stops, offering a limited number of customer’s free goodies. Be one of the first to snag a Kodak EasyShare Sports Digital Camera if you purchase at least $40 in merchandise at J.C. Penny. Or, head on over to Sears, where free Thomas Kinkade ornaments will be handed out to the first 200 shoppers to purchase clothing or intimates.

If you have a Smartphone make sure to take advantage of applications that allow you to compare prices while you shop. Doing your research can help you save even more this holiday season, check out eBay’s ‘Red Laser’ app or Amazon’s ‘Price Check’ app.

Bottom Line: It’s easy to get carried away with so many stores enticing us left and right this holiday season so it’s important to do your research and make sure you not only set a budget in place before hitting the stores, but have a plan in place as well.

Recent Grad?

Find out how to spruce up your resume and land that dream job with help from our friends at Finance Radio. Click on the player below to learn more!

 

Unemployed…Now What?

Unless you’ve chosen not to work, being unemployed is tough. Regardless of whether you’ve just been laid off, fired, or chose to quit on your own terms, the fact remains that you’re still not getting a pay check. Losing one’s job is never easy, so after you’ve spent a few days feeling sorry for yourself, it’s time to make a plan.

Don’t get us wrong, feeling down is a natural part of the process, one that probably should take place in order to avoid pent up emotions that could lead to unhealthy consequences. Don’t make yourself feel worse for feeling sad. Just remember that this is a temporary setback. But, don’t wallow in your misfortunes for too long. Throwing yourself a non-stop pity party is just as unhealthy as keeping your emotions bottled up.

Re-evaluate your budget. Once you’re beginning to feel a little more like yourself, conduct a thorough review of your current financial situation. Make a list of your monthly necessities and how much each of them cost. Once you’ve written them out, go down the list to figure out which expenses you can live without, at least for the time being. For example, nix the daily Starbucks run and brew your own coffee Cancel that gym membership and take advantage of the warm weather by running or riding your bike outdoors.

Adapt. Take this time to reflect on your career path. Have you enjoyed what you’ve been doing? Maybe you’ve always dreamed about going back to school, or wondered what it would be like to work in a different field. This is your chance to reinvent yourself. Don’t feel as if you have to limit yourself to the familiar.

Re-visit your resume and consider volunteering in order to boost your experience, especially if you’re thinking about a career change. Remember to customize it to the specific job you’re applying for. Don’t get caught up by rejection, use this as a chance to learn and grow.

Network. Remember to stay positive. Maintaining a sense of optimism will be essential in helping you navigate the road ahead. If you previously were a writer for a newspaper, you don’t necessarily have to share this information with everyone. If writing is who you are, then don’t let a job title define you. When someone asks what you do, answer by telling them you’re a freelance writer, rather than answering with “I’m unemployed.”

Keep channels open and stay in touch with colleagues who might be able to refer you to someone they know is hiring.

Schedule as many job interviews as you can. Rather than sleeping until noon every day will not help you find a job as quickly as you’d like. Wake up early, get dressed and schedule what you’ll do throughout the day. An organized schedule will keep you moving forward and give you a sense of accomplishment at the end of the day, creating a positive attitude

If you qualify, apply for unemployment benefits The check you receive from unemployment will help to ease your financial burden until you can find a secure and temporary job. Contact your local unemployment office for details on how to apply and how much you can expect to receive.

Start Your Own Business. Maybe you have an idea for a business or a new product but have never had the time to dedicate to your idea. This is your chance. So write up a plan, take a leap of  faith and trust in yourself. If you believe in yourself, everyone else will too.

According to the U.S government, 6.2 million people have been unemployed for longer than 27 weeks as of January 2011. Remember, it’s easy to get discouraged, but it won’t change your situation. Take this opportunity to discover something better than what you had originally planned out for your life; you just might be surprised at what you find.

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.

 

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