Wild About Saving: Monkey See Monkey Do

We’d be “lion” if we said saving was easy. Teach children how to save for their goals and they’ll have one of the most difficult aspects of finance under their belt by the time they're teens—being consistent savers.

Here are a few ideas to help your cubs get Wild About Saving:

* Have young children—preschool age—sort different types of money into piles by color and size.

* Play store or credit union/bank. Help them use a pretend cash register.

* At the grocery store, let children of all ages help you shop. Teach them how to comparison shop—for example, show them that for every $4.85 box of cereal, there may be similar brands on sale for half as much.

* As children get older, let them know what things cost. Share sales receipts and bills that you receive for items or services you've purchased for them.

* If you decide to pay your children an allowance, include them in the decision. Discuss allowance amounts and what they should use their allowance for. The amount is your call, but allow their input. One idea is to have children set aside part of their allowance for spending, part for saving, and part for sharing. Explain what you'll pay for and what they should be responsible for. For example, when you're at the movies, maybe you agree to pay for movie ticket, but the Milk Duds are on them.

* As they reach high-school age, clarify what you will pay for and what your teens are responsible for. For example, they may want the newest cellphone that comes with a really high price tag. Establish your spending limit. If they still want the more expensive version, have them make up the difference. Often, once the responsibility of paying for items is on them, the "latest and greatest" aren't as important.

Get your children started right financially. Bring them in to Consumers Professional Credit Union—we have more ideas to help you teach them to get Wild About Saving!

Copyright 2015 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.

Paying Yourself First When There’s Nothing Left To Save

You've read it a million times if you've read it once. Put money away. Save 10 percent of your income. Fund your 401(k) plan. Pay yourself first. Establish a nest-egg. Spend less than you earn.

But what if you can’t?

What if you simply don’t make it from one pay check to the next on a month-by-month basis? How are you supposed to “save” when there isn't enough money to pay the bills in the first place?

There’s no easy answer to this question, but here are several solutions, depending upon what’s holding you back. In an honest moment, ask yourself which of the solutions apply to your situation. Once you’ve figured that out, it’s (just!) a matter of taking the steps to resolve whatever it is that’s making it impossible to save. In every case, you CAN pay yourself first. As it is with many of life’s solutions, the answer may be simple, but it’s never easy.

1. Too much spent on little things. That overpriced coffee in the morning or lunch at McDonalds three times a week really CAN make a difference. A small hole can sink a big ship. If pocket-change spending is robbing you of long-term security, keep track of your spending-ALL of your spending-for seven consecutive days. If you don’t like what you see, take 10 percent off the top before anything else, pay all your bills, and give yourself some pocket money from whatever is left over.

2. Too much spent on big things. Perhaps you’re careful with the day-to-day expenses, but are carrying a huge mortgage on a house that’s now too large for your needs…or perhaps it always was. Maybe your insurance or long distance phone bills could be much cheaper, but you haven’t reevaluated the options in years. Take a look at the big expenses and see if you can find unnecessary (but maybe very much desired) holes in the ship.

3. Lack of organization. Has it been so long since you last balanced the checkbook that you’re not sure what percentage of your income is going towards groceries, and what percentage towards fun? It’s time to get organized. Find a system that works for you and get it together. You may find that once you’re organized, your problem is in a different category. But you won’t know that until you get your ducks in a row.

4. Too much debt. You may feel that the best use of your money right now is getting out of debt. And you’re probably right. However, if your only focus is paying off the high-interest credit cards, what happens if you hit a bump in the road and need cash? You borrow again. That puts you right back where you started. So instead of putting as much as you can spare toward paying down debt, set aside at least a small percentage of your income, perhaps 3 percent, toward savings and put as much as you can after that toward debt. It’s a good habit that will ensure you won’t have to borrow in case of an emergency, and it will get you ready for the debt-free days ahead when you’ll be able to save a full 10 percent.

5. Waiting to see what’s left after paying everyone else. If you do this, there will NEVER be anything left to put away. It’s human nature to spend everything you have…and then some. Pay yourself before you pay anyone else or you won’t pay yourself at all.

6. You’re not earning enough. Most people will quickly decide this is the category they fit into, but take a minute to evaluate this: do you have a job? Are you paying your rent or mortgage? Utility bills? Are there any luxuries, big or small, that you’re paying for? This is really a temporary category for those newly unemployed or those who have had a recent change in circumstances, such as a new baby or other additional household responsibilities. In this case, your only answer is more income. However, if your ship is sinking due to any of the reasons above or those which are not stated here, increased income will not resolve the issue.

Bottom line? Take something off the top. Even if you have to start with as little as 3 percent, you’ll naturally cut back on unnecessary expenses and have financial security to show for it.

10 Tax Scams to Avoid

10 Tax Scams to Avoid

Worried about Identity Theft? Consumers Professional Credit Union has partnered with one of the nation’s most trusted names in Identity Theft protection to bring you the Gold Standard in comprehensive Fully Managed Identity Fraud Research, Remediation and Recovery Services available today. Members of Consumers Professional Credit Union who own a Traditional Checking Account or a Capital Cash Account automatically have the Fully Managed Recovery benefit. Not a CPCU member? Ask us how you can become a member today!

Why Join a Credit Union?

Join a credit union and you'll enjoy a variety of benefits!

Great Financial Services

Credit unions provide a place for members to save and get loans at reasonable rates. Other services vary by credit union, and are tailored to meet members' needs. This is one place where member voting comes in; as a member, you get to say what's important to you. Services include:

• Credit cards with low or no annual fees and low interest rates
• Direct deposits, cable and wire deposits
• Financial education and counseling services
• High interest rates on savings accounts, CDs and money market accounts
• Investment services
• Low cost or free checking with low or no minimum balance requirements
• Low interest rates on mortgages and vehicle loans
• Notary services
• Online banking

Personal Attention

Because of the superior personal attention they give to members—and high quality service—credit unions consistently earn higher customer satisfaction ratings when you compare them to banks. In fact, credit unions have consistently ranked highest for service in a Gallup study commissioned by American Banker magazine.

Credit unions employ knowledgeable member service representatives who will work with you to make your financial transactions as easy and convenient as possible—and help you achieve your financial goals.

Better Rates and Lower Fees

Credit unions pass any "profits" they make directly back to members. Because there are no shareholders to keep happy, credit unions are able to offer, on average, better rates and lower fees.

In fact, credit unions typically offer higher rates on savings and certificates—and much lower rates on loans. That’s because all profits come back to the members—not to a board of directors.

And your savings are insured up to $250,000 by the NCUA so your money is safe and secure.

What is a Credit Union?

A credit union is a member-owned, not-for-profit, cooperative financial institution.

Credit unions:

• Provide the same products and services—including surcharge-free ATMs, online financial services, and free savings and checking accounts—as other financial institutions
• Return their profits to their credit union members by providing better services, better rates, lower fees and special discounts
• Operate under the philosophy of “people helping people,” allowing their members to pool their savings, lend to one another, and own the organization
• Follow conservative investment practices and lend responsibly

Federal credit unions are chartered and supervised by the Nationa lCredit Union Administration (NCUA). Through this federal agency, savings in federal and most state-chartered credit unions are insured by the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the United States government. The funds in some credit unions are privately insured.

Source: http://www.lovemycreditunion.org/

How Credit Unions Protect Your Money

Credit unions know that you need more than a variety of products and services. You need to know that your money is safe—and at a credit union it is.

Money is Insured

The National Credit Union Administration (NCUA) is the independent federal agency that regulates charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, also operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of nearly 90 million account holders in all federal credit unions and the majority of state-chartered credit unions. As an alternative, many credit unions choose to insure your funds through private insurance companies.

The NCUSIF provides all members of federally insured credit unions with $250,000 in coverage for their individual accounts. These accounts include regular shares, share drafts (similar to checking), money market accounts, and share certificates. Individuals with account balances totaling $250,000 or less at the same insured credit union have full NCUSIF coverage.

Members have full NCUSIF coverage at each federally insured credit union where they are qualified members. While NCUSIF coverage protects members at all federally insured credit unions from losses on a broad spectrum of savings account and share draft products, it does not cover losses on money invested in mutual funds, stocks, bonds, life insurance policies, and annuities.

Responsibly Managed

Credit unions generally offer higher interest rates for savings accounts and lower rates for loans, when compared to most banks. And credit unions typically do not engage in predatory lending practices, such as offering subprime loans or payday lending programs with exorbitant rates and fees.

Credit unions also follow conservative investment practices and live within their financial means. That means you can trust your credit union to put the needs of you and its other members first.

Financial Guidance

Across the country, credit union staff members participate in programs that help consumers learn the basic financial skills that will serve as a strong foundation for their financial futures.

Also, many credit unions and their state associations work with other non-profit entities to help educate consumers about the risks associated with predatory lending.

Whether it’s working with schools to open in-school branches, hosting a financial planning seminar, or offering ID-theft prevention tips at a branch, credit union staff members share their knowledge with the community. Because the more knowledge credit union members have, the wiser the decisions they can make with their money.

Source: http://www.lovemycreditunion.org/

CO-OP Network® ATMs at 7-Eleven® Stores

Convenience and Access Through CO-OP Network® ATMs at 7-Eleven® Stores

Access and convenience. That’s what Consumers Professional Credit Union members enjoy through our membership in CO-OP Network®, the nation’s largest credit union surcharge-free ATM network. The same two words describe your neighborhood 7-Eleven® store, where you can pick up a gallon of milk, a lottery ticket – or some surcharge-free cash.

Since November 2005, CPCU members, along with members from 2,000 other credit unions participating in CO-OP Network®, have been able to withdraw cash surcharge-free at CO-OP Network® ATMs in more than 5,500 7-Eleven stores nationwide, 2,200 of which are also deposit-taking. Credit union members across the United States have saved more than $50 million in surcharge fees just by using these ATMs.

But the convenience doesn't stop there. CO-OP Network® and CPCU are committed to saving you time and money. Soon, you will also be able to make deposits at select 7-Eleven® locations – making 7-Eleven® a one-stop shop to pick up a sandwich, deposit checks and pick up cash – all without a surcharge.

CO-OP Network operates more than 28,000 surcharge-free ATMs across 50 states and Canada at credit union branches, airports, supermarkets and convenience stores. To find a CO-OP Network surcharge-free ATM near you, visit co-opcreditunions.org

ATM Locator Services

Looking for a surcharge-free ATM? Just text your location to our ATM locator!

Consumers Professional Credit Union announces another easy way for you to find any of the 28,000 CO-OP Network surcharge-free ATMs – via text messaging. Whether you are traveling across town or across the country, surcharge-free locator access is in the palm of your hands.

It’s quick and easy! Here’s how:

1. Send a text with your current location – address (including city, state), zip code or intersection – to 692667 (MYCOOP).
2. Within a minute, the service will send you a reply with the nearest CO-OP Network surcharge-free ATM to that location.
3. Need additional locations? Text “more” and the service will send the next nearest ATM locations.

This is a free service, only standard text messaging rates as set by your mobile carrier apply.

Don’t have a mobile phone? Go online – co-opnetwork.org – to find the nearest surcharge-free CO-OP Network ATM, or use our voice locator 888 SITE COOP (748-3266).

If you have an iPhone, you can also download the free app by visiting the App Store. Just search for “CO-OP ATM locator” and begin the download.


With 28,000 ATMs nationwide, CO-OP Network is the largest surcharge-free credit union ATM network in the United States. CO-OP Network surcharge-free ATMs are also located in 5,500 7-Eleven stores, as well as select Costco, Walgreens, Cumberland Farms, The Pantry and Publix Supermarkets. And remember, as a Consumers Professional Credit Union member, you’ll never pay a surcharge at any CO-OP Network ATM.